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NEW YORK ( TheStreet) -- There's no day of reckoning coming to the stock market, Jim Cramer reassured "Mad Money" viewers Wednesday.

While the markets do have some big worries ahead, they only represent price risk, and not a systemic risk that would lead to a wholesale market collapse.

Cramer said the "day of reckoning" for the markets came a few years ago when the Dow Jones Industrial Average fell from 14000 to 6000 over a few months. Today, however, the market's problems are quantifiable and more like a laundry list of things that must be done rather than a great unknown waiting to destroy us all.

There was once no leadership at all in Europe, Cramer noted, and the markets feared that country after country would fall like dominos. Today, there is at least some leadership, some plan for recovery and some areas of stability.

The markets once feared that China's economy would collapse, taking the rest of the world with it. But now China just has a list of issues it must deal with. Fears of the U.S. "fiscal cliff" have also tempered a bit, with many investors expecting that political will can eventually win out.

In today's market, bad news such as what FedEx ( FDX - Get Report) reported, is being met with only modest declines. Shares of FedEx didn't see any dramatic moves lower and was able to quickly recover from not one, but two, cautious earnings announcements.

Add all of these factors up and the markets simply aren't as bad off as they were a year ago and they're certainly not in a position where they would be blindsided into a panic-level collapse, Cramer said.

Upon Further Review

In his "Upon Further Review" segment, Cramer took a closer look at the stock of Dole Foods ( DOLE), a company he panned when it went public in October 2009, a call that turned out to be correct as shares fell from $12.50 to just $8.

Cramer explained Dole has been horribly managed since its initial public offering, but recently changed its ways when management announced it would sell its packaged foods business for cash, creating value for its shareholders. He said Dole still owns some terrific assets that are worth more than the sum of its parts, which is why management's change of heart makes the company a buy, buy, buy.

According to Cramer's math, Dole's remaining fresh foods businesses are worth more than $1.5 billion. After subtracting the company's debt, he came out with a value of $16.21 a share. Those represent modest gains from the company's current share price of $13.91, but Cramer said Dole also has a lot of value tied up in its unused land assets around the world. Factoring in those assets, he values the sum of Dole's parts at upwards of $21 share.

Cramer said he's not expecting Dole shares to hit that target overnight, but added that now is the time to start a position since the company is finally beginning to get its house in order.

Executive Decision

In the "Executive Decision" segment, Cramer once again spoke with Marc Benioff, chairman and CEO of ( CRM - Get Report). Benioff just kicked off the opening day for his company's Dreamforce developer's conference, which this year features over 90,000 attending.

Benioff touted Salesforce's new marketing cloud products as the next big thing in cloud computing. He said that just as his company brought sales and customer service organizations into the cloud, it's now ready to do the same thing for marketing departments.

Benioff said that in today's marketplace, marketing departments need to spend almost as much on technology as IT departments do since connecting to your customer has never been such a high priority. Salesforce allows companies to connect with customers in a whole new way, he said, and is the only company delivering such integrated solutions. is now the fastest-growing enterprise software company, with 37% growth in its most recent quarter. Cramer said that Salesforce remains a great story.

Lightning Round

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

Alexion Pharmaceuticals ( ALXN - Get Report): "This has been a favorite and a high flier. You can't like it as much as you did when it was lower, but I still like it."

Morgan Stanley ( MS - Get Report): "I'm not crazy about the investment banking business. I'd rather own a plain-vanilla bank."

Vale ( VALE - Get Report): "I like it. I bought some for my trust. China is starting to show signs of turning."

ArcelorMittal ( MT - Get Report): "I don't like the steel stocks. I just don't like that group, it's just too hard."

Delta Air Lines ( DAL - Get Report): "Oil goes down for three days and the airlines rally. And what do we do when the airlines rally? Sell, sell, sell."

Vivus ( VVUS - Get Report): "There's too much competition in this group. I say take profits and ring the register."

Peabody Energy ( BTU - Get Report): "It was a mistake to get bullish on coal. I say any strength in this one is a reason to get out."

Pfizer ( PFE - Get Report): "I think it's a buy. I think it can go up over time. I also like a lot of big pharma, along with Celgene ( CELG - Get Report) and Gilead Sciences ( GILD - Get Report)."

Opko Health ( OPK - Get Report): "This company has not been a good performer. I want to talk to their CEO before I hit the buy button. There's too much heat surrounding this stock."

Am I Diversified?

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: Apple ( AAPL - Get Report), ( AMZN - Get Report), American International Group ( AIG - Get Report), Nike ( NKE - Get Report) and JPMorgan Chase ( JPM - Get Report).

Cramer said this portfolio cannot have both AIG and JPMorgan and he would sell JPMorgan and pick up a drug stock like Pfizer.

The second portfolio's top holdings included: Apple, Bristol-Myers Squibb ( BMY - Get Report), SPDR Gold Shares ( GLD - Get Report), AIG and Wells Fargo ( WFC - Get Report).

Cramer once again, this portfolio cannot have two financials. He advised selling Wells Fargo and adding a housing play like Weyerhaeuser ( WY).

The third portfolio had: McDonald's ( MCD - Get Report), BP ( BP - Get Report), Wal-Mart ( WMT - Get Report), Oracle ( ORCL - Get Report) and Johnson Controls ( JCI - Get Report) as its top five stocks.

Cramer said this portfolio was properly diversified and is exactly what he wants to see.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said that maybe it's time to take a second look at the Chinese economy.

Cramer said he was struck by last week's interview with Joy Global ( JOY), who noted that China's demand for electricity is beginning to stabilize. This news correlates with a recent rise in the Baltic freight index, a measure of Chinese exports and a rebound in the price of copper and iron ore.

Cramer said he still has tremendous respect for those bearish on China, but with everyone in agreement on that sentiment, perhaps it's time to stop being as negative as we once were.

Any stabilization in China would be a pleasant global surprise, said Cramer, but he's still not yet ready to recommend any Chinese stocks.

In Closing...

In his closing comments, Cramer noted that Bed Bath and Beyond ( BBBY - Get Report) did not report the numbers everyone was expecting and it shares will likely go sharply lower.

He also said Norfolk Southern ( NSC - Get Report) also disappointed, and he expects shares to fall by around $5 or $6 a share before the buyers swoop in to save it.

--Written by Scott Rutt in Washington, D.C.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AIG, AAPL, BMY, JPM, MCD, NKE, VALE and WFC.

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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