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Cramer said Obama's comments regarding Russia scared the markets, causing it to reverse course and head even lower. Investors now fear sanctions could impact upon global growth, causing a flight to safety in bonds. "No one's sure what to pay for stocks in this environment," Cramer continued.
That was the case with PVH Corp (PVH) - Get Report, a company that paid $2.9 billion to acquire Warnaco last year only to miss estimates, sending shares down 14% for the year. That was until today, when investors changed course, spiking shares up 3.5% on the hopes that the deal may actually bear fruit in the second half of 2014.
Then there's Facebook (FB) - Get Report, a stock Cramer owns for his charitable trust, Action Alerts PLUS. Facebook shares are up 139% over the past 12 months. Yet, the recent acquisitions of WhatsApp and virtual reality goggle maker Oculus have sent shares skidding as investors just can't figure out how either of these deals will be accretive to earnings.
Cramer said when there's no news, the markets fill the void with politics -- and that's almost always bad for stocks. As we've seen today, investors are heading for the hills, not quite sure what's coming next.
You can bank on the breakup, Cramer told viewers, as he turned his sights on FMC Corp (FMC) - Get Report, the chemical maker that announced Wednesday that it will be spinning off its minerals business early next year.
Cramer explained that FMC is actually three companies bundled into one. FMC has an agriculture division, a health and nutrition segment and a large commodity minerals business. While the ag and health divisions are solid secular growers, Cramer said they've both been weighed down by the cyclical minerals division that needs a robust economy to do well.
Wall Street likes things simple, Cramer explained, and anytime there are cyclical and secular components all mixed together, the true value of a stock is almost never fully realized. Making matters worse, FMC hasn't been investing in its minerals division due to fears that it would become too large a segment within the company.
Cramer said FMC is a high-quality operator, and separating these components will unlock a lot of value for shareholders. How much value? Cramer said shares could see the mid-$90 range, which would be a 22% gain from today's prices.
There are four stages of a breakup: the speculation, the announcement, the run-up to the split and the post-breakup. Cramer said investors typically make money during all four stages, and with FMC there are still two more stages left to go.
What Out for GrubHub
Don't let today's disappointing King Digital (KING) initial public offering scare you, Cramer told viewer. The red-hot IPO window will remain open for a little longer and there's one coming IPO that worth snatching up.
Cramer said GrubHub, the online mobile takeout service with 3.4 million users in over 600 cities, will have an explosive IPO when it comes to market next week. The company is not only profitable, processing $1.3 billion in orders last year, but it's also growing by 43%.
Why will the deal be explosive? Cramer said it's because GrubHub will be offering only 7% of its float in the IPO, which will create enormous demand for shares. Given its expected price range, GrubHub will trade at just 5.7 times sales, making it cheaper than both Open Table (OPEN) and Yelp (YELP) - Get Report.
Cramer said GrubHub is a trade only, and he would not buy shares in the open market.
In the Lightning Round, Cramer was bullish on Hertz Global Holdings (HTZ) - Get Report, Hi-Crush Partners (HCLP) , Kimco Realty (KIM) - Get Report, Lockheed Martin (LMT) - Get Report, Hospira (HSP) and BorgWarner (BWA) - Get Report.
Am I Diversified?
In the "Am I Diversified?" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.
The second portfolio's top holdings included Apple (AAPL) - Get Report, HollyFrontier (HFC) - Get Report, Cedar Fair (FUN) - Get Report, American Electric Power (AEP) - Get Report and Kinder Morgan Energy Partners (KMP) .
Cramer said "well done" to this diversified portfolio.
Cramer said this portfolio cannot have Bristol and Merck. He advised selling Merck and adding a health insurer like Aetna (AET) .
No Huddle Offense
In his "No Huddle Offense" segment, Cramer said Wednesday's abysmal IPO of King Digital may signal the beginning of the end for the red-hot IPO market, which will be welcome news for established stocks.
Cramer has said for weeks now there is too much "froth" in the markets, especially in the fuel cell, cloud computing and early-stage biotech sectors. The flood of IPOs is only sending the stocks of great, established players lower, he said.
Today's King Digital disappointment could have been bankers misjudging demand or the market fearing King would be the next Zynga (ZNGA) - Get Report. More likely it was just common-sense skepticism, Cramer said, something that's necessary and healthy for the markets as it shifts from growth to value investing.
Once the supply of IPOs dries up, Cramer concluded, many of the beaten-down names will once again resume going higher.
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-- Written by Scott Rutt in Washington, D.C.
To email Scott about this article, click here: Scott Rutt
At the time of publication, Cramer's Action Alerts PLUS had positions in AAPL, FB and NBL.