NEW YORK ( TheStreet) -- "The averages may be telling us to shiver in fear, but the data is telling a different story," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday. He said the statistics from individual companies continue to tell him that the recovery is still on track, so he's ignoring the headlines and the averages and is looking for bargains. Cramer said that the data is telling him that we're still in good shape, economically speaking, and he just can't ignore such powerful signals. He said that when Tractor Supply ( TSCO), which sells expensive things to farmers, says it's having a good quarter, he has to pay attention.
Banking Plays in the Golden State"There's a turn happening in California," Cramer told viewers, and when it comes to the banking sector, there are a lot of ways to play. Continuing his series on California stocks that are on the move, Cramer highlighted several banks poised to gain big as the state's housing market finally begins to recover. He said investors can look at the big national banks, like US Bancorp ( USB) and Wells Fargo ( WFC), which represent 23% and 21% of the state's consumer deposits respectively, or, he said, investors can look into regional plays. Cramer recommended CVB Financial ( CVBF) as a speculative stock, and Westamerica Banc ( WABC), as two regional banks with a lot of potential. But Cramer said his favorite stock in the group is City National ( CYN), California's eighth largest bank. He said that City National is a statewide play and is doing everything right, like repaying its TARP loans and even making an FDIC assisted acquisition. The bank is well capitalized, at 9.1%, compared to an industry average of just 7.8%. Cramer said City National also has a great wealth management business, with over $55 billion under management.
Generic Drug PowerhouseIn the "Executive Decision" segment, Cramer spoke with Bill Marth, North America president and CEO of Teva Pharmaceuticals ( TEVA), a stock which Cramer owns for his charitable trust,
Am I Diversified?Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included: Dow Chemical ( DOW), Ford ( F), Boeing ( BA), Caterpillar ( CAT) and Citigroup ( C). Cramer said this is the portfolio he wants viewers to have. The second caller's top holdings included Cisco ( CSCO), Walt Disney ( DIS), Starbucks ( SBUX), Bed Bath & Beyond ( BBBY) and US Steel ( X). Cramer said this portfolio was also perfectly diversified. The third caller had RF Micro Devices ( RFMD), MDU Resources ( MDU), North American Paladium ( PAL), Windstream ( WIN) and Dish Network ( DISH). Cramer said this was not his favorite portfolio, but it was diversified.
Lightning RoundIn the Lightning Round, Cramer was bullish on Fluor ( FLR), Jacobs Engineering ( JEC), Salesforce.com ( CRM), Republic Services ( RSG), Waste Management ( WM), Flextronics ( FLEX), Jabil Circuit ( JBL), Tellabs ( TLAB), ADC Telecommunications ( ADCT), Cadence Systems ( CDNS), Potash ( POT) and Deere & Co ( DE). He was bearish on Chicago Bridge & Iron ( CBI), Compuware ( CPWR), Monsanto ( MON) and Ebix ( EBIX).
Closing CommentsCramer said Bed Bath & Beyond ( BBBY) had a fabulous quarter, and he expects it to head a lot higher. -- Written by Scott Rutt in Washington D.C. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.