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Our government has declared war on business, Jim Cramer told his Mad Money viewers Thursday, and the politicians need to back off before it hurts the American people.

Cramer said the political rhetoric against Big Business is heading down a dangerous path. Not only did the government change the rules to block Pfizer (PFE - Get Report) from acquiring Allergan (AGN - Get Report) , it also blocked the tie-up between Halliburton (HAL - Get Report) and Baker Hughes (BHI) , without offering any explanation as to how the two companies could come into compliance.

Then there is the race for president, where Hillary Clinton has been openly attacking the drug companies and Bernie Sanders advocates breaking up the big banks, the same banks the government begged to buy up failing rivals just a few years ago.

Cramer said the government isn't all bad. It recently raised tariffs on foreign aluminum and recently changed the rules to ensure financial advisors put their clients needs first.

Business is a good thing, Cramer said. It feeds families, providers healthcare and helps the vast majority of households plan for retirement. Business can't have the rules changed without warning, and they certainly shouldn't all be vilified.

Executive Decision: Mark Light

For his "Executive Decision" segment, Cramer sat down with Mark Light, CEO of Signet Jewelers (SIG - Get Report) , which recently delivered a 4-cents-a-share earnings beat on a 4.9% rise in same-store sales.

Light explained Signet derives about half of its business from gift giving and the other half from bridal purchases, which is a very stable business. His company is the largest jeweler in the mid-market, one that values Signet's brands like Vera Wang and Love.

Signet also has a credit component, and Light said the company as been offering customers credit for over 30 years and the portfolio is looking very good at the moment.

Finally, when asked about whether Americans still go to the mall, Light explained that jewelry is a very personal purchase and that keeps customers coming to their stores. He said Signet has a balanced portfolio of mall and off-mall properties to meet their customers wherever they are.

Bed Bath and Beyond Buybacks

A buyback is a terrible thing to waste, Cramer told viewers as he took a look at Bed Bath and Beyond (BBBY - Get Report) , a stock that fell 36% in 2015 and has been largely flat this year.

Over the past four years, Bed Bath has been buying back a ton of its own stock. So much in fact that it shrunk its share count from 243 million to just 158 million. What has the stock done during that time? Bed Bath's market cap has fallen from $14 billion to just $8 billion.

Simply put, Bed Bath has become a dinosaur in an increasingly Amazon.com (AMZN - Get Report) world. When the company reported earnings, management admitted that it has fallen woefully short in technology, having no mobile websites, no apps in the app store and a website that is tough to navigate.

Cramer said instead of buying stock, Bed Bath should've been buying new technology. Now, it may be too little, too late as same-store sales are stagnating.

Cramer's Homework

In his "Homework" segment, Cramer followed up on a few stocks that stumped him during earlier shows. He said Novocure (NVCR - Get Report) , which has a treatment for brain cancer, could be bought, but only for speculation.

Cramer said Ollie's Bargain Outlet (OLLI - Get Report) , which operates 170 discount stores, was also intriguing, but should only be bought on weakness given the stock's big run. He was far less excited about NeoPhotonics (NPTN - Get Report) , however, because that stock has already run 30% so far this year.

Finally, Cramer said Celator Pharmaceuticals (CPXX) , which is also working on cancer treatments, is simply too risky.

Lightning Round

In the Lightning Round, Cramer was bullish on JetBlue Airways (JBLU - Get Report) , Southwest Airlines (LUV - Get Report) , CSX (CSX - Get Report) , Starbucks (SBUX - Get Report) , Boston Scientific (BSX - Get Report) , Apple Hospitality REIT (APLE - Get Report) , EPR Properties (EPR - Get Report) and Harman International (HAR) .

Cramer was bearish on TAL International (TAL - Get Report) , Bojangles (BOJA) , Boeing (BA - Get Report) , Neurocrine Biosciences (NBIX - Get Report) and Baxalta (BXLT) .

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 Amazon.com, NFLX (NFLX - Get Report) , Starbucks, Costco (COST - Get Report) and Under Armour (UA - Get Report) .

Cramer suggested swapping out of Under Armour and adding a drug stock like Bristol-Myers Squibb (BMY - Get Report) .

The second portfolio's top holdings included Verizon (VZ - Get Report) , Coca-Cola (KO - Get Report) , Johnson & Johnson (JNJ - Get Report) , Bank of America (BAC - Get Report) and Carnival Cruises (CCL - Get Report) .

Cramer said this portfolio was "perfect."

The third portfolio had Walt Disney (DIS - Get Report) , Facebook (FB - Get Report) , Apple (AAPL - Get Report) , Verizon (VZ - Get Report) and PPG (PPG - Get Report) as its top five stocks.

Cramer also blessed this portfolio as properly diversified.

The fourth portfolio's top stocks were Facebook, Weight Watchers (WTW) , Intel (INTC - Get Report) , CSX (CSX - Get Report) and Fitbit (FIT - Get Report) .

Cramer said this portfolio needed to sell Weight Watchers, which was too similar to Fitbit, and add a drug stock to be properly diversified.

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