Mad Money w/ Jim Cramer 04/22/25

Summary

Mad Money w/ Jim Cramer – Episode Summary (April 22, 2025)

In the April 22, 2025 episode of CNBC's "Mad Money," host Jim Cramer navigates through the complexities of the current financial landscape, providing insightful analysis on market movements, earnings reports from key aerospace and defense companies, strategic interviews, and interactive segments with listeners. This comprehensive summary captures the essence of the episode, highlighting all critical discussions, notable quotes, and actionable investment advice.

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1. Market Overview: Bear Market Rally or Sign of Recovery?

Jim Cramer opens the episode by dissecting the recent market rally, questioning whether it signifies the end of a bear market or is merely a temporary spike. He scrutinizes the Dow's 2.5% climb and Nasdaq's 2.7% rise, attributing these gains to political maneuvers rather than solid economic fundamentals.

• Notable Quote:

  "There's always a bull market somewhere and I promise to help you find it."
  – Jim Cramer [00:48]

Cramer raises concerns about the sustainability of the rally, emphasizing the President's firm stance on tariffs and the Federal Reserve's leadership under Jay Powell. He posits that without concrete evidence of improved trade relations or economic policies, the market may experience volatility.

• Notable Quote:

  "Can we still call this a rally in a bear market? No, I think it's got to be at least something bigger."
  – Jim Cramer [07:00]

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2. Earnings Season Deep Dive: Aerospace and Defense Sector Analysis

Cramer provides a meticulous analysis of the latest earnings from major players in the aerospace and defense industries: GE Aerospace, RTX, Lockheed Martin, and Northrop Grumman.

a. GE Aerospace

GE Aerospace surpasses expectations with a substantial earnings beat, despite a minor revenue miss. Cramer commends the company's ability to manage costs and maintain a robust orders backlog.

• Notable Quote:

  "GE held serve. They delivered a solid beat for the first quarter and found a way to reiterate their outlook."
  – Jim Cramer [13:43]

b. RTX

RTX experiences a rough reaction despite strong earnings and revenue results. The company's forecast excludes the impact of new tariffs, leading to a nearly 10% stock decline. Cramer appreciates RTX's transparency but notes the market's unfavorable response.

• Notable Quote:

  "RTX sold stock up $12.37 nearly 10% in response to the quarter this morning."
  – Jim Cramer [05:47]

c. Lockheed Martin

Lockheed Martin outperforms expectations with impressive earnings, yet faces initial sell-offs. Positive developments, such as potential sales to India, help stabilize the stock. Cramer highlights the company's strategic positioning in the defense sector.

• Notable Quote:

  "Lockheed started rally turning nicely positive for finishing the day up modestly."
  – Jim Cramer [14:22]

d. Northrop Grumman

Northrop Grumman emerges as the underperformer, reporting significant misses in both revenue and earnings due to challenges with its B21 bomber program. The stock plummets nearly 13%, marking its worst day since 2008.

• Notable Quote:

  "This one's now the penalty box."
  – Jim Cramer [16:20]

Cramer concludes that while GE Aerospace remains resilient, defense contractors like RTX and Lockheed Martin face uncertainties, and Northrop Grumman's performance warrants caution.

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3. Listener Interaction: Lemaitre Vascular Spotlight

A significant portion of the episode features a detailed discussion prompted by a caller, Alex from Oregon, introducing Jim to Lemaitre Vascular—a promising medical device company. Cramer offers an in-depth analysis, praising Lemaitre's market dominance, growth potential, and strategic positioning.

• Notable Quote:

  "I like the space that the company plays in. I like its long-term outperformer with the stock that's meaningfully off its highs."
  – Jim Cramer [20:12]

Cramer highlights Lemaitre's robust product portfolio, international expansion, strong pricing power, and minimal exposure to tariffs, making it an attractive investment despite a challenging healthcare environment.

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4. Exclusive Interview: Salesforce CEO Mark Benioff

In a pivotal segment, Cramer interviews Mark Benioff, CEO of Salesforce, focusing on the company's strategic pivot towards integrating artificial intelligence through Agent Force.

a. Integration of Agent Force and AI

Benioff elaborates on Salesforce's initiative to embed Agent Force across all product lines, enhancing customer interactions and operational efficiencies through AI-powered agents.

• Notable Quote:

  "We have pivoted our company hard and fast to completely absorb Agent Force into all of our products."
  – Mark Benioff [29:57]

b. Success Stories and Market Impact

Benioff shares success stories from major clients like Singapore Airlines and Smartsheet, demonstrating significant improvements in customer satisfaction and retention rates due to AI integrations.

