Cramer Remix: How to benefit off the Fed

Cramer: The play on Whole Foods
Cramer: The play on Whole Foods   

Jim Cramer watched as Fed Chief Janet Yellen used aggressive and frightening terms to describe stocks on Wednesday, which contributed to one more nasty session of the averages closing in the red.

"Look, everyone's entitled to their own opinion, but that doesn't mean I think everyone should express that opinion, especially when that person in question happens to run the Federal Reserve," the "Mad Money" host said.

Yellen used such terminology to describe valuations as "generally quite high" and that they represent "potential dangers." As a veteran of the markets, Cramer knows that this kind of language is often unhelpful.

Nothing good can come from someone in Yellen's position calling stocks overvalued. In Cramer's perspective, if she thinks that stocks are truly overvalued, why not just raise margin requirements?

The real worry about stock valuations is coming from people who are buying stocks with borrowed money, which can do some serious damage to the market. So, it makes a heck of a lot more sense to Cramer to raise margin requirements, something that Yellen has the power to do.

"So, Ms. Yellen, if you really think stocks are too expensive, raise those margin requirements. But please don't raise interest rates to pop this perceived bubble in valuation because the two often have nothing to do with each other," Cramer added.

Ultimately, if investors want to go ahead and take some off the table because of Yellen's warning, go for it. But in Cramer's opinion, the best way to play the Fed is to disregard Yellen as your investment advisor. She might be good at running the Federal Reserve, but she's no portfolio manager.

Read MoreCramer: Thanks for nothing, Janet Yellen!

Federal Reserve Chair Janet Yellen speaks at the Institute for New Economic Thinking Conference on Finance and Society at the IMF in Washington on May 6, 2015.
Kevin Lamarque | Reuters
Federal Reserve Chair Janet Yellen speaks at the Institute for New Economic Thinking Conference on Finance and Society at the IMF in Washington on May 6, 2015.

In light of Panera Bread's announcement on Tuesday of an unacceptable ingredient list, Cramer took that as a sign that the organic and natural movement for food in the U.S. is here to stay.

So, what the heck happened with Hain Celestial?

Hain is the natural and organic food maker behind such brands as Celestial Seasonings, Earth's Best, Terra, Garden of Eatin' and many others. Yet, the stock has fallen out of favor with investors, down more than 10 percent since hitting all-time highs in March.

Despite a strong quarter, the stock was slammed on Wednesday, down 3.4 percent. Cramer speculated that the reason was based on high expectations. Investors have gotten used to Hain Celestial killing it every quarter, so, when it delivered just a decent quarter, the stock got annihilated.

"I think you need to look at this recent pullback as a chance to buy a high-quality stock at a nice discount," the "Mad Money" host said.

Could the changing eating habits of consumers take the stock higher in the long-term? To find out, Cramer spoke with Han Celestial's founder, chairman and CEO, Irwin Simon.

"Hain is not about a quarter-to-quarter. Here is what we are—we are changing the way the world eats," Simon said

Read More Cramer: Can HAIN's pain turn into a gain?

If there is one thing that Cramer knows from his years spent covering the oil patch on the markets, it is that not all oil companies are created equally. Yet, sometimes they are attacked equally, and their stocks are equally impacted.

Einhorn, the founder and president of Greenlight Capital, spoke during the Sohn Investment Conference on May 4 and set his sights on arguing that oil frackers drill "lots and lots of holes" and burn through too much cash.

He cited Pioneer Natural Resources as the "mother fracker" and EOG Resources as the "father fracker" in his frack attack, calling EOG and various other shale-based oil producers overvalued.

"I think it is important to point out that EOG was singled out during the so-called frack attack by David Einhorn, the legendary short-seller, and I'm struggling to understand his beef with this particular company," the "Mad Money" host said.

In Cramer's perspective, this judgment impacted EOG's stock heavily, especially considering that the quarter was pretty good.

Read More Cramer: Einhorn's frack attack was dead wrong

oil production crude oil exploration
Hazlan Abdul Hakim | Getty Images

Cramer absolutely loves it when a well-run and strong company has a pullback, because that means it is time to do some buying. This includes one of his favorites, PPG Industries, a specialty chemical company that makes various proprietary coatings and paints.

In the recent few months PPG has pulled back a bit, down 7 percent from its all-time high in March. This seemed strange to Cramer, considering that PPPG reported in mid-April it delivered a solid quarter.

PPG did face headwinds due to a strong dollar as it does have a sizeable business overseas. Has PPG positioned itself to keep chugging in the future? Cramer spoke with PPG CEO Chuck Bunch to find out.

"We were historically more diversified, but in the late 90s we saw coatings as our best opportunity…so we said let's focus here and let's make some tough choices and move and get bigger. Now we are the No. 1 player in the global coatings industry," Bunch said.

With oil bouncing back above $60 and natural gas making a comeback in the past week, how should investors approach pipeline companies that are still well off their highs?

Spectra Energy is one of the largest pipeline players with a huge network of pipelines used for gathering and transporting oil, natural gas, and natural gas liquids across the U.S. and Canada.

Cramer has been a fan of the pipeline companies because they are basically utilities. Meaning, they are toll-road operators with minimal exposure to commodity prices and have high dividends. However, when Spectra reported on Wednesday the results were generally in-line, but had more work to do.

To get the inside scoop on where Spectra could be headed, Cramer spoke with its chairman and CEO Greg Ebel.

"Pipelines are needed regardless of the price of oil or gas. They've got to demand markets and they've got to get from supply areas. That's what we are doing," Ebel said.

In the Lightning Round, Cramer gave his take on a few caller favorite stocks:

Sysco Corp: "Sysco is stuck. If the FTC blesses that transaction, the stock goes up ten percent. If it doesn't, the stock goes down 5 percent. I don't think the FTC is going to go with it, so let's be careful out there."

Kroger Co: "I'm a buyer of Kroger, tomorrow particularly...if Kroger is down on Whole Foods you want to buy it. One of the reasons why Whole Foods is struggling so much is because of the likes of Kroger. You go into Kroger and it is chock full of natural and organic."

Read MoreLightning Round: The worst quarter I've ever seen

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