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NEW YORK ( TheStreet) -- It was the tech, oil and retail stocks that sent the markets lower, Jim Cramer told his Mad Money viewers Monday. The restaurants and the biotechs tried their best to save us but it just wasn't enough.

Cramer explained that oil continues to weigh on the market averages today, with Goldman Sachs analysts surprising the markets by slashing 2015 oil estimates nearly in half. But it was a trifecta of pre-announcements that really spooked investors.

First, Tiffany (TIF)  brought the retail sector to its knees after disappointing results sent shares down a quick 14%. Then, Sandisk (SNDK) sent shockwaves through the tech sector when its shares also tumbled 14% on weaker-than-expected component sales. Finally, American Airlines (AAL) , a recent Cramer fave, disappointed with a surprising revenue shortfall that reverberated through the airline group. Shares of American closed the day down 5%.

But despite the weakness in those sectors, Cramer noted the biotechs, which he will be featuring all week, saw strong performance from Isis Pharmaceuticals (ISIS) , Celgene (CELG) , NPS Pharmaceuticals  (NPSP) among several others. The restaurant stocks also bucked the oil trend and finished the day strong.

Executive Decision: Klaus Kleinfeld

For his "Executive Decision" segment, Cramer once again kicked off earnings season by speaking with Klaus Kleinfeld, chairman and CEO of Alcoa (AA) , which today delivered a 4-cents-a-share earnings beat on better-than-expected revenue.

Kleinfeld touted Alcoa's 14% revenue growth in the quarter, which continues to be driven by breakthrough new materials. He explained that Alcoa's goal is to stay ahead of customers' needs and create the types of materials that are exactly what customers have been seeking.

Among the bright spots for Alcoa are aerospace and automative, but Kleinfeld said those aren't the only things to get excited about. He noted that commercial transportation and even high-efficiency gas turbines are proving to be growth drivers for Alcoa.

When asked about the effects of lower oil and energy prices, Kleinfeld said lower prices will affect Alcoa's bottom line, but he's also excited about lower oil prices creating a boost in the worldwide economy.

Cramer said he remains a big fan of Alcoa.


More Pain Ahead

Don't try to be a hero, Cramer urged investors. It's still way too early to buy into the oil patch. There's still a lot more pain ahead for this beleaguered sector, Cramer said, and investors need to stay away.

Case in point, Southwest Energy (SWN) , which spent $5.3 billion in October to purchase a tract of land in the Marcellus shale. Did Southwest get the short end of the stick? Cramer said even with 1,500 wells already operating on the land it purchased, Southwest shares have still retreated from $32 to $24 a share and today, the company anounced a 20 million share secondary offering to further bolster its balance sheet.

This was the last thing Southwest shareholders wanted to hear, Cramer said, and its not the last secondary offering we're likely to see.

Then there's Schlumberger (SLB) , which today received a ratings cut to hold from buy from an analyst. The problem? The vast majority of analysts still have a buy rating on Schlumberger, even though the price of oil has been cut in half. Here, too, Cramer said there's a lot more pain ahead for shareholders.

Next-Gen Biotechs: Acorda Therapeutics

Kicking off a week-long series focused on the next generation of biotech stocks, Cramer spoke with Dr. Ron Cohen, president and CEO of Acorda Therapeutics (ACOR) , a stock that's up 20% since Cramer last checked in back in October and a full 78% since he first recommended the company in June 2012.

Cohen commented on the strong uptick in sales for his company's muscular sclerosis drug, Ampyra. He said his team has been doing an excellent job educating both doctors and patients on the breakthrough treatment and Ampyra is finally reaching an inflection point where it is becoming the standard of care.

When asked why it took so long to become the standard, Cohen noted that anytime there's a new treatment it takes time to get the word out. In the case of Ampyra, there previously was no treatment for helping MS patients who were having trouble walking. Now there is.

Cohen was also positive on Ampyra's outlook for helping stroke patients regain their mobility as well. So far, the Phase III trials are going very well.

Cramer said that Acorda is an excellent example of why biotech stocks are continuing to roar higher in this otherwise difficult market.

Lightning Round

In the Lightning Round, Cramer was bullish on Zimmer Holdings (ZMH) , Edwards Lifesciences (EW) , WhiteWave Foods (WWAV) , Bristol-Myers Squibb (BMY) , Oracle (ORCL) , Corning (GLW) and Enbridge (ENB) .

Cramer was bearish on Outfront Media (OUT) , Zillow (Z) , BP (BP) and Family Dollar Stores (FDO) .

Next-Gen Biotechs: NPS Pharmaceuticals

In a second next-generation biotech segment, Cramer sat down with Dr. Francois Nader, president and CEO of NPS Pharmaceuticals, a stock that's up 90% since Cramer first got behind the company in 2013. NPS recently agreed to be acquired by Shire (SHP) for $5.2 billion and Cramer said it's time to take a victory lap.

Dr. Nader reiterated the importance of orphan drug makers, noting that while they may not treat a huge number of patients, every patient matters -- especially given that for many diseases there are no other treatment options available.

Nader explained NPS and other orphan drug makers offer a huge value to every patient served. The first step is identify patients with rare diseases, he said, and then matching them up, one patient at a time, with these new treatment options.

When asked whether NPS and others are affected by the global economy, Nader said that as long as NPS provides value to patients, and the pricing is based on that value, sales will not likely be affected by things like oil prices or interest rates. He said that Shire has an international presence and experience in the orphan drug space and will be an excellent partner.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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

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