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Mad Money w/ Jim Cramer 04/11/25 - Mad Money w/ Jim Cramer | Wave AI Podcast Notes

Mad Money w/ Jim Cramer 04/11/25

Fri Apr 11 2025

Listen to Jim Cramer’s personal guide through the confusing jungle of Wall Street investing, navigating through opportunities and pitfalls with one goal in mind - to help you make money. Mad Money Disclaimer

Summary

Mad Money w/ Jim Cramer – Episode Summary (April 11, 2025)

Introduction and Market Overview

In the April 11, 2025 episode of CNBC’s “Mad Money,” host Jim Cramer delves deep into the tumultuous landscape of Wall Street, offering his insights and advice to help investors navigate the current economic challenges. Cramer begins by emphasizing his mission: “My mission is simple, to make you money” ([00:44]). He highlights the pervasive influence of the White House on market movements, noting how political actions and statements can cause significant fluctuations in stock prices. Cramer observes, “Anytime you see the market go down or up big, a tweet behind it” ([05:30]), underscoring the volatility introduced by political and social media dynamics.

Banking Sector Analysis

Cramer provides a comprehensive analysis of the banking sector, focusing on the earnings reports of major institutions. He starts with Goldman Sachs, praising CEO James David Solomon for steering the firm away from traditional Wall Street practices. “I think Goldman can do it because Goldman’s a change firm,” Cramer states ([06:15]). He credits Solomon’s leadership for improving both the top and bottom lines through strategic trading and employee rationalization. In contrast, Wells Fargo presents fewer opportunities, affecting Cramer’s travel-related investments negatively.

Moving to J.P. Morgan, Cramer commends the bank for delivering a “monster good quarter” ([07:00]), whereas he anticipates Bank of America and Citigroup to perform typically, with Citigroup showing resilience due to strong leadership under CEO Jane Fraser. He remarks, “Citigroup's gotten so loved that it's probably going to roar no matter what is said” ([07:45]).

Pharmaceuticals and Drug Stocks

The discussion shifts to the pharmaceutical sector, where Cramer addresses regulatory challenges and manufacturing issues. Highlighting Johnson & Johnson, he anticipates updates on the company’s legal battles concerning cancer-related lawsuits. “This stock has been stuck in a range forever,” he notes ([08:00]), yet he remains optimistic about potential reversals contingent on new drug announcements. Cramer also touches on the broader struggles of drug manufacturers, including production constraints and regulatory pressures from the FDA.

Freight and Logistics

Cramer examines the freight industry, focusing on JB Hunt’s report on recession-impacted freight rates. He criticizes the company's pessimistic outlook, suggesting that JB Hunt is “their own worst enemies” ([09:00]). Cramer humorously suggests injecting some positivity into their outlook, indicating a need for morale boosts within the company.

Semiconductor Industry

Semiconductors emerge as a critical topic, with Cramer discussing the performance of ASML and AMAT. He expresses concern over ASML potentially missing earnings expectations, which could drag down the entire high-end semiconductor sector. Conversely, he praises AMAT for its robust performance, stating, “AMAT was up big today” ([10:00]). Cramer underscores the complexity and competitive nature of the semiconductor industry, advising investors to monitor these stocks closely.

American Express and Blackstone

Cramer revisits American Express, highlighting its reliance on new card signups, particularly among younger demographics. He advises caution, noting the stock's volatility around earnings reports. Additionally, he discusses Blackstone’s significant data center business, emphasizing its potential despite skepticism in the market. “Blackstone will tell us otherwise,” he asserts, suggesting that their data center operations could bolster related stocks like Nvidia and Vertif ([11:00]).

