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NEW YORK (TheStreet) -- Not every falling stock is a bargain, Jim Cramer warned his Mad Money viewers Thursday. Some are falling knives that will only lead to bright red losses.

Cramer explained that all throughout the market's incredible run over the past few years, buying the dips has always been a winning strategy. Waiting for a stock you love to fall to a bargain price and then pulling the trigger has served investors well for a very long time. But with over 60 stocks in the Dow Jones Industrial Average making new lows and entire sectors faltering, that strategy may be a thing of the past.

The weakness that started in coal and quickly spread to iron ore and copper and the railroads has now claimed much of the oil patch, from the highly levered firms to the mid-tier companies and, most recently, even the major oil stocks. There's weakness in the industrials and technology and, yes, even Apple (AAPL - Get Report), a stock Cramer owns for his charitable trust, Action Alerts PLUS.

But while the selling may be over in stocks like Walt Disney (DIS - Get Report), which saw sharp declines earlier this week, for many stocks, trying to catch a bounce remains illusive. In fact, Cramer said the only market leader appears to be Netflix (NFLX - Get Report), and that stock isn't taking anyone else along for the ride.

That's why Cramer told viewers to have some cash on hand and remain on the sidelines because it's still not safe to go back into the water.

Executive Decision: Brent Saunders

For his "Executive Decision" segment, Cramer sat down with Brent Saunders, president and CEO of Allergan (AGN - Get Report), the biotech that delivered a 3-cents-a-share earnings beat on better-than-expected revenue thanks to a terrific pipeline with over 70 products under development. Allergan is an AAP holding.

Saunders first addressed a Department of Justice inquiry into Allergan for its pricing of generic drugs, a division which the company is now selling to Teva Pharmaceuticals (TEVA - Get Report). Saunders said the investigation is a non-issue as the price increases in three of its generic drugs were simply supply and demand issues.

When asked about his plans for Allergan's war chest of cash on hand, Saunders said Allergan is known for making bold acquisitions and he continues to tell his staff to be bold in their thinking. Allergan will always deploy its capital for long-term growth, he added.

Finally, Saunders commented on Allergan's new Alzheimer's drug, which he said should be eligible for reimbursement from Medicare in the beginning of 2016. He also noted that Allergan's efforts in creating a breakthrough for depression continues to go well, although it remains in the early stages.

Is It Disney's Time?

With the media stocks continuing their free fall, is it time to start picking up shares of Disney? Well, almost.

Cramer said Disney remains the best integrated media stock in the universe, but when big institutions begin selling and adjusting their models for slightly lower growth, it can take at least two days for the selling to subside.

While it's true that Disney's cable subscription business is beginning to slow, Cramer said it's stupid to think that management doesn't have a plan to combat the weakness. Disney's sports content easily transitions to a streaming model after all, far better than any other media company's content.

That's why Cramer said Disney remains a buy over the long term and why his "buy on day three of a selloff" rule still applies. Institutions will complete their selling tomorrow, he said, and that's the time to start nibbling at the bottom.

Executive Decision: Benno Dorer

In his second "Executive Decision" segment, Cramer also sat down with Benno Dorer, the new CEO at Clorox (CLX), which reported a 7-cents-a-share earnings beat when it revealed earnings on Monday. Shares of Clorox are up 14.5% for the year, leading many of its rivals that have more international exposure.

Dorer said his goal at Clorox is to continue profitable and consistent growth with products like Burt's Bees, which is currently seeing 11% growth. He said Burt's Bees in particular has lots of opportunities to gain more exposure, expand into new product categories and grow internationally.

Burt's Bees is also representative of Clorox's focus on younger consumers, as it appeals to those looking for healthy and organic products. That's why Clorox has partnered with Google (GOOGL - Get Report) to drive more of Clorox's advertising online.

Clorox also continues to monitor social media to identify flu outbreaks, helping to get disinfecting wipes to local retailers just when they're most needed. Dorer cited wipes in particular, as a big product for Clorox, as consumers today want quick cleaning products.

Finally, Dorer commented on Clorox's exit from Venezuela, a country it was losing money in. He said that clearly leaving Venezuela was the right move for Clorox and shareholders are reaping the rewards as a result.

Lightning Round

In the Lightning Round, Cramer was bullish on Voya Financial (VOYA - Get Report), (CRM - Get Report), Dynavax Technologies (DVAX - Get Report), Cheniere Energy Partners (CQP - Get Report), Box (BOX - Get Report), Andersons (ANDE - Get Report) and Monster Beverage (MNST - Get Report).

Cramer was bearish on Cheniere Energy (LNG - Get Report) and Juno Therapeutics (JUNO).

Executive Decision: Juan Ramon Alaix

In a third "Executive Decision" segment, Cramer sat down with Juan Ramon Alaix, CEO of Zoetis (ZTS - Get Report), the animal health company with a stock that's up 10% since Cramer last checked in back in November. Zoetis last reported a 5-cents-a-share earnings beat.

Alaix said the world needs technology and medicines in order to feed its growing population, and recent outbreaks in poultry and cattle are simply a part of that business that will remain a constant issue from now on.

Alaix added Zoetis' companion animal products continue to grow in popularity along with spending on pets in the U.S., which is at 15% a year.

Alaix had positive things to say about activist investor Bill Ackman, who's taken an interest in the company. Alaix said the relationship is only just beginning but so far has been a productive one.

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

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, AGN and GOOGL.