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

In his first "Executive Decision" segment, Cramer again sat down with Nick Pinchuk, chairman and CEO of Snap-On (SNA - Get Report) , the toolmaker that just posted a six-cents-a-share earnings beat on a 4.5% increase in revenue and expanding gross margins. Shares fell by by 7.3%, but Cramer said not to worry, as this stock has a history of profit-taking after earnings.

Pinchuk said he was encouraged by Snap-On's results this quarter, noting that his company's diagnostic business saw double-digit growth and its new thermal imager remains sold out.

While Snap-On saw growth in its military and power generation markets, it saw declines in aerospace and oil, but on balance was higher for the quarter. Pinchuk noted that their earnings per share grew despite five cents a share in currency headwinds.

When asked what the Trump administration could do to help Snap-On, Pinchuk said that Snap-On is 100% American made and any deregulation could help small repair shops thrive again.

Cramer said the market just gave investors an opportunity in Snap-On and they should take it.

So what's the Fed worried about? Cramer is telling his investment club members about the likelihood of the Fed raising short-term interest rates in March. And, Cramer is taking a close look at Magellan Midstream (MMP - Get Report) earnings. You need a free subscription to Action Alerts PLUS.

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