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Investors need to get into defensive stocks to protect themselves from the "most treacherous market I've seen in 29 years of trading," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

Cramer says investors need companies that can sell products in a recession, and ones that are protected from rising raw costs. He recommends stocks with dividends and share-repurchase programs to limit downside risk.

One such stock he likes is Altria ( MO - Get Report), which Cramer owns for his charitable trust, Action Alerts PLUS. Altria is up 11% since the market peaked on Oct. 11 and sports a 3.8% dividend yield, both of which Cramer finds attractive.

He says the company will unlock tremendous value when it splits its business into separate domestic and international tobacco companies. Cramer expects the company to make an announcement regarding the breakup within the next two weeks, saying the transaction could happen as early as this quarter.

Cramer also sees value in Altria's 28.6% stake in SABMiller, a "hidden asset" that he says most investors may not be aware of. He expects Altria to use proceeds from the sale of SABMiller to either boost the company's dividend or bolster its stock buyback program.

Bottom line, Cramer says: "Just own Altria."

On the Road to Recovery

Cramer identified another beaten-down tech stock that he believes is on the road to recovery. The company is ADC Telecommunications a stock that he recommended on Dec. 18, at $17.72 a share. Since then, the stock has gone nowhere, closing Wednesday at $13.52.

Cramer said the company provides equipment to both telecom and cable companies to build out their next-generation networks.

Cramer has been a fan of Verizon's ( VZ) new FiOS fiber optic network and says companies like ADC that supply Verizon should continue to deliver solid earnings.

ADC trades at just 10.4 times their earnings, but is growing at 8%, and that makes it just too cheap, according to Cramer.

He expects ADC could rise as much as 60% as analysts realize the estimates for ADC are too low. Cramer says the company just needs to meet expectations to be rewarded by the market.

Checking In On Foster Wheeler

Cramer welcomed Ray Milchovich, chairman and CEO of Foster Wheeler ( FWLT), to the show for an update on the company's business.

Milchovich said the company's business is not at all affected by the daily spot price of oil because all of its projects are long term.

He also said the company has not received any cancellations for current or future projects and that the basic fundamentals of its business remain strong. Cramer said he would be a buyer of Foster Wheeler if it goes under $122 a share.

Am I Diversified?

In the "Am I Diversified" segment, a caller had Coca-Cola ( KO), Microsoft ( MSFT), Halliburton ( HAL), Raytheon ( RTN) and Altria ( MO - Get Report) as his top holdings.

Cramer blessed the portfolio as diversified and said the caller "came to play!"

The second caller had Microsoft ( MSFT), Duke Energy ( DUK), Wells Fargo ( WFC), Dow Chemical ( DOW) and ConAgra ( CAG) in their portfolio, and Cramer also blessed this portfolio as right for this market.

Lightning Round

In this segment, Cramer was bullish on GigaMedia ( GIGM - Get Report), Jakks Pacific ( JAKK - Get Report), Oracle ( ORCL - Get Report)and Sabesp ADS ( SBS - Get Report).

Cramer was bearish on Countrywide Financial , TrueBlue ( TBI - Get Report), Fortune Brands and Taseko Mines ( TGB - Get Report).

Want more Cramer? Check out Jim's rules and commandments for investing clicking here.

For more of Cramer's insights during the Lightning Round, click here .

At the time of publication, Cramer was long Altria and Raytheon.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

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Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.