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Cramer Remix: Obama's sway on the stock market

Wall Street forgot about takeovers and what those deals can mean for stocks. It forgot how desperate some companies are to grow. It finally remembered on Wednesday, Jim Cramer says, when M&A framed the entire market's action and gave biotech its the best day since 2009.

Allergan CEO Brent Saunders reminded investors of the importance of these deals, when, after confirming the departure from its deal with Pfizer, he told CNBC's "Squawk on the Street" that he was ready to do more buying, stating "Anything that is a growth-oriented business with strong fundamental businesses and a good R&D pipeline to sustain that growth is of interest to us."

Cramer interpreted this as meaning that in short, Saunders will buy anything that can give Allergan growth.

With those words, after months of lagging behind, pharma and biotech stocks were sparked back to life.

Adding even more irony to the situation, the Justice Department decided to file a suit to block the Baker Hughes-Halliburton merger, which sent those stocks higher on the prospect that they can start acquiring down-and-out companies in the sector.

Cramer has been saying for months that drug stocks alone can't make the market roar; we needed oil, too. And voila! Both were delivered Wednesday.

"Who ever said that the Obama administration is bad for the stock market?" Cramer said.

Read MoreCramer: We should thank the Treasury

Allergan in the NYSE
Brendan McDermid | Reuters
Allergan in the NYSE

Cramer also focused his unsolicited matchmaking talents toward KB Home, the homebuilder operating in swaths of the U.S., including in California, where it owns a large portion of real estate.

"KB Home is insanely cheap right now, and I think any of the big homebuilders could benefit enormously by acquiring this company while its stock is still depressed," the "Mad Money" host said.

With a book value of $19, it was clear to Cramer that this $14 stock is trading a gigantic discount. And based on his accounting, KB Home's assets, especially in California, are worth more than where the stock is currently trading.

"To me, that makes this company a prime candidate for a takeover," Cramer said.

Cramer thinks PulteGroup would be the perfect suitor, a large homebuilder that has struggled to find grown in recent years, and is now having a public leadership squabble.

Read MoreCramer: KB Home prime for a takeover

However, in the wake of the news regarding Pfizer-Allergan, Cramer thinks it is worth remembering that there are some very big deals from last year that actually went through and have been lucrative.

One was the $37 billion merger of Avago and Broadcom, a deal that created the No. 3 largest pure play semiconductor company in the world. And while the stock of the combined company, now known as Broadcom Limited, has surged 13 percent since the transaction closed in February, Cramer still thinks it has room to run.

"Avago's acquisition of Broadcom was a fabulous merger that has created a new star within the semiconductor industry," Cramer said.

General Mills Cereal boxes
Joe Raedle | Getty Images
General Mills Cereal boxes

Cramer has seen a plethora of reports downgrading consumer-packaged-goods stocks, simply for the reason that they have run so much and it seems like time to take profits.

One of the classic names that research analysts have pegged as overvalued is General Mills, which has run to $64 from $56 in a year's time.

The main complaint is that just like Kellogg and Campbell Soup, the stock never comes in. Buyers lurk everywhere.

So, what should investors looking to own this group do?

Wait for a specific set of events, Cramer said. He recommended waiting for bad news to break in the macro portion of the economy between 9:30 and 10:00 a.m., ET, when the companies cannot buy back stock. The event must not relate to the products that they sell.

"If you get all those circumstances you might just get a buying opportunity, although you can't take the first one because what will happen is that there are now enough momentum guys in these stocks that they will flee on day one and day two," Cramer said.

Read MoreCramer: The trick to buying General Mills

Another intriguing stock on Cramer's radar was ConforMIS; a company that uses 3D printing to create custom designed joint replacement implants for individual patients and medical instruments.

And while it has several patents and products on the market, including the only customized total knee replacement out there, it is still a speculative company that is not yet profitable. Cramer recommended buying the stock into weakness for speculation.

He spoke with ConforMIS CEO Dr. Philipp Lang, who explained why the company has been able to take market share so quickly: "The key driver is really the clinical outcomes paired with economic outcomes."

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

Wal-Mart: "I think it's fine. I prefer Costco, my charitable trust owns that. I think it has more upside."

RPM International: "I love JNJ; RPM is good, too. But this day trading stuff, I say no day trade. RPM should be owned for the long term."

Read MoreLightning Round: Wal-Mart or Costco?