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NEW YORK (TheStreet) -- Today was a down day for the markets, but investors should take it all in stride, Jim Cramer told his Mad Money viewers Wednesday. Selloffs like today are when the weak hands get flushed out, he continued, and ultimately that's a good thing.

So what had the markets in retreat today? Well, first there were negative comments from activist investor Carl Icahn, who likened present-day stock prices to that of 2007. Ouch. But Cramer noted that Icahn is still fully invested in stocks like Apple (AAPL), a stock Cramer also owns for his charitable trust, Action Alerts PLUS, so perhaps Icahn's assessment wasn't complete genuine.

Then of course, the markets didn't like Greece, which was showing less confidence of a deal than it was yesterday. There were also downgrades of Goldman Sachs (GS) and Citigroup (C) weighing down the banking sector, and downgrades of the cyber security stocks as well.

Add all that to continued weakness in the transports and Cramer said the markets really didn't have anything positive to rally around during today's session.

What should investors do? Nothing, Cramer said, as they can simply wait for the negative stuff to pass... as it always does.

Get Ready for a New Baxter

It's been a tough year for medical supply giant Baxter International (BAX), a stock that's down 2.4% so far in 2015. But the turn may finally be at hand because the company is now set to spin off its bioscience division.

As it's currently configured, Baxter is a difficult company to figure value. It derives 60% of its sales from medical products like pre-filled syringes, vaccines and infusion pumps, while 40% of its revenue stem from its bioscience products.

In 2014, Baxter's earnings fell below its guidance, prompting the company in 2015 to stop issuing guidance altogether. The questions were raised about the safety of its 3% dividend yield, sending shares to 18 months lows.

But then Baxter announced it will spin off its bioscience division as a company called Baxalta, news that has been sending shares higher ever since.

As two separate entities, Baxter will be a cleaner, simpler story, Cramer noted, something that money managers will be able to easily value and will gravitate to thanks to easy comparisons and a peaking of the U.S. dollar.

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