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NEW YORK (TheStreet) -- The markets may not be out of the woods yet, but after today's powerful rally perhaps they've found a nice sunny meadow where they can rest, Jim Cramer told his Mad Money viewers Wednesday.
While the markets have been waiting seemingly forever for an end to the ridiculous Greece versus Germany standoff, apparently all it took was the news that there may yet again be the potential for a deal to send stocks soaring. But that wasn't the only positive note in today's trading.
German interest rates were also ticking slightly higher, which is a good thing because it indicates the German economy is getting stronger. That's great news for both the U.S. and for China, which sends 25% of its exports into Europe.
At the same time, the U.S. dollar appears to be stabilizing, which was enough to send shares of PPG (PPG) and FedEx (FDX) higher. Meanwhile, the devaluing of the yen may be over and oil was able to stage a rally, even with the U.S. hovering at record production levels.
Finally, there was no news out of the Federal Reserve, which is always a positive for the markets. Add them all together and there's enough brewing under the surface to indicate that stocks may be OK after all.
Focus on McKesson
Continuing his focus on the health care cost containment stocks, a group that should flourish in a rising interest rate environment, Cramer highlighted McKesson (MCK), a company he said is not only well run but also dirt cheap.
McKesson is currently the fourth-largest pharmacy operator in the U.S. with over 2,900 locations. But beyond that, the company also has a huge wholesale distribution business that supplies hospitals and clinics across the country.
McKesson is also a consistent grower, with $101 billion in revenue in 2008, steadily climbing to $138 billion by 2014. Its no surprise that McKesson's shares have followed suit, up 166% over the past three years.
Diamond in the Rough
The best turnaround stories are those Wall Street isn't paying attention to, Cramer told viewers, stories like Diamond Foods (DMND).
Five years ago, Diamond was a faster-growing niche food maker specializing in nuts, chips and other snack foods. Then, in 2012, accounting issues and a resulting SEC investigation sent shares plummeting from $92 to $27 in just months. Shares have struggled to recover.
But now that its accounting issues are behind it and the company has reported three strong quarters in a row, Cramer declared Diamond Foods investable again. Shares are up just 8.8% in 2015, despite the company posting a 23-cents-a-share earnings beat when Wall Street was only looking for 15 cents.
Diamond now sports 27% earnings growth and healthy 28.5% gross margins. It also refinanced its debts last year to more manageable levels. Diamond is now focused on growth and containing costs, with initiatives like better packaging and more robust distribution.
Given that Diamond Foods is dramatically undervalued, Cramer said he'd be a buyer, especially on any pullbacks.
Off the Tape
In his "Off the Tape" segment, Cramer sat down with Adam Jackson, co-founder and CEO of the privately held Doctor On Demand, one of the companies introducing Americans to the concept of tele-medicine.
Jackson explained that Doctor On Demand is the only company in his space that markets direct to consumers. If someone had a health question, they can use the Doctor On Demand app and video chat with a board-certified doctor for just $40.
Doctor On Demand is also built into some employer health plans, such as UnitedHealth Group (UNH), and Jackson noted that consumers will always get to speak to an actual doctor and not a nurse or physician's assistance.
When asked about how much service a tele-doctor can actually provide, Jackson said that only about 8% to 9% of calls result in a recommendation to see a doctor in person. Most consumers are self-selective and obviously don't expect to receive a major diagnosis through their service.
However, for many routine services seeing a Doctor On Demand physician is a lot more convenient and far less expensive than the average $180 in-person visit.
Cramer said while Doctor On Demand is not yet public, it has a very compelling value proposition.
No Huddle Offense
Cramer said even if this viewer bought at Facebook's peak near $80, being down $5 a share does not constitute "huge losses." Facebook still has real earnings momentum and only gets cheaper as shares fall, he said, which is why this viewer should be buying more and not complaining.
Owning stocks is a leap of faith that things will be better in the future, Cramer noted. Part of that faith is enduring some losses in the interim. For investors who can't take the pain, perhaps investing in individual stocks isn't for you, he concluded.