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

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Entergy (ETR) - Get Free Report : In an exclusive interview, Cramer spoke to Leo Denault, the chairman and CEO of Entergy.

Entergy has been trying to transform itself into more of a pure-play utility company, due to the volatility surrounding its merchant plants business, Denault said. Volatility is not what investors who are looking for a safe and predictable utility stock with a high dividend yield want in an investment.

Aside from the desire for a more slow-and-steady business, the company also put its emphasis back on the dividend when it recently raised its payout for the first time in five years.

Denault said he wants to keep raising the dividend for shareholders, and that the company's utility business - which supports the dividend, not the merchant business - should continue to grow at an attractive 5% to 7% per year through the end of the decade.

The company is building out more natural gas and alternative energy solutions, and has "very little coal," he explained. Also, it has a lot of industrial customers that will come online over time; customers that are big consumers of energy.

Cramer said with a dividend yield of 4.3%, Entergy is one of his favorites and has been for a long time.

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Ralph Lauren (RL) - Get Free Report : Cramer took a closer look at Ralph Lauren, whose stock has been on a roller-coaster ride. They plunged Tuesday once the company issued its new turnaround plans. However, the stock clawed back and erased its losses once investors considered some of the proposals from CEO Stefan Larsson.

Should you buy? Cramer noted the stock is down 16% on the year and that's on top of the 40% decline it saw in 2015. A change was definitely needed and while it will take a lot of time, it's what the company had to do.

First, Larsson wants to overhaul Ralph Lauren's outdated supply chain. With a current lead time of 15 months, the retailer is far behind the industry average of just six months to 12 months, with retailers closer to six months posting the best results.

Larsson wants to rein in inventories, close underperforming stores and eliminate unprofitable or low-profit brands. Some 70% of revenue comes from just 35% of the lineup, so Ralph Lauren can cut a lot of "dead weight" without hurting sales too much, Cramer said.

While all of this will lead to a better company in the future, the short term will be bumpy and likely painful for investors.

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