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) , Amazon (AMZN) , Netflix (NFLX) and Alphabet (GOOGL) , formerly Google. Today, the market was in love with WANG.

Cramer said that Walmart (WMT)  (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) 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) .

Cramer and the AAP team talk about Nordstrom (JWN) 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) , 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) 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) , 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.

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) , Microsoft (MSFT) , Baozun (BZUN) , A.O. Smith (AOS) and Intel (INTC) .

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

The second portfolio's top holdings included Brookfield (BIT) , Iron Mountain (IRM) , Pfizer (PFE) , RDS Shell (RDSb) and UPS (UPS) .

Cramer blessed this portfolio as properly diversified.

The third portfolio had General Electric (GE) , Pfizer (PFE) , Apple (AAPL) , Facebook (FB) and Sonos (SONO)  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) .

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) , John Sinegal at Costco (COST) and Patrick Doyle of Domino's Pizza (DPZ) . 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) , NuStar Energy (NS) , Ebix (EBIX) , Nutanix (NTNX) , VMware (VMW) , Sarepta Therapeutics (SRPT) , Sony (SNE) , United Rentals (URI) and Marathon Petroleum (MPC) .

Cramer was bearish on Denbury Resources (DNR) .

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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.

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