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You can judge a company by what it is today, or by what it could become tomorrow, Jim Cramer told his Mad Money viewers Wednesday as he honed in on today's earnings from Walt Disney (DIS - Get Report) .

Disney reported nothing less than the best quarter in the company's history today, with executives touting that Disney's long-term focus is driving remarkable value. The stock market rewarded Disney for its efforts by sending shares down 3.7% to a valuation of just 15 times those spectacular earnings.

How can that be? Cramer explained that for fund managers focused on the short term, all that matters is the growth, or lack there of, in subscribers of ESPN. Disney's movies, theme parks, Star Wars, none of that matters to these guys, Cramer noted.

But more seasoned investors, those with a longer-term view, will note Disney is not a one-trick pony and has, in fact, reinvigorated itself on many occasions. There was a time in the not-so-distant past when Disney's theme parks were ailing. They were fixed. Other times, the movie studios were faltering. They were fixed. So why would investors not believe that ESPN can be fixed?

Cramer said Disney is a powerhouse of brands like no other, and that's why he's continuing to bet with, and not against, the company.

Executive Decision: David Aldrich

For his "Executive Decision" segment, Cramer spoke with David Aldrich, chairman and CEO of Skyworks Solutions (SWKS - Get Report) , the communications chipmaker that just delivered a 2-cents-a-share earnings beat but still has shares down 25% for the year and a full 50% from its highs last year.

Aldrich said Skyworks is taking everything it has learned about communicating with smart phones and tablets and applying that technology to cars, entertainment boxes and a host of smart "things" from smoke detectors to light bulbs.

Skyworks has mastered the art of communicating with multiple devices on multiple frequencies and services as the knitting that allows many different devices to talk to one another.

Aldrich said Skyworks is playing in all the right spaces, mainly mobility, connectivity, autos and the Internet of things. That's how his company has been able to grow 15% to 20% a year but still maintain operating margins of 40%.

Cramer said this is one stock that has simply gotten too low.

Where Are the IPOs?

Why have there been zero initial public offerings so far in 2016? For that answer, Cramer said, just look at the IPOs of 2015. He noted that of the 211 companies that came public last year, only 45 are currently trading above their IPO price.

Cramer said the biggest IPO from last year was First Data (FDC - Get Report) , a stock he warned against when it debuted. First Data now trades down 40% from its IPO.

The second-largest IPO from 2015 was Tallgrass Energy (TEGP) , an oil and gas pipeline master limited partnership that has since sunk by 61%. Other notables from the class of 2015 included Ferrari (RACE - Get Report) , which debuted at over 30 times earnings, and Fitbit (FIT - Get Report) , the only IPO from last year that Cramer said he'd buy.

Executive Decision: Steve Holmes

In his second "Executive Decision" segment, Cramer sat down with Steve Holmes, chairman and CEO of Wyndham Worldwide (WYN) , the hotel and timeshare company that delivered a 1-cent-a-share earnings beat on a 6% rise in revenues with robust guidance. Shares of Wyndham currently trade at less than 12 times earnings.

Holmes said he can't explain why the stock market has valued Wyndham so cheaply. He said his company has a resilient business that did very well during the recession of 2008 and 2009 and they're doing exceptionally well now.

That's why Holmes said he personally has been buying Wyndham stock at these depressed levels and why the company itself has been aggressively buying back shares. Holmes noted that any money that is not going towards acquisitions is returned to shareholders via buybacks and dividends.

Holmes explained that time shares are the biggest part of the company's business and, unlike competitors like AirBNB, Wyndham focuses on professionally managing properties.

Cramer continued his support for Wyndham.

Lightning Round

In the Lightning Round, Cramer was bullish on Spirit Airlines (SAVE - Get Report) , Delta Air Lines (DAL - Get Report) , Southwest Airlines (LUV - Get Report) , Rite Aid (RAD - Get Report) , Intrexon (XON - Get Report) , MasterCard (MA - Get Report) , Visa (V - Get Report) and Tupperware (TUP - Get Report) .

Cramer was bearish on Williams Companies (WMB - Get Report) and ConocoPhillips (COP - Get Report) .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said the stock market has become a big game of rock-paper-scissors, with oil being the rock, the Federal Reserve the scissors and stocks the paper.

Oil can smash stocks and even trump the Fed, while the Fed can slice through stocks all on its own. Only in this game, the paper never wins.

The problem with playing this game is that it's zero-sum and all three pieces are constantly in motion. If you play it long enough, you're going to lose.

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