Wednesday on Jim Cramer's MAD MONEY, the loud-but-excited analyst discussed a spinoff of Hanesbrands Inc. (NYSE:HBI) fom Sara Lee Corp. (NYSE:SLE).

The question on investor's minds should be, naturally, does a spinoff make sense? To give a little background, Cramer referred back to the GM-Delphi spinoff, opining that the two auto units were too tangled to properly unwind. In this case, it may be a bit simpler; after all, he asked, does it make sense for a cupcake and meat company to own an underwear company? Nope, said he, the two units needed to be under a different roof. Can HBI make you money? Cramer says, "yes."

Hanesbrands shares traded up 2.3% to $23.18 in after-hours trading after Cramer's well-reasoned recommendation, especially after he referred back to several prior deals, including the Freescale spinoff, the Coach spinoff, and the Darden spinoff.

He did say that Sara Lee forced it to take on a lot of debt, but the company's lower margins may improve since manufacturing has been moved internationally.

In a call-in Cramer said he thinks Under Armour, Inc. (NASDAQ:UARM) is going higher. In another call Cramer said Jos. A Bank Clothiers, Inc. (NASDAQ:JOSB) is a "stay away" story.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.