Cramer Remix: Why the bank stocks are here to stay

Cramer Remix: Why the bank stocks are here to stay

Jim Cramer was shocked that Wells Fargo has managed to transform from the most loathed stock of the financial sector, to the most loved.

"When it comes to this seemingly endless bank rally that began when Donald Trump won the election, that means look no further than the stock of Wells Fargo," the "Mad Money" host said.

The stock has been in the penalty box with Wall Street since the discovery that accounts were opened without client permission, which prompted the resignation of CEO John Stumpf.

However, ever since Trump was elected on a platform of tax cuts, deregulation and massive government spending, bank stocks have been on fire, Cramer said.

"Wells Fargo has gone from worst to first, an amazing turn that proves, without a doubt, the bank rally is real and it's terrific," Cramer said.

U.S. President elect Donald Trump speaks at election night rally in Manhattan, New York, November 9, 2016.
Mike Segar | Reuters

Like it or not, Cramer also found some stunning similarities among the reactions to Donald Trump's electoral win, the tenure of Ronald Reagan in 1980 and Federal Reserve Chair Alan Greenspan's actions in 1991.

"I reach back to those two incidents because they led to growth spurts that brought people back to the stock market in drives," Cramer said. "They changed the perception of the asset class from negative to positive … and I think that could be exactly what is happening right now."

Cramer couldn't help but notice a change in the stock market since the election of Trump. There is a sense of optimism about stocks that extends to both Republicans and Democrats, he said. Whether investors love or hate him, they are buying stocks.

While Salesforce CEO Marc Benioff backed Hillary Clinton in this year's presidential race, he says he is looking forward to the future with President-elect Donald Trump in the White House.

"I'm not a Republican. And I'm not a Democrat either. You know that I view myself just as an American. And I'm looking forward to a great future," Benioff said.

Benioff also said that he believes Twitter played an instrumental role in electing the new president. What he is most excited about is that the election is now over, allowing the country to move forward together.

"I certainly respect the results and the will of the American people … I respect democracy. And I want to move forward with an open heart and an open mind," Benioff said.

Marc Benioff, CEO of Salesforce.
Adam Jeffery | CNBC

Cramer was so impressed by NXP Semiconductors CEO Rick Clemmer that he is officially inducting him into the "Mad Money" wall of fame.

"I'm not exaggerating when I say that the CEO can make or break a business. I've seen terrific chief executives turn unremarkable companies into titans and lousy ones turn high-quality enterprises into absolute dogs," Cramer said.

NXP Semiconductors recently received a $110 per share takeover bid from Qualcomm, which was a 34 percent premium versus where it traded before the takeover talk began.

"When a CEO does a tremendous job of creating value, they deserve to be celebrated, and with this sale to Qualcomm, I think Rick Clemmer of NXP Semiconductors absolutely belongs on our CEO wall of fame," Cramer said.

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

Weatherford: "Weatherford we don't need when we are up against Schlumberger. Halliburton where they got a great President by the way of the Western hemisphere. I want to say that you should buy Schlumberger."

STMicroelectronics: "It's a very inexpensive stock. It's had a big move as of late. I was surprised to see that stock all the way up at $9. but Marvell had a big move, too. I am going to bless it because that group is red-hot. Look at Micron. Look at AMD. Holy cow!"