Cramer said FMC is a high-quality operator, and separating these components will unlock a lot of value for shareholders. How much value? Cramer said shares could see the mid-$90 range, which would be a 22% gain from today's prices.

There are four stages of a breakup: the speculation, the announcement, the run-up to the split and the post-breakup. Cramer said investors typically make money during all four stages, and with FMC there are still two more stages left to go.

What Out for GrubHub

Don't let today's disappointing King Digital (KING) initial public offering scare you, Cramer told viewer. The red-hot IPO window will remain open for a little longer and there's one coming IPO that worth snatching up.

Cramer said GrubHub, the online mobile takeout service with 3.4 million users in over 600 cities, will have an explosive IPO when it comes to market next week. The company is not only profitable, processing $1.3 billion in orders last year, but it's also growing by 43%.

Why will the deal be explosive? Cramer said it's because GrubHub will be offering only 7% of its float in the IPO, which will create enormous demand for shares. Given its expected price range, GrubHub will trade at just 5.7 times sales, making it cheaper than both Open Table (OPEN) and Yelp (YELP).

Cramer said GrubHub is a trade only, and he would not buy shares in the open market.

Lightning Round

In the Lightning Round, Cramer was bullish on Hertz Global Holdings (HTZ), Hi-Crush Partners (HCLP), Kimco Realty (KIM), Lockheed Martin (LMT), Hospira (HSP) and BorgWarner (BWA).

Cramer was bearish on Inland Real Estate (IRC), National Bank of Greece (NBG) and Frontier Communications (FTR).

Am I Diversified?

In the "Am I Diversified?" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.

The first portfolio included Noble Energy (NBL), Union Pacific (UNP), Trinity Industries (TRN), Microsoft (MSFT) and Raytheon (RTN).

Cramer said this portfolio needs to sell Trinity and add a drug name like Bristol-Myers Squibb (BMY).

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