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NEW YORK (TheStreet) -- Sometimes the grill gets too hot for even the master chefs to handle. That was Jim Cramer's take on Wednesday's market action and, as he told his Mad Money viewers, the selling still isn't over.

The market's problems started last Friday in the biotech sector, Cramer noted. Stocks including fave Regeneron (REGN) - Get Regeneron Pharmaceuticals, Inc. Report continued to roar higher even after the company unveiled its latest clinical trial results. Typically, a stock like Regeneron should rise ahead of the event and sell thereafter, but that was not the case.

That's why Cramer told viewers to take some profits in the red-hot biotech sector last week, a call that was not well received by many momentum investors. But the biotechs, along with technology and the industrials, started heading south Monday, just as Cramer expected.

So what should investors' do next? Nothing, Cramer advised. The markets need time to cool and the analysts will not be your friend as estimate cuts are likely coming. Even a stock like Sonic (SONC) , which posted a terrific quarter, saw its shares slammed by 12% today. In a market like that, it's best to cool your heels, Cramer concluded.

Executive Decision: Manny Chirico

For his "Executive Decision" segment, Cramer sat down with Manny Chirico, chairman and CEO of PVH (PVH) - Get PVH Corp. Report, the apparel maker that's seen its shares decline 19% so far this year, despite a recently announced 3-cents-a-share earnings beat.

Chirico said that despite sizable currency headwinds this quarter, the underlying business at PVH remains very strong. He said the investments the company has made in their Calvin Klein and Tommy Hilfiger businesses are starting to pay dividends, but those investments may be hard to spot through the currency morass.

When asked about the currency issues, Chirico noted his company dedicated almost half of its earnings release to talking about the challenges. PVH derives about 60% of earnings from overseas, with half that number stemming from Europe.

Turning to the topic of growth, Chirico said PVH continues to be focused on growth through acquisitions and by expanding its brands, but the company will also look into returning cash to shareholders later this year.

Why Cramer Didn't Buy Kraft

Should investors be kicking themselves for not seeing the Kraft Foods (KRFT) acquisition by Heinz coming? After all, the stock did soar over 36% on the news.

Kraft is a company that finds itself on the wrong side of food history, one that represents the antithesis of the natural and organic food trends. The stock did have a big payday today, but when compared to a stock like WhiteWave Foods (WWAV) , a stock Cramer owns for his charitable trust, Action Alerts PLUS, Kraft still comes up short. Shares of WhiteWave are up 144% over the past two years while Kraft, including today's huge move, is only up 62%.

Cramer felt that Kraft is still worth buying, however. There is a lot of value to be had extending Kraft's stable to brands around the globe, but he is surely not regretting not liking it as healthy and organic trends continue to be the future.

Executive Decision: Marty Mucci

In his second "Executive Decision" segment, Cramer spoke with Marty Mucci, president and CEO of Paychex (PAYX) - Get Paychex, Inc. Report, which just reported in-line earnings with higher-than-expected revenue, yet still saw its shares fall 4% in today's session. Shares of Paychex are up 7% since Cramer last checked in last December.

Mucci painted a bullish picture of our economy, saying employment remains positive albeit cautious in some sectors. He said human resource outsourcing services remain the company's fastest-growing product as more and more companies are requesting assistance to comply with Obamacare and other regulations.

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Mucci said typically companies with between 50 and 500 employees show interest in HR services but the increased complexity of owning a business is causing companies with as few as 25 employees to becoming interested in what Paychex has to offer.

With an improving economy and a 3% dividend yield, Cramer said he's not changing his view on Paychex.

Lightning Round

In the Lightning Round, Cramer was bullish on Ryanair Holdings (RYAAY) - Get Ryanair Holdings Plc Report, United Rentals (URI) - Get United Rentals, Inc. Report, ConocoPhillips (COP) - Get ConocoPhillips Report, MeadWestvaco (MWV) , International Paper (IP) - Get International Paper Company Report and Pfizer (PFE) - Get Pfizer Inc. Report.

Cramer was bearish on Five Prime Therapeutics (FPRX) - Get Five Prime Therapeutics, Inc. Report, Isis Pharmaceuticals (ISIS) , Vonage Holdings (VG) - Get Vonage Holdings Corp. Report, Rovi Corporation (ROVI) and Avon Products (AVP) - Get Avon Products, Inc. Report.

Am I Diversifed?

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 first portfolio included Intel (INTC) - Get Intel Corporation Report, Wells Fargo (WFC) - Get Wells Fargo & Company Report, Celgene (CELG) - Get Celgene Corporation Report, Denny's (DENN) - Get Denny's Corporation Report and Dominion Resources (D) - Get Dominion Energy Inc Report.

Cramer blessed this portfolio as properly diversified.

The second portfolio's top holdings included Amgen (AMGN) - Get Amgen Inc. Report, Abbvie (ABBV) - Get AbbVie, Inc. Report, Costco (COST) - Get Costco Wholesale Corporation Report, Walt Disney (DIS) - Get Walt Disney Company Report and Kroger (KR) - Get Kroger Co. Report.

Cramer suggested selling Amgen and adding a company like United Technologies (UTX) - Get United Technologies Corporation Report to be better diversified.

The third portfolio had Facebook (FB) - Get Meta Platforms Inc. Class A Report, Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report, Discover Financial (DFS) - Get Discover Financial Services Report, Magellan Midstream Partners (MMP) - Get Magellan Midstream Partners, L.P. Report and Platform Specialty Products (PAH) - Get Element Solutions, Inc. Report as its top five stocks.

Cramer said this portfolio was also well diversified.

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, FB, UTX, WFC and WWAV.