There are still plenty of stocks that fit the "profile" money managers are clamoring for, Jim Cramer told his Mad Money viewers Wednesday. To be rewarded in this market, a company must be a big beneficiary of tax cuts but still be lagging the averages.

No stock better fits that bill than Nucor (NUE) , a company that missed estimates three times this year, but benefits from a growing economy, tax cuts and trade sanctions. This stock has gone from hated to loved in a week, Cramer said, and it's not done heading higher.

FedEx (FDX) also makes the list, as it also benefits from both lower taxes and a growing economy. Shares of FedEx shot up 3.5% today to new all-time highs.

Finally, there are the banks. Cramer likes Citigroup (C) , a stock he owns for Action Alerts PLUS. Rising interest rates and lower taxes make Citi worth way more than 15 times earnings.

Those that don't fit the profile are the FANG stocks (those would be Facebook (FB) , Amazon.com (AMZN) , Netflix, (NFLX) and Alphabet/Google (GOOGL) ), drug stocks and international stocks. Cramer said a domestic name like Centene (CNC) fits the profile, however, as it's purely domestic and pays a high tax rate.

Cramer also gave the nod to some left-behind industrials, like Emerson Electric (EMR) , which will see estimate increases once tax reforms go into effect.

Over on Real Money, Cramer says, "Hey, Apple bears, you can't have it both ways with the iPhone X." Get more on his insights with a free trial subscription to Real Money.

What Could Fuel Gains for Hess? 

Energy has been a poor investment for what seems like ages, but with oil seemingly poised to finally bottom, Cramer said he's taking a fresh look at a one-time favorite, Hess Corp.  (HES)

Hess is a tale of two companies. On one hand, Hess has terrific assets all over the globe. But on the other hand, the company's management has failed to deliver. Performance has been so bad, that activist investor Elliott Management took a stake in the company back in 2013, calling for a sale of the entire company.

But since their initial saber rattling, Elliott has quietly turned into a long-term holder of Hess and it looks like the company may be listening, at least a little. Hess sold off assets in the Permian Basin and their fields in Norway this year. The company also spun off their pipeline assets into an MLP. They also have plans to sell their stake in Denmark next year.

Despite being awash in cash, however, management continues to struggle. Their assets in the Bakken are operating poorly and their fields in Guyana have gotten off to a very slow start. This has once again triggered Elliott to call for a sale of the company.

Cramer said there's not much downside left in Hess, but he doesn't see any upside unless the company agrees to sell. In that case, shares could go much higher, as the assets are worth a lot more than where the stock is trading currently.

New Outlook for Zimmer Biomet

Is it finally time to start a position in medical device maker Zimmer Biomet (ZBH) , now that the company finally has a permanent CEO? Cramer said, not so fast.

You could tell that the market really wanted to like Zimmer after it acquired Biomet. But after multiple disappointments, it was time for the company's CEO, David Dvorak, to step down. The market again cheered in July on the news of Dvorak's resignation, but Zimmer continued to disappoint with quarter after quarter of manufacturing issues and failed execution.

That's why yesterday's appointment of Bryan Hanson, an industry veteran, as Zimmer Biomet's new CEO sent shares up a quick 6%. Cramer said he a big fan of Hanson, but cautioned viewers that with only a handful of days left this quarter, Hanson isn't likely to have any impact.

Shares of Zimmer are indeed cheap, which led Cramer said he could bless starting a small position now. But, he cautioned, new CEOs like to lower the bar when they take the helm, so they can under-promise and over-deliver later on.

Cramer and the AAP team say investors need to maintain a long-term outlook with Apple (AAPL) and Activision Blizzard (ATVI) . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Cramer Does His Homework

In his "Homework" segment, Cramer followed up on a few stocks that had stumped him during earlier shows.

He said that semiconductor maker Smart Global Holdings (SGH) has been red hot, up over 188% since its IPO earlier this year. The stock is also inexpensive, trading at just nine times earnings. But, there are reasons to be concerned: mainly that the company's private equity backers may be looking to exit soon. For speculation, however, Cramer gave the stock his blessing.

Cramer said that Travelport Worldwide (TVPT) is an interesting company, but the stock has been a dud. He preferred either Expedia (EXPE) or Priceline (PCLN) .

Lightning Round

In the Lightning Round, Cramer was bullish on Intel (INTC) , NVIDIA (NVDA) , Groupon (GRPN) , Post Holdings (POST) , Marriott International (MAR) , Alibaba (BABA) , Square (SQ) , Buckle (BKE) , Dominion Resources (D) , American Electric Power (AEP) , Consolidated Edison (ED) and Salesforce.com (CRM) .

Cramer was bearish on AXT (AXTI) , Momo (MOMO) and PPL Corp (PPL) .

No-Huddle Offense

In his "No-Huddle Offense" segment, Cramer told viewers that some ideas are mutually exclusive. Case in point: Cramer's recent trip to an Apple store to purchase an iPhone X as a gift for Christmas.

While Apple did indeed have an iPhone X, they only had it in silver. When asked about AirPods, there were none to be had.

After posting the saga on Twitter (TWTR) , Cramer said he was inundated with responses that said Apple was doomed because demand is light and iPhones are available to anyone who walks in the door. Others clamored that Apple was doomed because they can't make enough iPhones in the colors people want and they don't have any AirPods at all.

Both of these ideas can't be true, Cramer concluded, which is why he continues to recommend Apple as a long-term buy and hold. Some inventory is better than no inventory, he said, and no company going to get inventory perfectly right every time.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, ATVI, NUE, C, FB, GOOGL, NVDA.

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