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) -- "It's been a remarkable turn for the bears," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday as he commented on the day's trading action. Cramer said the negative news that once took down entire sectors is now barely making a dent in the markets.

Cramer said normally, a negative headline about one company would take down shares of countless others in sympathy. That's been the pattern for what seems like forever. But today there was not one, but two, examples of negative news having no "pin action" on the company's peers.

When chipmaker


(XLNX) - Get Report

slashed its earnings forecasts, the news would have typically caused a meltdown in the entire semiconductor group. But instead, shares of Xilinx actually closed the day higher.

The same pattern held true when footwear giant


(NKE) - Get Report

reported disappointing results. Retailers like

Dick's Sporting Goods

(DKS) - Get Report

continued to rally, while

Foot Locker

(FL) - Get Report

closed only slightly down, in spite of its link to Nike.

Cramer said over and over again the pattern of no pin action is playing out. Existing home sales today had no discernible impact on the markets. And while negative headlines still prevail regarding the financials, banks like

JPMorgan Chase

(JPM) - Get Report


Bank of America

(BAC) - Get Report

, two stocks which Cramer owns for his charitable trust,

Action Alerts PLUS, continue their marches higher.

Executive Decision

In the "Executive Decision" segment, Cramer spoke with Daniel Ustain, chairman, president and CEO of truck maker

Navistar International

(NAV) - Get Report

, a company that delivered what appeared to be a 6-cent-a share earnings miss. But Cramer noted that after a one-time charge, Navistar actually delivered an 8-cent-a-share beat, on revenue that was $160 million higher than Wall Street forecasts.

Ustain said that after three difficult years for the trucking business, with sales down some 60%, the market is finally showing signs of recovery. He said 2011 is shaping up to see 25% to 30% growth over 2010 levels.

When asked about the company delivering only 16.6% gross margins compared to an 18% average, Ustain said that Navistar just completed a launch period for several new products, which caused a temporary dip in margins. Speaking of new products, Ustain boasted that Navistar is the only company with an engine that meet 2010 emission standards internally, without the need for exhaust filtering.

Turning to Navistar's government business, Ustain said that while the government is cutting back in some areas, wheeled vehicles are still in great demand, and he sees Navistar's government business remaining strong for years to come.

Another bright spot for Navistar is the company's international expansion. Ustain said his company has been able to maintain earnings while building out a truck platform in South America, India, South Africa and now in Asia with the help of


(CAT) - Get Report

, another Action Alerts PLUS name.

Cramer said he's a believer in the truck bull market, and that means he's a believer in Navistar. Cramer said he'd be a buyer on the stock's recent weakness and lowered expectations.

Exclusive Interview

In a second exclusive interview, Cramer spoke with Tim Boyle, president and CEO of

Columbia Sportswear

(COLM) - Get Report

, a stock Cramer recommended on Oct. 26, for a quick 20% gain.

Boyle said Columbia continues to be focused on innovating visibly different products for consumers, ones that are effective but also offer a lot of value. He said Columbia is using technology that initially went into heated car seats, and has applied it to apparel to make heated clothing. Boyle said that like all technology products, as volume grows, prices will decrease, further fueling demand.

When asked about the company's Sorel brand of boots, Boyle said that Columbia acquired the bankrupt Sorel in 2000, and has change the brand from primarily a working man's boot, to one that appeals mainly to women. He said that sales have been stronger than expected with Sorel, leading to less inventory than Columbia would like.

Turning toward rising input costs, Boyle acknowledged that the footwear industry is entering an inflationary period. He said while Columbia has broad sourcing throughout Asia, these inflationary pressures will likely be a concern in the future.

Cramer said Columbia is still an exciting story, but after the stock's recent run up, and the disappointing earnings from Nike, he'd only be a buyer of Columbia on a pullback.

Am I Diversified

Cramer played "Am I Diversified" with callers to see if their portfolios have what it takes. The first caller's portfolio included


(F) - Get Report


(CRM) - Get Report


Powershares Financial Preferred

(PGF) - Get Report



(T) - Get Report



(AMLP) - Get Report


Cramer said this portfolio was expertly constructed with dividend stocks and a great growth stock in

The second caller's top holdings included

Chesapeake Energy

(CHK) - Get Report



(V) - Get Report


American Express

(AXP) - Get Report


National Semiconductor



Commercial Metals

(CMC) - Get Report


Cramer identified two of a kind with Visa and American Express, and said he'd ditch Visa in favor of a health care stock.

No Huddle Offense

In the "No Huddle Offense" segment, Cramer championed the big rally in the bank stocks. He said with the media still focused on negative research and an ever-looming surge in foreclosures, the bank stocks continue to power higher, showing more and more signs of strength and resilience daily.

Cramer said the bulk of hedge funds and mutual funds won't start piling into these names until the bulk of the move is over, but smart investors know the time to get in is now.

Lightning Round

In the Lightning Round, Cramer was bullish on

Annaly Capital

(NLY) - Get Report


Energy Transfer Partners



Enterprise Products Partners

(EPD) - Get Report





Xcel Energy

(XEL) - Get Report



(COST) - Get Report


Cramer was bearish on

Teva Pharmaceutical

(TEVA) - Get Report





Diana Shipping

(DSX) - Get Report


--Written by Scott Rutt in Washington, D.C.

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Scott Rutt


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


At the time of publication, Cramer was long JPM, BAC and CAT

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."

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