Today's big market rally may last a lot longer than the bears think, Jim Cramer told his Mad Money viewers Thursday. Forget about FANG, Cramer's acronym for Facebook (FB) - Get Facebook, Inc. Class A Report , Amazon (AMZN) - Get Amazon.com, Inc. Report , Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report and Alphabet (GOOGL) - Get Alphabet Inc. Class A Report , formerly Google. Today, the market was in love with WANG.

Cramer said that Walmart (WMT) - Get Walmart Inc. Report  (at least for the moment) replaced Facebook as a must-own stock, after the company reported earnings so strong, investors felt compelled to buy, sending shares up 9.3%. Walmart's strength came largely from its commerce operations, which rocketed 40%, surpassing all of its brick and mortar rivals. Could the company one day give Amazon (AMZN) - Get Amazon.com, Inc. Report a run for it's money?

The market was also buoyed by the possibility of trade talks resuming with China. Cramer said even low level talks are better than no talks.

But beyond Walmart and trade, Cramer said he was impressed with the breadth of today's rally, which included tech, the financials and even some industrials, like Boeing (BA) - Get Boeing Company Report .

Cramer and the AAP team talk about Nordstrom (JWN) - Get Nordstrom, Inc. (JWN) Report earnings. 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: American Electric Power

For his "Executive Decision" segment, Cramer spoke with Nick Akins, chairman, president and CEO of American Electric Power (AEP) - Get American Electric Power Company, Inc. Report , a company Cramer called his favorite utility.

Akins reaffirmed AEP's growth target of between 5% and 7%, saying that business remains strong throughout their service area.

When asked about AEP's decision to cancel their Wind Catcher project, which would have been our country's largest wind generation facility, Akins said that they were very disappointed that the project was not approved by Texas regulators. However, he said that AEP is built on a solid foundation, which means they can be selective about the projects they move forward with. Wind Catcher will just be replaced by smaller renewable energy projects.

Turning to the topic of electric vehicles, Akins explained that building infrastructure to support EV charging is a major effort and one that AEP is very involved with. His company will benefit from not only building these stations, but also supplying power to them.

Make Room for IAC/Interactive 

The stock of IAC/Interactive (IAC) - Get IAC/InterActiveCorp. Report as been roaring lately, but Cramer told viewers he thinks the stock has a lot more room to run.

In the weeks leading up to earnings, shares of IAC ran from $147 to $168. But after the company reported another strong quarter, shares continued higher, all the way to $182. All told, IAC shares are up over 76% during the past 12 months.

Cramer said the IAC story is all about valuation. The company owns a majority stake in Match Group (MTCH) - Get Match Group, Inc. Report , which is valued at $10.4 billion, and Angie's Holdings for another $8.1 billion. A little arithmetic and that totals $18.5 billion. Yet IAC overall has a market cap of just $15.4 billion.

What are investors getting for their negative three billion dollars? Plenty. The company has a thriving online publishing business, a mobile and desktop app development arm and Vimeo, a subscription-based video publishing platform for businesses.

Cramer said IAC remains a buy and he thinks shares can still go a lot higher.

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Am I Diversified?

In the "Am I Diversified" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.

The first portfolio included Visa (V) - Get Visa Inc. Class A Report , Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report , Baozun (BZUN) - Get Baozun Inc Sponsored ADR Class A Report , A.O. Smith (AOS) - Get A. O. Smith Corporation Report and Intel (INTC) - Get Intel Corporation (INTC) Report .

Cramer said he'd sell Baozun and Intel and replace it with UnitedHealth Group (UNH) - Get UnitedHealth Group Incorporated Report and Walmart to be more diversified.

The second portfolio's top holdings included Brookfield (BIT) - Get BlackRock Multi-Sector Income Trust Report , Iron Mountain (IRM) - Get Iron Mountain, Inc. (IRM) Report , Pfizer (PFE) - Get Pfizer Inc. Report , RDS Shell ( RDSb) and UPS (UPS) - Get United Parcel Service, Inc. Class B Report .

Cramer blessed this portfolio as properly diversified.

The third portfolio had General Electric (GE) - Get General Electric Company (GE) Report , Pfizer (PFE) - Get Pfizer Inc. Report , Apple (AAPL) - Get Apple Inc. (AAPL) Report , Facebook (FB) - Get Facebook, Inc. Class A Report and Sonos (SONO) - Get Sonos, Inc. Report  as its top five stocks.

Cramer said this portfolio has too much tech. He advised selling Facebook and Sonos to make room for IAC/Interactive and Raytheon (RTN) - Get Raytheon Company Report .

No-Huddle Offense

In his "No-Huddle Offense" segment, Cramer opined on last night's interview with U.S. Senator Elizabeth Warren. He said while he agrees with Warren that median incomes have been flat for decades, he's skeptical that the ideas Warren proposed will work.

It's no secret that employees who are respected and paid well perform better than those that aren't. Cramer said he learned this lesson from Mark Benioff at Salesforce.com (CRM) - Get salesforce.com, inc. Report , John Sinegal at Costco (COST) - Get Costco Wholesale Corporation Report and Patrick Doyle of Domino's Pizza (DPZ) - Get Domino's Pizza, Inc. Report . All three of these fantastic CEOs shared their wealth and success with employees and they didn't need federal regulations to do so.

Over on Real Money, Cramer says to look for the biggest returns for workers to get the biggest returns for shareholders. Get more of his insights with a free trial subscription to Real Money.

Lightning Round

In the Lightning Round, Cramer was bullish on Royal Dutch Shell (RDS.A) , Lam Research (LRCX) - Get Lam Research Corporation (LRCX) Report , NuStar Energy (NS) - Get NuStar Energy L.P. Report , Ebix (EBIX) - Get Ebix, Inc. Report , Nutanix (NTNX) - Get Nutanix, Inc. Class A Report , VMware (VMW) - Get VMware, Inc. Class A Report , Sarepta Therapeutics (SRPT) - Get Sarepta Therapeutics, Inc. Report , Sony (SNE) - Get SONY GROUP CORPORATION SPONSORED ADR Report , United Rentals (URI) - Get United Rentals, Inc. Report and Marathon Petroleum (MPC) - Get Marathon Petroleum Corporation (MPC) Report .

Cramer was bearish on Denbury Resources (DNR) - Get Denbury Resources Inc. Report .

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At the time of publication, Cramer's Action Alerts PLUS had a position in JWN, FB, AMZN, GOOGL, MSFT, UNH, AAPL, RTN, CRM.