Caller Q&A Sessions

Throughout the episode, Cramer engages with callers seeking advice on various stocks:

Novo Nordisk ([08:45] Caller Chris, Pennsylvania): Cramer confirms his bullish stance on Novo Nordisk, citing its attractive yield and recent price drop as buying opportunities. “I am a buyer at this point in Novo Nordisk” ([09:01]).
Dupont ([09:18] Caller Bill Masters): Discussing Dupont, Cramer highlights the company's value despite recent setbacks due to investigations in China. He emphasizes the geopolitical risks associated with Chinese relations, stating, “Dupont is, and this is from my... they have one division very, very small that got investigated by the Chinese” ([09:22]).
Nico Mines ([10:01] Caller from Illinois): Cramer advises holding onto the position, praising Nico Mines as a “remarkable company” with disciplined profit-taking strategies ([10:32]).
Marvell Technology ([10:54] Caller Mark, Florida): Despite significant year-to-date losses, Cramer recommends Marvell Technology as a buy, acknowledging competitive pressures but emphasizing its potential ([11:15]).
Carvana and Craft Hines: Cramer advises against investing in Carvana and recommends shifting focus to better-performing stocks like Texas Roadhouse and Acushnet Holdings ([29:43]-[36:02]).

Pricing Power Discussion with Rob Pace

A significant segment of the episode features an in-depth conversation with Rob Pace, founder and CEO of 100X, about pricing power in the current market. Cramer and Pace explore how companies like Costco maintain pricing power by delivering superior value through quality, taste, and convenience. “What is pricing power? Can I raise prices and still be your best option?” ([15:40]). They discuss the relationship between price and value, using Texas Roadhouse as an example of a company with strong pricing power ([17:10]).

Pace explains that pricing power is crucial for companies to pass on increased costs without losing customers, a vital strategy amidst rising tariffs and inflation. The discussion touches on Apple’s pricing power, with Cramer questioning if tariff-induced price hikes could drive consumers to competitors like Samsung. Pace affirms that despite high prices, companies like Apple retain above-average pricing power ([18:34]-[19:12]).

Golf Stocks Analysis

As the Masters Tournament approaches, Cramer shifts focus to the golf industry, analyzing Acushnet Holdings and Topgolf Callaway Brands. He lauds Acushnet for its solid performance and conservative guidance, noting a new $250 million buyback plan and a 9.3% dividend increase as signs of management confidence ([28:00]). In contrast, Topgolf Callaway Brands faces challenges post-pandemic, with Cramer advising avoidance until the company completes its breakup with Topgolf ([34:20]-[37:50]).

Diversification and Portfolio Strategy

Cramer underscores the importance of a diversified portfolio, especially in volatile markets. Through interactions with multiple callers, he advocates for balancing investments across sectors like technology, utilities, healthcare, and cybersecurity. For instance, he advises Jack in South Carolina to diversify beyond tech by adding healthcare stocks like Eli Lilly ([32:16]-[33:09]).

Conclusion and Final Insights

Wrapping up the episode, Cramer reiterates the necessity of diversification and strategic stock selection in the face of ongoing economic uncertainty and geopolitical tensions. He advises focusing on companies with strong pricing power, minimal cyclicality, and robust fundamentals. Cramer concludes with a nod to upcoming trading challenges, including the full-fledged trade war with China and relentless inflation pressures, urging listeners to stay informed and adaptable.

Notable Quotes

“My mission is simple, to make you money.” ([00:44])
“Anytime you see the market go down or up big, a tweet behind it.” ([05:30])
“Goldman’s a change firm.” ([06:15])
“DuPont is... a good example of what happened in this market.” ([09:22])
“We are at the cusp of some major price changes.” ([11:00])
“Stay on Southwest.” ([20:53])
“Cramer's opinion is not a specific inducement to make a particular investment.” ([47:03])

Key Takeaways

Market Volatility: Political actions and social media influence significantly impact stock movements, necessitating vigilant monitoring of external factors.
Banking Sector: Goldman Sachs stands out for its adaptive strategies, while J.P. Morgan shows strong performance. Citigroup remains resilient under adept leadership.
Pharmaceuticals: Regulatory challenges continue to affect drug stocks, with potential for reversals contingent on new product developments.
Semiconductors and Data Centers: ASML and AMAT are critical players, with data centers emerging as pivotal for tech advancements.
Pricing Power: Companies like Costco and Texas Roadhouse exemplify strong pricing power by delivering exceptional value, crucial for weathering economic pressures.
Diversification: A balanced portfolio across various sectors, including utilities, healthcare, and cybersecurity, is essential for mitigating risks in an uncertain market.
Golf Stocks: Acushnet Holdings offers solid investment opportunities with its conservative growth and buyback initiatives, whereas Topgolf Callaway Brands faces ongoing challenges.
Strategy: Emphasizing disciplined investing, profit-taking, and strategic stock selection can help navigate the complexities of the current economic landscape.

