Jim Cramer Discusses Jobs Numbers, Ulta Beauty, Southwest Airlines and Schlumberger

TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer sheds light on Friday's biggest stories and stocks.

Cramer was pleased with the February jobs report, which saw nonfarm payrolls gains of 235,000, eclipsing estimates of 200,000. "If it had been 270,000 or 280,000, I think some people would say the Fed is behind the curve," Cramer said. "I think this number was ideal."

Cramer also reacts to quarterly results from Ulta Beauty (ULTA) - Get Report, Southwest Airlines' (LUV) - Get Report soft revenue guidance and why his charitable trust added to positions of Magellan Midstream Partners  (MMP) - Get Report , Schlumberger (SLB) - Get Reportand Western Digital (WDC) - Get Report .