Cramer said making such a spinoff would not only unlock value for Heinz shareholders, it would allow the company to focus on its other, growing domestic and emerging market businesses. He said hares of Kraft are up 16% since that company announced its breakup last August, while the overall S&P 500 is up only 7%.

Getting a Fit Stock

Is a fitness center stock the right fit for your portfolio? Cramer found out when he pitted Life Time Fitness ( LTM) against Town Sports Int'l ( CLUB) to see which company wins the fitness wars.

Cramer said while both Life Time and Town Sports are regional to national growth stories, that's about where the similarities end. He said the contest wasn't even a fair fight as Life Time has both a superior business model and is the superior operator.

Life Time operates 98 fitness centers in 22 states and has a membership of 700,000. Town Sports has 160 locations, but has fewer members at only 530,000. While Town Sports gets 78% of its revenue from membership fees, Life Time takes a different approach, getting only 65% of its revenues from memberships and the rest from additional services.

Cramer explained that Life Time offers a premium experience, one that's not dependent on price. The company offers everything from training and food products as well as classes and even daycare services. So while Town Sports is more vulnerable to losing members in any given month, Life Time's members stay longer and spend more, as the company's clubs are situated in more affluent neighborhoods.

Life Time is also the cheaper stock, said Cramer, trading at 14.4 times earnings with a 16% growth rate, compared to Town Sports at 15.6 times earnings with a 10% growth rate. During their last reported quarters, Life Time was able to grow revenues by 11.6%, while Town Sports only mustered a 5.3% increase.

Cramer declared Life Time Fitness the winner, but added that now is not necessarily the right time to own any fitness stock given renewed recession worries.

Lightning Round

Here's what Cramer had to say about callers' stocks during the "Lightning Round":

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