Don't give up the ship. Those were Jim Cramer's words to his Mad Money viewers Wednesday, as he pleaded with those looking to sell to hold onto their shares for a little while longer. Cramer said there are a number of great companies that investors gave up on, and that lack of conviction ended up being very costly.

First up, PPG Industries (PPG) , a stock that was seemingly caught in a rut, but shot up 6% today as the company announced its in talks to do another smart acquisition. Then there's Children's Place (PLCE) , which soared 18.2% in a single day, as the company proved it was able to break free of the mall malaise.

Cramer also called out H&R Block (HRB) , a company even he was skeptical of, but also one that rose -- up 14.8% on strong earnings.

With the Federal Reserve eyeing four possible rate hikes, Cramer said is not the time to give up on the banks, which is why he owns Citigroup (C) for Action Alerts PLUS. Cramer said he wouldn't give up on Dow Chemical (DOW) , Arconic (ARNC) or the oil stocks either, as oil will be resuming its climb after this brief pause. He recommended EOG Resources (EOG) as a favorite in that group.

Meanwhile, on Real Money, Cramer says, "get back here!" These are more examples of stocks where people got bored or antsy and jumped ship too early. Check out his strategies with a free trial subscription to Real Money.

Study Chemistry

With an improving global economy, now is a great time to be a chemical company, Cramer told viewers, as he reiterated his favorites: Albemarle (ALB) and FMC Technology  (FMC) .

Cramer last recommended Albemarle in May 2016 and since then shares are up 40%. This maker of specialty chemicals is doubling down on its lithium business as electric cars continue to gain in market share. Last week's earnings were a blowout, Cramer said, with a five-cents-a-share earnings beat with massive revenues and strong guidance.

Cramer's last recommendation of FMC came just two months ago, and after a prior 75% move up, shares have not done done much since. When FMC last reported, they missed by a penny a share with light revenues and conservative guidance. But Cramer noted that the company's operating margins were expanding, which means FMC makes more money even with less revenue. At 15 times earnings, he said, FMC remains a steal.

Cramer and the AAP team have a technical take on Cimarex (XEC) -- another embattled oil name. Find out what they're telling their investment club members with a free trial subscription to Action Alerts PLUS.

Breaking Up Is Good to Do

When companies break up, they can create enormous value, and nowhere is that more evident than with TopBuild (BLD) , the former services arm of Masco (MAS) that began trading as an independent company in July 2015. Since the spinoff, shares of TopBuild have rallied 50% and Cramer said the move is not yet over.

At first, TopBuild might seem like a good fit with Masco, which makes cabinets and other home products. But Cramer noted that TopBuild's business was levered to new construction, while Masco focused on remodeling existing home. As a result, Masco became less cyclical while TopBuild is poised to take advantage of the coming construction boom.

Thanks to new technology and acquisitions to expand its footprint, its commercial construction sales were up 13% in its most recent quarter, Cramer said, and management noted that pent-up demand for residential construction may take years to satisfy.

Trading at 17 times earnings with a recently-announced $200 million stock buyback, Cramer said he remains a fan.

Executive Decision: Avangrid 

For his "Executive Decision" segment, Cramer sat down with James Torgerson, CEO of Avangrid (AGR) , the wind-power utility which just posted a three-cents-a-share earnings beat. Shares of Avangrid are up 10% for the year with a 4% dividend yield.

Torgerson said when Amazon.com (AMZN) was looking for renewable power for their Virginia data centers, they turned to Avangrid, which built a 208-megawatt facility in North Carolina and is now generating clean, renewable power for them. He said there were only a few siting issues with the facility that were all resolved and the farmers love receiving lease payments for having the turbines on their land.

Torgerson continued by saying that Trump has not been a factor thus far for Avangrid, as the states are the ones demanding more renewable energy. All of the facilities his company plans to build, some 6,000 megawatts, all come with long-term contracts, he said. That's why Avangrid plans for 8% to 10% earnings growth going forward.

Check out The Unloved Recovery, about the bull market's eighth anniversary.

Lightning Round

In the Lightning Round, Cramer was bullish on Altria (MO) , Intercontinental Exchange (ICE) and Micron Technology (MU) .

Cramer was bearish on NVIDIA (NVDA) and Reynolds American (RAI) .

Read more of Cramer's comments on the stocks in the Lightning Round.

No-Huddle Offense 

In his "No-Huddle Offense" segment, Cramer offered a warning about, well, warnings, those dire headlines you read almost daily forecasting certain doom just around the corner.

Take these "warnings" with a grain of salt, he said. There have only been three times it was worth selling everything and those were 1987, 1999 and 2008.

During all of these declines, however, the risks were obvious. In 1999, everyone knew stocks were grossly overvalued. In 2008, there was significant systemic risk as banks were on the brink of failure. But for all other times, like 2011, the prudent action was to stay the course, raise some cash and buy on the way down.

These "canary in the coalmine" stories just aren't very useful, especially today, when stocks remain cheap given the backdrop of a growing global economy.

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At the time of publication, Cramer's Action Alerts PLUS had positions in XEC, C, DOW, ARNC .

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