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NEW YORK ( TheStreet) -- The first rule of growth stocks is under-promise and over-deliver, Jim Cramer told his "Mad Money" TV show viewers Wednesday as he opined on the backlash seen in Apple ( AAPL - Get Report) stock after what was widely perceived as a ho-hum iPhone announcement Tuesday.

Cramer said that Apple, a stock he owns for his charitable trust, Action Alerts PLUS, just didn't get the under-promise message when investors had similar lackluster reactions to the company's products this time last year. At the time, CEO Tim Cook said that 2013 would be a big year for Apple. To date, the company's one announcement touted colorful iPhones with better security.

Growth stocks often learn the under-promise, over-deliver, or UPOD, message the hard way, said Cramer, as Chipotle Mexican Grill ( CMG - Get Report) and Starbucks ( SBUX - Get Report) have in the past. But lately both of those companies have managed expectations and continue to wow investors every quarter.

"Never promise what can't be delivered," said Cramer. Shareholders have the right not to be disappointed.

What could Apple have done in 2013 to wow investors? Cramer said why not buy Twitter, or Netflix ( NFLX - Get Report), or both? Why not do something to reinvigorate growth more than simple buybacks and dividends? Wall Street needs, and even craves, growth, Cramer concluded, which is why so many analysts jumped on the downgrade bandwagon today.

Executive Decision: Francois Nader

In his first "Executive Decision" segment, Cramer spoke with Dr. Francois Nader, president and CEO of orphan drug maker NPS Pharmaceuticals ( NPSP), a stock that's up 238% since Cramer first highlighted the company a year ago.

Nader said that he's very pleased with his company's prospects. NPS plans on filing for its next drug approval by the end of this year and is proceeding with global expansion plans early next year. After that, Nader said his company's pipeline will continue to expand as its drug, Gattex, expands into new indications.

Nader said the market opportunities are huge for NPS and extend far beyond the few hundred patients the company currently services. Not all patients will have to pay the $295,000 annual price tag for Gattex, but there are far more patients that could benefit from the treatment.

When asked about the company's financial needs, Nader made it clear that NPS has no plans to raise additional cash at the moment, despite its rising share price.

Cramer called NPS an incredible opportunity and urged viewers to do their homework and look into the company's pipeline of game-changing drugs.

Rising Expectations

Are the earnings estimates for the banks too high? Absolutely, Cramer said.

Given the continued decline in mortgage activity thanks to rising interest rates and the lack of commercial construction, Cramer said he finds it highly unlikely the banks will be able to deliver on the inflated estimates the analysts are expecting. These banks cannot cut costs much further to offset the declines, he noted, nor can they make any additional money from interest rates that have plateaued.

It is true, however, that the banks are seeing big drops in the number of bad loans on their books while, at the same time, seeing rising levels of reserves. It's also far easier to unload foreclosed properties in a rising home price environment, Cramer noted.

But despite all of these positives, Cramer said the banks live and die by loan growth, and that growth doesn't look like it will be reemerging anytime in 2013.

Lightning Round

In the Lightning Round, Cramer was bullish on Home Depot ( HD - Get Report), Lowe's ( LOW - Get Report), Manitowoc ( MTW - Get Report), First Solar ( FSLR - Get Report), American Realty Capital Properties ( ARCP), Access Midstream Partners ( ACMP) and Wendy's Company ( WEN - Get Report).

Cramer was bearish on NuStar Energy ( NS - Get Report), International Business Machines ( IBM - Get Report) and Nordic American Tanker ( NAT - Get Report).

Off the Tape

In his "Off the Tape" segment, Cramer sat down with Dave Prokupek, chairman and CEO of the privately held SmashBurger, the fast-casual restaurant chain that specializes in better, healthier burgers. SmashBurger currently has just 229 locations in select areas of the country.

Prokupek said now is not the right time for SmashBurger to become a publicly traded company because it is funded well and growing units at 30% a year. But that doesn't mean his company wouldn't consider an initial public offering when the time is right.

Prokupek continued that SmashBurger is known for its premium burgers that are smashed on the grill and cooked in under two minutes. He said his chain is stealing customers not only from the big-name fast-food chains but also from many casual dining establishments. "SmashBurger offers a $20 experience for around $8 to $10," he said, and that's something that resonates with diners.

When asked about acquiring a franchise, Prokupek said the company is looking for restauranteurs with experience who want to open a restaurant in their local area. He also touted SmashBurger's hometown of Denver as the "Silicon Valley of food" given its diverse population.

Cramer said disruptors like SmashBurger are exactly the kind of companies investors should be looking for in the IPO market.

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, Celgene ( CELG), Blackstone ( BX), Sunoco Logistics Partners ( SXL) and Vodaphone ( VOD).

Cramer said this portfolio was "well done."

The second portfolio's top holdings included: Bristol-Myers Squibb ( BMY), Altria ( MO), DuPont ( DD), Southern Company ( SO) and Chevron ( CVX).

Cramer also blessed this portfolio as properly diversified.

The third portfolio had: Delta Airlines ( DAL), Merck ( MRK), Cisco ( CSCO), Ford ( F) and Vale ( VALE) as its top five stocks.

This portfolio made it three-of-a-kind in the diversified department as Cramer had no issues with this mix of stocks.

The fourth portfolio's top stocks were: Ford, MGM Resorts ( MGM), Regions Financial ( RF), U.S. Airways ( LCC) and SiriusXM Radio ( SIRI).

Cramer said this portfolio was also fabulous and didn't require any changes.

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

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

To email Scott about this article, click here: Scott Rutt

Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC

At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, CSCO, F and VALE.

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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Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.