Without growth, stocks will plummet. It is a pattern that Jim Cramer has witnessed over and over, and with the primary gauges of growth flashing red, Wednesday was just a continuation of what has happened all week.
"Oil remains the single most important input for this market. When oil goes down, everything can go down," the "Mad Money" host said.
Oil last week looked like it was about to break out but then suddenly nosedived again. As U.S. inventories showed a big build up, the price of crude plummeted again Wednesday. Investors no longer care whether companies or consumers actually benefit from the low price of oil.
"While it shouldn't be a shocker that Donald Trump is going to be the Republican nominee for president, I think it's dawning on people that he is a rock-hard protectionist," Cramer said.
Many international companies now recognize that business will be tougher if trade wars are launched by Trump. At the same time, Cramer suspects Bernie Sanders' decision to stay in the race is preventing Hillary Clinton from taking a pro-business stance, at least until the convention.
So, on the surface, neither party seems hospitable to business. And it seems the surface is all that matters to investors.
"If you believe all the major themes that propelled us up from the February lows are still intact and this is simply a minor chord reversal, then this is not the time to panic," Cramer said.
When online marketplace Etsy came public a little over a year ago, Cramer dismissed it as a hippy-dippy outfit that didn't seem to be concerned with making a profit. Now, that view has changed.
"After the spectacular quarter Etsy reported last night, I think the stock is absolutely worth speculating on," the "Mad Money" host said.
Etsy is the marketplace for unique handmade goods and was one of last year's worst performing IPOs, among many IPOs that were horrible. It went public in April last year and spiked to $30 on the first day of trading. After that, it was all downhill.
Etsy proved that its revenue growth is now re-accelerating and margins are improving at all levels. The company's gross margins—the amount made after the cost of goods sold—expanded 65.9 percent.
Cramer has heard endless speculation about the death of old media. Judging by the results of both CBS and Time Warner, he started to wonder if it is the critics, not the networks, who have it all wrong.
"To me, after studying CBS and Time Warner, I believe there is plenty of room for digital to co-exist with regular old television," the "Mad Money" host said.
CBS made a strong case with its extraordinary numbers. Revenues were up 10 percent, operating income was up 14 percent to an all-time high of $821 million. While Cramer knows the Super Bowl pumped up those figures, it was clear regular programming and dramas on Showtime were sustainable stars.
The story was just as good with Time Warner, which delivered $1.49 earnings per share when Wall Street only expected $1.30. Both sports programming and HBO Shows helped to generate an upside surprise.
Hain is the natural and organic food maker behind such brands as Celestial Seasonings, Earth's Best, Terra, Garden of Eatin' and various others. The stock has been down and out for a long time, which was attributed towards the market's distain towards anything growth-oriented and mixed results reported in January.
The stock rebounded when the company reported an excellent quarter. It delivered in-line earnings, but revenue was higher than expected. Management also announced a major reorganization that will generate $100 million in cost savings in the next three years, and will divest some of its non-core brands.
In an interview with Cramer, Hain CEO Irwin Simon explained the downdraft of the company's stock, stating "I think as the market has changed, we changed some numbers and as you said earlier, the market fell out of love with Hain."
Cramer also found a high quality stock that was selling off for reasons that had nothing to do with the underlying company. ServiceNow is the cloud-based software company that helps large businesses manage and automate various services.
Essentially, it is a platform that helps corporate IT departments develop their own internal applications. On April 20, ServiceNow delivered a strong quarter. However, the stock was hammered last week along with many other technology plays.
Cramer spoke with ServiceNow CEO Frank Slootman, who commented on the strength of the company, "We had a record number of upsells—13 upsells during the quarter—so that was one of the themes we highlighted in our call is that the relationships that we have with our global 2,000 customers are expanding rapidly in terms of the dollar volume."
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
Kinder Morgan: "No, we are not going to buy that one. We have lost faith in KMI. And that is because of a sudden change in dividend policy that I did not expect and was not my fault."
Ruckus Wireless: "It's done. It's a takeover, it's done. We're moving on."