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You should get your hands on shares of

Hanesbrands

(HBI) - Get Hanesbrands Inc. Report

, because it's a spinoff that makes sense, Jim Cramer told his "Mad Money" TV viewers Wednesday.

Sara Lee's

( SLE) decision to spin off Hanes was a smart one because "a food company and a clothing company do not belong under the same roof," Cramer said.

Looking at historical evidence, Cramer noted that in 2001, Sara Lee had an 81% stake in

Coach

(COH)

, but then dumped it because those business lines "didn't fall under the same roof either."

Since then, Coach has risen nearly 900%, said Cramer, and Hanes,

which got spun off last month, could see the same results now that it's "free from the shackles of Sara Lee." Of course, Cramer noted, there are some temporary drawbacks, but most are not that serious. For instance, Sara Lee forced Hanes to take down a lot of debt during the spinoff.

So will the move be a delight or a debacle? The bottom line, Cramer said, is that spinoffs "tend to make you money. I would be a buyer of Hanes below $23."

In response to a caller, Cramer said that

Under Armour

TheStreet Recommends

( UARM) benefits from having advertising related solely to sports. The advertisements play to the working man, Cramer said, "because they want to be like the guys in the NFL, too. I think UARM goes higher."

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When answering a question about whether or not to believe the management at

Jos. A Bank Clothiers

(JOSB)

that the current inventory problem is short term, Cramer asked, "Doesn't that worry you that management says everything is fine?"

"My take is that this is a classic stay-away story," Cramer added. "Why do we have to go to uncharted waters when so many other stores are bulletproof?"

Bread Recipe That Yields 74

Cramer wants you to make some dough with

Panera Bread

(PNRA)

, but first you have to determine what's true about the company.

Panera's shares have touched both $46 and $64, but Cramer believes both prices are wrong. The real Panera is the Panera of tomorrow.

Cramer said that on July 26, Panera made the "cardinal sin of widening their range of earnings estimates." They reduced the low end by 2 cents, and there was "such a sickening decline from $59 to $46, you would've thought it was a train wreck."

In addition, Panera said that same-store sales were light for one month but would rebound. According to Cramer, Panera "did precisely what it was supposed to do," the company "told the truth when it had a bad month of same-store sales. People got too negative, and you got a break when Panera dipped to $46." Cramer made the comparison to a similar situation that happened with

Starbucks

(SBUX) - Get Starbucks Corporation Report

.

Panera "should never have been as low as $46," said Cramer, and now that comp sales have rebounded, the stock should hit $74, where Panera peaked before the market abandoned it. "That's where I think it's headed."

Cramer recommended putting half of a position in now and then waiting until after the company reports earnings before putting in the other half. "I think it should make or beat its numbers," said Cramer.

A caller asked Cramer which company he preferred out of

PepsiCo

(PEP) - Get PepsiCo, Inc. Report

,

Pepsi Bottling Group

( PBG) and

Yum! Brands

(YUM) - Get Yum! Brands, Inc. Report

. Cramer said that after the bell Wednesday, "Yum!

reported a good number, and it's two thumbs up for me."

Another caller asked if there are indicators to tell whether a company is telling the truth and will make it through reported shortfalls, similar to the cases of Starbucks and Panera. "If the growth forecast is still being reiterated, you have the chance to get in cheap," said Cramer.

Am I Diversified?

In the "Am I Diversified?" segment, in which Cramer examines portfolios for their diversification, the first caller offered a portfolio that consisted of:

Cramer blessed the portfolio, saying that while normally both Consolidated Edison and Alaska Communications would be considered utility stocks, the latter should be considered a growth stock.

The segment's second caller had a portfolio made up of:

The combination of AT&T and Verizon prevents the portfolio from being diversified, Cramer said. "I like AT&T more than any other utilities," Cramer said, adding that he'd ring the register on Verizon and instead add

Sears Holdings

(SHLD)

,

Johnson & Johnson

(JNJ) - Get Johnson & Johnson Report

or

Schering-Plough

( SGP).

Knocking on Housing's Door

Cramer welcomed Bob Toll, chairman and CEO of

Toll Brothers

(TOL) - Get Toll Brothers, Inc. Report

, back to "Mad Money" via a telephone interview. When asked if the housing market has bottomed, Toll replied that "there's no way for me to tell. There isn't an inflection point. We've been bumping along without getting worse."

"I don't understand the concept of ratcheting back," Toll said in response to a question about housing inventories piling up. "If you don't sell the goods, you don't make them."

When Cramer asked if options are coming back to haunt Toll Brothers, Toll said that options are "a useful tool and also necessary in our business. When you've bought ground in our business and you finally analyze it in today's market, not using options is foolish."

Cramer added that the housing business "has bottomed. You know you cannot wait until the all-clear bell has sounded. I am blessing

Lennar

(LEN) - Get Lennar Corporation Class A Report

and, to a lesser extent, Toll Brothers, and

KB Home

(KBH) - Get KB Home Report

. I don't want you backing away from it."

To view Cramer's interview with Bob Toll, please click here.

In the "Sudden Death" portion of the program, Cramer was bullish on

Ford

(F) - Get Ford Motor Company Report

and

SanDisk

(SNDK)

. He was bearish on

Pfizer

(PFE) - Get Pfizer Inc. Report

.

Lightning Round

Cramer was bullish on

Sealy Corp.

(ZZ)

,

Home Depot

(HD) - Get Home Depot, Inc. Report

,

Lowe's

(LOW) - Get Lowe's Companies, Inc. Report

,

Sears Holdings

(SHLD)

,

First Data

(FDC) - Get First Data Corporation Class A Report

,

LAM Research

(LRCX) - Get Lam Research Corporation Report

,

Yahoo!

(YHOO)

,

Genentech

( DNA),

Digital River

(DRIV) - Get Global X Autonomous & Electric Vehicles ETF Report

,

Boeing

(BA) - Get Boeing Company Report

and

Terex Corp.

(TEX) - Get Terex Corporation Report

.

Cramer was bearish on

Systemax

(SYX) - Get Systemax Inc. Report

,

Diamond Offshore

(DO) - Get Diamond Offshore Drilling, Inc. Report

,

JLG Industries

( JLG),

Renovis

( RNVS),

Alliance Data Systems

(ADS) - Get Alliance Data Systems Corporation Report

,

Synchronoss Technologies

(SNCR) - Get Synchronoss Technologies, Inc. Report

,

Zoltek Companies

(ZOLT)

and

Matsushita Electric Industrial

(MC) - Get Moelis & Co. Class A Report

.

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

click here.

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

clicking here

.

At the time of publication, Cramer was long Altria, Johnson & Johnson, Sears Holdings, Schering-Plough and Yahoo!.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com 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 TheStreet.com, 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 TheStreet.com 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, TheStreet.com 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 TheStreet.com, 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 TheStreet.com. 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 TheStreet.com, 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.