• Notable Quote:

  "Airlines are going to massively benefit... employee onboarding 25% faster because the agents are able to augment the capabilities of the employees."
  – Mark Benioff [31:17]

c. Salesforce's Financial Projections

Benioff discusses Salesforce's ambitious revenue and cash flow projections, highlighting the company's evolving role from a SaaS pioneer to a sophisticated technology leader.

• Notable Quote:

  "We're going to deliver 14 and a half billion dollars in cash flow. Our margins are increasing to 34%."
  – Mark Benioff [36:49]

Cramer lauds Salesforce's strategic direction, emphasizing the transformative potential of AI and data integration within enterprise solutions.

• Notable Quote:

  "Never hurt to have dared to mention that he likes your product."
  – Jim Cramer [37:32]

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5. Lightning Round: Quick Investment Picks and Advice

The episode culminates in an energetic lightning round, where Cramer swiftly addresses listener recommendations and offers buy, sell, or hold advice on various stocks.

a. Coupang

Coupang, dubbed the "Amazon of South Korea," is highlighted as a promising speculative pick. Despite limited insider information, Cramer expresses interest in its growth trajectory.

• Notable Quote:

  "I think it's an interesting spec. I like it."
  – Jim Cramer [40:02]

b. USA Rare Earth

Deemed too speculative, Cramer advises caution, reflecting on the unpredictability of the market.

• Notable Quote:

  "Too speculative, my friend."
  – Jim Cramer [40:25]

c. Ferguson Enterprises

Cramer endorses Ferguson Enterprises, praising its market position, strong price action, and attractive dividend.

• Notable Quote:

  "Oh, I like Ferguson a lot."
  – Jim Cramer [41:01]

d. CoreWeave

Expressing belief in the data center sector, Cramer is optimistic about CoreWeave despite feeling somewhat isolated in his support.

• Notable Quote:

  "I am a believer in the data center, but I gotta tell you, I feel very lonely out there."
  – Jim Cramer [41:31]

e. Cinemark

Cramer offers a neutral stance on Cinemark, acknowledging his limited edge on this particular stock.

• Notable Quote:

  "Not bad, not bad. Not great, not bad."
  – Jim Cramer [41:58]

f. Quanta

Agrees with a listener's recommendation on Quanta, emphasizing the importance of supply chain solutions and technological advancements.

• Notable Quote:

  "I think it's a buy."
  – Jim Cramer [42:14]

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6. Tariff Policies and Supply Chain Challenges

Towards the end, Cramer delves into broader economic issues, focusing on tariffs and their implications for the U.S. supply chain. He critiques the administration's approach, advocating for a comprehensive strategy that combines tariffs with industrial policy to reduce dependence on foreign manufacturing.

• Notable Quote:

  "We need a roadmap to wean us off the countries that Trump doesn't want us to trade with."
  – Jim Cramer [42:39]

Cramer underscores the necessity of leveraging technological innovations, such as AI, to address supply chain vulnerabilities and support domestic production, ensuring economic resilience and controlling inflation.

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7. Closing Remarks

Jim Cramer wraps up the episode by reinforcing his commitment to guiding investors through turbulent times with disciplined strategies and informed decision-making.

• Notable Quote:

  "Market summary problems are just for you right here. Mad Money. I'm Jim Cramer. See you tomorrow."
  – Jim Cramer [46:05]

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Conclusion

This episode of "Mad Money" provides a multifaceted exploration of the current financial climate, blending in-depth market analysis, strategic insights from industry leaders, and interactive segments with actionable investment advice. Jim Cramer's expertise offers listeners a comprehensive understanding of the market dynamics, empowering them to make informed investment decisions amidst uncertainty.

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Notable Quotes with Timestamps:

• "There's always a bull market somewhere and I promise to help you find it."
  – Jim Cramer [00:48]

• "Can we still call this a rally in a bear market? No, I think it's got to be at least something bigger."
  – Jim Cramer [07:00]

• "We have to ask ourselves, can we still call this a rally in a bear market? No, I think it's got to be at least something bigger."
  – Jim Cramer [07:25]

• "I think it's a buy."
  – Jim Cramer [42:14]

• "I like the space that the company plays in. I like its long-term outperformer with the stock that's meaningfully off its highs."
  – Jim Cramer [20:12]

---

This structured summary ensures that all pivotal moments and discussions from the episode are captured, providing a clear and comprehensive overview for those who haven't tuned in.

Transcript

[Bank of America]

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[Mark Benioff]

For 140 years MultiCare has been in.

[Jim Cramer]

Washington prioritizing long term solutions, partnering with local communities and expanding access to care. Together, we're building a healthier future.

[Dogtopia]

Learn [e-mail].

[Jim Cramer]

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. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Cramer. I got my friends. I'm just trying to make you a little money. My job, not just entertain, but I'm trying to teach it. So call me at 170cbc tweet Mitchell Kramer all day.

