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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.

Sweet on Mondelez

The time may finally be right for Mondelez International (MDLZ), the international half of Kraft Foods (KRFT) that was spun off in 2012, to start heading higher, Cramer told viewers. Mondelez got off to a sluggish start, but is now turning itself around as currency pressures begin finally abating.

Mondelez is home of such beloved brands as Oreo, Triscuit, and Cadbury, among many others. The company is truly a global powerhouse, with 40% of sales from Europe, 20% from North America and 15% from Latin America, with the rest of the globe filling in the gaps. The company is number one in global market share for biscuits and chocolate and number two for coffee.

Shares of Mondelez are up 13% so far in 2015, making new highs, because the company is streamlining production, cutting costs and focusing its efforts on its power snack brands. The company plans to reduce overhead by $1.5 billion by 2018 while at the same time investing for growth with five new production lines that will begin producing its products nearly twice as fast.

Add to all of these positives the fact that the U.S. dollar may have finally peaked and activist investor Nelson Peltz taking an interest in Mondelez and Cramer said you've got a winning stock.

Fighting Infant Mortality

In a special interview, Cramer sat down with Jane Chen, CEO of the privately held Embrace Innovations, a company combating infant mortality around the globe.

Chen explained that 15 million pre-term and underweight babies are born every year and nearly three million will die in the first third days. Embrace has developed an inexpensive, portable baby warmer for developing countries that costs just 1% of traditional incubators.

Embrace now has a for-profit spinoff that is selling the "Little Lotus," a swaddle blanket that uses some of the same technology. For every product sold, some of the proceeds will help fund their efforts to help one million babies around the globe.

Cramer also spoke with Drue Kataoka, an artist helping to raise awareness of infant mortality through a project called "Touch Our Future," which can be found at touchourfuture.org

Lightning Round

In the Lightning Round, Cramer was bullish on Dow Chemical (DOW), Schlumberger (SLB), Salesforce.com (CRM), Hanesbrands (HBI), Dollar General (DG) and Dollar Tree (DLTR).

Cramer was bearish on Hortonworks (HDP) and Family Dollar Stores (FDO).

No Huddle Offense

In his "No Huddle Offense" segment, Cramer pondered which made more sense, Netflix (NFLX) up $25 a share on the news of its 7-for-1 stock split, or Netflix down $2 a share in the wake of Carl Icahn liquidating his position and taking a victory lap.

Cramer reminded viewers that stock splits don't create any new value, but they do increase liquidity. That means a volatile and emotional stock like Netflix will most surely begin to settle down and start trading like a normal stock instead of a plaything for hedge fund managers like Icahn.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL and DOW.

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