Cramer Remix: Don't get distracted on Disney

Netflix was the clear winner of FANG last year — Jim Cramer's acronym for Facebook, Amazon, Netflix and Google, the parent of Alphabet— up more than 100 percent in 2015. Unfortunately, that all changed in 2016, with the stock down 12 percent for the year.

"After months of underperformance, Netflix has been bouncing back over the last week, and I think it's got more room to run," the "Mad Money" host said.

In the past week, the stock has finally come roaring back with what Cramer called a "potent bull case."

The first reason is that Netflix still has enormous potential to expand overseas. Additionally, now that it has 81.5 million subscribers, Cramer believes it can make a fortune even if it raised the price a little bit.

Netflix's investments in content are generating strong programming. The last reason why Cramer is riding with the bulls on Netflix is that it signed an exclusive deal with Disney, which will kick in this fall. Netflix will be the only streaming platform to offer movies from Disney, Marvel, LucasFilm and Pixar.

"This is huge, and while Netflix may be paying Disney $300 million a year for these rights, I think they will be worth every penny," Cramer said.

As for Disney's stock, Cramer advised investors to be patient and look the long term. He thinks Shanghai Disney could be big for the company, and warned not to get distracted.

Read MoreCramer: The potent bull case for Netflix

Reed Hastings
Stephane De Sakutin | AFP | Getty Images
Reed Hastings

Cramer pointed to technology, oil and financial stocks as the leader of the rally on Wednesday. Three of the most hated sectors have suddenly turned into leaders of the market.

The Investors Intelligence Poll of newsletter writers also reported what Cramer regarded as "eye popping" sentiment numbers on Wednesday. The poll indicated that 35.4 percent of participants are bullish, down from 40.2 percent last week. Additionally, 24 percent were bearish, a six-week high, and the rest were calling for a correction.

"The idea that there could be this many bears just seems plain wrong. I think many people are caught on the wrong end of the seesaw here, and they are about to be sent flying by the bull," the "Mad Money" host said.

While Cramer admitted that there are many soft patches in the economy, there are also many positive signals in the economy too, such as housing and job growth.

When many investors hate the stock market, Cramer always reaches for the most hated sectors imaginable: banks, tech and energy.

Read More Cramer: Time to buy the most hated sectors imaginable

When Cramer listened to the Toll Brothers conference call this week, he came to the stunning conclusion that new buyers should act fast if they want to buy a house.

"I have been listening to Bob Toll's conference calls ever since they started having them, and he hasn't been this succinctly positive in ages," the "Mad Money" host said.

Cramer thinks this particular bullish statement from Chairman Bob Toll sent the stock soaring: "You've got 4.7 months of inventory, but that is the current pace ... What is going to happen is that it is going to be expensive, and I'm not predicting that that's coming on us, but it could be a spur to new housing sales."

Additionally, Toll stated that he thinks higher interest rates could have a positive, not a negative difference as it could spur further action in housing. The one thing that everyone is dreading may just be the thing that drives housing higher.

"This truly was the breakout conference call that many of us were waiting for," Cramer said.

Read MoreCramer: Housing just made the breakout move I've been waiting for

Oil workers moving a drill on a rig in Texas.
Fuse | Getty Images
Oil workers moving a drill on a rig in Texas.

Amazon has managed to shred all retail competition this year, with exception of one company. Tractory Supply is the farm and garden store that carries animal feed, lawnmowers, outdoor clothing and tools.

"I think a major part of Tractor Supply's strength is that this company occupies a pretty unique niche in retail, one that doesn't have much in the way of competition," Cramer said.

Currently the stock sells at 23 times next year's earnings estimates, which makes it more expensive than a Lowe's or a Home Depot. Still, Cramer thinks the stock deserves to trade a premium because of its rate of growth and expansion. He recommended waiting on a pullback in the next market-wide sell-off before pulling the trigger to buy.

Another retailer that knocked it out of the park in earnings was PVH Corp, which just reported a robust quarter on Wednesday. It earned $1.50 per share when analysts were only looking for $1.44 and reported higher-than-expected revenue while citing strength in both Europe and China.

Cramer spoke with PVH Corp Chairman and CEO Manny Chirico, who commented on the growth of Omni channel business for the company.

"Some of our fastest growing businesses are our dotcom businesses, our Macy's dotcom business is on fire. So, it is critical given our brands, the nature of those brands, and how they resonate with our consumer — we need to be where the consumer shops and that's what we do," Chirico said.

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

Acadia Pharmaceuticals: "I'm always forever hopeful. Because of what they have, I'm still saying it's a good speculation."

Micron Technology: "Right here, right now — I'm not longer putting the hate on Micron. Enough is enough! Micron is OK."

Read MoreCramer: I can't hate Micron anymore