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"This sell-off is vicious, it's ugly, and it's all about worries of a global slowdown," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

In these tough times, Cramer said its time to start taking profits in the stocks that have gains and start hoarding cash to buy them back later at lower levels.

"If you haven't taken any gains, all of my new recommendations won't matter because you won't have the money to buy them," he said.

He then returned to his theme for the week: non-economically sensitive stocks that will benefit from this year's Medicare spending bill.

Cramer recommended

Pediatrix Medical

( PDX) as the next in his series, saying that any company set to get money from the federal government doesn't need to worry about slowing housing or European interest rates.

Pediatrix manages the largest network of neonatal specialists, along with 22% of the 1078 Neonatal Intensive Care Units (NICU) in the country. The stock is currently just 3 points of its 52-week low, but Cramer said that's because Wall Street just doesn't' understand Pediatrix' business.

While Pediatrix itself will not receive any money from Medicare, Cramer noted it does rely on the Medicare pay rate set for physicians to determine the benchmark it will use to charge for theirs. With a 1.1% physician pay increase already in this year's Medicare bill, it only stands to reason that Pediatrix will earn more as well, said Cramer.

Cramer: Natural Gas Rules

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Cramer also noted the company's long-term growth prospects. Twelve percent of all births in the U.S. require NICU services, and that number is expected to increase with women having children later in life, the increased use of fertility drugs and the increased prevalence of diabetes in the U.S. population.

Cramer said Pediatrix has already had its sell-off, with shares falling from a high of $70 a share to just $48 a share today. The company now trades at just 17 times its earnings with a long-term growth rate of 13%. Cramer gave the stock a target of $62 a share, or a 28% gain of today's levels.

A Way to Stay in Natural Gas

Cramer warned that there will be more pain coming for his favorite sector, natural gas. He told investors that if they can't handle a 5% to 10% sell-off in the group, they may want to scale back now and buy some back at lower levels.

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Cramer then recommended

Spectra Energy

(SE) - Get Report

as a smaller natural gas play they may not be as volatile as some of the bigger stocks he's recommended previously.

Spectra is a natural gas transmission company that helps get natural gas where it needs to go, said Cramer. The company has 58,500 miles of gathering and processing pipes, along with 18,000 miles of transmission pipelines.

With over $3 billion worth of projects in the works, Cramer said Spectra is in a strong position. "Coal is so out of favor due to its emissions," he said, "that natural gas is the logical alternative." The company also sports a $600 million stock buyback program and a 3.5% dividend yield.

Cramer said Spectra is trading at a discount to its peers. He pegged the stock at $32.84 a share for a 17% gain, if its P/E multiple comes up to the industry average.

Am I Diversified?

Cramer reviewed the portfolios of callers to see if their portfolios have what it takes. The first caller's portfolio included


( BUCY),


(MDRX) - Get Report



(TGT) - Get Report



(WIN) - Get Report



(T) - Get Report


Cramer noted both Windstream and AT&T are in telecommunications. He recommended selling AT&T and adding a consumer stock like


(PEP) - Get Report


The second caller's top holdings included


(CAT) - Get Report



(TM) - Get Report


Proctor & Gamble

(PG) - Get Report



(XOM) - Get Report



(T) - Get Report


Cramer called this portfolio diversified, saying it was "perfect."

The third caller had


(NKE) - Get Report


BEA Aerospace



El Paso

( EP),

Sociedad Quimica

(SQM) - Get Report


Compagnie General de Gophysique-Veritas

( CGV) as their top five stocks.

Cramer advised selling either El Paso or Veritas and adding a healthcare or consumer company to the portfolio.

Changes on the Wall of Shame

Cramer redeemed James Keyes, CEO of


( BBI), from his "Wall of Shame" list of the worst CEOs. He commended Keyes for doing the right thing for his shareholders when he walking away from the bid to acquire

Circuit City

(CC) - Get Report


Cramer replaced Keyes with



founder and CEO Jerry Yang. "This man has treated this company as his own," he said, calling Yang "truly shameful."

Sudden Death

Cramer was bullish on

Charles Schwab Corp

(SCHW) - Get Report



(FRO) - Get Report


He was bearish on

Ship Finance International

(SFL) - Get Report


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Lightning Round

Cramer was bullish on


( HS),




StanCorp Financial






CPFL Energia

(CPL) - Get Report


Cramer was bearish on


(RIO) - Get Report



( GR),

Skyworks Solutions

(SWKS) - Get Report


Valero Energy

(VLO) - Get Report





Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here


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


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

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.