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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Monday January 27.

We Are In Reset Mode: Apple (NASDAQ:AAPL), AutoNation (NYSE:AN), Costco (NASDAQ:COST), Macy's (NYSE:M), Starbucks (NASDAQ:SBUX), Caterpillar (NYSE:CAT), 3D Systems (NYSE:DDD), Noble Energy (NYSE:NBL)

The Dow closed down 41 points after declining as much as 90 points early on Monday. The Nasdaq recently has seen its worst performance in 3 years. Cramer thinks the market is in reset mode, and it may be a while before things look bright again. The fallout from the most recent employment number started the year on a sour note, and called into question the health of autos, housing and commercial construction. Management of AutoNation said that inventories are starting to back up. Retail has been a very poor sector lately. Only Macy's (M), Costco (COST) and Starbucks (SBUX) gave comparisons that were up at least 5%; many retailers' same store sales have been "horrendous." Starbucks CEO Howard Schultz commented on the decline in mall traffic and the aggressive shift to e-commerce. Industrials were looking stronger, especially given the strong earnings report from Caterpillar (CAT), but weakness in China will hurt the sector, and questions about Chinese banks are not good for financials. The excessive euphoria at the end of 2013 has made the current correction dramatic. However, Cramer doesn't think that this downturn will last, but believes the market is in "reset mode." Viewers should look at stocks that reported good numbers and buy them on declines.

Cramer took some calls:

3D Systems (DDD) is up huge. The earnings are okay, but it might be overdone to the upside and needs to correct.

Noble (NBL) has been a terrible stock. Fortunately, it caught an upgrade after the bell, and there might be some selling.

Buying Opportunities in Biotech: Jazz Pharmaceuticals (NASDAQ:JAZZ), Isis Pharmaceuticals (NASDAQ:ISIS), Biogen Idec (NASDAQ:BIIB), Celgene (NASDAQ:CELG), Gilead (NASDAQ:GILD), Regeneron (NASDAQ:REGN)

Biotechs have declined lately, mainly because the sector was very hot in 2013. Cramer's favorite biotechs are Biogen Idec (BIIB), Celgene (CELG), Gilead (GILD) and Regeneron (REGN) which have fallen in the last 3 days after spending most of 2013 going higher. Two additional biotechs Cramer likes, which are finally providing buying opportunities, are Isis Pharmaceuticals (ISIS) and Jazz Pharmaceuticals (JAZZ). Isis rose 282% in 2013 and 28% in January, but has declined dramatically the last few days. The company makes orphan drugs that alter the RNA in a patient's cells to treat disease. ISIS has treatments for spinal muscular atrophy, very high cholesterol and cancer.

Jazz Pharmaceuticals is very cheap, selling at a multiple of 17 with a 19% growth rate. About 70% of its sales are from its narcolepsy drug which has patent protection until 2019. It also has treatments for leukemia and drugs to aid transplant patients. Cramer would buy either of these stocks on the way down.

Sysco's (NYSE:SYY) Delicious Deal. Other stocks mentioned: Whole Foods (NASDAQ:WFM), United Natural Foods (NASDAQ:UNFI), Hain Celestial (NASDAQ:HAIN)

Why is Cramer recommending the largest wholesaler and supplier of food to restaurants, Sysco (SYY), when the restaurant space is tepid right now? The reason: the announcement that it will acquire its largest competitor, U.S. Foods. SYY soared 26% when the merger was announced, then dropped a bit to close up 10%, but in the current general selloff, the stock is only one point above where it was prior to the announcement of the merger. Usually, the stock of an acquirer does not rise when a merger is announced, but if it does, it is a good sign. The only obstacles are worries that the Federal Trade Commission will block the merger, but together the companies will be taking only 27% market share in a highly fragmented industry. U.S. Foods has some operational issues and expenses, and the deal won't be immediately accretive, but long term, it will solidify SYY's dominance in the industry. Cramer thinks SYY is a stock that can be bought at its current level.

Cramer took some calls:

Whole Foods (WFM) is a dominant player, but it might not make as much money as many expect. "Let them defeat the competition and then win."

United Natural Foods (UNFI) and Hain Celestial (HAIN) are great players in the long-term theme of healthy food, but Cramer emphasized the theme is long term, and investors should not expect immediate gains.

CEO Interview: Farooq Kathwari, Ethan Allen (NYSE:ETH)

Ethan Allen (ETH), in its recent quarterly report, beat earnings estimates by 1 cent with same store sales up 3.4%. Recently, the stock has dropped significantly along with much of retail. CEO Farooq Kathwari said the cold weather prevented traffic from growing more aggressively and added that historically, when the weather has been warm, traffic has been robust. The company is focusing on faster delivery, custom-made items and direct mail marketing. Kathwari stated, "I think consumer confidence overall is good."

Pain Management: IBM (NYSE:IBM), Twitter (NYSE:TWTR), Facebook (NASDAQ:FB), Google (NASDAQ:GOOG)

There has been a lot of pain in stocks lately. One pain reliever for investors is knowledge. If an investor understands his or her stock, then it can be easier to determine whether to ditch a stock or buy more if it declines. One of the most important factors is the reason for the decline. Is the stock down because it is a broken company or because of short-term or external reasons? IBM (IBM) reported a "horrendous" quarter, so regardless, it is a sell. Starbucks reported a strong quarter and is a buy on the current decline. Twitter (TWTR) is a bit more complicated, and depends on the reasons for buying. Those who bought Twitter because they believe the company will eventually be dominant, must justifiably buy on the current decline. Those who bought Twitter merely because it was "hot" should bail. Cramer would buy Google (GOOG) and Facebook (FB) instead, since they are stronger companies that are cheap. At some point, Apple will be a buy again, but Cramer expects it to decline a bit more.

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Source: Cramer's Mad Money - We Are In Reset Mode (1/27/14)