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The markets were doing pretty well today, Jim Cramer told his Mad Money viewers Thursday. That was until about 2 p.m. Eastern, when activist investor Carl Icahn announced that he sold his position in Apple (AAPL - Get Report) , a stock Cramer owns for his charitable trust, Action Alerts PLUS, on fears of Chinese weakness. After Icahn's comments, tech stocks plunged, taking the broader markets with them.

But Cramer told viewers they shouldn't just blindly follow Icahn, they need to think for themselves. There are plenty of tech stocks that are delivering on earnings, even if Apple is temporarily in the doghouse.

Case in point: (AMZN - Get Report) , which delivered monster earnings that sent its shares up 12.7% on the day. Then there's LinkedIn (LNKD) , which redeemed itself for last quarter's abysmal results, ending the day up 6.8%. Those results were followed by Expedia (EXPE - Get Report) , MasterCard (MA - Get Report) and PayPal (PYPL - Get Report) , another Action Alerts PLUS holding, which all exceeded expectations.

The stock that had Cramer most excited, however, was Facebook (FB - Get Report) , yet another Action Alerts PLUS holding, which surged 7.2% on a 52% rise in revenue year over year. Facebook's results, Cramer said, had everything an investor could want including more usage, more ads being bought and more advertisers getting more than their money's worth. Add to that Facebook's continued advertising innovation and mobile dominance and Cramer said there's a lot to love at Facebook.

No stock is immune to everything, Cramer concluded, but Facebook is about as resistant as you can get.

Executive Decision: Patrick Doyle

For his "Executive Decision" segment, Cramer spoke with Patrick Doyle, president and CEO of Domino's Pizza (DPZ - Get Report) , which saw its shares fall 9.8% on a 9-cents-a-share earnings miss on lighter-than-expected revenue.

Doyle explained that Dominos' last two quarters saw same-store sales grow by 20%, making for very tough comparisons this quarter. He added, "I'll take 6.5%," which is what the company posted this quarter.

When asked about competition, Doyle said the trend in the pizza business is big players taking share from smaller players. So while some rivals may have seen an uptick in sales, they didn't come from Domino's. Overall, Doyle said, pizza still represents great value when compared to casual dining.

When asked about another big restaurant player, McDonald's (MCD - Get Report) , Doyle said he expects the turnaround underway at McDonald's is affecting everyone, but probably not that much.

Cramer said the story at Domino's remains intact.

Drug Stocks Are Healthy Buys

All signs point to a bull market for the embattled drug stocks, Cramer told viewers, so if you don't own any, now's the time to buy.

The drug stocks have been on the hot seat for months as Congress and presidential candidates took aim at everything from inversions to price gouging. But with today's congressional hearings on the matter, Cramer said the worst may finally be over for the group. Why is Cramer so bullish? He said that, historically, by the time hearings roll around the issues begin to leave the front page.

But there's also been a ton of consolidation in the drug space since the blocked Pfizer (PFE - Get Report)  and Allergan (AGN - Get Report) merger. We've seen St Jude (STJ) receive a bid from Abbott Labs (ABT - Get Report) , and Medivation (MDVN) cozy up with Sanofi (SNY - Get Report) .

Beyond that, there's also been strength in other drugmakers, such as Bristol-Myers Squibb (BMY - Get Report) , which ended an ugly day up 2.8%.

Add it all up and the worst is over, Cramer concluded, which means the time to buy is now.

Executive Decision: Rick Hamada

In his second "Executive Decision" segment, Cramer checked in with Rick Hamada, CEO of Avnet (AVT - Get Report) , the tech supplier that just delivered a 3-cents-a-share earnings beat but on lighter-than-expected revenue with weak guidance for the rest of 2016.

Hamada said Avnet is not seeing prolonged weakness in Asia, as some had predicted, but instead the company saw a revenue miss from its IT hardware business. Avnet's components business remains on target, Hamada added, and Europe continue to be extremely strong with 12 consecutive quarters of year-over-year growth.

Hamada also commented on the weakness in Avnet's legacy technology products, which include spinning disk drives. He said these older technologies are being replaced by flash storage and solid state drives and are not cause for concern.

Overall, Hamada said that while Avnet is seeing gross margins expand, it is still working hard to reduce expenses to get back in line with the lighter revenue.

Cramer said with the data center and Internet of Things trends still intact, he's still a believer in Avnet in the long term.

Lightning Round

In the Lightning Round, Cramer was bullish on CyberArk Software (CYBR - Get Report) , Goldman Sachs (GS - Get Report) , Philip Morris International (PM - Get Report) , Southwest Airlines (LUV - Get Report) and Whole Foods Markets (WFM) .

Cramer was bearish on Greenhill (GHL - Get Report) , Reynolds American (RAI) , Alaska Air Group (ALK - Get Report) and Red Robin Gourmet Burgers (RRGB - Get Report) .

Executive Decision: Rick Clemmer

In a third "Executive Decision" segment, Cramer also sat down with Rick Clemmer, CEO of NXP Semiconductor (NXPI - Get Report) , the semiconductor maker that just posted a 5-cents-a-share earnings beat with expanding gross margins. Shares of NXP were lower by 3.5% on the day.

Clemmer said NXP aims to be the leader in the sectors where it invests and the company focuses on being at least 50% bigger than the next largest competitor. Currently, NXP derives 40% of its sales from automotive products, which include a new radar sensor the size of a postage stamp which will provide a new cushion of safety for modern vehicles.

NXP also makes products for Amazon's Echo line of products as well as contactless and EVC chips for secure credit cards and tap-and-go smartphone payments.

When asked about China, Clemmer said things are not robust, but they also aren't bad either.

Cramer said NXP continues to be a winner in the semiconductor sector.

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, FB and PYPL.