Cramer Remix: After Receptos, here's what's next
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The averages have had a huge run recently, and while this wasn't reflected in the market on Wednesday, Jim Cramer pointed out that people have made fortunes owning individual stocks in the past few years from the bright ideas that they have had. "I always say good investment ideas are often right in our faces, on the dinner table or the living room or in the mall, which means the gains are there to be had as long as you're actually looking for them," the "Mad Money" host said. Cramer heard a boatload of these fortune-brewing ideas on Wednesday when he attended CNBC's Delivering Alpha conference. He highlighted a few of the amazing ideas that he heard, so that investors could understand how easily good investment ideas can be found. Cramer interviewed Jeff Smith, the CEO of the activist fund Starboard Value, at Delivering Alpha and he presented a new way to judge Macy's . Instead of looking at the company based on the earnings per share—Cramer's way—he looked at it as a real estate play and suggested that this $72 stock could be worth $125. "I doubt I'll ever think of Macy's the same way again. It's not just the place where I bought my shoes, it's a collection of assets that might be worth much more than where the stock is currently trading," Cramer said. Read More Cramer: Mind blowing instant portfolio plays



Frankly, the pace of change in these consumer markets today is faster than I've ever seen it Kendall Powell chairman and CEO, General Mills

Kendall Powell, CEO, General Mills Scott Mlyn | CNBC

Cramer was elated when he heard the news that Celgene paid $232 a share for Receptos on Wednesday. Receptos has been a long-time favorite of Cramer, as he started recommending it 130 points ago. But the people who should really thank Celgene? The shareholders, Cramer said. Celgene CEO Bob Hugin obviously recognized that his company's stock would soar when he picked up Receptos for $7.2 billion. "After all it is not often that a company shells out that much money and then sees its own stock go up almost an equal amount in value because it is such a fantastic acquisition," the "Mad Money" host said. What drew Cramer to Receptos initially, about a year ago when the stock traded at $35, was its drug Ozanimod. This drug had the potential to treat several conditions within one formulation. So, while Celgene was doing extremely well, it was perceived as being too dependent on its drug Revlimid. As a result, Cramer thinks this this was a match made in heaven. Now that Janet Yellen reiterated on Wednesday that investors should expect a rate hike later this year, Cramer is wondering what to do with high-quality packaged food names with a strong dividend, like General Mills . General Mills has a large array of brands spanning from Cheerios, Chex, Pillsbury, Progresso, Yoplait and Betty Crocker to its natural and organic business, which includes the recently acquired Annie's. On Tuesday General Mills hosted its annual investor day, where it outlined its plans to grow its business, including launching Yoplait in China and to dramatically expand its natural and organic product base dramatically. To hear more on its plans for growth, Cramer spoke with General Mills Chairman and CEO Ken Powell. "Frankly, the pace of change in these consumer markets today is faster than I've ever seen it," Powell said.

Read More General Mills: We're going natural & gluten-free

