The second stage of an FCC auction ended quickly, as telecoms, communications companies and investors bid less than expected.
Media General (MEG) posted lower-than-expected second quarter earnings and revenue before today's market open.
Investors will be able to buy quality companies including AT&T and Bristol-Myers at bargain rates next week, Cramer says. But avoid Valeant at all cost.
The Fed, oil prices and the looming 'Brexit' vote are pushing stocks lower, Cramer says. Next week you'll find lots of bargains on quality names.