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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday June 18.

Expensive Skepticism: Adobe (NASDAQ:ADBE), FedEx (NYSE:FDX), Walgreen (NYSE:WAG), Air Products and Chemicals (NYSE:APD), Lorillard (NYSE:LO), Dr. Pepper Snapple (NYSE:DPS). Other stocks discussed: InvenSense (NYSE:INVN), GW Pharmaceuticals (NASDAQ:GWPH)

The Dow roared 98 points, and the S&P 500 soared 7.7% to an all-time high on Wednesday. Could this be a sign that bulls are complacent? There is no reason to accuse the bulls of being complacent when they are right. Wall Street had worries leading up to the Fed Meeting. However, nothing earthshattering resulted from Janet Yellen's report. Concerns about Iraq have been overblown, and oil actually declined. Adobe (ADBE) had the "audacity" to blow away earnings and raise guidance. FedEx (FDX) has been going up in a straight line, with a 50% gain year over year; bears were expecting a sell-off. FDX beat earnings, raised guidance and rose 6% on Wednesday. Cramer thinks the skeptics have missed moves in Walgreen (WAG) and Air Products Partners (APD), especially with the latter's announcement of a new CEO. Amazon's (NASDAQ:AMZN) stock soared on its smartphone. Stocks like Lorillard (LO) and Dr. Pepper Snapple (DPS) rose on rumors of takeovers, but did not decline when these stories were disproved. "The skepticism has cost you more than the optimism," Cramer said.

Cramer took some calls:

Invensense (INVN) is not a stock for the long-term, but it can work as a trade.

GW Pharmaceuticals (GWPH) filed a secondary, and people complained, but Cramer said, "You want in on this deal, because this drug works."

The Domestic Oil and Gas Stalemate

The oil and gas revolution has been more dramatic than anyone has expected. Oil production in North Dakota was supposed to double in 6 years, but has tripled in just 3 years. The Bakken shale has made North Dakota a prosperous state, with an unemployment rate just half of the national average. However, this oil bounty has meant very little for the country, because of resistance from Washington and a lack of infrastructure. Trains are used to transport this oil rather than pipelines, which would be more efficient, although there is political pressure against pipelines. Iraq shouldn't matter with this abundance of energy, but given the lack of motivation to take advantage of this valuable resource, the illogical scenario may continue for some time.

World Cup Pick: Constellation Brands (NYSE:STZ). Other stock mentioned: Anheuser-Busch Inbev (NYSE:BUD), Vale (NYSE:VALE)

Mexico brought Brazil to a draw with a series of jaw-dropping saves in the World Cup. In celebration of Mexico's stellar performance, Cramer discussed Constellation Brands (STZ). The company is headquartered in New York, but is famous for its Mexican beers, Modelo and Corona. It has soared 87% over the last year and has risen 22% so far this year. In spite of this rise, Cramer thinks the stock is still inexpensive. Anheuser-Busch Inbev (Bud) was forced to sell Grupo Modelo to Constellation Brands for a song, and this brand has been a winner for STZ. Corona is the number one imported beer in the U.S. and Modelo is in the number 3 position. STZ has a 33% operating margin, and that is expected to rise. The beer business saw a 13% increase in sales. These beers are now available on draft, and there should be an increase in demand from bars and sports stadiums. Its multiple is 19 with a 15% growth rate. Cramer thinks STZ could rise another 20%.

Cramer took some calls:

Vale (VALE): "I'm nervous about Vale," because of iron ore prices and the fact that Brazil has been unstable.

CEO Interview: T.M Patterson, Basic Energy Services (NYSE:BAS)

Basic Energy Services (BAS) provides U.S. onshore drillers with oil service supplies. Despite its positive analyst day, the stock dropped 6% on the announcement of a secondary offering. CEO says "The Permian Basin is the gift that keeps on giving." The competitive work environment requires the company to pay its workers more, and management has dealt with this by mild price increases, which are being accepted by clients. Proposals to regulate drilling are a concern, but Patterson said "We are pretty good about navigating" regulations. Cramer thinks BAS may have many good years ahead of it.

CEO Interview: Debra Cafaro, Ventas (NYSE:VTR)

High-yielding REITS have been hammered, but it doesn't pay to stay out of all of them. Ventas (VTR) has a 4.6% yield and is benefiting from demographic trends, such as senior housing. The company is making some smart acquisitions. The company is expanding internationally and is benefiting from a fragmented market. Cramer is bullish on Ventas.

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Source: Cramer's Mad Money - Expensive Skepticism (6/18/14)