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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Thursday January 23.

It's All About Icahn: eBay (NASDAQ:EBAY), Netflix (NASDAQ:NFLX), Hain Celestial (NASDAQ:HAIN), Herbalife (NYSE:HLF), Apple (NASDAQ:AAPL)

Carl Icahn is becoming a symbol of the current mood of the markets. He is encouraging eBay (EBAY) to break itself up into a Paypal segment and the traditional eBay business. Management doesn't seem to agree yet, but Icahn may have an influence. His buying shares of Netflix (NFLX) was prescient as well as his investment in Hain Celestial (HAIN). Icahn has backed Herbalife (HLF) even amid controversy, and he is speaking to Apple (AAPL) management about increasing its buyback.

Much Ado About China: Starbucks (NASDAQ:SBUX), Bristol Myers (NYSE:BMY), Merck (NYSE:MRK), Union Pacific (NYSE:UNP), Tesla (NASDAQ:TSLA), Amazon (NASDAQ:AMZN), Netflix (NFLX), Brinker (NYSE:EAT), Wendy's (NASDAQ:WEN)

On news of a possible credit crisis in China, the Dow sank. Cramer noted that China has a tendency to bail out its banks, and this may not be the kind of disaster many expect. Defensive stocks like Bristol Myers (BMY) and Merck (MRK) might be worth buying. Union Pacific (UNP) reported a strong quarter and has solely U.S. based customers. Cult stocks like Tesla (TSLA), Amazon (AMZN), Netflix (NFLX) may get a lift. Cramer would also look to restaurant stocks that have gotten beaten unfairly like Brinker (EAT) and Wendy's (WEN).

CEO Interview: Chuck Bunch, PPG Industries (NYSE:PPG)

PPG Industries (PPG) has delivered a 28% gain since April, and in spite of weak news from China, CEO Chuck Bunch said results from China were strong, especially with automotive coatings. Numbers from Europe were flat, but that was an improvement over down numbers for several years. The company reported an 8 cent earnings beat with in-line revenues. The stock got shot, but rebounded. There is plenty of cash on PPG's balance sheet, and Chuck Bunch expects 2014 to be a good year for PPG.

Sell Block: Valeant Pharmaceuticals (NYSE:VRX). Other stocks mentioned: OncoMed (NASDAQ:OMED), Celgene (NASDAQ:CELG), Cubist Pharmaceuticals (NASDAQ:CBST)

Although Valeant Pharmaceuticals (VRX) has been a hot stock, up 112% over last year, analyst Herb Greenberg has raised a red flag on the stock. Cramer thinks Greenberg has an excellent track record with his red flags, and would pay attention to this one. VRX has made a significant number of acquisitions, 60 deals in the last 6 years. While companies that grow through acquisitions create value, if they lack organic growth, it is only a matter of time before their stock can no longer be propped up by the next big deal. VRX's organic growth declined 9% and it guided down. Cramer would take profits in VRX and would not buy it. "I don't want to be on the wrong side of one of Herb Greenberg's red flags."

Cramer took some calls:

OncoMed (OMED) has a deal with Celgene (CELG) which sounds profitable. Cramer likes both companies.

Cubist Pharmaceuticals (CBST) has a good acquisition strategy and strong management. "You've got a winner."

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Source: Cramer's Mad Money - It's All About Icahn (1/23/14)