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NEW YORK ( TheStreet) -- It's time to get a little defensive, raise a little cash and have some patience, Jim Cramer told his "Mad Money" TV show viewers Wednesday after yet another volatile day on Wall Street. Cramer reminded viewers that no one's ever made a dime by panicking, but with the markets getting shaky it's certainly time to change gears. Cramer admitted he's not crazy about the markets right now, and is even raising extra cash at his charitable trust,
Executive Decision: Manny ChiracoIn the "Executive Decision" segment, Cramer sat down with Manny Chiraco, chairman and CEO of PVH Corp ( PVH), which delivered a monster earnings beat that sent shares up 6.6% in after-hours trading. Chiraco said PVH saw strength across the board, especially in the company's Calvin Klein and Tommy Hilfiger brands. He said the weather in the U.S. put a damper on April sales, but those sales returned in spades in May. When asked about sluggish sales in Europe, Chiraco noted that while Spain and Italy remain weak for PVH, other countries in Europe are fairing better and PVH saw stronger May sales across Europe as well. Even in emerging markets like Brazil and China, Chiraco said, PVH was able to deliver solid growth numbers.
Turning to some of the company's product lines, Chiraco said he's not happy with the quality of some Calvin Klein items, particularly jeans, and is working to increase both quality and design. He said that just four months into its acquisition of Warnaco, PVH still has a lot of work to do. When asked about the company's store-within-a-store concept at JC Penney ( JCP), Chiraco said he's still happy with the arrangement and looks forward to working more closely with that company's new CEO. "I still believe in JC Penney," Chiraco said. Cramer said he's still a believer in PVH, a company that continues to deliver on all of its promises.
Slam Dunk, Part 2As the National Basketball Association finals continue, so does Cramer, dishing up another Miami versus San Antonio match up. This time, the financial world: Texas' Cullen/Frost Bankers ( CFR) against the Miami-based REIT of EquityOne ( EQY). Cramer said Cullen/Frost has been an excellent regional bank that specializes in commercial and consumer loans at its 110 banking centers. The company has a 3.1% yield and a solid track record of low costs and even lower loan losses. Cullen/Frost is in Texas, where the regional economy is booming and unemployment sits a full point below the national average. Meanwhile, EquityOne, which had been a solid commercial REIT in the hottest of urban areas in the south, has seen its shares crushed by 11% as the market has begun rotating out of high-yielding REITs and back into bonds. Cramer reminded viewers that even a 3.7% dividend yield cannot overcome a 11% decline in principal. So while 30 days ago EquityOne was a solid performer, in today's markets it is clearly not. He said unlike Cullen/Frost, which benefits from higher interest rates, EquityOne has been hurt badly by them. Cullen/Frost, he concluded, is in a business that works going forward, while EquityOne's business has worked in the past.
Lightning RoundIn the Lightning Round, Cramer was bullish on Axiall ( AXLL), Mercadolibre ( MELI), Sysco ( SYY), Cisco Systems ( CSCO), Comerica ( CMA) and TiVo ( TIVO).
Cramer was bearish on Newmont Mining ( NEM).