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NEW YORK ( TheStreet) -- It was the best of times and the worst of times, Jim Cramer told "Mad Money" viewers Wednesday as he compared today's divergence of Apple ( AAPL - Get Report), a stock he owns for his charitable trust, Action Alerts PLUS, and Google ( GOOG - Get Report).

Cramer said today's rally in Google and simultaneous decline in Apple should not come as a surprise to investors, as Google is already up 29% for 2013 while Apple has fallen 19%. He said the markets are concerned with what they're always concerned with -- valuing a company's future earnings.

In the case of Google, there's a lot to like as the company continues to outperform in search, while ramping up its Android mobile operating system and possibly monetizing YouTube in a big way for the first time. Meanwhile, Apple, well, no one but Apple knows what the company has planned.

Given all that Google has going for it, Cramer said it's easy to see why investors might be willing to pay up to twice the company's growth rate of 18% for its expected $47 a share of earnings. That would value Google upwards of $1,600 a share, he said. Looking at it another way, Google currently has the same valuation as Clorox ( CLX - Get Report), yet Google is growing four times faster.

So for the time being, Cramer concluded, expect Google's shares to continue to rise, while Apple will continue to flounder until the company can provide investors something to get them excited again.

Bull vs. Bear

When analysts duke it out, investors win, Cramer reminded viewers, as he pitted differing opinions on LED lighting maker Cree ( CREE - Get Report) against one another to see whether the bulls or the bears make the better case. He explained that just this week, one analyst lowered their price target from $66 to $59 a share on Cree, while later the same day, another raised their estimates from $62 to $73 a share.

Cramer said Cree is not the same company it was two years ago when he mistakenly recommended it. Back then, he explained, the company only made components for LED light bulbs, which at the time were slow in gaining traction. But now, thanks to an acquisition, Cree makes complete LED light bulbs and fixtures and is gearing up to become a major player in the space. That's why LED bulbs now account for 37% of the company's total sales.

So why the differing analysts? Cramer explained that while both firms did channel checks to see how Cree's products were selling, the bulls spoke with Home Depot ( HD - Get Report), where Cree derives a third of its sales, while the bears spoke with agents representing everyone else.

At Home Depot, Cree's products were sold out, but at other locations, competitor Phillips has been making retailers choose between Cree and themselves, with Phillips being the dominant player in the space.

Cramer said while Phillips may impact upon earnings in the short term, longer term he likes the company. That said, Cree now trades at 33 times earnings with a 16.5% growth rate, meaning its too expensive to recommend at current levels. On a pullback however, Cramer said he remains a fan.

Lightning Round

In the Lightning Round, Cramer was bullish on Protein Design Labs ( PDLI - Get Report), Ford Motor ( F - Get Report), Berkshire Hathaway ( BRK.B - Get Report), Skyworks Solutions ( SWKS - Get Report), Sunpower ( SPWR - Get Report), First Solar ( FSLR - Get Report), Marathon Petroleum ( MPC - Get Report) and TravelCenters of America ( TA - Get Report).

Cramer was bearish on Armour Residential ( ARR - Get Report) and 3D Systems ( DDD - Get Report).

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

-- 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 AAPL and HD.

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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