Take a deep breath and remember that reversals are a part of the stock market, Jim Cramer told his Mad Money viewers Thursday. We've all been waiting for a pullback to buy some high quality stocks at great prices, and those prices are now coming.

Cramer warned that there will be many cynics out there, saying that it's Y2K all over again and tech stocks like Amazon (AMZN) , Netflix (NFLX) and Alphabet (GOOGL) are doomed. But unlike the year 2000, these companies are all profitable, have good balance sheets and a good story to tell.

Selloffs typically last three days, Cramer reminded viewers, but with tomorrow being a summer Friday, trading will be light, so Monday will be the day to start buying. He advised being patient, buying slowly and keeping at least some powder dry until after the weekend.

On Real Money, Cramer says don't be part of the panic mob. He wants you to use this sale to buy stuff you didn't chase. Get his insights with a free trial subscription to Real Money.

Executive Decision: Logitech

For an "Executive Decision" segment, Cramer again sat down with Bracken Darrell, president and CEO of computer accessory maker Logitech (LOGI) , which despite reporting a top and bottom line earnings beat, saw shares fall 10% after it reported and another 4% today.

Darrell said that it was probably time for Logitech's stock to "take a breather," in the short term, but longer term he's not worried; Logitech is making products in all of the hottest areas including video, gaming and more. He also addressed the negative cash flow this quarter, saying that his company opted for yearly bonuses instead of twice yearly, but overall, cash flow is strong and not a problem.

Once of Logitech's hottest end markets is e-sports, which is why Cramer also welcomed Andy Dinh, captain of Team SoloMid, the winningest professional gaming team in North America. Dinh explained that just five years ago, only a few hundred people would show up to watch a video game tournament, but now, they fill stadiums and are attractive big-time sponsors.

Darrell noted that professional e-sports leagues are now forming with buy-in's as high as $20 million and soon the entire e-sports world will be reorganized to really go mainstream.

Cramer and the AAP team say profit-taking and the search for lower valuations are fueling this rotation. Get in on the conversation and find out what they're telling their investment club members with a free trial subscription to Action Alerts PLUS.

T-Mobile vs. The Evil Empire? 

Is it time for the empire to strike back? For years, T-Mobile (TMUS) has been poking fun at what it deemed the evil empire of Verizon (VZ) and AT&T (T) . But this quarter, the empire had some tricks up their sleeve.

T-Mobile still came away the winner this quarter with 817,000 new subscribers. But Verizon also saw growth, tacking on 614,000 new subscribers as its new unlimited data plan seems to have stemmed its losses. Earlier we learned that DirecTV has been helping AT&T, which saw record low customer churn this quarter.

Make no mistake, these are huge comebacks for big companies like AT&T and Verizon. Cramer said he still loves T-Mobile, and its CEO John Legere, but at these levels, Verizon and AT&T may be the better investment with their 5% and 4.8% dividend yields.

T-Mobile still offers great growth, Cramer concluded, but the empire has growth plus income.

Executive Decision: United Rentals

In another "Executive Decision" segment, Cramer sat down with Michael Kneeland, president and CEO of United Rentals (URI) , the world's largest equipment rental company. United Rentals last posted an eight-cents-a-share earnings beat on better-than-expected revenues and the company raised 2017 estimates.

Kneeland said after taking a pause last year, America's industrial sector is resuming growth and United Rentals is seeing momentum building across the nation in many different verticals. This quarter was a great quarter, he said.

United Rentals is also no stranger to acquisitions, having made 275 deals across its lifetime. Kneeland said that their most recent acquisition, NES Rentals, was one of the top 10 largest equipment rental companies, and within 90 days of the deal, United had them on their system and were already on track to benefit from the synergies.

When asked about the oil sector, Kneeland said the oil market is stabilizing and oil pipelines could indeed grow during the Trump administration.

Executive Decision: Lam Research

In his final "Executive Decision" segment, Cramer also sat down with Martin Anstice, president and CEO of Lam Research (LRCX) , which just posted an eight-cents-a-share earnings beat with a 9% rise in year-over-year revenues and robust guidance.

Anstice said the for the past five years, Lam has been delivering 20% annual growth on average and based on the forecasts for the rest of 2017, this year will also see super performance from the company.

When asked about that growth, Anstice explained that Lam is seeing disciplined investments from its customers and the world is continuing to grow with more devices, more connectivity and more computing power. Chips like flash memory, one of the company's mainstays, are no longer commodity products as they continue to get smaller and more powerful.

Anstice said that flash memory is being used in a diverse set of applications now, from artificial intelligence to the Internet of things, and with huge innovation comes the need to produce a lot more chips.

Lightning Round

In the Lightning Round, Cramer was bullish on Freeport-McMoRan (FCX) , JPMorgan Chase (JPM) , Apple Hospitality REIT (APLE) and Abbott Laboratories (ABT) .

Cramer was bearish on RR Donnelley (RRD) , Kite Pharma (KITE) , HSBC Holdings (HSBC) , Pfizer (PFE) and Tupperware (TUP) .

This article is being updated. Please refresh for the latest version.

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

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