CNBC's Jim Cramer noticed some countervailing forces in Wednesday's tape as stocks tapered their technology-led declines.
As stocks fell on news that President Donald Trump may go after e-commerce giant Amazon for its tax treatment, Cramer turned to some historically safe sectors to see if they were withstanding the pain.
"While these formerly beloved tech stocks get hammered, you have new winners like Clorox," the "Mad Money" host said, explaining how the digitally-focused consumer goods stock has fallen back into favor on Wall Street.
"These departures may not seem very large, but ... if they continue, they're going to hurt Facebook's numbers [and] make it extraordinary difficult to value the stock," Cramer said on Wednesday. "Both the estimates and the price-to-earnings multiple — what we're going to pay for those estimates — are in flux."
Shares of Facebook have been falling ever since news broke that research firm Cambridge Analytica used Facebook users' data without their permission to support Donald Trump's 2016 presidential campaign.
So, to try and figure out where Facebook's stock might bottom after its 21 percent decline, Cramer examined some past corporate scandals to compare the declines.
Even UnitedHealth Group's CEO, David Wichmann, acknowledges that the health-care juggernaut might not always have faster growth than that of the United States' gross domestic product.
"If you look forward to the future, call it seven, eight, nine, 10 years out, I think you're going to see the real strong implications of technology on helping to curtail health care costs," Wichmann told CNBC in a Wednesday interview with Cramer.
Speaking from CNBC's Healthy Returns conference, Wichmann envisioned a future where tech advances would streamline health care to the point where the industry would hinge more on value than on profits.
"I think the systems of the benefits and the health systems broadly going to more value-based mechanisms will drive greater efficiency and effectiveness in health care," the CEO said.
After delivering one of the best quarterly earnings reports in PVH's history, Chairman and CEO Manny Chirico took a moment to discuss the Trump administration's tariff policy.
"We're totally opposed to tariffs as a way to solve problems. There's clearly issues with China and trade policy and I think the administration is appropriate to go after them, but I think the way to do it is really target those industries [where] those abuses are going on and apparel is not one of those," the CEO said.
"But clearly we need to level the playing field in trade and I give the administration credit for really going after it," Chirico told Cramer in an interview.
Chirico also told Cramer he expects a number of PVH's business lines to grow this year, including its well-established Tommy Hilfiger brand. He added that the mall-based Macy's is "by far" the biggest U.S. customer for Tommy Hilfiger.
And as an international operator, Chirico said he would much rather see Trump's tariff moves end in civil negotiations than in a full-blown trade war.
"I'd like to see us negotiate with China," the CEO said. "I'd like to see us come to terms."
Millennials now account for 25 percent of Norwegian Cruise Line Holdings' customers, and to the cruise ship operator's President and CEO, Frank Del Rio, that's no accident.
"We've got everything millennials want," Del Rio told Cramer in a Wednesday interview. "You buy stuff – they don't want to buy stuff. They want experiences."
Millennial requirement No. 2? Del Rio said it was a "variety" of experience, highlighting his cruise ships' amenities: spas, casinos, pools and even racetracks.
"The last thing that millennials want these days is value, and the cruise industry offers the greatest value there is on the face of this earth for a vacation," the CEO said, using an anecdote to emphasize his point.
On a Norwegian Cruise Line vacation, "you can get our best suite in the house – two bedrooms, 1,200, 1,500 square feet, butler service around the clock – for half of what I just paid at The Peninsula for two nights. No question," Del Rio told Cramer.
In Cramer's lightning round, he flew through his take on some callers' favorite stocks:
Fitbit: "Don't pull the trigger. There's no real reason. There's so many other, better plays than Fitbit. I don't want you to do it."
Smart Global Holdings Inc.: "All I think is that what's happened is the sellers have found that one too. And after we spoke with [Applied Materials CEO] Gary Dickerson last week and that stock is now down 8 points, I far prefer Applied Materials."
Disclosure: Cramer's charitable trust owns shares of Facebook and Amazon.