This episode of “Mad Money” provides listeners with a thorough analysis of current market conditions, sector-specific insights, and practical investment advice, all aimed at fostering informed and strategic investment decisions.

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Transcript

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Jim Cramer (0:44)

My mission is simple, to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere and I promise to help you find it. Man, money starts. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other people make friends just trying to make a little money. My job, not to entertain, but to educate. Teach context. Call me 1-800-743- CNBC tweet with Jim Cramer. Rumor, innuendo, intrigue. These are the stuff of great novels of fabulous miniseries, riveting plays. And now they're the stuff of the stock market. Yes, this tape has it all, doesn't it? The White House throws so much shoe at all hours of the day. We have press conferences, true social posts, offhanded statements that move trillions of dollars in and out of bonds, of currencies, of gold, of crypto. We've got contradictions galore, Daniel. Malls all over the place. Except this isn't an eight part blockbuster. It's our money. You know, it's gotten to the point where anytime you see the market go down or up big, a tweet behind it. It's a tweet that can unleash trillions or shed the same amount as it did all day to day with the drama ultimately sending the Dow up 619 points while the SB gain 1.8%. Here we go again with the Nasdaq rally, 2.06. Nice comeback from yesterday's absolute ugliness. House of pain is the market trying to find a liberation day. Bottom that's what I was thinking about today, you know, kind of moment when stocks stop cascading because we know finally all the bad is in. Not sure. I'm just not sure I'm going to think about it all weekend, you know, and I know this Weekend we're going to get some market moving statements because if you ever notice the weekends don't provide any more relax, relaxation anymore because the President got advisors, he's got people out, he wants to tweet, he's got meetings, no relaxation time, no downtime. Maybe this weekend. I don't know. Monday's trading. What we say just say that it looks like that it's earnings season, so it's going to be even harder than usual. Oh, my. All right, well, let's start with Goldman Sachs, right? That's what it's. It's the first bank stock. It's the first stock that reports this week. And I've got to tell you, says report on Monday. It's interesting. J.P. morgan stole the show today with a monster good quarter. Wells Fargo was too run in the mill. That one hurt me for my travel stuff. I don't know, you should look at your bullets. Really important that we put out Morgan Stanley. Better. Goldman's by far the most controversial. Why? Because as an investment bank, its business can be pretty episodic. I think Goldman can do it because Goldman's a change firm. One that's no longer gripped by the picaresque tradition of Wall Street. I bet CEO James David Solomon can deliver on the top and bottom lines. And the top because of trading that used to be their forte. And the bottom because of rationalization of the bank's table of employment. Basically, they can beat the numbers by firing a bunch of people, which they've been doing. It's smart to do that. We're in a different market. Tuesday we hear from two more big banks. And by this time, I got to tell you, when we see the numbers from bank of America, Citigroup, our eyes are going to glaze over. They shouldn't, but they will. I think the bank of America will be the usual fine self. And Citigroup's gotten so loved that it's probably going to roar no matter what is said. Such as the admiration for CEO Jane Frazier, and she certainly earned it. The drug stocks have been having a huge conundrum, right? I mean, they have danced to the tune of a new fda, which falls under the purview of a different kind of guy, RFK Jr. At health and Human Services. He's not exactly pharma friendly. Meanwhile, they're supposed to be manufacturing all their drugs here or else they'll be hit with big tariffs. Vaccines are no nos. At least allegedly monkeys are not to be used for testing anymore. It should be used. I should be used. And in The Case of Johnson and Johnson reports. Tuesday morning we get an update on the firm's legal strategy against those suing the company for cancer that was allegedly caused by by J and J's baby tout powder. This stock has been stuck in a range forever. It's a wide one, but at least it's not in a perpetual downturn like some of the other pharma companies. I think it could reverse course and break out