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NEW YORK ( TheStreet) -- Yes, yesterday's election results are bullish for the stock market, Jim Cramer told his Mad Money viewers Wednesday. But that doesn't mean investors can start buying just anything.

What does a Republican-controlled Senate mean for stocks? Put simply, more gridlock, but also more confidence that taxes are done going higher and hiring will continue to grow.

With the Republic Party moving more mainstream, Cramer said a government shutdown over our nation's debt ceiling is unlikely come December, and there will likely be more business formation and more borrowing as executives adjust to lower levels of uncertainty.

What types of stocks should investors been looking at? Cramer said the defense names, like Lockheed Martin (LMT - Get Report) , are a logical choice, as are the banks, with regional names like SunTrust (STI - Get Report) , a stock Cramer owns for his charitable trust, Action Alerts PLUS, also a good choice.

Cramer said in the longer term he like the payroll processors, such as Paychex (PAYX - Get Report) , along with the restaurant stocks and non-mall retailers like Costco (COST - Get Report) .

As a whole, yesterday's election will expand the average price earnings multiple, but not for companies that are still struggling with falling earnings estimates.

Executive Decision: Gary Heminger

For his "Executive Decision" segment, Cramer sat down to speak with Gary Heminger, president and CEO of Marathon Petroleum (MPC - Get Report) , an oil refiner and retailer that actually makes money as oil prices fall. Marathon today delivered a 13-cents-a-share earnings beat on record results from the company's retail division.

Heminger said two things happen when crude prices fall. First, demand for gasoline rises, and second, Marathon makes more money as the company pays less but holds prices at the pump steady. He said that when gasoline falls under $3 a gallon sales increase by 1% at the stations, while at over $4 a gallon demand falls.

When asked about the prospects for the Keystone XL pipeline, Heminger said Marathon remains a big supporter of having another source for our oil. America still imports seven to eight million barrels of oil a day, so while we're less dependent, we're not yet independent and there is no U.S. oil glut.

Turning to last night's election, Heminger said he hopes for a comprehensive energy policy to make our nation's priority list. With Saudi Arabia defending its global market share with continued lower prices, America needs a strategy for competing in the global market.

Cramer said of all the refiners, Marathon remains his favorite.

Execute or Else

Execute or else. That's the name of the game, Cramer told viewers. Management execution, or lack thereof, was on display in spades this quarter.

It's no secret that Mexican restaurants have been on fire of late, Cramer said -- so why did Chuy's Restaurants (CHUY - Get Report) implode, down 31% in a single day? Execution.

In the retail sector, Michael Kors (KORS) has lots of excuses for its earnings miss, yet L Brands (LB - Get Report) , home of Victoria's Secret and Bath And Body Works, had only positive things to say.

This dichotomy plays out all over the stock market. Expedia (EXPE - Get Report) was terrific, TripAdvisor (TRIP - Get Report) fell 14%. Exxon Mobil (XOM - Get Report) delivered no production growth, EOG Resources (EOG - Get Report) had it in spades.

Whether it's Discovery Holdings (DISCA - Get Report) or SeaWorld (SEAS - Get Report) , Coca-Cola (KO - Get Report) or Twitter (TWTR - Get Report) , another Action Alerts PLUS name, management's failure to execute should always be a red flag.

Executive Decision: Brent Saunders

In his second "Executive Decision" segment, Cramer sat down with Brent Saunders, president and CEO of Actavis (ACT) , a stock that's up 47% so far in 2014, thanks in part to a recently delivered 8-cents-a-share earnings beat on better-than-expected revenue and upside guidance that sent shares to all-time highs.

Saunders said that Actavis has a long history of making smart acquisition to bring out shareholder value. He said that Forrest Labs, which Actavis acquired, had a lot of terrific assets that will be growth drivers for his company for a long time to come. Actavis also has solid organic growth as well, Saunders noted, and is currently split 50/50 between branded and generic drugs.

When asked about what makes a successful acquisition, Saunders explained the key to creating value is buying companies with great drugs but also long pipelines that can bear fruit for the long term. He also likes to see lots of money being spent on research and development to keep the innovation going.

"What a stock," Cramer said, and continues his recommendation of Actavis.

Lightning Round

In the Lightning Round, Cramer was bullish on Illumina (ILMN - Get Report) , Thermo Fisher Scientific (TMO - Get Report) , Nucor (NUE - Get Report) and Baxter International (BAX - Get Report) .

Cramer was bearish on The GEO Group (GEO - Get Report) , Occidental Petroleum (OXY - Get Report) , AK Steel Holding (AKS - Get Report) , Transocean (RIG - Get Report) and Ensco International (ESV) .

Executive Decision: Fred Hassan

In a third "Executive Decision" segment, Cramer sat down with Fred Hassan, managing director of the private equity firm Warburg Pincus, for a read on the state of the health care industry. Hassan ran Schering-Plough until its 2009 merger with Merck (MRK - Get Report) .

Hassan was very bullish on the life sciences industry, saying that while the 19th century was all about big machinery and the 20th century all about technology, the 21st century will be all about life sciences.

Hassan continued that new technology in genomics, creating personalized medications coupled with information technology that can process huge amounts of data, will unleash tons of knowledge with cancer and many other areas.

When asked why big pharma seems to be struggling while smaller biotechs seem to have all the innovation, Hassan said that big pharma is coming back but it needs a new culture and mindset. Meanwhile, investors need more patience.

Cramer said Hassan has been one of the "great money makers of all time" and his insights into the business are second to none.

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.

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At the time of publication, Cramer's Action Alerts PLUS had a position in ESV, STI and TWTR.