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Did you miss last night's "Mad Money" on CNBC? If so, here are Jim Cramer's top takeaways for today's trading.


AT&T (T - Get Report) , Bristol-Myers Squibb (BMY - Get Report) , American Electric Power (AEP - Get Report) : The Federal Reserve left rates alone and stocks declined. Oil is lower and stocks declined. Britain will vote on leaving the European Union next week. What's an investor to do? Worried investors need to have a game plan, Cramer says: Wait on the sidelines until next week and then snap up quality stocks, including these three, at bargain rates.


Nexstar Broadcasting (NXST - Get Report) : In an exclusive interview, Cramer spoke with Perry Sook, the chairman and CEO of Nexstar Broadcasting. Earlier this week, Cramer took at a look at some of the best plays investors can make to take advantage of the upcoming election cycle. One of those stocks was Nexstar.

Speaking about the company's $4.6 billion acquisition of Media General (MEG) , Sook said shareholders from both parties have approved the deal and the company has made what it feels are reasonably divestitures in order to receive approval.

Cramer wanted to know about the debt the company would be using to take on such a big deal, given that Nexstar itself only has a market cap of $2.3 billion. Sook remained confident in the company's strategy, explaining that the business' high margins coupled with the increased cash flow from the deal will allow Nexstar to "plow through that debt pretty quickly."

He also doesn't expect revenue to fall off a cliff following the 2016 election. Barring a large economic slowdown, business should be good, he said. The company has a large local affiliates reach and that's good for local advertising, which remains strong.


Valeant Pharmaceuticals (VRX) : There's no stock more controversial than Valeant Pharmaceuticals, Cramer says. Valeant has made acquisition after acquisition to fuel its growth. Valeant buys a company and slashes its R&D, boosting short-term profits at the expense of future drug prospects.

Three of the company's biggest businesses include dermatology, ophthalmology and gastrointestinal treatments.

Dermatology sales plunged 43% year-over-year, while ophthalmology fell 30% year-over-year. The company could sell some of its dermatology units, but it's likely to be for less than what Valeant paid for them. Bausch & Lomb could also be considered for a sale - which could be a good fit at Action Alerts PLUS holding Allergan (AGN - Get Report) , given that its CEO Brent Saunders used to run Bausch & Lomb -- but Valeant likely won't get a good return on its $8.7 billion purchase it made in 2013.

Even without the bad reputation, dangerous debt load and loss of credibility, the outlook for Valeant's three businesses remains bad, Cramer said, which is why investors must avoid this company.


Ollie's Bargain Outlet (OLLI - Get Report) : In his second interview, Cramer spoke to President and CEO Mark Butler of Ollie's Bargain Outlet, a pocket of strength in a retail sector that continues to struggle. Shares are up 40% on the year and the company's latest earnings results were great, Cramer said. Ollie's beat on EPS and revenue estimates while same-store sales grew 6%.

There's a charm in telling the truth, Butler said, explaining that the company is honest with its customers about the name-brand products it offers at steep discounts. Sometimes it's a packaging or color change, other times it's a bankruptcy or too much inventory. Either way, it ends up at Ollie's and customers are able to scoop up a great deal.

"A bargain will never, ever go out of style," Butler said, and Americans, especially in today's economy, love a good bargain. The company plans on expanding from 212 locations to 950, and while it may be a new concept to Wall Street, Butler's been involved for more than three decades. He also owns a lot of the stock.

He explained that the business isn't all that seasonal, although the second quarter does tend to see a slight boost compared to the others. In all, Butler said he's very pleased with where the business is at and where it's headed. 

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At the time of publication, Cramer's Action Alerts PLUS had a position in AEP and AGP.