When the bulls stampede, you either join the rush or get trampled, Jim Cramer told his Mad Money viewers Thursday. This market is all about converting the non-believers, he said, and now that everyone is on board, we're seeing some real mojo.

The recipe for the market's remarkable run was simple. Take one part great earnings, a heap of skepticism and combine with low inflation. Just a few weeks ago, the Facebook (FB) scandal had investors fleeing the stock. But after an apology before Congress and a short squeeze on Wall Street, Facebook's gone from hated to beloved overnight.

Then there's Amazon (AMZN) , which also had a tough April. But then the company announced it had 100 million Prime members and delivered blowout earnings. The stock never looked back.

Finally, there's Apple (AAPL) , which was plummeting on fears of weak iPhone sales, rumors that couldn't have been more wrong.

Given how many companies these three names touch, and the positive feelings they invoke, that's all it took to get this market moving again.

Cramer and the AAP team weigh in on Eli Lilly's (LLY) deal to buy ARMO BioSciences (ARMO) . 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.

Executive Decision: Groupon 

For his "Executive Decision" segment, Cramer sat down with Rich Williams, CEO of Groupon (GRPN) , the online deals website with shares that rose 6.1% after the company on Wednesdayreported another strong quarter.

Williams said that Groupon has everything customers love, including great brands, great inventory and great partners. The company now boasts more than 50 million active users and recently announce partnerships to sell tickets with Major League Baseball, and have items delivered right to your door via GrubHub (GRUB) .

Groupon is also taking advantage of the latest in machine learning to not only surface the best deals for customers, but also to speed along customer service inquiries. The company's new Groupon+ service is working closely with customers to help improve the Groupon experience.

Cramer praised Williams for reinventing his company.

Cars Are More Fuel-Efficient Than the Energy Market 

Why aren't investors freaking out that oil has spiked above $70 a barrel? Cramer posited that perhaps they remember the lessons learned in 2008, when oil briefly touched $147 a barrel.

Cramer recalled that back in 2008, the global economy was going strong, even as the U.S. was just beginning to head into recession. Starting in February however, a number of geopolitical issues caused supply constraints that sent oil from $80 a barrel to $120 by summer, ultimately peaking in July at $147.

But as supply came online to meet demand, the demand seemingly vanished and oil steadily fell to $30 a barrel by December of that year.

Cramer reminded viewers that the oil market is terribly inefficient and it sometimes takes months, or years, to rebalance itself. Add to that the fact that cars today are far more fuel-efficient than they were a decade ago, and it's easy to see why investors aren't worried about oil, at least not yet.

Over on Real Money, Cramer says stock traders know that oil traders are a skittish bunch. Get more of his insights with a free trial subscription to Real Money.

What's Plaguing Biotech 

What should investors do with shares of Celgene (CELG) , Biogen Idec (BIIB) , Gilead Science (GILD) and Regeneron (REGN) ? Cramer once proclaimed these high-fliers his "four horsemen of biotech," but lately they've lost all of their traction, with Celgene down 21%, Biogen off 14%, Gilead down 9% and Regeneron off 23% so far this year.

Cramer said there are a few issues plaguing the biotech companies, not the least of which is that when the economy is strong, it's hard for biotech to garner any attention. But mainly, these companies aren't the growth powerhouses they used to be. Gilead and Celgene, in particular, have made bold bets on cancer treatments, but it will be years before those bets come in.

Cramer was more bullish on Biogen and Regeneron, however. These stocks are incredibly cheap at 11 and 14 times earnings, respectively. The outlook for these companies just aren't that bad, Cramer said, and their shares shouldn't be trading like value stocks.

Executive Decision: BioMarin Pharmaceuticals

In his second "Executive Decision" segment, Cramer sat down with Jean-Jacques Bienaime, chairman and CEO of orphan drugmaker BioMarin Pharmaceuticals Inc.  (BMRN) , to discuss what's coming down the company's pipeline.

Bienaime said they're very excited for the prospects of Pegvalaise, their latest treatment for a condition called PKU, or phenylketonuria, a rare inherited metabolic disorder. He said the market for PKU is 26,000 patients, and the current treatment, which happens to also be theirs, costs $150,000 a year. While PKU is a serious disorder, Bienaime said he expects the ramp for Pegvalaise to be slow, as the treatment reqiures education for patients and clinicians alike.

Bienaime also touted his company's upcoming treatment for Hemophilia A, which affect 120,000 patients. He said their goal is one injection that lasts a lifetime, but currently, they only have two years' worth of data on which to make their claims.

Cramer said 2018 is shaping up to be a big year for Biomarin. 

Lightning Round

In the Lightning Round, Cramer was bullish on Bank of Internet (BOFI) , MGM Resorts (MGM) , Verizon (VZ) , Chipotle Mexican Grill (CMG) , Oracle (ORCL) , Salesforce.com (CRM) , PayPal (PYPL) , Raytheon (RTN) and McDonald's (MCD) .

Cramer was bearish on Melco Resorts (MLCO) , Tallgrass Energy Partners (TEP) , Mallinckrodt (MNK) , Roku (ROKU) and Scotts Miracle-Gro (SMG) .

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At the time of publication, Cramer's Action Alerts PLUS had a position in FB, AMZN, AAPL, LLY, PYPL, RTN.

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