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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday June 12.

Taking the Market Off Life Support: JPMorgan (NYSE:JPM), Dole (NYSE:DOLE), Hovnanian (NYSE:HOV), Lennar (NYSE:LEN), Toll Brothers (NYSE:TOL), Sony (NYSE:SNE)

With headlines describing the "global tumult" and news of interest rates rising, the Dow fell 127 points. "I respect a decline led by interest rates going higher," Cramer said. After all, at some point the economy needs to be taken off of life support. Bond funds and emerging market ETFs are likely to feel the most pain. Cramer advises caution, especially if the market opens higher, because that is likely to attract sellers. Patience is needed because "we are going to go through a little turmoil." However, there are many positives in the economy that the headlines ignore. JPMorgan (JPM) CEO Jamie Dimon pointed out some of the good news: liquidity and profitability is improving for many companies, which are seeing lower leverage and better balance sheets. Housing has turned the corner. If rates continue to rise, JPM, which is a holding in Cramer's charitable trust, will actually benefit.

Cramer took some calls:

Sony (SNE) could gain 10%, but after that, Cramer would sell it.

Lennar (LEN) was upgraded, and is preferable to Hovnanian (HOV), but Cramer's pick in the sector is Toll Brothers (TOL).

Dole (DOLE) may be taken private. "Get out of it and get out of it now. I don't trust that situation."

CEO Manny Chirico, Phillips-Van Heusen (NYSE:PVH). Other stocks mentioned: J.C. Penney (NYSE:JCP)

Phillips-Van Heusen (PVH) CEO Manny Chirico is a chief executive who "knows how to execute," said Cramer. After the last earnings report, the stock got slammed 5% in one day because management made cautious remarks about the Warnaco acquisition, even as the company beat earnings estimates. Cramer urged investors to stick with PVH. This quarter, PVH reported a blowout quarter, but gave conservative guidance, even as the main brands, Tommy Hilfiger and Calvin Klein, have been outperforming. "We think it is prudent at this time," to be cautious about guidance, said Chirico. He said that Spain and Italy continue to be "challenging markets," but the brands are strong across the rest of Europe.

The company is concerned with improving the quality of Calvin Klein jeans. "We were not happy with the quality," Chirico explained, "The jeans are not at the level we would like to see. We are improving the design and the aesthetic of the brand." China and Brazil are strong markets for PVH, and Chirico expects to see high single digit growth in these countries. J.C. Penney (JCP) features PVH brands on its main floor, and Chirico believes JCP will be successful in its turnaround. "The toughest part of our business is the Bass brand," said Chirico. When Cramer asked why PVH doesn't spin off Bass, Chirico replied, "We often look at pruning our portfolio. We think we can reposition Bass back, but if not, we will look at alternatives." The mild spring did have an effect on business, but both Cramer and Chirico expressed that PVH has more upside.

San Antonio Versus Miami: Cullen Frost (NYSE:CFR), Equity One (NYSE:EQY). Other stock mentioned: Bank of the Ozarks (NASDAQ:OZRK)

Cramer pitted San Antonio's Cullen Frost (CFR) against Miami's Equity One (EQY) to see which one is the champion stock. CFR is a regional bank with consumer and business loans, insurance and securities. It has a solid track record of lower than average loan losses. A full 40% of its deposit base is comprised of non-interest bearing deposits, and it has a high net interest margin. With rates on the rise, CFR should flourish. In addition, CFR has the good fortune to be located in Texas, a state with a robust economy, thriving housing and low unemployment. CFR yields 3.1%

Equity One (EQY) is a REIT with significant exposure to urban areas and prime real estate. Regulations make it difficult to build more urban retail space, which means that EQY can maintain high occupancy rates of 91.8%. The company's funds from operations beat Wall Street's estimates by 3 cents and the net operating income is expected to rise by 3%. EQY is selling off its least useful properties to raise cash. In the last month, EQY has fallen 13%. Cramer doesn't think this drop is a buying opportunity, because REITs are being sold in favor of bonds, whose rates are rising. Because of the dramatic sector rotation recently, CFR is a buy rather than EQY, even though EQY offers a higher yield of 3.7%.

Bank of the Ozarks (OZRK): "This business is strong. You have a real winner here."

Why Is Brent So High?

Oil is priced off the European benchmark of Brent Crude, which Cramer thinks is too high. Why is Brent so high? One reason is that Brent is determined by the oil production in a small area of the Middle East. Currently, these oil fields are tapped out even as oil production in North America is booming. If oil were priced off of a standard reflecting production in other parts of the world, Americans would pay 20% less at the pump. Cramer thinks the government is not willing to remedy this issue because of environmental concerns. If gas prices were lower, people would drive more and pollute the air. As he has said many times, Cramer recommends the wider use of natural gas as a cleaner, safer alternative and urges the Obama Administration to approve the construction of the Keystone Pipeline; "Let's take back control of the most important commodity in the world and give our country the prosperity it deserves."

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Source: Cramer's Mad Money - The Market Goes Off Life Support (6/12/13)