Ever since the third quarter came to an end, oil stocks have been one of the hottest groups on the market. That is why when Jim Cramer saw crude pull back on Wednesday, he decided to highlight a high- quality company that could be taken advantage on weakness.

"In short, I want you to have some energy exposure here, but I also want you to be smart about it, which is why I'm only recommending the highest quality companies with the safest stocks," Cramer said.

One of those companies is Enterprise Products Partners, a pipeline master limited partnership that sports a juicy 5.5 percent yield. It has 51,300 miles of both onshore and offshore pipelines for oil and natural gas.

In fact, Cramer remained bullish on the outlook of natural gas as he estimates 10 percent of it will be sent overseas in the next five years.

So, with the Federal Reserve on hold, there is no real bond market competition for the high yielding pipeline master limited partnerships, and Enterprise Products Partners remains one of his favorites.

Wal-Mart has been known for its everyday low prices and discounts, but Jim Cramer saw the company put the entire stock market on sale when it lowered its guidance for both sales and profits. This announcement prompted the Wal-Mart's stock to cascade down 10 percent, taking the market down with it.

"What's done is done. If you owned any stocks involving consumer spending you got clobbered today, and it continued after the close today with Netflix reporting domestic subscription growth that lagged expectations," the "Mad Money" host said.

Cramer saw investors derive two conclusions from the Wal-Mart debacle. First, if 100 million shoppers go to Wal-Mart each week and the earnings can drop so substantially then things must be wrong with the economy. As a result, retailers and restaurant chain stocks were crushed.

Second, investors jumped to the conclusion that lower gasoline prices aren't making a difference if Wal-Mart's numbers can be so bad.

"I think this was a do-or-die move for Wal-Mart if it wanted to stay relevant as an American icon as well as a growth company," Cramer said.

Read More Cramer: Wal-Mart took the fluff out of the market

To get the full story, Cramer spoke with Wal-Mart President and CEO Doug McMillon.

"People have known that $10 was coming for a while. This news today was just we quantified it for everybody. But the real issue is, are we doing the right things to position Wal-Mart for the future? Are we investing in the business to strengthen it?" McMillon said. (Tweet this)

The CEO shared that the company has seen progress in areas such as customer service. It has taken its clean, fast and friendly score from 17 percent at the beginning of the year to being 67 percent favorable with customers. He attributed that to associates doing a better job of running stores and supporting customers.

However, McMillon believes that building the retailer's e-commerce business and investing in its store experience has put pressure on short-term earnings. He said that the retailer's first priority is growth and winning over its customers.

Ultimately, Cramer thinks investors were absolutely shocked with Wal-Mart's news on Wednesday. The CEO said that while the company has known for a long time that it was moving toward the $10-an-hour wage increase, if he had to do it all over again then he would have explained how the company was going to quantify that earlier on.

"But it is what it is, and the news was going to be new at some point," McMillon said. (Tweet this)

Read More Wal-Mart CEO speaks out to Cramer: This was coming

Cramer was forced to re-evaluate his ranking of the banking business on Wednesday when Bank of America released its shocking quarterly report.

"It smacked of what I can only call 'normalcy,' meaning all of the one-time hits and worries finally seem to be behind them. What's left is a growth machine that is no longer as dependent on the Fed raising interest rates to generate a big earnings boost. For Bank of America, the Chicago Cubs of banking, it's a whole new ballgame," the "Mad Money" host said.

Cramer has mainly had three concerns with Bank of America over the years. It always appeared to him that it was in trouble with all sorts of governmental agencies, leading to colossal legal fees. Second, these lingering regulatory issues meant that it could not return as much capital to shareholders as other banks. And third, without a rate hike, he didn't think there would be real earnings power because the company was too dependent on higher rates for profits.

The most recent quarter addressed all three concerns.

At the end of the day, it seemed that the love of Bank of America on Wednesday had more to do with the fact that it was a C student that finally got an A. Still, Cramer thinks the stock could be on the way up and climb to $18 over time, or higher if the Federal Reserve tightens.

"The others? I say stay the course if you own them, but recognize that it will take a rate hike before they even begin to challenge their old highs," Cramer said.

Read More Cramer: Bank of America's the new banking winner

On Wednesday morning, investors also learned that Jarden, the house of more than 120 various household name brands is buying Jostens for $1.5 billion.

Jarden products range all the way from Coleman outdoor gear and Rawlins baseball gloves to Crock Pots and Mr. Coffee machines. Additionally, Jostens is the leading maker of school memorabilia for such items as yearbooks, class rings and varsity jackets.

Jarden has been a master of making smart acquisitions that allow it to dominate various niche markets, and the Jostens deal is the latest in a long string of acquisitions that have made Jarden's stock so strong.

Can the stock continue to perform? To find out, Cramer spoke with Jarden's co-founder, chairman and former-CEO, Martin Franklin.

"This is a very Jarden-esque business. It's market leader, it's got a brand that students and schools alike recognize and the reality is, it brings us into a new distribution channel. So, our business is to make products that we can sell in to as many channels that we can put our products in, and this is a new addition," Franklin said.

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

Osiris Therapeutics: "Osiris is a very real company, down a lot like a lot of these, but still up for the year...the regeneration of human tissue I think is an exciting spec. The emphasis is on spec, but remember Celgene has come down a lot, too, and I like those."

Opko Health Inc: "I thought that [CEO] Dr. Phil Frost, when he came on, acquitted himself well...and I think this stock is a buy right here, right now. I'm not afraid to stick my neck out for Phil Frost. He has made so much money for people."

Read MoreLightning Round: An exciting spec play on human tissue