Cramer said he would take an old-fashioned, metal-bending, electrical powerhouse over a social media play any day, depending on the price. Shares of Eaton have been hammered mercilessly as the company remains hostage to Europe and the business cycle, Cramer said. Facebook, on the other hand, is still trading between 15 and 16 times earnings, even after Monday's declines. That puts it ahead of companies such as Apple and Google ( GOOG), but short of the valuation given Amazon.com ( AMZN).

Cramer said value investors will be salivating over the value being created at Eaton, which is why that company is the better play for right now.

--Written by Scott Rutt in Washington, D.C.

To contact the writer of this article, click here: Scott Rutt.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, JPM, ETN.

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