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(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) and agrees with Cowen Group, which raised its price target. UAL fell 4.8% to $46.13.
Wells Fargo downgraded Transocean (RIG) 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) 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)" 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) 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.