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