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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday March 26.

A Little News Is Dangerous: Phillips-Van Heusen (NYSE:PVH), Facebook (NASDAQ:FB), King Digital (NYSE:KING). Other stocks discussed: Pandora (NYSE:P), Toyota (NYSE:TM), General Motors (NYSE:GM)

The Dow dropped 99 points on Obama's hawkish tone on Russia. There were gains at the opening, but stocks went south on the President's hinting at sanctions. It isn't actual war the street is afraid of, but possible sanctions will hurt industrials and companies with international exposure.

There was little corporate news that mitigated the emphasis on Russia and the Ukraine. In spite of a bad day, Phillips-Van Heusen (PVH) reported a strong quarter and rallied on CEO Emmanuel Chirico's comments that the Warnaco acquisition is finally bearing fruit, and sales of Calvin Klein jeans should be stronger in the second half of the year. Facebook (FB) was slammed on its high-cost acquisition of a company that produces masks that are said to be revolutionary in the gaming sector. FB saw a dramatic decline of over $4. King Digital's (KING) IPO saw a shocking decline from $22 at the opening to $19 by the end of trading. Despite the negative items, the real reason stocks fell so hard was that the street tends to fill the corporate news void with negativity and excessive focus on the macro picture. If there is more news about the fundamentals of companies in the next few days, stocks could go higher, despite global fears.

Cramer took some calls:

Pandora (P) has a large short position, but the company is doing quite well. However, high multiple stocks are being sold off, so caution is required.

Toyota (TM) is good, but GM (GM) is cheaper, and its headline risk is running its course. GM has a bigger dividend and more upside opportunity than TM.

A Rare Opportunity for FMC Corporation (NYSE:FMC)

Like many other chemical companies, FMC Corporation (FMC) is breaking itself up to unlock value. Its agricultural and health-oriented chemicals will continue to trade under the symbol of FMC, while it spins off its more commoditized minerals business. The minerals segment was a strong performer, but since it is vulnerable to commodity prices, it was a dead weight on the company as a whole. FMC offers a rare buying opportunity following its announcement of the spin-off. Usually companies rally on speculation of a break-up and again on the announcement. FMC's stock did see gains, but now it has dropped to its pre-announcement level, which means more upside, especially given the fact that companies that break themselves up tend to fly higher during the phase until the spin-off is complete. FMC expects the process to be complete by next year. This provides an incentive to buy FMC at its current levels, especially since it is relatively cheap and trades at a multiple of 14 with a 12% growth rate. Cramer predicts 22% upside for FMC.

GrubHub IPO (NYSE:GRUB). Other stocks mentioned: Yahoo (NASDAQ:YHOO), Jack In The Box (NASDAQ:JACK)

The IPO market has been on fire, with 55 IPOs since the beginning of the year, up 83% over the first quarter of 2013. There are legitimate worries about froth in the IPO market, and after the failure of the King Digital IPO, many feel that the window might be closing on IPOs. However, the window has not closed yet, and until it does, there are opportunities to make quick trades in hot IPOs.

Cramer thinks GrubHub (GRUB) is worth buying because it dominates the online takeout space. It recently acquired a competitor and is benefiting from the fragmented nature of the industry and the gigantic addressable market. GRUB has a successful business model based on commissions and has grown its revenue by 42% since last year. The IPO should price between $20 and $22, and Cramer would get in on the deal, but would not buy it in the aftermarket. This is a "sliver" deal in which only a small proportion of shares are offered. These kind of deals generate a dramatic one day pop, but massive selling can ensue 6 months down the line.

Cramer took some calls:

Jack In the Box (JACK) is a very good stock and is coming back down. It is doing a great remodeling and is worth buying.

Yahoo (YHOO) is undervalued, because people are worried that Alibaba is going to be a bust because of competition from new IPOs. Cramer is not worried, thinks management will turn the company around and that Yahoo is a buy.

Beginning of the End of the IPO Boom

King Digital's dizzying drop of 15.8% on its IPO demonstrates the fall of the "overhyped, overpriced and overloved" IPOs. King Digital's debacle might be the beginning of the end of the IPO boom. This is ultimately good news for established biotechs and cloud companies which have seen declines as investors flock to equivalent IPOs, even if the underlying companies have little in the way of earnings. The froth is undeniable, and is present in the marijuana, software-as-a-service, hydrogen fuel cell, data analytics and untried and untested biotech stocks. The end of the IPO craze may be nigh, but it will take a while to unravel, and there are opportunities to cash in on IPO trades until then.

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Source: Cramer's Mad Money - A Little News Is Dangerous (3/26/14)