[Caller]

All day.

[Jim Cramer]

I heard that today's rally was just a bear market rally. Okay, There's a phony spike in the market will go right back down the moment the President posts that there'll be no compromise on tariffs. Who knows, maybe Fed chief Jay Powell should be deported. We keep hearing that The Dow gained 1017 points as we climbed 2.5%. Nasdaq jumped 2.7% on a bogus set of facts about a possible deal with China. A deal doesn't exist. But then right after the close we get incredible news that is sure to drive this market higher. The President said he has no intention of firing Fed chief Jay Powell. Which by the way was the proximate cause of yesterday's collapse. Never did, never will. Trump said about a prospective firing. Yes, he said he wants Trump to more be more active about lowering interest rates. But so everybody else. So now we have to ask ourselves can we still call this a rally in a bear market? No, I think it's got to be at least something bigger. Nevertheless, we have to ask ourselves a pals buyer now that it's off the table, what can take us higher still after what we have to expect is a nice follow through rally tomorrow, maybe tomorrow morning. First, of course it's entirely possible to resume the decline after a short sharp spurt. Higher on the welcome news of Powell staying. That's what happened last time after we heard that there'd be a three month pause on most of the tariffs. I don't deny it's a possibility, very real possibility, because it happened before, it was a fairly good, possibly could happen again and we might just go back down. Second, though, there's a great misunderstanding about how real recoveries get started. They always start as bear market rallies, for heaven's sake. They're rarely based on hard facts. There's usually tremendous skepticism toward these advances because of previous failures that, that only the most bold or the most foolish catch the beginning of. Now look, just because the President doesn't want a constitutional crisis and is going to keep Powell doesn't mean we have more to go on. For example, there's been no sign of change from the administration on the trade wars. I mean, he's talking about maybe we don't have zero, maybe 45. I mean, he's not giving us anything beyond the amorphous closed door statement attributed to Treasury Secretary Besson that the China tensions are not sustainable. Well, that seemed almost cheesy in his prison. But again, when you get this kind of rally, it doesn't happen because someone gave you the green light to start buying. You don't get a statement from the President, the trade war is over and everything's back to normal. By the time there's definitive proof. Usually the rally has been going on for a while. Usually you've missed the rally. So what could happen? Positively. Again, this is still most likely a bear market rally, one that could be rolled back at any moment. There's still plenty that's wrong. But you know what, there have been many rallies that have started like this. After all, we've gone up 38,000 points as I first bought stocks 45 years ago. And during that time we've had a bunch of bear markets that ended on nothing but a whimper or a whimper that only led to something bigger for graduating into a full blown rally. Let's go over some of the clues to the next move because I think history is instructive. First, we've seen the headline in the Journal, Dow headed for worst April since 1932 as investors send no Confidence signal. Now can we agree that as terrible as things may be, it's a long shot to beat the Great Depression. Here we put tariffs on countries that are higher than the tariffs that partially led to the Great Depression, but we had 23% unemployment in 1932. And by the way you pseudo historians out there, the market bottomed in the summer of 1932. So if you're going to start drawing comparisons. I mean, we could be headed for a bottom now, even as it's covered with silt and can't be seen. Second, it's entirely possible that one of our trading partners actually blinks. Where is it written that every country on earth, even with Tutu, will defy the President of the United States? Don't you think someone cares? What happens If India orders 40 Boeing planes on top of those rumored fighter jets from Lockheed? What if Korea agrees to take only our natural gas and all of it? What if NATO decided to take every missile that RTX makes? Or some bigger European countries buy RTX's missiles and donate them to Ukraine, which could be hapless without them. What if Germany announces it will close several of those gigantic Mexican car plants and open new ones in specially designed American industrial zones in Pacific red states that have higher unemployment? How about if Japan says it's totally agrees with President Trump and is willing to break down right now, right now, this minute for Tokyo Electron super plant in Dothan, Alabama, or perhaps Shreveport, Louisiana? I don't think any of these particularly likely, but it only takes one. One of them changes the whole game and will be this, not that. Like with the law firms. Trump boy needs to roll one, roll one, roll them all. Third, we get actually some soft numbers, economic numbers that would make it much easier the Federal Reserve to, you know, cut rates. Weak unemployment, weak employment. Hey, how about lower car prices? Stranger things have happened. Powell, take action. Fourth, say President Xi invites someone to China. Maybe Treasury Secretary Besson, maybe Elon Musk, I don't know. Tesla quarter here, there. Okay, I got that out of the way. And the situation is so out of control that maybe he says, you know what? Instead of this, let's go for this, okay? Because we're obviously at this point headed for some sort of confrontation and it won't be about trade. Is this possible? Musk has been there aplenty. He can be. Look, he can ask about Tesla and then come back with something positive about trade. If China is willing to come to the table, it's important that President Trump not gloat. We can't have that. You got to save. Got to save face. Got to China, save face. I mean, it would be hugely positive for China to get rid of these tariffs. I'm sanctioning the President to say to Xi that he has finally chosen to get breaded up, but that's about as outrageous as I'm willing to accept. I mean, Musk can be the man to get it done, though. I mean, who doesn't want to be the man? I want to be the man. Fifth, in the next 30 days, we could see five big mergers and five big IPOs, because this dry spill has now gotten ridiculous. In every case, the source have come to their senses and recognize that they aren't going to get what they want. Okay, they can't always get what they want, but they can get what they need. Totally reasonable. Hey, we just need five of each. Okay. I mean, that would do it. I'm telling you, that would do it. Business as usual. 6. Perhaps oil truly does crash. Why not? Who's to say can hang on at this level? The President can threaten to do something to the major Middle east producers that we don't even know. And next thing you know, we're flooding the world with crude and it drops to 30. At 30, the Fed has the flexibility to cut rates. And now the Powell's back in the President's good graces. I mean, wow. You know what? He probably wants to do it. I think that the long rates set by the bond market will go down if the short rates get cut, if oil collapses. Okay? Now, notice I'm not even calling for a return of the Magic 7 remake. I'm not saying the data center is alive and well. I'm not saying that Tesla should be up 11 or 12. And it is. I'm not going for TEMU to start advertising again. I'm not asking for ByteDance to be sold to President Trump so he can dole it out to followers of True Social. None of that has to happen for this market to start running. Not one bit. But the bottom line. I just gave you six potential positives, and you only need one of them for everything to start getting rolling. And this will be counted as a real rally and no longer dismissed. As you know, it was all day that. You heard it. You heard it, you heard it. I kept saying to my guys, hey. I was saying, hey, come on. Dylan is. I bet they could be real. And it's real. What are the chances that all six of my ideas go wrong? Inconceivable. Sooner or later, somebody's got to blink. All right, doesn't matter who. And when that happens, we'll be in much better shape. And you're going to be hearing not this, but this. Philip in New York. Philip.

