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NEW YORK ( TheStreet) -- There's a new undercurrent running through the stock market, Jim Cramer told "Mad Money" viewers Thursday. He said despite continued worries over Europe, more and more CEOs are simply saying "I don't care" and are reiterating their businesses remains strong.

So as the central banks of Europe prepare to "stabilize" the global markets after what promises to be a heated Greek election this weekend, Cramer said the outcome won't likely have an effect on many of the companies he's been highlighting these past few weeks. The Greek economy will go right back down after these elections, he said, but a handful of stocks will keep heading higher.

Cramer said shopping center REITs including Tanger Outlets ( SKT - Get Report) don't care about what goes on in Europe, its centers are packed with shoppers. Federal Realty Trust ( FRT - Get Report) isn't sweating the next round of Spanish bond auctions either.

The companies that don't care about Europe aren't hard to find, said Cramer, they're hiding in plain sight on the 52-week high list. Companies like Edwards Lifesciences ( EW - Get Report) just received Food and Drug Administration approval for a new life-saving heart device. No Europe there. Dunkin Brands ( DNKN - Get Report) still has long lines for coffee, despite the next round of Greek elections. And Perrigo ( PRGO - Get Report) will continue to make excellent low-cost alternatives to name-brand, over-the-counter medications regardless of central bank liquidity.

So while the markets may feel like it's 2008 all over again, Cramer said investors need to remember that most companies are much stronger now than they were then, with healthy balance sheets and growing, not shrinking, businesses.

Executive Decision

In the "Executive Decision" segment, Cramer spoke with Greg Ebel, president and CEO of Spectra Energy ( SE - Get Report), a natural gas pipeline and distribution company with a juicy 4% yield.

Ebel said it's "full steam ahead" for a $1.2 billion project to bring more natural gas to northern New Jersey and New York City. He said that project will employ over 5,000 people for the next two years and save the region over $700 million a year in energy costs over using coal and oil.

Ebel was also bullish on Spectra's natural gas storage business, which uses salt dome caverns and old reservoirs to store what is now a record level of natural gas. However, even if the U.S. isn't interested in using all of that gas, Ebel said Canada is. That's why Spectra is looking to expand its pipeline network into Canada, too.

When asked about the stability of the company's earnings and the growth of its dividend, Ebel said that before Spectra builds any pipeline it has 10- to 20-year contracts for the use of that pipeline in place. Even if a single molecule of gas isn't sent via that pipeline, Spectra still gets paid. That's why the company is forecasting an eight-cent-a-year dividend increase for the next several years.

Cramer said Spectra is precisely the type of domestic company that investors need to be focused on instead of focusing on Greek elections and Spanish bond auctions.

Sell Block

In the Thursday "Sell Block" segment, Cramer sentenced all three Pep Boys ( PBY), Manny, Moe and Jack, to solitary confinement for crimes against their shareholders. He said while rivals such as AutoZone ( AZO) have been able to post a 148% gain over the past three years, the Pep Boys have been left in the dust with a 2% loss.

So where did Pep Boys go wrong? Cramer said unlike their competition, which exclusively sells auto parts, Pep Boys is split down the middle, with only 50% of revenue stemming from part sales and the other half coming from auto servicing. This leaves Pep Boys in the odd position of competing with itself, as those do-it-yourselfers who buy parts are not likely to get their car serviced and vice versa.

When it comes to the company's locations, Pep Boys is also perplexing. Pep Boys stores are markedly larger than those of AutoZone and others, meaning they have higher costs and lower sales per square foot. Also, nearly 20% of the company's products are discretionary, something that is not doing well in today's economy. Finally, Pep Boys stores are typically located in white-collar areas, where people pay to have their cars serviced but rarely buy any auto parts.

Cramer said that Pep Boys is clearly not the company to own as it couldn't even sell itself when it received a takeover offer earlier this year. For those wanting to invest in auto parts, Cramer said AutoZone is the way to go.

Lightning Round

Here's what Cramer had to say about caller's stocks during the "Lightning Round":

Polaris Industries ( PII - Get Report): "This is a tough one. This industry is tricky. I need to speak to the company for an update."

DreamWorks Animation ( DWA): "I don't think there's a lot cooking there. It's been disappointing. If you want entertainment, I recommend Walt Disney ( DIS - Get Report)"

Cypress Semiconductor ( CY - Get Report): "The stock is trying to find its footing but doesn't have it yet. Maybe it goes down around $10 or $11."

YPF ( YPF - Get Report): "Carlos Slim has been a buyer so I'm tempted. But remember that I don't like to invest in places that expropriate. Be careful."

Whiting USA ( WHZ): "That stock is saying that oil keeps going down. I'm betting that this is the bottom in oil."

Wabash National ( WNC - Get Report): "You can't touch anything in this sector until Cummins ( CMI - Get Report) bottoms."

Myriad Genetics ( MYGN - Get Report): "You've got a winner there. I think good things are happening there."

Mad Mail

In the "Mad Mail" viewer feedback segment, Cramer followed up on Ellie Mae ( ELLI), a stock that stumped him earlier this week. Cramer said he'd bless ELLI as a speculative stock as it's a small-cap stock, but business is good and the valuation is right.

When asked about Best Buy ( BBY - Get Report), whose CEO resigned in April, Cramer said if a CEO is leaving, he would be, too. He was equally worried about Garmin ( GRMN - Get Report), a company that may be under pressure from Apple ( AAPL - Get Report), a stock which Cramer owns for his charitable trust, Action Alerts PLUS.

Cramer was upbeat on Carnival Cruises ( CCL - Get Report), however, saying the company is run well and has a good dividend.

Finally, when asked about InterOil ( IOC), Cramer noted this company always trades wildly on hype and emotion and he'd rather invest in ConocoPhillips ( COP - Get Report).

No Huddle Offense

In his "No Huddle Offense" segment, Cramer sounded off against those who are waiting for the "moment of truth" when all of Europe's problems are solved overnight.

Cramer said the "let them fail already" mentality is exactly what we don't want because there's no way any country's exit from the euro would be orderly. To have an orderly exit, there needs to be a plan, said Cramer -- something the Europeans have no ability to do as they seem content only doing the bare minimum to survive.

What we do want in Europe is what China is doing -- stimulating growth in its economy. From growth there can be changes, concluded Cramer. Without it, all bets are off.

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

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At the time of publication, Cramer's Action Alerts PLUS had positions in AAPL and DIS.

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