One of this year's most heavily anticipated initial public offerings launched Wednesday, and its stock price was off to the races. Ferrari, the highest of the high-end luxury sports car makers, came public, and investors were excited to be able to scoop up shares of such an iconic franchise for the first time.
However, that excitement brought a warning from Cramer.
"Before you buy this stock simply because you are in love with the company's beautiful cars, which can cost as much as a decent sized house, I think it is worth taking a look under the hood in order to figure out what you're really getting when you buy shares of Ferrari," the "Mad Money" host said. (Tweet this)
The main reason that Cramer is not a fan of Ferrari's stock is the valuation. At its current price of $55, Ferrari has a market capitalization of $10.5 billion and trades at 31 times last year's earnings.
No matter how amazing the product is, Cramer simply cannot get behind a stock at these valuation levels. They are exorbitant given the company's slow growth rate. That doesn't mean the stock can't go higher, it just means that it is too darned risky for Cramer.
Read More Cramer on Ferrari—It could run over your portfolio
It was clear to Cramer that the gigantic German enterprise software company SAP is undergoing a serious transformation when it preannounced some phenomenal numbers last week. On Tuesday it also suggested that it might outrun its full-year guidance, which made it clear that the strength is turning SAP into a major player in cloud.
Concur Technologies is one of the strong driving forces behind the transformation, as the leading purveyor of cloud-based corporate travel and expense management software. SAP acquired Concur for $8.2 billion in December last year, making SAP the No. 2 largest player in the cloud by revenue.
In order to get a better sense of this transformation, Cramer spoke with Steve Singh, the CEO of Concur and member of SAP's global managing board.
"We were growing at fast rates even before becoming a part of SAP, but what has been really amazing is every single quarter since then we have grown at even faster accelerating growth rates every quarter," Singh said.
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
Sprint: "I don't care for Sprint here because I like well-capitalized companies like Verizon and AT&T here or I like the faster grower T-Mobile. So there is no reason to put my name on Sprint here."
Micron Technology: "Micron went down because Intel announced it was moving aggressively into flash. This is now a stock that is trying to bottom and is not going to be able to succeed I don't think."
Read MoreLightning Round: It's trying to bottom & won't succeed