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NEW YORK (TheStreet) -- It's no sin to think big, Jim Cramer told his Mad Money viewers Wednesday. The market rewards companies that don't just stand there and take action to create value for their shareholders.

There was no shortage of companies taking control of their own destinies today because a number of CEOs decided not to cede their futures to, well, the S&P 500 futures or to the whims of global currencies and other macro-economic metrics.

Case in point, Pall Corp (PLL) - Get Report the filter company that was trading at a mere $99 on Monday, but now has a takeover bid at $127.20 a share from Danaher (DHR) - Get Report, for a quick 28% premium.

Then there's Williams Companies (WMB) - Get Report, the pipeline operator that moves 30% of our nation's natural gas. Shares of Williams rose 6% on the news it's buying the rest of Williams Partners (WPZ) that it doesn't already own.

Owens Illinois (OI) - Get Report saw its shares pop 9% on the news its buying a rival glass maker in Mexico, while Monsanto (MON) shares were up on just a rumor that it might sweeten its bid for rival Syngenta (SYT) .

Also on the "take charge" list was Delta Airlines (DAL) - Get Report, announcing a $5 billion stock buyback and a dividend boost to boot.

On the flip side, Cramer noted DuPont (DD) - Get Report, which won its proxy fight against activist investor Nelson Peltz, but in so doing once again made itself just another chemical company levered only to the fluctuations of the global economy. Investors sent shares of DuPont down 6.7% on the news.

Why Cramer Likes Watson

Can Watson really move the needle for IBM (IBM) - Get Report? That was the question Cramer was pondering after visiting the company on last night's show

While it's true that Watson is only a small part of a very large company, it is a sign that IBM is working hard to offset its ailing legacy businesses with new cloud-based technologies that, one day, could be a big deal.

Watson could become a real "door opener" for IBM's salesforce. If you're an executive at a major company, how could you resist giving Watson's incredible ability to analyze and predict trends a try?

In the case of health care, as traditional medicine surrenders to personalized medicine, Watson's ability to match patients with exactly the medicines they need will soon become essential. After all, only Watson can scan 12 million medical research papers, along with every drug trial currently underway, and provide a comprehensive, unbiased course of treatment.

So is Watson a game-changer? It's hard to argue its potential impacts down the road.

Executive Decision: John Chambers

For his "Executive Decision" segment, Cramer welcomed John Chambers, the outgoing chairman and CEO of Cisco Systems (CSCO) - Get Report, a stock that's risen 10% since Cramer last checked in back in January. Cisco just reported an earnings beat of 1 cent a share on a 5.1% increase in revenue. It is an Action Alerts PLUS holding.

Chambers said he's leaving Cisco in its best position ever for incoming CEO Chuck Robbins, who will be taking the helm on July 26. He said Cisco has evolved from selling boxes to selling outcomes and that strategy is resonating in their public, commercial and enterprise markets.

Chambers noted that there are always new challengers in the technology world, but Cisco has proven that these challengers often come and go in fairly short order. Meanwhile, Cisco is projecting record revenues and earnings for 2015.

When asked about the differences between himself and Robbins, Chambers said that his strengths are in vision and strategy and connecting the dots, while Robbins combines those strengths with the ability to execute on that strategy.

Cramer said that Cisco is one stock that's heading higher.

What Boone Pickens Thinks

In a special interview, Cramer sat down with Boone Pickens, oil tycoon and chairman of BP Capital Management, to get his latest take on the state of the global oil markets.

Pickens said he's sticking by his earlier predictions for oil to be at $70 a barrel by the end of 2015 and back to between $90 to $100 a barrel by the end of 2016. He said what we're seeing now is a typical downturn in the oil markets, but that market could recover fairly quickly given recent cutbacks in production.

When asked about those cutbacks, Pickens said that oil demand came in about one million barrels a day less than originally forecast, but the drillers have responded quickly by taking over 1,000 drilling rigs offline.

Turning to the topic of Washington, Pickens said he doesn't ever foresee our nation having a coherent energy policy. In fact, he quipped, he doesn't really know what the U.S. Department of Energy actually does. Many of the key energy decisions, like whether or not to export oil or build the Keystone pipeline, are being made by everyone other than the Energy Department.

But while Pickens was bearish on Washington, he was bullish on natural gas, saying companies like Clean Energy Fuels (CLNE) - Get Report are seeing more and more truck fleets convert to the cheaper, cleaner fuel over time.

Lightning Round

In the Lightning Round, Cramer was bullish on Cowen Group (COWN) - Get Report, Merrimack Pharmaceuticals (MACK) - Get Report, Cummins (CMI) - Get Report, Carmax (KMX) - Get Report, AutoNation (AN) - Get Report and VCA Antech (WOOF) .

Cramer was bearish on Rackspace Hosting (RAX) and TrueCar (TRUE) - Get Report.

Executive Decision: Leo Denault

In his second "Executive Decision" segment, Cramer sat down with Leo Denault, chairman and CEO of Entergy (ETR) - Get Report, a utility with a 4.5% yield and a stock that's down 15.6% so far this year.

Denault said that the industrial renaissance in America's south and along the Mississippi River continues as industries from chemicals to wood and paper continue to take advantage of Entergy's electricity rates, which are 20% below the national average, to build new plants. That affords Entergy with plenty of growth opportunities to grow its dividend, Denault said.

Denault also commented on the recent transformer fire outside the company's Indian Point nuclear plant in New York. He said the fire was put out quickly and the plant was shut down safely, but it will need to remain offline for several weeks as the transformers are what takes the power from the plant to the grid.

When asked about its new plants under construction, Denault explained the company is working quickly to both replace aging plants as well as increase capacity to meet demand. Most of the new plants are natural gas, as they're the quickest to construct. But Entergy is building both nuclear and solar installations as well.

Cramer continued his recommendation of Entergy.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in CSCO.