CNBC's Jim Cramer said the coronavirus can induce a buying opportunity in stocks unrelated to the disease's potential impact on businesses. The "Mad Money" host sat down with Costco CEO Craig Jelinek to understand how high wages and low prices are translating to great value for shareholders. Later in the show, he revealed five ways the highly valued market can sustain its current levels.

CNBC's on Tuesday said potentially deadly diseases such as the newly discovered coronavirus could have a "chilling effect" on various parts of the market.

On top of other market-moving news, reports of the first case of the virus in the United States on Tuesday afternoon helped bring the down more than 150 points and the and down as much as 0.27%. Cramer said the moves could open some opportunities in certain sectors.

"I'm betting the coronavirus will be the kind of exogenous event that lets you buy unrelated stocks at a discount," the "Mad Money" host said, "but it's also a good excuse for people who want a reason to sell, especially since China's not very forthcoming about what's going to happen."

Charging low prices, moving large amounts of volume and paying high wages are all components in 's secret sauce to return value to shareholders, CEO Craig Jelinek told CNBC in an interview that was recorded Friday.

The stock has risen almost 110 points within the past year. An Oppenheimer analyst upgraded the stock earlier that day, assessing a double-digit rise ahead.

"One of the things about low prices, you generate a lot of volume. When you generate a lot of volume, you generate cash, and you have a responsibility to your shareholders and, you know, the stock has appreciated," Jelinek said in the sit down with Cramer.

"We've done special dividends in the past. We always think about when the right time might be to do a special dividend," he added.

CNBC's laid out a roadmap Tuesday for investors worried about the stock market's valuation as earnings season gets underway.

The "Mad Money" host said there are five main areas on which to focus in order to determine whether the market is overvalued.

The S&P 500 is currently trading around 22 times earnings, and "historically that's pretty expensive," Cramer said.

The current situation is reminiscent of the major sell off that came prior to the 2018 Super Bowl, Cramer said, when money managers sold off S&P 500 futures .

Cramer said five things need to happen in order for the market to make it "through earnings season unscathed."

In Cramer's lightning round, the "Mad Money" host delivered his thoughts on callers' favorite stock picks of the day in rapid speed.

: "I think Nokia is getting better. I think that there are improvements there and at $4 I think it's a decent spec. I'm going to add to it. I've been very circumspect about these, but I'm willing to go out on a limb now because it's in [ever country's] interest that they stay strong."

: "WEN [has] been stuck at this level of $21 for some time ... I think that it's a stock you should be buying, right here."