CNBC's Jim Cramer broke down why investors can rest a little easier if Pete Buttigieg manages to win the Democratic nomination to face President Donald Trump in the general election. The "Mad Money" host checked in with the CEO of Clorox to get an understanding of how the coronavirus outbreak is impacting business. Later in the show he explained why he thinks Tesla stock will easily recover after a steep decline during the session.

Pete Buttigieg's showing in the first contest of the presidential primary earlier this week is good news for Wall Street, according to CNBC's .

The former South Bend, Indiana mayor is one of two leading candidates, alongside Sen. Bernie Sanders, in the delayed final count of the 2020 Iowa Democratic caucuses and is establishing himself as a legitimate player in the primary, the "Mad Money" host said Wednesday.

"Sure, the Iowa caucus fiasco hurt the Democrats, but the biggest takeaway was that Mayor Pete seems to have won ... and Pete's the status-quo candidate," Cramer said. "He doesn't want to destroy the insurance stocks by rolling out 'Medicare for All.' He doesn't want to break up the banks."

has not seen an increase in demand amid the coronavirus outbreak, but the company has plans in place to keep shelves stocked with its cleaning products should sales pick up, CEO Benno Dorer told Cramer.

"We're not seeing an impact on sales just yet, but what we are focused on is educating consumers on the proper use, on ways to prevent [contracting the virus] and getting ready to have products in place by building inventory, should consumers, customers and communities need it," he said in a "Mad Money" interview.

's sharp declines Wednesday were characteristic for a commonly shorted stock, so investors should not be too worried, Cramer said.

"Tesla's reversal today is something that inevitably happens to red-hot stocks that are too heavily shorted," the host said. "But unlike so many other heavily shorted names, Tesla's too legit to quit."

In Cramer's lightning round, the "Mad Money" host delivered his thoughts on callers' favorite stock picks of the day in rapid speed.

: "It's in the best sector. That's a sector that's homebuilding. It's connected to them. Lower interest rates help. I like the stock."

: "I don't think there's anything wrong with it, it's barely down."

: "I think he's a patient man. I think patience should be rewarded. I am a buyer, unmitigated buyer, of the stock of Berkshire Hathaway."

Disclosure: Cramer's charitable trust owns shares of Clorox.

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