• CNBC's Jim Cramer said Wednesday that investors should stay away from Netflix stock and explore other options.
• "Netflix seems lost at sea without a plan to find the shore, and I think its pullback actually was deserved," the "Mad Money" host said.
• "We bought some Disney today for the Charitable Trust. … I like the rest of the business and think the streaming service is taking share. I'm also intrigued, by the way, by Paramount Global," he said.

CNBC's Jim Cramer said Wednesday that investors should stay away from Netflix stock and explore other options.

"Netflix seems lost at sea without a plan to find the shore, and I think its pullback actually was deserved. As for the other streaming plays that were collateral damage, you've got my blessing to buy the ones with the cheap stocks and sound fundamentals," the "Mad Money" host said.

Cramer said that there are two streaming companies, in particular, that stand out to him.

"We bought some Disney today for the Charitable Trust. … I like the rest of the business and think the streaming service is taking share. I'm also intrigued, by the way, by Paramount Global," he said.

Cramer also named Disney as a stock that can endure the Federal Reserve's tightening cycle.

Netflix reported a 200,000 subscriber loss in its first-quarter earnings on Tuesday, the first time the streaming giant has lost subscribers since 2011, and forecasted a 2 million global paid subscriber loss for the second quarter.

Shares of Netflix hemorrhaged 35% on Wednesday, reaching a new 52-week low earlier in the day.

Citing headwinds including suspended service in Russia and password sharing among users, Netflix also warned that it could crack down on nonpaying users. The company also said it is considering offering lower-priced membership tiers with ads.

"I don't think Netflix has much visibility into how business will unfold going forward, and they sure don't seem to have a plan to right the ship, at least not any time soon. I say no thank you," Cramer said.

Disclosure: Cramer's Charitable Trust owns shares of Disney.

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