Cramer said that News Corp already sports a 16.7% growth rate, even with the beleaguered publishing business. Without it, growth will surge higher for the remaining company, giving the market the opportunity to revalue it with a higher multiple. Cramer said he would use the company's disappointing quarterly results and overall market weakness to pick up shares of News Corp at this historically low multiple of just 14 times earnings.

News Corp still has a $10 billion share repurchase program in place and plans to buy back nearly 9% of its marketcap, said Cramer, which is only another reason to buy in ahead of the split.

Know Your IPO

In the "Know Your IPO" segment, Cramer told viewers that it's time for a new housing-related stock, which is why the upcoming IPO of Restoration Hardware is a very intriguing play.

Cramer said there's no denying the rebound in housing is at hand, but the question remains of how best to invest in it. Everything from home builders like Toll Brothers ( TOL) and Lennar ( LEN) to home furnishings retailers like Ethan Allen ( EA) and Pier 1 Imports ( PIR) have already run up big for the year. That's why the little-known IPO of Restoration Hardware is so attractive.

Cramer explained that Restoration Hardware is a high-quality play on the luxury home market, as the company's 83 stores sells high-end accessories and home goods in a similar fashion to how Williams-Sonoma ( WSM) sells high-end kitchen items.

While a private company, Restoration Hardware has been in the middle of a notable turnaround, closing many of its low-end mall stores and replacing them with larger, freestanding galleries. Those new stores sell a lot more than just hinges and doorknobs too, as the company has expanded into high-end furnishings to rival Ethan Allen. With its new focus on high-end consumers, Resotration Hardware was able to post an impressive 27% increase in same store sales, compared to only a 7.4% increase as Williams-Sonoma.

Cramer said the IPO is expected to price between $22 and $24 a share, valuing the company at 25 times earnings. That's more than Williams-Sonoma at 16 times earnings, but given the company's stellar growth, it deserves its premium, said Cramer, which is why investors should try and get in on the IPO.

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