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NEW YORK ( TheStreet) -- Apple ( AAPL - Get Report) has earned our patience, Jim Cramer said Thursday.

He was responding on "Mad Money" to news that billionaire investor David Einhorn has brought a lawsuit against the company, demanding it return more cash to its shareholders.

Cramer said Apple, a stock he owns for his charitable trust, Action Alerts PLUS, has always stood by the principle that as long as it makes the best products in the world, everything else will take care of itself.

In a way, the company is now a victim of its own success because shareholders such as Einhorn yearn to gain more access to Apple's $137 billion of cash on hand.

While Einhorn presses for a new, preferred class of stock that yields at least 4%, Cramer said Apple's cash would be better served with a transformation acquisition, perhaps buying Twitter or Netflix ( NFLX - Get Report) or even ( AMZN - Get Report).

Cramer said Apple has earned the right to be conservative with its cash because the company has delivered phenomenal results for its shareholders over the past decade.

Yes, shares irrationally ran to $720 last year when they likely didn't deserve to. In the end, undervalued stocks will eventually self-correct. Cramer noted that Intel ( INTC - Get Report) has a 4% yield and it's done little to buoy that stock.

Apple deserves our patience, Cramer concluded. The company is likely hard at work dreaming up products that we can't even imagine. Meanwhile, it continues to hold discussions with shareholders over its cash, which is really all we should be asking of them, Cramer said.

What About Europe?

Is it time to start worrying about Europe again? Cramer told viewers that after comments made by European leaders today, it's definitely time to put Europe back on the map of potential worries.

Cramer said he's not advocating investors panic or start selling any U.S. stocks because of Europe, But with European leaders refusing to cut interest rates, something that's sorely needed, it's time for a wake-up call. We may not be out of the woods yet and we shouldn't be complacent.

Italy and Spain are still weak, noted Cramer, which could signal bad news for multinational companies as well as the financials, both of which are still tied to the troubled continent.

Cramer said he's still a buyer of stocks on any weakness, especially on weakness caused by Europe. But investors must always keep both eyes open to developments in the world's economies as they can still have an impact on the U.S. recovery.

Executive Decision

In the "Executive Decision" segment, Cramer sat down with Frits Van Paasschen, president and CEO of Starwood Hotels ( HOT), the hotel and resort chain that Cramer said has been hot and getting hotter.

Van Paasschen said Starwood is currently in great shape, the company has a great balance sheet, it generates fees from more sources than ever before and it has 20% more properties than it had just a few years ago. Of the company's 300 properties, Van Paasschen noted a full 85% of them are in red-hot emerging markets. Given that many are franchised, Starwood offers investors cashless growth with no capital investment.

When asked about those hot emerging markets, Van Paasschen said China is picking up and there's strength in Latin America and even in Africa. Starwood has more rooms in China than it does in Europe, he noted, but the company still sees a lot more upside to come. "This is a generational change in travel," Van Paasschen said, not just the usual business cycle.

Starwood currently competes in the high-end to middle market of the hotel and resort business, Van Paasschen said, which allows the company to generate more fees per room than mid- to lower-end competitors. Below the middle, he said, you need a lot more rooms to generate the same level of income.

Cramer said he continues to like Starwood, which is trading for a lot less than the company is actually worth.

Lightning Round

In the Lightning Round, Cramer was bullish on Vector Group ( VGR - Get Report), Axiall ( AXLL), Accenture ( ACN - Get Report) and Bemis ( BMS).

Cramer was bearish on ConocoPhillips ( COP - Get Report), Booz Allen Hamilton ( BAH - Get Report), MasterCard ( MA - Get Report), Spartech ( SEH) and LeapFrog ( LF).

Mad Mail

In the "Mad Mail" viewer feedback segment, Cramer said Hewlett-Packard ( HPQ - Get Report) is intriguing, with shares being down 44% last year. He said he would not sell shares down here and is taking a wait-and-see attitude for the next few quarters.

When asked about Abbott Laboratories ( ABT - Get Report) and its recent spinoff AbbVie ( ABBV - Get Report), Cramer said he likes growth, which is why he continues to like Abbott, a stock he owns for his charitable trust, Action Alerts PLUS. However, he wants to sell AbbVie.

Cramer was not a fan of either Key Energy ( KEG - Get Report), or Petrobras ( PBR - Get Report).

No Huddle Offense

In his "No Huddle Offense" segment, Cramer told viewers they'd be foolish not to get in on the secondary offering from Enterprise Products Partners ( EPD - Get Report), as the oil and gas pipeline MLPs have been on fire and every secondary offering has been an opportunity to get into the move at a great price.

Cramer said that Enterprise, like most pipeline companies, just can't lay pipe fast enough to keep up with the huge surge in oil production here in our country. Enterprise currently moves 4.3 million barrels a day, but that will be just the beginning.

Cramer told viewers to stick with quality pipeline players, and Enterprise is definitely among that group.

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

To email Scott about this article, click here: Scott Rutt

Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC

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

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC Universal or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

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