Cramer spoke with callers to see if their portfolios have what it takes for today's markets. The first caller's portfolio included Hewlett-Packard ( HPQ), Apple ( AAPL), Qualcomm ( QCOM), Frontier Communications ( FTR) and Cimarex Energy ( XEC). Cramer said this portfolio needed surgery and advised selling Hewlett and Qualcomm and add a financial and a healthcare stock. The second caller's top holdings included Chesapeake Energy ( CHK), Ford ( F), Spectra Energy ( SE), Microsoft ( MSFT) and American Capital Agency ( AGNC). Cramer blessed this portfolio as terrific. The third caller had AT&T ( T), Freeport-McMoRan ( FCX), Ford ( F), DuPont ( DD) and Intel ( INTC). Cramer said this portfolio was also properly diversified. The fourth caller's top stocks were Bank of America ( BAC), DR Horton ( DHI), Ford ( F), St Joe ( JOE) and Solazyme ( SZYM). Cramer said St. Joe and DR Horton were both real estate and he advised selling St. Joe and adding a diversified manufacturer. Cramer's fifth caller's portfolio included AT&T ( T), Cirrus Logic ( CRUS), Emerson Electric ( EMR), Phillip Morris ( PM) and Raytheon ( RTN). Cramer said this portfolio was "well played."
Cramer was bullish on Kraft Foods ( KFT), ConocoPhillips ( COP), Apple ( AAPL), SPDR Gold Shares ( GLD), Heckmann ( HEK), Baidu.com ( BIDU) and Devon Energy ( DVN). Cramer was bearish on SodaStream ( SODA), Nokia ( NOK) and Newmont Mining ( NEM).
In his "No Huddle Offense" segment, Cramer said that slow and steady will win the race when it comes to today's pair of IPOs. He said it's time to ring the register on Demandware ( DWRE), an ecommerce software provider that priced at $16 a share an popped 43% in its first day of trading. Cramer said the trade has been made and it's time to sell. But for the IPO of Allison Transmission ( ALSN), a stock that opened at $23 a share only to trade flat on the day, is a different story. Cramer said this former spin-off of General Motors ( GM) is right in the middle of the raging bull market in trucks and he would be a buyer of the stock long term. --Written by Scott Rutt in Washington, D.C. To contact the writer of this article, click here: Scott Rutt. Follow TheStreet on Twitter and become a fan on Facebook. To submit a news tip, send an email to: email@example.com. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC. Click here to sign up for Jim's Daily Booyah to get the Mad Money recap delivered to your inbox.For more of Cramer's insights during the Lightning Round, click here .