CNBC's Jim Cramer broke down what Wall Street's rally in the wake of Iran's attack on an Iraqi military base housing U.S. troops means for the market. The "Mad Money" host said he sees a tough future ahead for the oil market. Later in the show, he interviewed Constellation Brands CEO Bill Newlands to get a read on what's ahead for the seltzer market.
CNBC's was amazed that stocks rallied hard less than 24 hours after Iran attacked military bases housing U.S. troops in Iraq.
The major U.S. indexes all surged 0.50% or more in Wednesday's session, one day after Iran launched more than a dozen ballistic missiles at U.S. and coalition targets. No Americans were injured in the attacks.
"With the averages staging a huge rally from last night's moment of crisis ... I marvel at this market's ability to overcome even the toughest of obstacles," the "Mad Money" host said after the market closed.
"So is this market being resilient ... or are investors being complacent? Why not both? I think it's a combination of these two forces," resilience and complacency, "and I think they've taken control."
' decision to cut its dividend in late December illustrates the oil market's tough future, Cramer said.
"Management wouldn't cut it unless they had some serious long-term concerns that the oil industry just isn't coming back the way it's supposed to when the price of crude goes higher," the host said.
Core Labs reduced its dividend from 55 cents to 25 cents, at a time when the oil business is "the worst I have ever seen it," Cramer said, arguing it is even worse than January 2016, when oil traded below $30 per barrel.
CEO Bill Newlands told CNBC the company is committing big dollars to launch a line of Corona hard seltzers, an alcoholic beverage category that is a growing favorite among millennials.
The spirits company, whose portfolio includes Corona Extra, Modelo Especial and Svedka Vodka, plans on spending more than $40 million in marketing alone to release four seltzer flavors this spring.
"We're prepared to have one of the biggest introduction spends that we've ever had against a single brand, but recognize we're spending it against a franchise and that's Corona," Newlands said in a "Mad Money" interview. "So we're quite confident that we will get a significant share of this business and we can't wait for March 1 to roll around."
In Cramer's lightning round, the "Mad Money" host made stock calls on viewers' favorite picks of the day.
: "I think Teladoc is part of the way to be able to keep costs down in health care and we've been behind it all the way and we're not budging."
: "Mental health is almost impossible to get right. It's a total spec. I'm not kidding. Everybody who has tried to crack mental health has really, unfortunately, failed."
: "Here's what your nephew should do: Go over some of the stocks that we talk about a lot on the show, like a cloud king. Be in one of those. They have been vetted and vetted and vetted. I would feel so much better if he did that."