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When the television trucks are parked in front of the New York Stock Exchange on Wall Street, you know the panic is for real, Jim Cramer told his Mad Money viewers on Friday. But when the traditional media show up to cover a story, the bottom is usually at hand.

Cramer has told viewers that in reality, Britain's vote last week to leave the E.U. is a non-event that doesn't matter for most American companies. But the markets also don't like surprises, and yesterday's decision did come as a surprise to many, cause the U.S. stock markets to lose along with European markets.

With Europe thrown back into turmoil, perceived or otherwise, investors will flock to the U.S. dollar for safety, and that will mean tough times for the industrials and others closely affected by a strong dollar.

Cramer reminded viewers that we invest in a market of individual stocks and those stocks are valued based on their future earnings potential and what investors are willing to pay for those earnings. He often tells investors to wait for down days like Friday to buy into high-quality stocks with great earnings. However, Friday's decline wasn't yet large enough to pique his interest, he said.

Cramer advised viewers to consider trading Monday, when they'll likely find even more high-quality stocks available as even lower prices.

Here's This Week's Game Plan

In his "Game Plan" segment, Cramer admitted the markets are likely to head still lower this week, but that doesn't mean there aren't opportunities to be found.

On Monday, Cramer said he'll be watching the British and European banks closely, especially after shares of Barclays (BCS) , Royal Bank of Scotland (RBS) and Lloyds Bank (LYB - Get Report) fell by double digits Friday. They were falling sharply again Monday. While Cramer is not worried about systemic risk to U.S. banks, he said, the European banks are far less capitalized.

On Tuesday, it's back to earnings with Nike (NKE - Get Report) and Carnival Cruise Lines (CCL - Get Report) reporting. Cramer said he's not inclined to buy either name, even after Finish Line (FINL) shot the lights out this quarter and ended up 21%.

Federal Reserve chair Janet Yellen will be speaking on Wednesday. Cramer said he hopes she will offer some calming words to the markets. General Mills (GIS - Get Report) and Monsanto (MON) will be reporting earnings. Cramer said he likes General Mills but the stock hasn't fallen enough to be attractive.

Thursday brings earnings from four stocks Cramer does like at current levels: ConAgra (CAG - Get Report) , Constellation Brands (STZ - Get Report) , spice maker McCormick (MKC - Get Report) and Darden Restaurants (DRI - Get Report) .

Finally, on Friday, Cramer will be watching the ISM manufacturing data for an up-to-date read on the U.S. economy.

Disappointing Earnings

Cramer loves making calculated risks when the market's weak and buying high quality stocks into weakness, but not this time, he said. Not yet. Why? It's because the earnings just aren't good enough.

This quarter saw a parade of earnings disappointments, from home builder Lennar (LEN - Get Report) to auto retailer Carmax (KMX - Get Report) . Cramer said he'd usually turn to domestic retail in times of European problems, but even Bed Bath & Beyond (BBBY - Get Report) saw problems this quarter.

With so many disappointments, Cramer said he needs to see the markets a lot lower before he'd risk pulling the trigger on a trade.

Executive Decision: Chuck Robbins

For his "Executive Decision" segment, Cramer spoke with Chuck Robbins, CEO of Cisco Systems (CSCO - Get Report) , an Action Alerts PLUS holding with a 3.7% dividend yield.

Though his company's shares fall 5% on the "Brexit" vote, Robbins said Cisco remains committed to the region, which only accounts for about 5% of sales. He said Cisco has contingency plans for all sorts of macroeconomic events and has already communicated with team members around the globe.

Cisco is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells CSCO? Learn more now.

Beyond the news, Robbins said Cisco continues to be focused on innovation, allowing companies to leverage their networks with end-to-end cloud based management systems.

Cisco also remains focused on growth, whether it be internally, via strategic partnerships with Action Alerts PLUS holding Apple (AAPL - Get Report) and others, or through mergers and acquisition.

Cramer said he saw no reason why this stock should be down 5% Friday.

Lightning Round

In the Lightning Round, Cramer was bullish on Monster Beverage (MNST - Get Report) , UnitedHealth (UNH - Get Report) and Emerge Energy Services (EMES) .

Cramer was bearish on Alnylam Pharmaceuticals (ALNY) , Oasis Petroleum (OAS - Get Report) and Cemig (CIG - Get Report) .

Executive Decision: Jim Whitehurst

In his second "Executive Decision" segment, Cramer sat down with Jim Whitehurst, president and CEO of Red Hat (RHT) , which recently delivered in-line earnings that included 45 deals over $1 million.

Red Hat brings next generation, cloud-based IT solutions to enterprise and currently derives 25% of sales from Europe. Whitehurst said that since modern solutions are dramatically less expensive than the legacy ones they replace, Red Hat traditionally does well in down markets, as it did in 2008.

Whitehurst said while Red Hat always sees some volatility in its short-term billings, his company is seeing a nice acceleration in earnings year over year. He was excited about his company's acquisition of 3Scale, which provides software that allows Red Hat systems to easily connect to data on other cloud platforms, including Box (BOX - Get Report) and Salesforce.com (CRM - Get Report) .

When asked specifically about the "Brexit," Whitehurst said that it will take time to determine the effects, but capital spending may slow as uncertainty reigns and currencies fluctuate.

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 and CSCO.