NEW YORK ( TheStreet) -- "Mad Money" Research Director Nicole Urken and Jim Cramer sat down to discuss potential dividend champions in the stock market.The first company on the list was Macy's ( M), which just reported first-quarter earnings. "They had a great quarter," Urken said, "but more importantly they boosted their dividend and buyback." Cramer added that Macy's increased the dividend by a whopping 25% and that shows the company has confidence in its business. While currently yielding just north of 2%, Cramer thinks this a company to watch in a market decline. With a healthy economic recovery appearing to be in place, both Cramer and Urken agree that investors should look to Cedar Fair Entertainment ( FUN), which is undervalued compared to many of its peers. With excellent growth and fabulous management, Cramer thinks this stock "should be yielding 4%, not 5% or 6%. Cedar Fair is a name to buy," he concluded. Clorox ( CLX) also boosted its dividend this week by nearly 12%, rather than the typical 6%. Cramer doesn't think it justifies chasing the stock higher and thinks investors should buy a little bit on a pullback. He noted, "people always have to have a rainy day list." --Written by Bret Kenwell in New York.