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Jim Cramer's 'Mad Money' Recap: These Stocks Went From Trash to Treasure

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It's an irrational time for the stock market, Jim Cramer told his Mad Money viewers Thursday. One day everything gets slaughtered, but the next the buyers turn trash back into treasure.

Case in point: Wednesday's collapse in Macy's (M - Get Report) , which took down the entire retail sector, including great names like Home Depot (HD - Get Report) and Ulta Salon (ULTA - Get Report) . Even some restaurants including McDonald's (MCD - Get Report) felt Macy's pain yesterday.

The same commoditization applies to the upside, Cramer continued, with blowout earnings from Jack in the Box (JACK - Get Report) sending that company's shares up 15%, taking the stocks of Domino's Pizza (DPZ) , Yum! Brands (YUM) and Darden Restaurants (DRI) , along for the ride.

Must Read: Don't Get Carried Away by Ralph Lauren's Earnings, Cramer Says

Technology continues to be under pressure, as more negative chatter sent Apple (AAPL) shares lower. Cramer said this stock, which he owns for his charitable trust, Action Alerts PLUS, won't see a bottom until analysts begin downgrading it.

There is one thing that's working, Cramer concluded, and that's takeover rumors, which sent shares of seed maker Monsanto (MON) up 8.3% and Kellogg (K) higher by 1.5%.

The Slow Death of Retail Stores

With the disastrous earnings from Macy's, Kohl's (KSS) and Nordstrom (JWN) , is it time to finally declare that bricks-and-mortar retail is dying a slow death? According to Cramer, the answer might be yes.

Cramer said the big retailers are in the same position that newspapers were in a decade ago. Both industries saw the Internet coming, but both initially thought they were special and immune. Then they reluctantly joined the party, only to drown in the riptide.

Cramer recalled a trip to the headquarters of Borders Bookstore years ago, where executives wouldn't even acknowledge that (AMZN) was a threat. At the time, the...