Cramer Remix: Are you smarter than Janet Yellen?

Are you smarter than Janet Yellen?
Are you smarter than Janet Yellen?   

Jim Cramer watched with awe as the market rallied on Wednesday following the Fed telling investors what they already know: that the country's gross domestic product is not robust, but the labor market is a bit better.

But the most important thing that the "Mad Money" host heard was something that wasn't stressed by the Fed. It was that the Fed said it is watching international events as it makes decisions.

"Why is that so crucial? Because very often in the past, the Fed has acted as if overseas markets shouldn't be included in its calculus," Cramer said.

Really, all investors can ask for is that the Federal Reserve that takes the rest of the world into account. The real takeaway for Cramer from Wednesday's meeting, though, is that the Fed has a brain. Fed Chief Janet Yellen knows that there are still scars left from the great recession and recognizes that the U.S. is not an island.

"Janet Yellen is far more aware of the impact a rate hike would have on the world right now than anyone I hear come on television. Thank goodness!" Cramer said.

So, now that the meeting is behind us, Cramer anticipates that buyers will once again flock into stocks, which is good news. The bad news is that Thursday will resume the focus on Greece and if the talks are even more negative, then European stocks will go down and everyone will forget about the Fed rally.

Read More Cramer: Most important thing about the Fed meeting

Janet Yellen graphic
CNBC

Here we go again yet another brilliant acquisition from Allergan, which Cramer refers to as the takeover artist formerly known as Actavis.

Actavis changed its name recently after it made a massive purchase last year of Allergan. The new Allergan is led by CEO Brent Saunders, who has afforded his company the ability to grow tremendously over the years by making a series of very smart acquisitions.

On Wednesday morning, investors learned that Saunders did yet another deal, purchasing Kythera Biopharmaceuticals for $2.1 billion, or $75 a share, which is a 25 percent premium to where it closed on Tuesday.

Allergan already had the wrinkle product Botox and Latisse for eyelashes, and now with Kythera it will have a non-surgical injection product that helps to remove double chins. It officially dominates the face, the most important piece of real estate on the planet!

Could this acquisition ultimately take the stock even higher? To find out more on the deal, Cramer spoke with Saunders.

The CEO shared that after spending $2.1 billion dollars on Kythera; he decided to try the product himself. He explained that he had received injections on Wednesday morning, and that users can expect to see visible reductions over the course of one to five treatments.

"I was visiting with customers as I usually do when I travel and I met a great facial injector… who told me that if I spend $2.1 billion on this product, I should be a user or a patient. So, I had it done," Saunders explained.

Read More Allergan CEO: Taking over faces with a $2.1B deal

Rumors also circulated in the biotech space for Alkermes, when the stock jumped 10 percent in a single session when chatter began that it was a takeover candidate. And while it pulled back a bit after the company announced it wants to stay independent, could it work its way higher alone?

Alkermes develops drug delivery technologies and has proprietary compounds for diseases relating to the central nervous system.

Cramer suspects that regardless if there is a buyer waiting in the wings, it certainly could go much higher alone. He likes the stock based on its fundamentals, as the company released last week strong Phase 2 clinical trial results for its version of Abilify for schizophrenia.

To find out what else could be in the pipeline for Alkermes, Cramer sat down with its CEO Richard Pops. The CEO explained that while other companies have abandoned research for drugs pertaining to the central nervous system, Alkermes has not.

"Developing instruments to test these drugs as well as coming up with new mechanisms is really challenging. We've been really successful so far," Pops said.

Wingstop makes its trading debut during the restaurant chain’s IPO at the Nasdaq in New York on June 12, 2015.
Christopher Galluzzo | GlobeNewswire
Wingstop makes its trading debut during the restaurant chain’s IPO at the Nasdaq in New York on June 12, 2015.

Last Friday, Cramer's radar went off when he saw Wingstop's explosive IPO, which came public at $19 and closed at $30. Whenever he sees that kind of red-hot IPO action, Cramer immediately dives in to do further research so he can advise investors on whether it is the real deal or dangerously overvalued.

"The truth is, when you dig into the fundamentals here, the stock starts to look a lot less attractive, especially after that huge first-day move," the "Mad Money" host said. (Tweet This)

Investors were initially very excited about the IPO because of Wingstop's rapid growth. In 2012 it had just 546 stores, and as of the end of 2014 it had 712. In the first quarter of 2015 it opened another 33 stores. Wowzer!

However, as of the end of March it also had $168 million in total liabilities and only $114 million in total assets. That means the book value of the company's equity was negative $54 million.

Cramer warned that you could get hurt.

"If you got some stock on the deal, you can ring the register. If you like the wings, just go have some, but I wouldn't buy shares in this company because it's simply too spicy for my taste," he said.

Read MoreCramer: A smokin' hot IPO dangerously overvalued

Wednesday was also an insane session for Cramer-fave Receptos, as it also had takeover chatter all over the market. The rumors emanated from Wedbush, which raised its price target for Receptos to $348 from $211 on Tuesday.

In other words, Wedbush thinks Receptos value is nearly double where it trades now.

"It doesn't take a genius to realize that Receptos isn't getting to that price target on its own. This piece of research was pretty much an out and out statement that the company's about to get a takeover bid," Cramer said.

In fact, this is one of the most "where there's smoke there's fire" situations that Cramer can recall. He recommended that if you own the stock, hang on. And if you don't own the stock, Wednesday's pullback is a perfect entry point to buy.

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

Chevron Corp: "I think Chevron's priced insanely. This stock is now below where it was when oil was at $45 during the third week of January; this is nuts! I think there's going to be some very big deals in the oil patch because these stocks are now way out of wack. Inventories were high today, and everyone said, 'Oh, my oil is going to come down big.' But it really didn't do anything! I think you've got to own the oils, and I think Chevron is too cheap."

Box Inc: "I liked the quarter, and the stock as you remember went up to $19 after, and, Aaron [Levie, who runs Box], I thought he told a really good story and it was a much better narrative. Yet it still doesn't go higher. I think it's an opportunity, Aaron Levie is delivering. This was not the quarter of old, that was a good quarter, and the stock's a buy."

Read MoreLightning Round: Huge deals coming for this group

Cramer's New Book