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Most stocks are in a rolling bear market, Jim Cramer told his Mad Money viewers Wednesday. Some days you might get mauled, he said, but other days you might not.

There's a clear formula emerging for what's working and what's not, Cramer continued. The industrials, on the heals of activist Nelson Peltz taking a stake in General Electric (GE - Get Report) , is leading others like United Technologies (UTX - Get Report) and Honeywell (HON - Get Report) higher, while Boeing (BA - Get Report) and General Motors (GM - Get Report) led the charge today.

What's not working? Just about everything else. Drugs and health care continue to be hated, while Schlumberger (SLB - Get Report) seems to be the only winner in the oil patch.

Among the restaurants, Chipotle Mexican Grill (CMG - Get Report) was crushed, while over in tech, a well-deserved downgrade of Twitter (TWTR - Get Report) sent those shares plunging 5.2%.

There are some winners in tech, Cramer noted, like the SanDisk (SNDK) and Western Digital (WDC - Get Report) merger and Texas Instruments (TXN - Get Report) upside surprise.

But other than the consumer staples, including Clorox (CLX - Get Report) and Kimberly-Clark (KMB - Get Report) , there aren't many places to hide.

Executive Decisin: Rick Goings

For his "Executive Decision" segment, Cramer spoke with Rick Goings, chairman and CEO of Tupperware (TUP - Get Report) , which just delivered an earnings beat of 8 cents a share on a phenomenal quarter. Tupperware shares currently yield just under 5%.

Goings said a lot of things came together this quarter, including China, a market that is five times bigger than it was just 10 years ago.

Things are also changing here at home, Goings added, as many millennials are rejecting traditional 9-to-5 jobs and are gravitating toward Tupperware's message of empowering women.

Goings also credited a changing product mix to their strong results. Back when he started, Tupperware was 85% food storage. Today, that number has dwindled to just 25%, as the company expands into cookbooks, cutlery and food preparation products around the globe.

Know Your IPO

In his "Know Your IPO" segment, Cramer took a look under the hood of Ferrari (RACE - Get Report) , after the stock's 5.8% gain on its debut.

There's no denying that Ferrari's cars are sexy and the company is among the best operators in the business. But investors must remember that Ferrari is a luxury automaker, one with some important distinctions.

Last year, Ferrari increased its shipments by a modest 3.6%. That was by design, as the company explained that it intentionally lets demand outstrip supply to maintain its exclusivity. That's great news for Ferrari owners, but not for shareholders in a market that craves growth.

If Ferrari were to dramatically increase production, that would undoubtedly hurt its pricing power. With shares trading at 31 times earnings, Cramer said he simply cannot endorse it given its constrained growth prospects.

Executive Decision: Steve Singh

In his second "Executive Decision" segment, Cramer sat down with Steve Singh, CEO of Concur Technologies, which was acquired by SAP (SAP - Get Report) last year.

Singh said Concur saw incredible growth over the past year. Now that's its part of SAP, the company gets to build a much bigger platform and have access to SAP's 250,000 customers. As a result, his former company is seeing accelerating revenue growth, as are most of SAP's cloud computing properties.

Singh reminded viewers that Concur is all about having the perfect trip, one where your flight and hotel is booked for you based on your preferences and corporate policies, and where all of your expenses, or at least most of them, are automatically added to your expense report when you get back.

Cramer said SAP continues to deliver on its cloud computing promise, offering shareholders both growth and value.

Lightning Round

In the Lightning Round, Cramer was bullish on Verizon (VZ - Get Report) , T-Mobile US (TMUS - Get Report) , Celgene (CELG - Get Report) and Tyson Foods (TSN - Get Report) .

Cramer was bearish on Lions Gate Entertainment (LGF) , California Resources (CRC - Get Report) , Chesapeake Energy (CHK - Get Report) , Sprint (S - Get Report) , Micron Technology (MU - Get Report) , AMAG Pharmaceuticals (AMAG - Get Report) , Kansas City Southern (KSU - Get Report) and Union Pacific (UNP - Get Report) .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer opined on the 5.6% decline in shares of Chipotle after the company posted disappointing earnings yesterday after the bell.

Cramer said the company cited a host of things that went awry, from increased wages and real estate costs, rising food costs and continued slow growth at its new concept restaurants.

But Cramer reminded viewers that Chipotle's stock is up over 2,900% over the past 10 years and during all of its three major dips was the time to buy, not sell this stellar restaurant chain.

Did management "take their eye off the ball," as officialsindicated on the conference call? You bet. Will they let it happen again? Not likely.

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.