Cramer’s lightning round: Peloton is still overvalued after major sell-off

Duluth Holdings: “This is a good company, and apparel came back. Duluth, I love to use their stuff, but I’ve got to tell you … there’s so many other stocks in the apparel business like a [Lululemon] that is very good. I happen to like, my favorite, American Eagle Outfitters, which is acting horribly. It looks like a disaster, and yet, I continue to believe that it’s the right stock to own.”

Medtronic: “I’ve been really stuck. I think Medtronic has been executing poorly, and we had [Edwards Lifesciences] on last week. I think that even here, you’ve got to sell Medtronic and buy EW, which is what I’m going to be talking about with [the CNBC Investing Club] because both [Director of Portfolio Analysis] Jeff Marks and I think that EW is a fabulous story.”

Paysafe: “Look, Paysafe at $3 [per share], stocks stop at zero? What can I say?”

Peloton: “Peloton at $13 billion [market cap] is still too high. I think it’s probably an $8, $9 billion company max. But [CEO] John Foley, you know you’re always welcome to come on the show and give me the other side of the trade.”

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.