Jim Cramer's 'Stop Trading': Follow Latifah and Icahn

In a wild market, follow the sage market advice of entertainer Queen Latifah and billionaire investor Carl Icahn, Jim Cramer said on CNBC's "Stop Trading!" segment Wednesday.

"Let me just tell you that Queen Latifah has the right approach," Cramer said. "In these ... treacherous markets ... you know something, Queen Latifah's kind of got it figured out." Cramer summed up Latifah's approach to the market as patient and focused on the long term.

Cramer then discussed several trade ideas with activist investor Carl Icahn. Cramer lauded Icahn's "patience and resilience" as he attempted to marry software companies BEA Systems (BEAS Quote) and Oracle (ORCL Quote).

Icahn called BEA an "undervalued company," adding that "it took a lot of shuttle diplomacy to say the least" to bring the two together.

Of the recent tech selloff, Icahn said, "I'm not quite as bullish as [Cramer] ... I think there's going to be maybe more blood on the streets. On the bright side, I think there are some bargains around.

"I'm a great bull on Motorola (MOT Quote)," Icahn continued. "If they could ever spin the cell-phone business off ... you get a whole new environment. ... When you buy Motorola, you buy that cell-phone business for nothing."

On the other hand, Icahn voiced worries about the commercial real estate market: "Without question you have to worry. ... We do some of the derivatives to take advantage of that." He compared the commercial market to the home market, saying the area's woes owe a great deal to mismanagement by several companies.

Icahn ended by discussing his stake in WCI Communities (WCI Quote), saying investors should not jump to conclusions about the real estate developer's solvency.

"I think ... it takes time," he said.

Cramer ended the segment by reminding viewers that "banking against Carl has not been a great bet, on a percentage basis."