Jim Cramer's 'Mad Money' Recap: Where to Find Bargains Created by the Fed

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NEW YORK ( TheStreet) -- This market isn't as dangerous as it seems, Jim Cramer said on  Mad Money Wednesday. With the Federal Reserve finally ending its bond buying, there are many stocks that are ready to be bought, not sold, on any Fed-induced weakness.

One sector that's poised to be bought are the consumer packaged-goods stocks such as Clorox (CLX) . While Clorox may trade at 22 times earnings with little to no growth, Cramer said what Clorox does have is a 3% yield and a stable of great brands from Brita to Burt's Bees to Glad trash bags and Kingsford charcoal. Don't forget that Clorox, the bleach, kills all sorts of nasty germs and viruses, even Ebola.

Another sector that should be bought on any weakness are the biotechs, Cramer noted, with Celgene (CELG) remaining on of his faves. Celgene is up 25% for the year and just off an all-time high, he said, but with a $84 billion valuation and a 25% growth rate that's just 17 times 2016 earnings. "Crazy cheap," Cramer concluded.

Finally, there's technology, with Hewlett-Packard (HPQ) trading at just nine times earnings, Western Digital (WDC) at 11 times earnings and Microsoft (MSFT) at just 16. Don't forget Alibaba (BABA) , which has received a ton of positive analyst recommendations.

Cramer also gave the nod to some industrials such as Eaton (ETN) , a stock he owns for his charitable trust, Action Alerts PLUS, and the financials, which always profit from higher interest rates.

Executive Decision: Dion Weisler

For his "Executive Decision" segment, Cramer sat down on location with Dion Weisler, EVP of Printing and Personal Systems at Hewlett-Packard, who will also become the future president and CEO of HP, Inc. when Hewlett splits itself into two companies.

Weisler said that today the printing and personal systems arm of HP is a $57 billion business, but they're hard at work creating new, innovation products and platforms to revolutionize computing.

One of those platforms is 3-D printing, Weisler continued, with products being introduced today that offer speed, quality and economy. He said the company's new printers are a full 10 times faster than the competition but still deliver precision and great economics.

The other area of focus for the new HP will be blended reality, something Weisler said will empower consumers to create like never before. The new Sprout computing platform replaces keyboards and mice with 3-D cameras and depth sensors for a whole new immersive computing experience.

Who Do You Trust?

Sometimes buying a stock comes down to who you trust, Cramer told viewers. When it comes to some high-profile tech companies, trust is sometimes hard to find.

Cramer said he hasn't been impressed by IBM (IBM) and its five-year plan to reignite growth. Nor does he believe that Action Alerts PLUS holding Twitter (TWTR) has any plan at all for how to grow and monetize its business.

But when it comes to Google (GOOGL) and Facebook (FB) , two more Action Alerts PLUS holdings, Cramer said things might be different. Google does spend a ton of cash on projects that seem to boggle the imagination. But Google also delivers in all of its core businesses.

Then there's Facebook, which announced plans to increase, not decrease, spending over the next few years in order to keep growing. That news sent shares down sharply. But Cramer said Facebook is building several brands, including What's App and Instagram, that could approach one billion users just like Facebook itself.

Given how Facebook CEO Mark Zuckerberg was able to monetize Facebook, Cramer said he's willing to give him the benefit of the doubt, which is why he'd be a buyer on continued weakness.

Executive Decision: Scott Wine

In his second "Executive Decision" segment, Cramer went on location at the New York Stock Exchange with Scott Wine, chairman and CEO of Polaris (PII) , to help celebrate the company's 60th anniversary and check in on its business.

Wine said Polaris has always been about making great vehicles and the company continues to do so today. He showed off several new models, from All-Terrain Vehicles with lower centers of gravity for patented stability to snowmobiles and other vehicles appealing to women and non-traditional demographics for Polaris.

Polaris is also making inroads with electric vehicles, with Pennsylvania the latest state to pass new laws allowing low-speed electric vehicles to travel in more places.

Wine also showed off his company's newest motorcycle offerings under the Victory and Indian nameplate.

Whether it's a homeowner with a lot of land or a small farm or a hunting, fishing or outdoor enthusiast or even the military, Wine said Polaris has a high-quality vehicle for them.

Lightning Round

In the Lightning Round, Cramer was bullish on Isis Pharmaceuticals (ISIS) , Regeneron Pharmaceuticals (REGN) , El Paso Pipeline Partners (EPB) and Kinder Morgan (KMI) .

Cramer was bearish on InvenSense (INVN) , CVR Refining (CVRR) , Pfizer (PFE) , International Game Technology (IGT) and Applied Materials (AMAT) .

Executive Decision: Sandy Cutler

In his third "Executive Decision" segment, Cramer spoke with Sandy Cutler, chairman and CEO of Eaton, which today delivered a 6-cents-a-share earnings beat.

Cutler said the world is a different place since the recession and 2% growth appears to be the new norm in the industrial space. Fortunately, Eaton has a solid strategy of innovation and acquisition to help combat the slower growth, which is why Cutler said the company is well positioned for 2015 and beyond.

When asked about the global markets, Culter said the world is really two stories -- a stronger U.S. growing at 3% and the rest of the world at a slower 1% growth. In the U.S., he said, Eaton sees solid incremental growth from a number of sectors including vehicles, non-residential construction and aerospace.

Cramer said there are a lot of good things happening at Eaton, not the least of which is the company's dividend and stock buyback program.

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 ETN, FB, GOOGL, KMI, MSFT and TWTR.

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