Cramer said he wasn't surprised by the correction in the Chinese stock market. "China was this giant bubble because they added about 20 million retail [brokerage trading] accounts. As soon as they got the money, put it into an account they bought stocks. Didn't matter what they bought," said Cramer. "They levered up, this is what happens. It was ridiculous what the Chinese did -- they should never have allowed all these retail accounts. It's almost as if they don't care," he added.
Cramer answered a question about Hertz (HTZ) stock: "Accounting irregularities means sell."
One viewer asked about Magellan Midstream Partners (MMP), which Cramer said is a good company. But as interest rates go higher, the stock will go lower, he predicted. Within the energy space, Cramer also likes Energy Transfer Partners (ETP) and Kinder Morgan (KMI).
Is Kraft (KRFT) a buy if its deal with Heinz goes through? Cramer said, "Absolutely yes. Kraft is going to be a winner. They'll be able to make acquisitions. It's a terrific situation." Heinz (HNZ) and Kraft agreed to merger in March, and Kraft shareholders are set to vote on the deal next week.