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NEW YORK (TheStreet) -- Where did all of the sellers from yesterday go? That was the question Jim Cramer posited to his Mad Money viewers Wednesday after the markets mounted a strong reversal from yesterday's big selloff.

Apparently, yesterday's sellers were of the "hit and run" variety, Cramer concluded -- investors who buy stocks they know nothing about only to sell, sell, sell at the first whiff of trouble.

There were still plenty of reasons the market could've continued lower today, including Workday (WDAY) - Get Report, which reported a disappointing quarter that resulted from actual competition. Surprisingly, Workday's weakness did not spill over in other high multiple stocks, as it typically would.

Then there's the sad saga of Michael Kors (KORS) , the former Wall Street darling that forecast double-digit declines in same store sales, news that sent shares lower by 24%. Here again, only Fossil (FOSL) - Get Report followed suit, with other high end retailers like Tiffany (TIF) - Get Report ending up 10.5%.

Finally, there was the continued collapse of Shake Shack (SHAK) - Get Report, down 14%, as investors continue to realize this stock's stratospheric prices may have only resulted from the massive short squeeze Cramer outlined yesterday (LINK).

But despite all of these shortfalls, the markets surged higher, prompting Cramer to remind viewers that they must use selloffs like yesterday to get the prices they want for the stocks they need. Don't buy into the panic, only buy stocks you understand and are willing to hold onto for the long term.

Executive Decision: Jeffrey Ettinger

For his "Executive Decision" segment, Cramer sat down with Jeffrey Ettinger, chairman and CEO of Hormel Foods (HRL) - Get Report, the food company most famous for Spam and Skippy peanut butter, which recently announced the $775 million purchase of Applegate Farms, an all-natural and organic food maker.

Ettinger said the shift to organic foods is not a fad, it's a movement, and organic items are the most exciting area of the grocery store at the moment.

Hormel has no plans to make changes at Applegate, and Ettinger noted the company will be a standalone division within Hormel. The company plans to honor the brand and and all its commitments to organic methods and fair treatment of animals.

Ettinger said he still sees a place for organic and non-organic item, however, noting that Spam continues to grow as his company introduces variations of the product. He said the Jennie-O brand also remains terrific.

Don't Raise Interest Rates

No one wants the Federal Reserve to be late raising interest rates, but there's also a lot of harm that could be done if they're too early, Cramer told viewers.

While some on Wall Street feel the Fed should raise rates now, a move that would spark a flood of new home buyers rushing into the market to lock in a low mortgage rate, Cramer said he couldn't disagree more.

The housing market is still far too frail to absorb a rate hike, Cramer said, as evident by the cautious comments from Toll Brothers (TOL) - Get Report this quarter. You don't raise rates until there's a real need to do so, he noted, and we're simply not there yet.

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Cramer's advice to the Fed: Get comfortable being on hold for now. The data just don't support making any changes in the near future.

Executive Decision: Lance Fritz

In his second "Executive Decision" segment, Cramer sat down with Lance Fritz, the new president and CEO at Union Pacific (UNP) - Get Report, the railroad that has seen its shares slump 18% from its highs earlier in the year. Is the bottom at hand or is there more pain to come?

Fritz said it has been a difficult start to the year for Union Pacific but added the company knows how to right-size the business for the environment. Among the hardest-hit areas Fritz noted the West Coast, which, with the port strike over, is only just now returning to normal volume. He also blamed a continued decline in coal shipments.

Among the positives was agriculture, oil and oil related shipments, such as fracking sand, and Mexico, where Union Pacific controls near 70% of all the railways that enter and exit that country.

Fritz said that as America's roads become more congested and fall into disrepair, rail becomes a better option for shippers. Rail continues to be four to five times more fuel efficient than trucks, no matter what the price of diesel fuel happens to be.

Add to that Union Pacific's commitment to its dividend and share buyback program and it's easy to see why Cramer remains excited about the prospects for rail as the U.S. economy continues to strengthen.

Lightning Round

In the Lightning Round, Cramer was bullish on Receptos (RCPT) , Radius Health (RDUS) - Get Report, BioMarin (BMRN) - Get Report, Gogo (GOGO) - Get Report, Kite Pharma (KITE) , Bluebird Bio (BLUE) - Get Report, Medtronic (MDT) - Get Report, Edwards Lifesciences (EW) - Get Report, St Jude Medical (STJ) and Yahoo! (YHOO) .

Cramer was bearish on Tekmira Pharmaceuticals (TKMR) , Petrobras (PBR) - Get Report and Alibaba (BABA) - Get Report.

Executive Decision: Greg Waters

In his third "Executive Decision" segment, Cramer sat down with Greg Waters, president and CEO of Integrated Device Technology (IDTI) - Get Report, the semiconductor maker that makes chips for smartphones and other connected devices. Shares of Integrated Devices are up 18% since January.

Waters said the average person checks their smartphone 14 times a day, and every time they go to the Internet from that device that action runs through an Integrated Devices chip. He said while some of the chips, like wireless charging, are visible to consumers, 90% of what his company does is never seen.

One of the big areas the company focuses on is mobile video because the backbone on the Internet is constantly getting rebuilt to carry more and faster video content. Integrated Devices also helps today's faster processors talk to slower memory and networks that have not kept pace with the speed revolution.

Waters also talked about the cordless revolution. He said that people are starting to realize that it's great to get rid of cords and his company is among the early movers in this space.

Cramer continued his recommendation of Integrated Devices.

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.