as long as we get some big news on any new drug. And by the way, it has a lot of great drug franchises, more than almost every other one. After the close, we get to hear JB Hunt talk about how the freight rates of recession continues. Now these guys are their own worst enemies. I'm on their call the time and they are so downbeat it's incredible. It's like they're down on themselves. I want to send them, I don't know, the Michelin man down there. Give them a couple of laughs. They need some help. Please be more upbeat. Wednesday morning. Robert Ford from Abbott Labs will tell his usual terrific story about the company's strong franchises while having to mention the special baby formula lawsuits that have hurt the stock's valuation for such a long time. It was 14 points higher not that long ago during that ridiculous rotation where I told you I had to sell some. These stocks are now all the way back down. That rotation was horrendous and I still like to find out what firms did that because they should be, they should be kept away from anybody's money. SML holdings, that's a Dutch company. It's a crucial semiconductor capital equipment business. It also reports and I fear that it will miss as it did last time, causing all the high end semiconductor stocks to roll over. By the way, AMAT was up big today. That would be go down big if ASML misses talk about opaque. It's I don't even know if these guys know how they're doing right now. It is such a complicated company. We've also got retail, retail sales. Now I keep hearing that sales were weak and that this month's been strong because of demand being pulled through ahead of the tariffs. But I don't know. I looked at Wal Mart, Amazon and Costco and their businesses were all really strong in the month of March. I bet the retail number is strong too. In the long term, interest rates might even go higher than they did this week. This week I should have pointed out that interest rates went up so much this week that it really disturbed a lot of the trading. A few minutes after 2am on Thursday, we get to listen to Taiwan Semiconductor talk. Now lots of people think that this call has become a proxy for Nvidia, which is this is in video, its foundry. If it's strong, Nvidia flies. Now that link, which is now that linkage is now anti diluvian and it hasn't held up under close scrutiny in the last couple of quarters. Well, I'm going to listen but this time only for the color on the entire semiconductor space, not as a one for one for Nvidia. How about a gimme? I think this company is the only gimme that I see this week. This is close to one as you're going to find. Not too high a price, earnings multiple, not yet overly love. Purely domestic business has pricing power. This is it. It's a universal buy. We recently featured American Express as part of its 150th birthday celebration. Now this is a company that trades on new card signups, especially from younger people. And I think that it'll deliver on that strength when it reports on Thursday morning. Be careful though, because American Express stock trades badly, the morning reports badly, meaning it doesn't reflect the fundamentals one way or the other. See my drop eight points or go up eight points and then reverse. I just want you to listen the call before you pull the trigger. Trust me on this, I know I'm right. Okay. We also hear from Blackstone, that's the private equity firm, on Thursday morning. Now normally we wouldn't be all that focused on this one, but Blackstone has this gigantic data center business within the company and we need to keep up on these because they are all sort. There are all sorts of doubters now about the data center. That had been a theme that I thought could last for some time and right now people feel that theme is over. Now Blackstone will tell us otherwise. It could help the bleaker stock of Nvidia and a bunch of the companies like Vertif if Blackstone is possible in data centers. Finally after the close, Netflix reports. Now we're lucky to have Friday off for Good Friday because studying the hydra headed Netflix call requires a huge amount of time. I always leave a lot of time for it. See, each time it reports, management talks about the rollout of its ad supported subscription tiers. And the darn ad business is incredibly lucrative. It is what still draws me to the stock. There was a time when the Netflix quarterly conference call was the most exciting thing that happens to us in this business. But the bottom line, that was before the election. These Days. Nothing coming out of Netflix can possibly keep up with the endless drama from the White House. Chris in Pennsylvania. Chris, hello. Yeah, you're up, Krish.

