Why is anyone still buying shares of Valeant (VRX)  Wednesday? TheStreet's Jim Cramer said it might be because someone might be "coloring the tape."  

The co-manager of the Action Alerts PLUS portfolio explained on CNBC's "Stop Trading" segment that coloring the tape is when traders buy up a stock like Valeant -- which is seeking an extension to file its financial statements -- and fooling other people into buying it. 

Shares of Valeant are down more than 70% on the year and more than 85% over the past 12 months.

Instead of Valeant, investors should be looking at the many better companies out there, starting with Bristol-Myers Squibb (BMY) - Get Report, Cramer said. 

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Shake Shack (SHAK) - Get Report shares are up after analysts at Longbow Research upgraded the stock to buy. The company is "finally getting some upgrades," Cramer said.

But the company's stock is "too expensive" and so is the value of its stores, Cramer said. "I've always felt that Shake Shack would grow into its market cap," he said.

Cramer added he wouldn't argue with any investor looking to buy the stock at current levels if they really like the company.

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