Changing tides in Europe may call for some portfolio changes, and Jim Cramer found one name that could make a strong play across the pond.
"I happen to think that Santander (Mercado Continuo: SAN-ES) is a great way to play a turn in Europe … as a spec, Santander, SAN, I really like it," the " Mad Money " host said.
This advice came as the market received seemingly conflicting news about the state of the economy, and Cramer sifted through the uncertainty to find the market-movers that really matter.
"In a market that can be whipsawed by a jobs number and the Fed minutes and Paul Ryan, it pays to be a little cautious, doesn't it? If you let your euphoria get the better of you this morning, you paid for it when we sold off this afternoon," Cramer said.
On Wednesday, Cramer spoke with Dr. Derek Chalmers, the co-founder and CEO of Cara Therapeutics (CARA) to get a take on the pharma space.
The company has been developing several breakthrough medications that target both pain and itching on a very large scale. Anti-itch medication in particular is highly soughy, Chalmers said.
"This is really a very underserved market. Unlike pain, where we have some current medications that have some efficacy, but issue with side effects, itch is really an unmet need. And there's some 20 million patients here in the U.S. across various conditions – chronic kidney disease, chronic liver disease, dermatological disease – unserved by any medication," he told Cramer.
Chalmers said that the medication's unique chemistry prevents it from entering the brain, a challenge Cara Therapeutics was first to meet.
Cramer also spoke with CEO Rick Smith of Axon (TASR), who said that his company's name change from Taser International and its initiative to offer free body cameras for every U.S. law enforcement officer reflect a larger shift toward creating a "connected network."
"There's something like a 15 to 1 return on investment for us by letting customers try this because ultimately, this is a network play," Smith told Cramer.
Along with the cameras, every police department in the United States will be offer supplementary hardware and software that allows them to store unlimited data from the cameras for free for a year.
Turning to a separate technology play, Cramer looked into Hewlett Packard Enterprise's (HPE) recently completed transaction with Computer Sciences Corporation, out of which was born a new company called DXC Technology (:NULL).
Cramer thinks that Hewlett Packard, which spun off its enterprise services division into CSC, now DXC, and DXC itself can both outperform, and is holding on to both names for his charitable trust.
"The transformations of HP Enterprise and the newly created DXC Technology are both complicated," Cramer said. "But I believe in management's ability to create value at both companies, which is why I acutally like both stocks. These are two attractive long-term stories. I like HPE right here, and would just like DXC to come down a tad — it's too hot — before I would the trigger."
Finally, Cramer admits he has done a fair amount of bad-mouthing as the host of "Mad Money" over the years, but on Wednesday he celebrated two executives that led their companies to new highs.
"Dave Cote, who retired last Thursday from Honeywell (HON) at right about the all-time high of the stock, and Ron Shaich, who just sold Panera Bread (PNRA) for a monster-good $315 per share, both deserve to have their numbers retired. These guys should be given a place of respect for other CEOs to aspire to," Cramer said.
In Cramer's lightning round , he flew through his takes on some caller favorite stocks:
Omeros Corporation (OMER): "This is another one that's just spiked. It's incredibly hot. It's never made any money. It has almost no revenue. It does have some money in the bank. But it's got a great pipeline. It's a total spec, but honestly, at this spike at $16, I've got to tell you, don't buy."
Zions Bancorporation (ZION): "I like Zion bank stock. It does need two rate hikes, but I do like it very much. It's one of the more interesting down-and-out banks that I think can come back."
Questions for Cramer?
Call Cramer: 1-800-743-CNBC
Questions, comments, suggestions for the "Mad Money" website? firstname.lastname@example.org
More From CNBC