Jim Cramer (23:51)

We have mercifully reached the end of another tough week and I hope you can use the weekend. Maybe take a step back from the markets. Relax, try to have some fun. Perhaps now the spring has arrived. For many that means playing around a golf or at least watching this weekend's Masters tournament at Augusta National. Every time this tournament comes around, I like to do a rundown of the golf stocks, one of which has been a big winner for us over the past decade. That's cushioned at holdings, that's the parent company of Titleist FootJoy Brands titles is a leading golf equipment brand, making one of the most the game's most popular golf balls, as well as golf clubs, apparel and accessories. Footjoy is for golf shoes, but it also makes apparel and accessories as well. Finally, Cushion also owns a few other smaller brands, including Folky Wedges, Scotty Cameron Putters, Pinnacle Goggles and Juice Apparel, although those are marginal compared to the two big brands, this stock has been a long term outperformer, climbing fourfold since it came public in late 2016. That's after the stocks pushed back been pulled back pretty substantially from its all time high in January. Of course, it doesn't just go up in a straight line. The one year chart shows some big swings for Cushnet, which reflects some inconsistent quarters last year. Basically the year started slow, but picked up nicely as time went on. After Cushion announced much better than expected third quarter numbers in early November, the stock bounced right back. By December and January, this thing was once again setting new all time highs. When the Question reported again in mid February, though, the results were more mixed. Revenue came in a little light, up nearly 8% year over year. Earnings were better than expected, but the company racked up a 2 cent loss rather than the 33 cent loss that Wall street was expecting. Now, by the way, do not sweat the fact that this golf company typically reports losses in the fourth quarter. Think about as a seasonal business, Acushnet typically makes all of its profits in the first three quarters of the year. Basically not many people play golf in December. Making these worse, Acushnet issued a similar similarly mixed outlook for 2025, slightly worse than expected sales guidance, and it basically in line EBITDA forecast. Unfortunately, growth is clearly slowing a bit here. After sales grew about 4% last year and 8% in the fourth quarter. The 2025 sales guidance works out to roughly around 2% growth, though it's closer to a 4% growth on a constant currency basis. Now, I'm not all that worried about a cushioned, softer outlook, especially because this company has a tendency to provide conservative guidance and then more often than not beats the numbers. But the quarter was a negative callous for the stock, especially because the broader market sell was well underway at that point. Sell, sell, sell, sell, sell sell. The recent market meltdown has been particularly hard on consumer discretionary stocks, and it doesn't get much more discretionary than golf does it. At the end of the day, cushion didn't give people enough reason to step in and to try to buy the stock in an admittedly tough environment. However, if you actually listen to what the company said on a conference call, the story sounded a lot more positive. For example, Kushner's guidance for 2% sales growth tracks with a 2% increase in golf rounds played in the US last year. But as CEO Dave Maher pointed out, those rounds were played across roughly 16,000 courses in the country, which by the way is down around 1500 from the turn of the century. The number of golfers actually grew 6% last year. That's big, right? Biggest single year increase since 2000. The number of beginner golfers topped 3 million last year for the fifth consecutive year. Furthermore, with its earnings report, a cush network announced a new $250 million buyback plan. Not insignificant. This is only a 3 $2.65 billion company also raised its dividend by 9.3%. Okay, the dividend flat 1.5%. No one's going to mistake this thing for a yield play. But these two moves signal a real they give you a level of confidence management, and certainly the management feels confident about the business overall. I think that question is another example of a quality story that's been brought down by the overall aversion to the the consumer discretionary sector during this period of uncertainty. Given how bad the market's been, there's no reason to be a hero and make any drastic moves now. But this is a name that you should be thinking about buying into. Additional weakness. All right, so how about the other main golf stock? Oh boy, this one's controversial. It's called Topgolf Callaway Brands. Now, if you might remember, we covered in the fall when the company announced plans to break up, undoing that transformational merger in 2011 where Callaway, a golf equipment apparel company, acquired Topgolf, a high tech driving range and bar concept in a deal that valued topgolf is essentially on par with the core golf business. Sadly, the popularity of topgolf fizzled after the pandemic. I loved it. What do I know? And the company got too aggressive with pricing on that side of the business, which led to some very bad numbers when the consumer started to soften last year. Misjudged. The core Callaway brand suffered too, as the combined company basically focused on topgolf. Matt told you the Callaway side of the business might be interesting as a value option once the breakup was complete, but there wasn't much to be interested until then. In the end, it was just a big swing from Callaway that didn't work out. A corporate tragedy leading to the Wall street equivalent of a broken home. As for an update on the situation, well, there's nothing good to report since the announcement of the split. Topgolf Galloway simply seen its stock go lower and lower and lower. Now, I generally feel the same way about this one as I did in the fall. Maybe the Callaway side of the business might work as a value option once the breakup is completed, likely in the second half of this year. But until that's done, there's no reason to go near this one. Given the state of the consumer, the potential for a recession, we feel even more negative about the topgolf side of the business. If you want golf exposure, a Cushnet is much more straightforward as it's not joined at the hip with the struggling driving range business. Which brings me to the bottom line. As we head in the Masters weekend, I continue to have one golf stock that I like very much, Acushnet holdings, which is now giving you a pretty good entry point. After everything consumer discretionary has been cast aside these past two months, topgolf Callaway brand remains a double bogey of a company shouldn't be owned for now, although I'm willing to reevaluate it when it finally finishes its breakup with topgolf. Maybe in the second half of this year. I want to go to Nick in Oklahoma. Nick.

