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The best time to buy merchandise is when it's on sale, Jim Cramer reminded his Mad Money viewers Wednesday. That's why on down days like today, Cramer has a special set of rules for what to buy and where to take a pass.

Investors must always keep in mind that during the heart of earnings season, when hundreds of reports are being released daily, even the analysts become exhausted. That's why so many stocks are mis-priced when they initially report their earnings.

This can create opportunities if you know what you're looking for. Cramer said AT&T (T) - Get AT&T Inc. Report was one of those opportunities, as shares fell 3.9% today, but still yield 6% and have a lot going for them. That's not the case with Chipotle Mexican Grill (CMG) - Get Chipotle Mexican Grill, Inc. Report  , however, which fell 14.5% by the close and still has a long road to recovery.

Investors should also keep an eye overseas, as weakness in Europe is positive for U.S. stocks that sell there. Which stocks made Cramer's shopping list? He said Visa (V) - Get Visa Inc. Class A Report remains attractive, as does UnitedHealth Group (UNH) - Get UnitedHealth Group Incorporated Report on the strength of Anthem (ANTM) - Get Anthem, Inc. Report , which rose 5.3% today. Cramer also gave the nod to Texas Instruments (TXN) - Get Texas Instruments Incorporated Report .

You must be prudent when trading during earnings, Cramer concluded. Keep your eyes open, don't buy all at once but do buy when the great merchandise gets put on sale arbitrarily.

On Real Money, Cramer says this could be day one of a larger selloff. You also don't buy all at once. Get more on his insights with a free trial subscription to Real Money.

Know Your IPO

In his "Know Your IPO" segment, Cramer circled back to the recent public offering of MongoDB (MDB) - Get MongoDB, Inc. Class A Report , the database platform provider with a disruptive business model. Shares of MongoDB came public at $24 a share and rose to highs of $32 before sliding back to near $30 today.

Databases are at the heart of every business application, Cramer explained, and until now, there were largely only two choices. But Mongo's proprietary platform took the best from both worlds and built a platform by developers, for developers -- one that could meet the needs of today's cloud-enabled world.

Mongo's database systems are flexible, resilient and quick to deploy. They can also scale to meet even the most demanding of applications. Cramer said while MongoDB has formidable competitors, he believes their technology is disruptive enough to warrant investing, but only for speculation.

Executive Decision: Logitech

For his "Executive Decision" segment, Cramer spoke with Bracken Darrell, president and CEO at Logitech International  (LOGI) - Get Logitech International S.A. Report , the computer accessory maker that earlier this week posted a five-cents-a-share earnings beat with in-line revenues. Shares of Logitech are up 45% over the past 12 months.

Darrell said Logitech had a great quarter with gross margins at the upper end of their range and strong growth across all of their categories. He was particularly excited about his company's new line of wifi and Bluetooth enabled speakers that were both mobile, waterproof and include Amazon's (AMZN) - Get, Inc. Report Alexa built right in. He said the speakers will range in price from $199 to $349.

Most exciting for Logitech, however, is the continued growth of eSports, where leagues around the globe are attracting tens of thousands of players and fans, all of which crave the latest keyboards, mice, controllers and other devices. Darrell said next week there will be 110,000 people gathered in Beijing for a tournament that only continues to get bigger every year. "There's no way to lose in eSports unless you're not in in," Darrell quipped.

Stanley Black & Decker: A Buy 

After a strong quarter that no one saw coming, Cramer said that shares of Stanley Black & Decker (SWK) - Get Stanley Black & Decker, Inc. Report are a buy, especially on weakness, like today's 1.3% decline.

Shares of Stanley Black & Decker are already up 42% in 2017, but Cramer said that this company is only just getting started after making a series of really smart moves.

First, the company purchased the tool division of Newell Brands (NWL) - Get Newell Brands Inc Report for $1.95 billion. It then spun off its slower-growing assets, including mechanical locks, to raise cash for its biggest move, purchasing the Craftsman brand from Sears Holdings (SHLD) .

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Younger investors may not remember, but there was a time when Craftsman was the No. 1 tool brand in the nation. Stanley Black & Decker has already indicated that it will be investing heavily to reinvigorate Craftsman to its former glory, including expanding its distribution.

When the company reported yesterday, Stanley Black & Decker delivered an eight-cents-a-share earnings beat with a 14% rise in revenues and 6% organic growth, and the company doesn't expect Craftsman to kick into high gear until mid-2018.

With shares trading at just 19 times next year's estimates, Cramer said Stanley Black & Decker is a screaming buy.

Cramer and the AAP team say don't give up on Allergan (AGN) - Get Allergan plc Report . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

No-Huddle Offense 

In his "No-Huddle Offense" segment, Cramer said one of the emerging trends in this quarter's earnings has been that the incumbent is always right. That dynamic played out in the restaurant space, as McDonald's (MCD) - Get McDonald's Corporation Report continued to be on offense, growing with new products and technology, while Chipotle Mexican Grill (CMG) - Get Chipotle Mexican Grill, Inc. Report continued on defense, trying to just stabilize its decline.

In the semiconductor space, it was Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Report trying, unsuccessfully, to supplant the incumbents of Intel (INTC) - Get Intel Corporation Report and Nvidia (NVDA) - Get NVIDIA Corporation Report , both of which seem to have all of the mindshare on Wall Street.

So if you have to place a bet on a company this quarter, stick with the dominant and you'll likely be right. 

Lightning Round

In the Lightning Round, Cramer was bullish on Venator Materials (VNTR) - Get Venator Materials PLC Report , Corning (GLW) - Get Corning Inc Report and Biogen Idec (BIIB) - Get Biogen Inc. Report .

Cramer was bearish on Kroger (KR) - Get Kroger Co. Report and Nokia (NOK) - Get Nokia Oyj Report .

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At the time of publication, Cramer's Action Alerts PLUS had a position in AGN, NVDA.