Jim Cramer says the stocks that are winning in the market are those with companies in control of their own destiny. It is even worse if the companies are working against the cyclical patterns.

“They need a rising tide to lift their stocks and after this run, that is not something I want to bank on,” the “Mad Money” host said.

Coca-Cola was added to the list of companies not in charge of its own destiny because its main product, soda, is not the growth business that it used to be. Coke did take action to become leaner off-loading its bottlers, but Cramer said it doesn’t have a model that can put the company in control.

On the other hand, PepsiCo has a snack business bringing in money and is a true growth company, Cramer said. CEO Indra Nooyi is in control of PepsiCo’s destiny, and that is why Cramer thinks the stock should sell at a large premium compared to Coca-Cola.

Cramer hates talking about bonds. He knows they are boring, but on a day when the averages vaulted higher, bonds are all that matter.

“These days when rates go higher, it’s game on for a host of stocks, particularly the ones that have languished as of late, like the cyclicals, the retailers and most important, the banks,” the Cramer said.

Bonds are simple. When they are sold in large quantities, interest rates go higher. When they are bought aggressively, interest rates go lower.

Now, President Donald Trump just became a new outlier, Cramer said. When Trump seems to be in authority and talks about his tax plan, and investors start believing that the economy will heat up and sell bonds, he sends interest rates higher.

After all, if Trump gets his way, inflation will surge and money managers will look like idiots for holding bonds. Thus, the sellers are trying to get ahead of that scenario occurring.

To fully understand how the stock of private-label king TreeHouse Foods surged more than 12 percent on Thursday, one must take a look at its history with Conagra Brands.

TreeHouse has a long history of making smart acquisitions. However, some investors were displeased a little over a year ago when the company announced it was buying the private-label cereal business called Ralcorp from Conagra for $2.7 billion.

That was a lot less than what Conagra paid for it in 2013, but the view of Ralcorp was that it was not a winner. So, when TreeHouse last reported three months ago, the results were light, and shares of TreeHouse fell.

Hence, it was a huge surprise for Wall Street when TreeHouse knocked earnings out of the park on Thursday. CEO Sam Reed said that the company realized it was too focused on the carve-out from ConAgra in the previous quarter.

“Once we realized that was taking people away from their day jobs we got that group back and in a fury they went about their business,” Reed said.

While many investors are focused on Trump’s agenda for U.S. companies that do business overseas, Cramer turned his attention to companies overseas that do business in the U.S.

German software giant SAP has taken large strides to transform its business to the cloud, thanks to various acquisitions that have given a boost to its numbers. One of those acquisitions was of Concur Technologies.

Cramer spoke with Steve Singh, the former Concur CEO and now President of SAP’s business networks and applications division, who said not only has Concur benefitted from SAP’s large customer base, but it works the other way around, too.

“Whether you are talking about a L’Oreal or an HSBC or a Siemens or a Pfizer, what we are finding is that customers are embracing all the SAP solutions. So you may start off with a Concur and then buy other SAP solutions,” Singh said.

In the Lightning Round, Cramer gave his opinion on various stocks from callers:

Rev Group: “We like it, frankly. A lot of companies come public and this is the only one we profiled as a buy, buy, buy. One of the reasons is we thought it looked like another one of our favorites which is Thor Industries, which has seemed like a permanent player on the new-high list.”

Archer Daniels Midland: “It’s too inconsistent for me, that’s why I haven’t mentioned it. If you want consistency through thick and thin may I suggest that you go with Reichenhagen? That’s right, Martin Reichenhagen [CEO] at Agco, which hit a 52-week high and he bought a ton of stock at the 52-week low.”