Jim Cramer (42:48)

Next, you got to make a list and decide what you can live with and what's simply too dicey to buy. That, my good friends, is how you have to think about stocks right now if you're willing to be a slave to this crazy market in order to try to pocket what you can during this difficult period. Right now there's this gauntlet that must be run before you can pull the trigger on a stock unless you're putting it away for the long term and are willing to suffer short term consequences. First you have to see if the company has any business in any foreign country. Now it's one thing to be worried about China, but it's another recognize that any country could at any time find itself on the president's bad side. And once they get on his bad side, any American company Doing real business. There, finished. So the first part of the gauntlet is to be sure that there's nothing that the company needs or gets from overseas. Second, does the company have any cyclicality, meaning is it hostage to the economy right now? Because we're effectively embargoing $439 billion in goods from China, we're going to experience what could end up being the highest inflation in ages in our country. It's hard to disagree with that assessment. And I say that as someone who generally supports a trade crackdown on the Chinese government. At the end of the day, China is the low cost producer. We need other countries to stand up and make the goods for us. Or we need to build automated factories at home to do the same thing because wages in America are simply just too expensive to compete. But either way, that transition is going to take some time. And in the interim, we're going to either need to pay through the nose for this stuff or suffer two shortages. I expect both. I want companies with no cyclicality because with the bout of inflation we're about to have, the economy is in real trouble. Unless a second China surfaces out of nowhere, the Fed won't be able to help because of the tsunami of government ordered inflation. I'll let you know when I find an extra 1.5 billion people. But until then, we are in trouble. There's a reason why China owns so much of our retail market. Their stuff is cheaper and just good enough that few new American companies are willing to take them on. They knew how to price their stuff to discourage our own entrepreneurs. So what made this list so far? Right now there's peace among the phone companies. The big price wars seem to be a thing of the past. Sell, sell. That means you can own both. Verizon and att. Both have good yields. Both are reporting better than expected earnings. They they're worth owning because their businesses have very little cyclicality. So that's the paradigm. Okay. I always talk to you about the drug middlemen, companies like McKesson and Sankora. These are two money machines, no matter what. Even as I believe we should be able to automate and digitize these businesses out of existence. They are the kings and they are the must owns in this environment. If you want one that's doing a little bit more than just distribution, I want you to consider Cardinal Health. We've had them on a couple of times. They're really smart guys. Then there are the health insurers, Humana, UnitedHealth and Cigna. They are the ones I have my eyes on. They're the easiest spot and we want them easy. I know the Chapel trusted on one of these, I'm just debating which one. Finally, they're a little pricey, but I want to own some cybersecurity companies and the trust owns two of them because they can't really be tariffed and they have no natural enemies, including states that have sided against us in the trade war. For the cybersecurity firms, countries with state sponsored hackers like China, they are an annuity stream. We have not one but two for the trust. As I mentioned Palo Alto, PANW and CrowdStrike, CRWD and I've got to tell you, either one is just terrific. Just terrific. Now I know more stocks will make the list as time goes on and believe me, I'm doing it all weekend. I like C Corp last night. I don't know about you, but I'm not sure about owning the banks yet. We've only had one day where the bank's earnings it is difficult to recommend any stocks here, but as one manager after another professes the need to own Trump stocks. Trump stocks. You now are getting the beginning of a basket that I'm putting together. There's a lot more to come. I like to say this always Bloomberg Summer. I promise I find it just for you right here on money. I'm Steve Kramer. See you Monday.