It's hard to dislike a market that can get super-excited over an earnings report, Jim Cramer told his Mad Money viewers Wednesday, as he opined on the huge gains seen in Tiffany (TIF) - Get Report , Ralph Lauren (RL) - Get Report and home improvement chain Lowe's Cos.  (LOW) - Get Report .

Today was a day when the market piled into the fixer-uppers, the big turnaround stories -- and panned the old standbys, Cramer explained. Shares of Lowe's soared 10% today, as investors sold rival Home Depot (HD) - Get Report and bet big that Lowe's could turn itself around with a new CEO.

Meanwhile, Tiffany shares skyrocketed 23% on the day, as that company proved it can become a growth powerhouse, delivering a stunning 7% increase in same-store sales while the markets were looking for just 2.6%.

Ralph Lauren also delivered solid numbers that included a seven-cents-a-share earnings beat as that company also has a renewed focus on execution. Shares of the apparel maker ended the day up 14%.

Those stellar moves were matched by Williams-Sonoma (WSM) - Get Report , while shares of General Electric (GE) - Get Report fell as investors realized this company's turnaround may not be as close at hand as they had hoped.

Off the Charts with Marc Chaikin

In the "Off The Charts" segment, Cramer checked in with colleague Marc Chaikin for his latest read on three stocks he recommended just three weeks ago: Marathon Petroleum (MPC) - Get Report , EOG Resources (EOG) - Get Report and General Electric. Both Marathon and EOG are in the black, with GE wiping out all of its gains today.

Chaikin used three indicators to make those calls, including the Chaikin Money Flow, Relative Strength Indicator and Chaikin Power Gauge. Those indicators now signaled to Chaikin that investors should wait for a pullback on the oil names, but could begin buying GE.

Chaikin also looked at a new name, Akamai (AKAM) - Get Report , which he said can be bought on weakness, and also Walmart (WMT) - Get Report , which may see some short-term pressure.

To see all the charts are get more of Cramer and Chaikin's analysis, read the full story, Marc Chaikin's Technical Tools: Cramer's Off the Charts.

Cramer and the AAP team note that new home sales in the first quarter were not as strong as previously thought. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Executive Decision: Carnival Corp.

For an "Executive Decision" segment, Cramer spoke with Arnold Donald, president and CEO of Carnival (CCL) - Get Report , aboard the company's newest ship, Carnival Horizon.

Donald said the past five years have gone by quickly and his industry has gone from languishing to outperforming the market. Shares of Carnival have doubled in price over that time. Demand continues to exceed capacity, he noted, and every market is under-penetrated.

Carnival currently serves 700 ports around the world with 105 ships that, and offers thousands of itineraries. Donald said Carnival's real competition is not other cruise lines, but rather land-based vacations that still make up 98% of the market.

While Carnival is a big proponent of technology and even gave the keynote at last year's Computer Electronics Show, Donald said everything they do, from their Ocean Medallion wearable technology for passengers to big data and artificial intelligence, is in service of providing guests with a personalized experience while on board. 

No-Huddle Offense

In his "No-Huddle Offense" segment, Cramer told viewers that when the market turns on a sector, they need to look out below. That's certainly been the case with the home builders, with Toll Brothers (TOL) - Get Report plunging 9.5% after the company reported yesterday.

Cramer explained that while Toll did have some increased labor and materials costs and saw some weakness in certain markets, the stock didn't deserve to repeal all of its gains for the year in a single session.

The problem is that analysts have created an alternate reality for this group, one where rising interest rates trumps all, no matter what the company's say to the contrary. With high employment and a booming economy, now's a great time to be a home builder, Cramer said, even if the analysts think otherwise.

Cramer said it'll take time for a decrease in lumber or labor to unseat the analysts' reality, which is why he's steering clear for the time being.

Executive Decision: Global Payments

In his second "Executive Decision" segment, Cramer also sat down with Jeff Sloan, CEO of Global Payments Inc.  (GPN) - Get Report , the payment technology provider with shares up 377% over the past five years.

Sloan explained that 40% of Global Payments' business is technology-based. They enable payments in 100,000 restaurants and 40,000 schools across the country. A quarter of the company's sales stem from outside the U.S., where Asia is growing at 15% annually.

Sloan said that while his company mostly provides business-to-business sales and is not well known to consumers, they enable the latest technologies like mobile payments. 

Lightning Round

In the Lightning Round, Cramer was bullish on Sirius XM Radio (SIRI) - Get Report , (BIDU) - Get Report , Alibaba (BABA) - Get Report , Baozun (BZUN) - Get Report , Shopify (SHOP) - Get Report and E*TRADE Financial (ETFC) - Get Report .

Cramer was bearish on Teva Pharmaceuticals (TEVA) - Get Report , iQIYI (IQ) - Get Report , Blue Apron (APRN) - Get Report and Incyte (INCY) - Get Report .

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At the time of publication, Cramer's Action Alerts PLUS had no position in the stocks mentioned.