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The stock market has gotten really simple, really fast, Jim Cramer told his Mad Money viewers Wednesday. Stocks are simply judged on how much China exposure they have, and that's about it. That's why things are likely to get worse before they get better.

The stock with the most Chinese exposure remains Apple (AAPL) , and according to research published today, Apple could see its earnings cut by 29% if China were to ban their products. But Cramer said he still thinks that scenario is unlikely given that Apple and its suppliers literally employ millions of Chinese workers.

There is a case to be made, however, for banning the Chinese from U.S. capital markets, Cramer said. Of the 31 Chinese IPOs last year, 21 have lost investors money, including 14 which have fallen more than 20%. Luckin Coffee (LK) , he said, is just the latest in this disturbing trend.

Investors are getting a quick lesson on which retailers have China exposure. Both Kohl's Stores (KSS) and Nordstrom (JWN) posted miserable results, while others, like Target (TGT) , saw shares up 7.7% on strong results. Other stocks hit hard Wednesday were the semiconductor makers and Tesla (TSLA) , which fell 6% on fears that growth could be hampered in China.

Among the few stocks with no China exposure are the cloud kings, like Workday (WDAY) and Adobe Systems (ADBE)

Cramer and the AAP team are taking a look at Microsoft (MSFT) and Palo Alto Networks (PANW) . 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.

Right on Target

Sometimes, you need to stand up and celebrate a job well done, Cramer told viewers. Today, he's cheering the phenomenal results delivered by Target, including a monster 4.8% increase in same-store sales.

Cramer applauded chairman and CEO Brian Cornell for taking the reins at Target and leading the company against formidable competition, including Amazon (AMZN) . Nearly 50% of Target's online sales now stem from same-day pickup or delivery options, whether that be in-home or curbside pickup. Customers love the new convenient options, Cramer noted, and it shows. Target's new, smaller format stores have also been a hit with customers, putting this once struggling retailer back in charge of its own destiny. 

On Real Money, Cramer says Cornell is doing everything better. Get more of his insights with a free trial subscription to Real Money.

Executive Decision: IDEXX Laboratories

For his "Executive Decision" segment, Cramer sat down with Jonathan Ayers, chairman, president and CEO of IDEXX Laboratories (IDXX) , the animal health company with shares up 34.6% so far this year.

Ayers said the trend of people treating their pets like family continues in the U.S. and abroad, yet even now, only one third of all dogs get an annual wellness visit to a veterinarian. For cats, that number falls to just 25%. For those pets who do see their vet however, diagnostics from IDEXX is becoming an integral part of their care.

Ayers said that IDEXX continues to innovate, which helps it see strong organic growth and increased operating margins. The company now has data in the cloud, an app in the app store and 11% growth in recurring revenues, he said, all thanks to an investment in technology.

When asked about the younger generation, Ayers said 42% of millennials think their pets have special needs, and that's twice the amount of boomers. That's why he said pet care in general, and IDEXX in particular, have long runways of growth ahead of them. 

Executive Decision: Edgewell Personal Care 

In his second "Executive Decision" segment, Cramer also sat down with Rod Little, president and CEO of Edgewell Personal Care (EPC) , the company which just acquired Harry's, the men's care products company co-founded by Andy Katz-Mayfield and Jeff Raider.

Little explained that Edgewell is a little-known story on Wall Street, but the company has a new management team and a new focus on global grooming, and the Harry's acquisition is just the beginning of that transformation. With Harry's, Edgewell will combine their global reach with the latest in digital marketing and online capabilities.

Katz-Mayfield recounted the origins of Harry's, which was born out of the frustration of overpriced, over-packaged and gimmicky razors and blades provided by traditional manufacturers. Raider added that the Harry's brand is warm and approachable, and after having started online, the brand can now be found everywhere their customers need them to be.

Executive Decision: Ring Central

For his final "Executive Decision" segment, Cramer checked back in with Vlad Shmunis, chairman and CEO of Ring Central (RNG) , a stock Cramer last recommended in November. Shares of Ring Central are up 50% in 2019.

Shmunis explained that Ring Central helps companies replace their legacy phone systems with new, cloud-based telephony services that include voice, video, collaboration and more. Ring Central brings communications to employees anytime, anywhere. Ring Central was also an early partner with Zoom Video (ZM) .

Shmunis added that Ring Central services everyone from small companies to 45,000 seat enterprises, including sports teams, restaurants, retailers and more. Ring Central operates in 41 countries around the globe. 

Lightning Round

In the Lightning Round, Cramer was bullish on Toyota Motor (TM) , Ford Motor (F) and Twist Bioscience (TWST) .

Cramer was bearish on Honda Motor (HMC) , VipShop (VIPS) , Marathon Petroleum (MPC) , JetBlue Airways (JBLU) , Coty (COTY) and BGC Partners (BGCP) .

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At the time of publication, Cramer's Action Alerts PLUS had a position in MSFT, PANW, AAPL, KSS, AMZN.