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The buyers were ready for today's downturn in the markets, Jim Cramer told his Mad Money viewers Tuesday. That means that the big money managers think individual companies are indeed undervalued.

On a day where terrorism once again dominated the headlines, investors might have expected a bigger slide in the stock market. But sadly, as these events become all too common, less and less panic grips the markets, leaving only the travel stocks lower by the end of the day.

Cramer said he saw prices being propped up by buying in the health care space, where prices have gotten so low many investors are willing to roll the dice. There was also strength in the oil patch for the same reason. Meanwhile, in technology, no news is good news and many tech giants keep marching higher.

Cramer said the term for this buying on weakness is the "underlying bid," and it was out in force on what otherwise would have been a very somber day.

Travels With Cramer 

With the entire travel and leisure sector pulling back today, Cramer said it's smart to consider owning some of these stocks as long as you pick the right ones. He said as past terrorist attacks have shown us, there's a predictable pattern in this sector. The travel stocks always rebound from their lows.

But that doesn't mean that every travel stock is a buy. Cramer said he remains bullish on the airlines, especially with Southwest Airlines (LUV) trading at just 9.8 times earnings. He was also positive on the online travel stocks like Priceline (PCLN) and Expedia (EXPE) , which are also great values.

When it comes to the cruise lines, however, Cramer said there's another issue at play: the mosquito-borne Zika virus. With the Zika outbreak only just beginning and the Caribbean expected to suffer the worst of it, Cramer said it's too early to estimate what the virus will do to cruise line bookings. So far, there's been no impact, but that could change quickly as news of the virus spreads over the warm summer months.

With so many great airline and online travel stocks out there, Cramer said he isn't willing to gamble on Carnival Cruises (CCL) or Royal Caribbean (RCL) , even thought both stocks are inexpensive.

Get Into Yum!

It's not too late to get into shares of Yum! Brands (YUM) , Cramer told viewers, even though the stock is already up 20% from its February lows. That's because Yum! is expected to spin off its Chinese operations later this year, unlocking a ton of value.

Cramer said he likes both parts of Yum!, the steady dividend-paying U.S. operations and the faster-growing Chinese operation. He's also a fan of the company's plans to distribute $4.2 billion to shareholders ahead of the split.

But the big question in investors' minds is, how much are the parts of Yum! actually worth? Cramer said Yum! is expected to earn $3.54 a share, with nearly two thirds of that stemming from the U.S. Comparing Yum! to another U.S. franchise model, Domino's Pizza (DPZ) , which trades at 31 times earnings, Cramer gave Yum! a valuation of 27 times earnings, or $63 a share.

Then there's the Chinese side of Yum!, which could earn at much as $3 a share. Cramer valued that side of the business at $40 a share, for a total of $103, or a 30% gain from current levels.

Off the Charts

In his "Off the Charts" segment, Cramer checked in with colleague Carley Garner over the direction of commodities, which have been rallying hard off their lows.

Garner looked at a weekly chart of the Dow Jones Commodity Index, a basket of 23 different commodities, and noted the index is on the verge of a breakout. The relative strength indicator, or RSI, was in bull territory while the MACD momentum indicator just saw a bullish crossover. Garner felt if the index got above $15, it could soar over $20 to levels not seen since 2014.

Garner also looked at a weekly chart of the Goldman Sachs Commodity Index, noting this index broke out from its downtrend three weeks ago and hasn't looked back. Again, the RSI and MACD confirm that the move is for real.

Cramer said with the rally in commodities broadening to include more than just oil, he's encouraged. But even if the trend is only mild, it will be bolstered by a weakening U.S. dollar, making him think the rally is the real deal.

Lightning Round

In the Lightning Round, Cramer was bullish on Michael Kors (KORS) , Coach (COH) , AeroVironment (AVAV) , Lockheed Martin (LMT) , Opko Health (OPK) , Corning (GLW) , Quintiles Transnational (Q) , Skyworks Solutions (SWKS) and Broadcom (AVGO) .

Cramer was bearish on Advanced Micro Devices (AMD) , HSBC Holdings (HSBC) , Shake Shack (SHAK) and Tessera Technologies (TSRA) .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer paid tribute to Andy Grove, former Intel (INTC) CEO, who passed away on Monday.

Cramer said the tech industry lost a titan on Monday. Grove, who headed Intel from 1987 through 1998, was a true pioneer and innovator, taking Intel's market cap from $4 billion to $197 billion during that time.

Despite propelling Intel shares up 4,500% during his tenure, Grove remained vigilant and paranoid that he wasn't doing enough, spending fortunes on research and development and establishing America's dominance in the semiconductor industry.

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 LMT.

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