Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener.
NEW YORK (TheStreet) -- Good opportunities to buy stocks at great prices are coming to those who are patient, Jim Cramer told his Mad Money viewers Wednesday. He cautioned yesterday that the markets were overheated, and today they became a little less so.
It was Wal-Mart(WMT) - Get Report that helped send the markets lower after the company reset earnings expectations for the next several years as it restructures and reinvigorates its business. Shares of Wal-Mart plummeted a full 10% on the news.
Cramer said there are two reactions to Wal-Mart's news. The first is things are terrible in the U.S. economy, and they'll only get worse with oil prices on the rise and the Federal Reserve raising interest rates next year.
But the second, more rational, reaction is Wal-Mart is in trouble and needed to take drastic action now to avoid becoming the next Sears Holdings (SHLD) . The news may have been shocking, but it was necessary.
The fact is that other retailers, like Costco(COST) - Get Report , are just better than Wal-Mart. They invest in their people, pay them better and as a result, spend far less training and retaining them.
So while Wal-Mart helped bring the markets lower today, Cramer said they're still not low enough and investors need to keep waiting to see what tomorrow brings.
Bank of America Hits Home Run
It's a whole new ball game for Bank of America(BAC) - Get Report , a stock Cramer owns for his charitable trust, Action Alerts PLUS, after the company surprised Wall Street with a better-than-expected quarter.
Cramer said it seems that Bank of America's endless legal fees are finally beginning to wind down. Meanwhile, the bank is building up excess capital that it could soon be allowed to return to shareholders. Additionally, its turned itself into a growth machine, even without a Fed rate hike. Cramer's forecast? $18 a share.
Cramer also gave the nod to JPMorgan Chase(JPM) - Get Report , which he likes under $58 a share, and Wells Fargo(WFC) - Get Report , another Action Alerts Plus holding, which he said offered up clean earnings with lots to like.
Executive Decision: Doug McMillon
For his "Executive Decision" segment, Cramer sat down with Doug McMillon, president and CEO of Wal-Mart, to learn more about company's announcements and what they'll mean for Wal-Mart in the coming years.
McMillon said that today the company did something different, it offered guidance for the next three years, which will include 3% to 4% growth annually. Additionally, the company quantified the amount their investment in higher wages will cost -- $1.2 billion this year and $1.5 billion next year.
McMillon said that if Wal-Mart doesn't win customers, it doesn't have a business, which is why it will be investing in people, stores and technology. In addition to better wages and excellent health care, Wal-Mart is also bringing back over 8,000 department manager positions to help improve the customer experience.
McMillon also said Wal-Mart is bringing excitement back to its products with lots more natural and organic options and also an easy-to-use in-store pickup program that customers are loving in the test markets where it is available.
Buy Enterprise Product Partners
Continuing with his "Energy Stocks You Can Live With" series, Cramer recommended Enterprise Product Partners(EPD) - Get Report , the midstream pipeline operator with over 51,000 miles of onshore and offshore pipelines and a 5.5% dividend yield.
Enterprise Products is among the most levered pipeline operators to natural gas, which, unlike oil, is seeing increased demand as we both use more of it domestically and are getting ready to begin exporting it overseas. That makes Enterprise the pipeline company you want to own right now, Cramer said.
The company also operates 24 natural gas processing plants and has a long history of making smart acquisitions and divesting assets that no longer fit its model. Cramer is also bullish on the company's 44-quarter track record of raising its distribution.
In the Lightning Round, Cramer was bullish on Osiris Therapeutics(OSIR) - Get Report , Opko Health(OPK) - Get Report , PPG Industries(PPG) - Get Report , Quintiles Transnational (Q) and Rite Aid(RAD) - Get Report .
Executive Decision: Martin Franklin
In his second "Executive Decision" segment, Cramer sat down with Martin Franklin, executive chairman of Jarden (JAH) , a stock that's up 23% since Cramer last checked in about a year ago.
Franklin commented on the announcement today that Jarden is buying school memorabilia company Jostens for $1.5 billion. He said the maker of yearbooks, class rings and caps and gowns will be a perfect fit for Jarden and represents great value for his company.
Franklin said Jarden already sells into schools with other product lines and schools tend to be great customers over the long term.
When asked about his business overall, Franklin said Jarden continues to grow organically at 5.9% a year. Past acquisitions, such as Yankee Candle, are preforming very well.
To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.
To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here.
At the time of publication, Cramer's Action Alerts PLUS had a position in BAC, COST and WFC.