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NEW YORK (TheStreet) -- When the consensus changes, the buyers change, too, Jim Cramer told his Mad Money viewers Wednesday. That's why all of the stocks that were being sold Tuesday were suddenly being bought today. The markets simply changed their minds, literally overnight.
Cramer explained that previously, the general wisdom was that the economy was accelerating and things were getting better around the globe. But now the markets are betting the economy has peaked and we're slowly heading back downhill.
That's why the high-growth biotech stocks were back in vogue, Cramer said, as were ecommerce stocks like Yelp (YELP). These are the stocks you buy when the economy is cooling, because they don't need a strong economy to thrive.
The cooling economy thesis was helped along by disappointing retail earnings from Macy's (M), a case where the analysts were way too bullish, but that won't matter to the sellers. The thesis was also helped along by continued falling commodity prices and low interest rates, trends that make investors willing to pay up for future earnings of high-growth companies.
These trends may not make sense, Cramer concluded, but nonetheless they are happening, which is why investors need to understand what's going on and plan accordingly.
Thank You, Russia
Things are really starting to look up for the American consumer, all thanks to, of all things, Russia. Cramer said Russia's decision to ban all U.S. poultry imports has been reported negatively in the media, but unless you're a chicken farmer the ban is very good news.
Cramer explained that almost immediately after the ban took place, prices for chicken, cattle, hogs and grains all started falling sharply. The building blocks of the American diet have just gotten cheaper, Cramer said, and that means more money will be left in consumers' pockets to spend on other things.
When the Federal Reserve last spoke, it noted that inflation was largely in check, except for a few key areas. But with food prices falling along with gasoline and natural gas, inflation will surely not be a problem going forward. Even home prices are seeing relief.
So while the media may imply that our economy is being harmed by Russia, in fact the boost in spending thanks to food price relief has only just begun.
In the Kitchen With Zoe
Is Zoe's Kitchen (ZOES) shaping up to be the next Chipotle Mexican Grill (CMG), a stock that's soared some 2,980% since coming public in January 2006? Cramer compared where Zoe's is today versus where Chipotle was when it only had 100 stores to find out.
Cramer said right up front that he's not recommending investors buy Zoe's on the premise that it will be the next Chipotle. He said the chain simply doesn't have a long enough of a track record and it would have to execute flawlessly for years in order to be in the same league as the Chipotle phenomenon.
That said, Zoe's is in a unique space, Mediterranean food, and does have $1.5 million of average unit sales, which is twice that of Chipotle when it had a mere 100 locations. Zoe's is also growing its store count at a faster pace, 36%, versus only 19% for Chipotle back then.
But when it comes to the key metric, same-store sales growth, Zoe's falls woefully short, with a mere 7.3% growth versus 19% for Chipotle.
While Zoe's' exhaustive research says they can ultimately support 1,600 locations across the country, Cramer said the Mediterranean concept just isn't strong enough to put up the growth to rival Chipotle. He said the Zoe's' story is compelling, but it's just too early to know how big the company can ultimately become.
Executive Decision: Doug Bauer
For his "Executive Decision" segment, Cramer sat down with Doug Bauer, CEO of Tri Pointe Homes (TPH), a smaller homebuilder that just posted a 4-cents-a-share earnings beat with a 54% increase in backlog.
Bauer said that Tri Pointe just completed a complicated transaction that involved the acquisition of assets from Weyerhaeuser (WY), and that complication is partially responsible for the stock's 33% decline so far this year.
However, now that the deal has closed, Tri Pointe has 31,000 lots available to sell, 17,000 of which are in the hot California market, giving the company numerous growth opportunities.
Bauer said Tri Pointe only needs to execute well and increase its deliveries to truly realize the potential of the acquisition. He said the real estate market is choppy at the moment, but he sees three to five years of slow but steady growth ahead.
Cramer said he loved Weyerhaeuser's home business, which means he now loves Tri Pointe.
In the Lightning Round, Cramer was bullish on Hawaiian Holdings (HA).
Watch Your IPOs
Is it safe to invest in IPOs when even popular and profitable companies like GoPro (GPRO) have seen their shares struggle in the aftermarket? There are plenty of IPO casualties, Cramer said, not the least of which are RocketFuel (FUEL) and Coupons.com (COUP).
But there are some IPOs worth investing in, Cramer continued, and those are generally the ones with no hype, like Quintiles Transnational (Q). Quintiles is a clinical trial outsourcing company that only saw its shares pop 5% when it debuted 18 months ago. Yet, business remains strong at the company and shares have been on the rise ever since.
Quintiles last reported a 10-cents-a-share earnings beat and, given how complicated running a clinical trial is for smaller biotech firms, Cramer said this company's earnings growth has only just begun.
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-- Written by Scott Rutt in Washington, D.C.
To email Scott about this article, click here: Scott Rutt