Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener.
Oil prices dropped almost 4% on the day but investors chose to ignore that to focus on the idea that Britain might stay in the European Union.
After oil hit $50 last week, it's been trending lower as additional supply continues to come online. This was highlighted by Pioneer Natural Resource's (PXD - Get Report) $435 million purchase of 28,000 acres in the Permian basin, where some of the lowest-cost oil in the country is located, Cramer explained.
This exacerbated fears that oil supply could increase, which would put downward pressure on prices. However, Cramer said there doesn't appears to be that much more downside for the commodity.
If the downside to oil is limited to $45 per barrel and Britain stays in the EU, stocks could have attractive upside from current levels. As a result, investors should start looking to buy high-quality stocks including Johnson & Johnson (JNJ - Get Report) , Verizon (VZ - Get Report) , and Merck (MRK - Get Report) , which just released positive data on its lung cancer treatment.
Executive Decision: Doug Merritt
In his "Executive Decision" segment, Cramer welcomed Doug Merritt, president and CEO of Splunk (SPLK - Get Report) . When Splunk reported earnings in late May, the results were better than expected, with 48% year-over-year sales growth and 44% boost to free-cash flow. The company also raised its full-year outlook.
While these growth numbers will eventually slow, Merritt said there is still a "massive opportunity" out there, as companies' needs continue to grow. Splunk will aggressively continue to chase those opportunities.
He noted some customers are big names: Home Depot (HD - Get Report) and Domino's Pizza (DPZ - Get Report) . At first, these companies just wanted some basic services. But after working with Splunk and realizing the power of the analytics the company could provide, they became much closer partners.
This company is doing a great job and it's still early innings, Cramer said. Although it's unprofitable at the moment, growth remains highs.
Is Chipotle Healthy?
Shares of Chipotle Mexican Grill (CMG - Get Report) have been hammered mercilessly since its E.coli outbreak last year. Shares are down 18% in 2016 and 35% over the past year, and hit a new 52-week low in Thursday's session.
This got Cramer's attention. It feels like there is a jinx on this stock and others that use natural and organic ingredients rather than heavily process foods. And while customers have tended to focus on the long-term benefits of consuming these natural ingredients, he's worried that in the short term, they could consider it more dangerous because of potential bacterial infections.
Although Chipotle seems to have become the "gold standard" in health safety since the incidents, consumers just don't seem to care, Cramer said. This is causing investors to forego paying a high premium for the stock, thus the underperformance.
So should you give up on the stock? "Absolutely not!" Cramer said, not if you're a long-term investor. He pointed to Jack-In-The-Box (JACK - Get Report) and Yum! Brands (YUM - Get Report) , both of which had health scares of their own in the past and are now seeing light at the end of the tunnel.
Executive Decision: Stanley Bergman
On the show's second "Executive Decision" segment, Cramer welcomed Stanley Bergman, chairman and CEO of Henry Schein (HSIC - Get Report) , the largest distributor of dental and veterinary products and a big supplier of vaccines and medical devices.
The company continues to introduce new technologies to physicians, vets and dentists, and because of that, Henry Schein has become the go-to company for many of these healthcare providers, Bergman said.
Regarding some of that new technology, Bergman provided an example. Rather than going in for a crown and having a mold created from an impression, dentists can now digitally scan for the crown molding. Some dentists can even have the mold made right in the office, so patients go from having several visits, to just one.
When it comes to the Affordable Care Act, Bergman said the debate isn't whether preventive care is a good idea, it's who's paying for it. For Henry Schein's business, more Americans having access to health care bodes well for the company.
The stock is down too much from its recent highs, Cramer said, adding that its recent earnings report was good. "It's just a buy," he said.
What's Next for Britain?
In a special interview, Cramer sat down with Wilfred Frost, co-anchor on CNBC's "Worldwide Exchange," to talk about the June 23 vote on whether Britain should leave the EU and how that will affect stocks.
Frost said the banking sector is most at risk in a possible Brexit scenario. That's because the rest of Britain has a trade deficit with Europe, meaning it imports more than it exports -- with the exception of its banks.
London is considered the financial center of Europe. Should Britain leave the EU, France and Germany may look to take back market share. Frost said the latest polls show 48% want to stay in the EU while 43% want to leave. The indecision is quite noticeable in the British pound, Frost pointed out.
As for systemic risk, he said should Britain vote to leave the EU, there will not be an immediate impact, at least not legally. In fact, the next step would be a round of negotiations.
To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.
To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here.