Cramer's 'Mad Money' Recap: Just Do It Like Nike

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The two most exciting and risk-loaded stocks in the market right now are Under Armour (UA Quote) and Crocs (CROX Quote), Jim Cramer told viewers of his "Mad Money" TV show, which was broadcast Wednesday from the University of Virginia as part of his "Back to School" tour.

"Tonight, we're looking for the next Nike (NKE Quote)," Cramer told his student audience at the Darden School of Business on the Charlottesville campus.

While Crocs has more than doubled and has been "flying high" since Cramer recommended it in September, last week Under Armour "hit a wall" before bouncing back on takeover rumors.

Though both look like "faddish" stocks, Cramer said he can smell which fads will fizzle and which will turn into good long-term stocks.

Under Armour and Crocs are so expensive that they can do only one of two things at this point, Cramer said: "They can either become Nike or they can turn out to be one-hit wonders.

"Nike has a great brand and great branding power," Cramer said. "It's about more than being just a shoe company."

Not only does it have "the swoosh" branding, but it also was able to extend it, he said. Nike took its brand and went beyond running shoes. Similarly, Under Armour is already expanding its brand to football cleats, Cramer said.