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Did you miss last night's "Mad Money" on CNBC? If so, here are Jim Cramer's top takeaways for today's trading.

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Microsoft(MSFT) - Get Report , Illinois Tool Works(ITW) - Get Report and Cintas(CTAS) - Get Report : There's good news and bad news with this stock market, Cramer told viewers. The bad news is the markets are getting expensive, with the average stock now trading at 20 times earnings. There are only two directions to go from here, Cramer said: Either stocks come down to lower multiples or companies earn more to justify the higher levels.

The good news is Cramer expects the latter. Case in point: Microsoft, which not only saw growth in the cloud but also in all of it's other segments, including Xbox and yes, even PCs. You just don't see growth in every division of a big company like Microsoft without economic tailwinds, Cramer said.

Need more proof? Illinois Tool Works, a basic industrial company, reported sharply better-than-expected earnings today. The news sent shares up 2.8% to all-time highs. Cramer said here, too, you need a booming economy to make this happen, especially since this company only gets 46% of sales domestically.

Finally, Cramer called out uniform supplier Cintas, which also saw a strong quarter and guided analysts higher for the rest of 2016. You don't need more uniforms unless there's an economic expansion, Cramer concluded, which is why shares of Cintas soared 9.6% today.

So are stocks too high, or are earnings heading higher? Cramer thinks the answer is right in front of us.

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Blue Buffalo Pet Products (BUFF) and FreshPet(FRPT) - Get Report : Continuing Tuesday's discussion of pet-related stocks, Cramer took a look at five more companies and offered his favorites.

When it comes to pet food, there are only two pure plays: Blue Buffalo Pet Products and FreshPet. Blue Buffalo came public last year at $20 a share and peaked just over $28 before settling in the mid-$20s. The stock is up 40% so far in 2016 as the company is seeing accelerating earnings growth.

FreshPet is up 20% for the year, but is seeing its growth decelerating.

Cramer said he's a fan of Blue Buffalo, but noted the stock isn't cheap at 30 times earnings.

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Core Labs(CLB) - Get Report : In an exclusive interview, Cramer checked in with David Demshur, chairman, president and CEO of Core Labs, a stock that's down 40% from its highs two years ago, but also one that's up 50% from its lows. The company just reported an in-line quarter with optimism for the future of the oil patch.

Demshur said he expects oil to break out above its current $50 a barrel ceiling and eventually head to $60 as demand continues to increase at a time when U.S. production continues to fall. He said the U.S. will need to double its rig count and will take about 18 months of production growth to stabilize prices.

Outside of the U.S., Demshur noted big projects underway off the coast of Africa that are seeing proven reserves between 800 million and 1.4 billion barrels. He said those fields could be online in just five to seven years and, thanks to new technology, will be profitable with $50 to $60 oil prices.

Also, Demshur is optimistic over U.S. shale oil, where Core Labs is helping drillers up output from 9% to 15% in some cases.

Cramer said he's not as certain as Demshur about oil prices heading to $60, but he said Core Labs continues to be a well-run company.

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XPO Logistics(XPO) - Get Report : In his second exclusive interview, Cramer sat down with Brad Jacobs, chairman and CEO of XPO Logistics, a stock that's up 18% since Cramer last checked in September.

Jacobs said that after making 17 acquisitions over the past five years, XPO is now at an inflection point where it will be reaping those rewards. He said his company is the leader in so-called "last mile" deliveries, shipping heavy goods such as appliances that were purchased both online or in stores. Also, XPO is a leader in the returns business, getting unwanted items back to retailers.

When asked about Europe, Jacobs was upbeat, saying things are not as bad as many investors fear. He also noted that XPO has hedged its currency risk to minimize the effects of Brexit.

With over $1.25 billion in Ebitda earnings projected, Cramer said he's a believer.

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.