Was today's market decline a healthy one? Will it lead to buying opportunities down the road? Jim Cramer told his Mad Money viewers Thursday that he's seeing froth in the stock market and its beginning to worry him.

Just last night, Cramer highlighted Beyond Meat (BYND) , an IPO he recommended could be bought up to $35 a share before its valuation got out of hand. Today, Beyond Meat closed at $65 a share, a move Cramer called "excessive" and one that will only invite more frothy IPOs into the market. Beyond Meat joins two other sky-high IPOs, Pinterest (PINS) and Zoom Video (ZM) , with valuations at 17 and 47 times sales respectively. Cramer said he never recommends a stock above 10 times sales.

Then there's Tesla (TSLA - Get Report) , which ended the day up 4.3% after the company raised an additional $2 billion. The broker in charge of the deal has a sell rating on Tesla. Shares of Qualcomm (QCOM - Get Report) have also been seeing irrational gains, rising from $57 to $87 a share in just weeks.

The froth extends to the downside as well. Investors shunned Dow Chemical (DOW) after the company reported a decent, but not great, quarter. Shares ended the day down 6.1%. A similar pattern was seen with Square (SQ - Get Report) , which fell 7.9% on a good earnings.

Cramer said illogical and irrational moves like these are typically seen at the end of a bull market, not in the middle of one, which is causing him to suggest investors take some profits and raise some cash in their portfolios. 

Cramer and the AAP team are focusing on earnings this week. 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.

It's the Fed's Job 

Did Federal Reserve chair Jay Powell spark Wednesday's market decline when he chose to keep interest rates steady and not cut them as President Trump had urged in several tweets? Cramer said anyone who believes that needs to think long and hard about how our central bank operates.

While it's true that Powell made mistakes last year, including ones that led to a bad fourth quarter for stocks, the Fed remains an independent entity that's not beholden to the wishes of the president. Cramer said a rate cut at this meeting was never on the table, it's simply too soon after December's rate hike. Changing direction now would only cause investors to lose confidence in the Fed altogether.

Everyone has a right to complain about the Fed, Cramer concluded, but our laws are clear, the president does not, and should not, control monetary policy. 

Executive Decision: Core Labs

For his "Executive Decision" segment, Cramer spoke with David Demshur, chairman and CEO of Core Labs (CLB - Get Report) , a stock that slid 11% last week after reporting good earnings, but with tepid guidance.

Demshur said investments are still being made in oil and gas exploration and production, and international and offshore projects continue to drive the growth at Core Labs. He said several new projects will be coming online in the second half of 2019.

When asked about U.S. production growth, Demshur said the U.S. continues to grow, adding another 2.4 million barrels a day to its output. Over the past decade, the U.S. has added more than seven million barrels to its daily capacity. This increase, along with increased output in several other countries has led to a disconnect between oil supplies and the current price of crude.

Finally, Demshur talked about Alaska, where he said there will be more activity coming both onshore and offshore in an effort to bulk up the feed flowing into the TransCanadian pipelines. 

Executive Decision: Hologic

In his second "Executive Decision" segment, Cramer sat down with Steven MacMillan, chairman and CEO of Hologic (HOLX - Get Report) , the medical technology company focused on women's health issues.

MacMillan said Hologic is a champion of women's health and their mission is to enable women to live longer, healthier lives. He explained that they are the leader in 3D mammography, a technology that improves the detection of early-stage breast cancer by 60% while at the same time, greatly reducing the number of false positives. This new technology is greatly improving outcomes for women with dense breasts, which have traditionally been difficult to scan.

Hologic is also pioneering next technologies in radiation therapy with Biosorb, a product that allows doctors to mark the exact location of lumpectomies but over time, will be absorbed by the body naturally, eliminating the need for additional surgeries later. 

Action and Activists

Riding the coattails of activist investors can be a lucrative investment, Cramer told viewers, as he examined four recent deals that have results in big gains.

When Dollar Tree (DLTR - Get Report) bought rival Family Dollar (FDO) , it was supposed to be the best operator turning around the worst operator. But as the turnaround stalled, activists got involved. After a few months however, Dollar Tree management was able to execute on their plans and the stock is up 31% from their November lows.

Then there's eBay (EBAY - Get Report) , which is being used by activists to sell its non-core assets like StubHub, and its classified ad business. Cramer said the activists are right to suggest these moves, as eBay has never gotten credit for these assets.

Next is Bristol-Myers Squibb (BMY - Get Report) , which is buying Celgene (CELG - Get Report) . Cramer said he's siding with Bristol's management, calling the deal a good one for shareholders. He said Bristol is a buy at just 10 times earnings.

Finally, there's Bed Bath & Beyond (BBBY - Get Report) , which has a trio of activists calling for the ouster of management and the board of directors. Cramer said the activists are right to push for change, as Bed Bath has been an under performer for years and has no plans to fix its problems. 

On Real Money, Cramer keys in on the companies and CEOs he knows best. Get more of his insights with a free trial subscription to Real Money.

Lightning Round

In the Lightning Round, Cramer was bullish on Wheaton Precious Metals (WPM - Get Report) , Barrick Gold (GOLD - Get Report) , Idexx Laboratories (IDXX - Get Report) and Zoetis (ZTS - Get Report) .

Cramer was bearish on Knight Transportation (KNX - Get Report) , Cirrus Logic (CRUS - Get Report) , PetMed Express (PETS - Get Report) and Chart Industries (GTLS - Get Report) . 

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