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Jim Cramer's 'Mad Money' Recap: This Market Has Gotten Too Hot

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NEW YORK (TheStreet) -- Sometimes the grill gets too hot for even the master chefs to handle. That was Jim Cramer's take on Wednesday's market action and, as he told his Mad Money viewers, the selling still isn't over.

The market's problems started last Friday in the biotech sector, Cramer noted. Stocks including fave Regeneron (REGN) continued to roar higher even after the company unveiled its latest clinical trial results. Typically, a stock like Regeneron should rise ahead of the event and sell thereafter, but that was not the case.

Must Read: 5 Stocks Warren Buffett Is Selling

That's why Cramer told viewers to take some profits in the red-hot biotech sector last week, a call that was not well received by many momentum investors. But the biotechs, along with technology and the industrials, started heading south Monday, just as Cramer expected.

So what should investors' do next? Nothing, Cramer advised. The markets need time to cool and the analysts will not be your friend as estimate cuts are likely coming. Even a stock like Sonic (SONC), which posted a terrific quarter, saw its shares slammed by 12% today. In a market like that, it's best to cool your heels, Cramer concluded.

Executive Decision: Manny Chirico

For his "Executive Decision" segment, Cramer sat down with Manny Chirico, chairman and CEO of PVH (PVH - Get Report), the apparel maker that's seen its shares decline 19% so far this year, despite a recently announced 3-cents-a-share earnings beat.

Chirico said that despite sizable currency headwinds this quarter, the underlying business at PVH remains very strong. He said the investments the company has made in their Calvin Klein and Tommy Hilfiger businesses are starting to pay dividends, but those investments may be hard to spot through the currency morass.

When asked about the currency issues, Chirico noted his company dedicated almost half of its earnings release to talking about the challenges. PVH derives about 60% of earnings from overseas, with half that number stemming from Europe.

Turning to the topic of growth, Chirico said PVH continues to be focused on growth through acquisitions and by expanding its brands, but the company will also look into returning cash to shareholders later this year.

Must Read: 'Sell in May, Then Go Away' Often Works and Could Be Wise to Consider Early this Year

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