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Cramer's 'Mad Money' Recap: Don't Panic, Look for Discounted Stocks

Looking into each of the parts separately, Cramer said there's lots to like. The company's publishing arm is set to benefit from new textbook standards coming in 2014, plus McGraw-Hill also has a partnership with Apple (AAPL), a stock Cramer owns for his charitable trust, Action Alerts PLUS, to publish digital books on the iPad.

On the ratings side of the business, McGraw-Hill is also set to prosper because countless companies will be taking advantage of record low interest rates to issue new debt, all of which will need a Standard & Poor's credit rating.

Cramer said the sum of McGraw-Hill's parts could be worth 34% more than where the combined shares trade today, plus the company also has an aggressive stock-buyback program in place that's removing 12% of the total float in the interim.

Who's Right on Wynn?

When Wall Street analysts fight, investors win. Those were Cramer's thoughts regarding Wynn Resorts (WYNN), the casino operator that received a Goldman Sachs (GS) upgrade on Tuesday, the day before a J.P. Morgan Chase (JPM) price target cut.

Goldman likes Wynn's prospects in the longer term. With shares off 40% from their highs, the firm felt that most of the negatives are already baked into Wynn's stock. Additionally, the Goldman analyst cited positives for the company such as its new property under construction in the hottest portion of China's Macau province, as well as its limited competition in the region and its 2% dividend yield.

J.P. Morgan, however, trimmed its price target for Wynn from $160 a share to just $134 citing a steady decline in high rollers, who account for nearly 40% of the company's earnings. Despite China's economy still being in flux, J.P. Morgan felt the high-roller trend could continue.

Cramer said he has confidence in Wynn's management and is intrigued by its valuation of just 14 times earnings with a 14% growth rate. He called the company's long-term prospects fabulous. However, in this turbulent market, Cramer concluded that Wynn is the right stock but at the wrong time.

Cramer said there's no reason to own Wynn now with its new casino still years away. He said it's better to wait for additional clarity on both the company's business and the Chinese economy overall.

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