Cramer Remix: These stocks are the worst performers in the entire market

Sometimes the market isn't straightforward. The Federal Reserve hinted that it could raise rates in September, and the price of oil cascaded lower. Yet, Jim Cramer still didn't see enough reasons for stocks to sell off on Wednesday.

Investors who held the stocks of Panera Bread, Buffalo Wild Wings, Caterpillar and Boeing were all surprised with earnings, and gave them no reason to sell. That meant short-sellers got the short end of the stick and had to scramble to cover their shorts.

"Short-sellers set up an ambush for the owners ... but these ambushes failed because the companies didn't give you a reason to sell. When there are no short-sellers, there is no way a short-seller can make money," the "Mad Money" host said.

The worst performing stocks of the entire market, Cramer said, were the airline stocks. That meant Boeing had a horrendous set-up going into its quarter, especially with the massive $2 billion account charge it took last week.

But then Boeing crushed the numbers with both a top and bottom line beat and reaffirmed full-year guidance. The result was a huge move to the upside, as there was no reason to sell the stock.

"That is a long, not a short. In fact, it's a good short spoiled," Cramer said.

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Buffalo Wild Wings Restaurant

When the stock of the biggest company on earth, Apple, rallied more than 6 percent on Wednesday — it was clear to Jim Cramer that analysts got it wrong.

Somehow the company that just sold 1 billion iPhones managed to fake-out almost everyone on Wall Street.

"I think I have solved the mystery. The chief pillar of the bearish case on Apple was the looming shortfall in cellphone sales," Cramersaid.

When Cramer sat down and read through the commentary from analysts, he found it filled with what he called "faux buy recommendations." These were analysts who already had one foot out the door, and made the assumption that because Apple hadn't ordered enough chips to make a lot of phones, there must not be demand.

Waste Management reported a strong quarter on Wednesday, yet the stock sunk almost 2 percent in response. Both Cramer and the CEO David Steiner were stunned by the stock's drop, as they couldn't find a single piece of hair on the quarter.

"We don't manage this business for one-day stock moves; we manage it for the long term. So, if we keep producing quarters like we produced today the stock will definitely take care of itself," Steiner said.

Waste Management is the No. 1 garbage disposal company in North America that serves over 21 million customers in the U.S. and Canada. It has 249 landfills and more than 100 materials recovery facilities. Cramer likes to keep this company on his radar to provide clarity on the state of the economy.

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The silhouette of Tim Cook, chief executive officer of Apple Inc., is seen as he exits the stage during the Apple World Wide Developers Conference (WWDC) in San Francisco.

Specialty chemical company PPG Industries also reported last week, and delivered a less-than-perfect quarter. The stock stumbled last year under the weight of a strong dollar, falling 15 percent in 2015. And while it has bounced back this year, it is still down more than $10 from its highs.

PPG posted in-line earnings with weaker-than-expected revenue, down 0.9 percent year-over-year. Cramer noted that while headline numbers were only O.K., management was very confident that volumes would pick up in the third quarter.

He spoke with PPG's chairman and CEO Michael McGarry, who explained the changing landscape of the coating business through the use of technology.

"People always say, 'Do you watch paint dry'? —Absolutely not. We watch paint grow, we watch the volumes grow. This has been a very good business for us, and it is very technology driven and our investors have enjoyed that," McGarry said.

Another industry that is quickly changing is the health care group. Centene Corp announced last year that it would buy Health Net for $6.3 billion. The combined company would be large enough to challenge the five major health insurance providers: Aetna, Anthem, Cigna, Humana and UnitedHealth.

Since then, the top five have tried to combine into three as Anthem tried to acquire Cigna and Aetna attempted to buy Humana, though the Justice Department is now trying to block the deals.

However, Centene's merger with Health Net closed this year, becoming the leading platform for government sponsored health care programs and one of the largest Medicaid managed care organizations in the U.S.

Cramer noted that the combined company appears to have some trouble, as Wall Street was not impressed with Centene's first quarter reported since the deal. He spoke with Centene's chairman and CEO Michael Neidorff, who said the company has handled the red flags that may have spooked investors.

"As far as I'm concerned we are the same company. We have dealt with the issues that existed there, and I am frankly shocked by the reaction," Neidorff said.

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

FedEx: "At this point I think that United Parcel is cheaper. I would go with UPS."

Bristow Group: "If you want to be in helicopters that do oil service, than why don't you get diversified and go into Lockheed Martin. You also get the helicopters because they bought Sikorsky, highest quality."