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) -- "Sometimes huge moves in few stocks can signal which ways the market's headed," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.

He said the key to understanding the markets is to learn what the big movers are signaling.

Case in point,

Panera Bread


, which was up 7% today on a strong quarter as consumers trade up from fast food to better food, along with heavy equipment maker

SPX Corp


, which was down sharply on falling new home starts.

To the novice investor, the moves in these two stocks may not seem important. But Cramer said to him, they're signaling that the consumer economy is good, but the industrial economy is not only bad, but may be getting worse.

Cramer said investors are right to worry that a new leg lower may have come to the markets. He said the leadership groups that led the rally off Dow 6,500, mainly technology, oil and the banks, are starting to break down, with bellwethers


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(GOOG) - Get Alphabet Inc. Class C Report

both down sharply, along with several key banks, and with oil unable to trend any higher.

Cramer said its no wonder that the defensive stocks, like


(WMT) - Get Walmart Inc. Report



(KO) - Get Coca-Cola Company Report



(CL) - Get Colgate-Palmolive Company Report

were higher today, as investors begin to lock in profits and start thinking defense.

He said that the 5% to 7% market correction he's been predicting may be at hand.


In a special Wednesday edition of his "Sell Block" segment, Cramer issued a rare jailbreak for


(TXT) - Get Textron Inc. Report

and removed the company's CEO, Lewis Campbell, from his "Wall Of Shame."

Cramer added Campbell to his Wall Of Shame on June 10, when the company seemed to be struggling for survival. At the time, Textron had just issued a big secondary offering of stock, along with a bond offering, in hopes of raising enough cash to bail out its struggling financial services division.

In retrospect, Cramer said that secondary offering actually made investors money, and he may have been too focused on the company's past and not its future.

Cramer said since adding Lewis to the wall, Textron's stock has risen from $11 a share to $18.43. The company delivered a 2-cent-a-share profit and offered rosy guidance for its fourth quarter. Cramer said Lewis has turned the ailing Textron around, by winding down its financial services division and focusing on its other divisions.

Cramer said he hopes all CEOs on his Wall Of Shame do what Lewis did, and fix their companies rather than retiring or getting fired.

Rebutting the Analysts

In the "Executive Decision" segment, Cramer spoke with Bob LaPenta, chairman, president and CEO of

L-1 Identity Solutions


, a stock Cramer recommended on Oct 16 at $6.86 a share. Since that recommendation, the company's earnings and outlook have come under fire from analysts, taking the stock below Cramer's call.

LaPenta said that when he first appeared on "Mad Money" three years ago, L-1 was a $50 million company with negative earnings. Today the company is No. 1 in the biometric space, delivering revenues of $700 million and cash earnings of $100 million.

LaPenta said the perceived shortfall analysts are citing stems from the company's acquisition from last year, which due to a rival bid, caused the company to tender an all cash offer. However, LaPenta said that once that debt is repaid and its new contracts integrated, the company will have great cash flow and growth in 2011.

LaPenta reminded Cramer that he's the largest shareholder in L-1, and he said he sleeps well at night. He said that he's never been more excited about the company's prospects. LaPenta also noted the company's growth overseas, as an additional driver in its growth.

Cramer said he's standing by his recommendation of L-1 Identity Solutions.

Outrage of the Day

Cramer took aim at investment banker

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report

for its handling of the

Dole Foods


IPO, an IPO which Cramer recommended investors to participate in.

Cramer said that at the last minute, Goldman added $300 million in convertible bonds to the offer, and after opening at $12.50 a share, the stock dropped to close at $12.10 on its first day of trading.

Cramer said he's calling out investment banks which offer bad deals for investors, like this one. He said no one is policing these deals, and disclosing something at the last minute, while it may be legal, is not the right thing to do.

Cramer said investment houses, like Goldman, should be bringing good deals to market, the kind that lure investors back to stocks, and not bad one which only scare investors away.

Cramer also took aim at

Under Armour

(UA) - Get Under Armour, Inc. Class C Report

, a company he recently panned, for its "announcement" that it raised full year guidance when it reported its third quarter.

In fact, Under Armour beat expectations by 8 cents a share, but only raised guidance by 5 cents a share, thus falling short by 3 cents a share from what was previously reported. Cramer said investors are too smart to be confused by misleading math, and the company should be ashamed of itself.

Lightning Round

Cramer was bullish on

Monro Muffler

(MNRO) - Get Monro Inc Report



(CIEN) - Get Ciena Corporation Report


RF Micro Devices



He was bearish on

O'Reilly Automotive

(ORLY) - Get O'Reilly Automotive, Inc. Report


Great Atlantic & Pacific Tea



To watch replays of Cramer's video segments, visit the Mad Moneypage on CNBC


Want more Cramer? Check out Jim's rules and commandments forinvesting from his latest book by

clicking here.

For more of Cramer's insights during the Lightning Round, clickhere


At the time of publication, Cramer was not long any stock mentioned.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.