Check out Jim Cramer's latest trading recommendations on "Action Alerts Plus".

(Updates from 10:49 a.m. ET with closing information.)

NEW YORK (TheStreet) -- Here's what Jim Cramer had to say on CNBC's "Squawk on the Street" Friday.

When the broader market starts to decline, Cramer said investors need to focus on pullbacks in the "big themes." In this case, he is referring to airlines. He likes United Continental Holdings (UAL - Get Report) and agrees with Cowen Group, which raised its price target. UAL fell 4.8% to $46.13.

Wells Fargo downgraded Transocean (RIG - Get Report) to hold from buy. Cramer said there is a "day-rate crisis going on" and drilling rates are being slashed, which is why RIG has been down so much. RIG closed 2.6% lower at $44.25.

FireEye (FEYE - Get Report) has been a hot Internet security stock, but Barclays downgraded it to hold from buy based on valuation concerns. "Finally, someone thinks it's gotten too expensive," Cramer said. FEYE dropped 8% to $67.30.

Another big theme has been aerospace, Cramer said. "Precision Cast Parts (PCP) is in every single Boeing (BA - Get Report)" aircraft and investors are selling it simply because of its steep share price. "They're wrong!" he concluded. PCP was down 2.2% to $255.46.

Cramer said he's a "huge fan" of CEO Bob Iger but thinks investors should wait until midday to buy Disney (DIS - Get Report) because the stock usually "reacts poorly" to its earnings report. Stifel Nicolaus raised its price target on DIS to $85 from $76. DIS fell 2.8% to $72.72.

Sterne Agee downgraded International Game Technology (IGT - Get Report) to hold from buy after the company reported disappointing earnings. "This is not a good quarter," Cramer said, citing low spending at brick-and-mortar casinos as one reason for the drop. IGT plummeted 14.8% to $15.04.

To sign up for Jim Cramer's free Booyah! newsletter, with all of his latest articles and videos, please click here.

-- Written by Bret Kenwell in Petoskey, Mich.

At the time of publication, Cramer's Action Alerts PLUS had no position in the stocks mentioned.

  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."

  None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

  Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.