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Cramer Remix: Why it’s still worth owning Procter & Gamble

Monday's proxy fight between activist investor Nelson Peltz and the board of consumer goods giant Procter & Gamble captivated plenty of market-watchers, including Jim Cramer.

"There's no glossing over it," the "Mad Money" host said. "But let's not lose sight of the prize here as the market stands at what I regard as a truly make or break level ... and I think the fulcrum will be a slew of earnings that represent every important group I follow. The results we get this week I think could determine where stocks are headed for the rest of the quarter."

Given Peltz's track record of successfully turning companies around, Cramer did not understand why Procter took such a hard line against letting him onto the board.

However, considering how hard the company has worked to improve without much to show for it, Cramer said it was worth wondering how much Peltz can truly contribute.

"Still, my feeling is that Procter & Gamble is worth owning — that's been my view the whole way — because you've just gotten still one more way to win. The uglier this proxy fight gets, maybe the more shareholders stand to gain," Cramer said.

With that in mind, Cramer looked ahead to the rest of the week's earnings reports to see what they can reveal about the road ahead for stocks.

While Cramer likes cases where the best thing for a company is its CEO stepping down, they are few and far between and often quite bad for shareholders.

"But every now and then, investors will have such a low opinion of management that a CEO departure can actually send a stock soaring higher," Cramer said. "Just look at what happened with an old favorite of mine, Zimmer Biomet, the big medical device company that specializes in orthopedic implants, just last week."

When David Dvorak, Zimmer Biomet's CEO, announced he would step down from his post with no permanent replacement in line, the medical device company's stock barely budged.

Since the news broke, shares of Zimmer have actually gone higher, suggesting that investors were optimistic about Dvorak's departure, Cramer said.

"To be really diplomatic about it, lately, Zimmer...