[Caller]

Yes. Yes, Jim. A big Irish booyah for you over here from New York State. Good afternoon. And how are you?

[Jim Cramer]

I got a. I am doing fine, thank you. The President Powell's going to stay. Tess. Tesla's up Big. I mean, what. What is not to like?

[Caller]

Okay, listen, I got to love it. I got a question for you. Ups. UPS is actively expanding their global operations and investments in their network, making enhancements to facilities all the way across Asia Pacific and Europe. These were strategic moves that were made by ups. Jim, I've been in this stock strategically placed, very nicely placed for the last 18 months. However, my backside has a little rug burn on it from the slide that I'm doing for the.

[Jim Cramer]

Well, look, I think that, you know, rug burn aside, and by the way, I like Mohawk carpet on that. I do think that you're going to run into a little trouble because world trade is not what we think it is. And look, I really like FedEx and I'm not just sitting here pounding the table from FedEx either. So we got to be careful. But I appreciate your call. We got to be careful. Let's go to Thomas in Minnesota. Thomas.

[Caller]

Yes. Good afternoon, Mr. C. Notes.

[Jim Cramer]

Hi. What's going on?

[Caller]

I'm just curious on your thoughts on if Target is financially healthy enough to be invested in at this time.

[Jim Cramer]

Well, it's down 30%. It sells at 10 times earnings, but the tariffs are going to hurt it and I think their pricing is not reasonable enough. And that makes me reluctant to pound the table. I've got a lot of stocks where there's questionable stuff and I can't pound the table on them. If anything's questionable, everything's got to be totally buttoned down. But I got to tell you, I see the Tesla's rallying and that can really help. And along with that, obviously Powell stays. We're going to have a hard time keeping to call this a bear market rally. And the people, by the way, who said it was a bear market today, they are going to look very funny and they better wear some bear suits tomorrow. Every rally has to start somewhere. Sooner or later someone will blink and then we'll be in much better shape and, you know, blink. Tonight, President Trump, after jam packed warning of aerospace and Fed supports, I'm taking a closer look at post earnings action to see which stocks could fly higher from here. Then you called in. You put a small medical device player on my radar. I gave my, I did my homework, a quick turnaround there and you know, it's like by 24, it was like when I took the generals. I got it. I got a sumo in the generals. Apropos, absolutely nothing. And later, Salesforce has been falling this year. I mean, but is that, isn't that enough already with the falling I don't know. Let's give a JLO to Mark Benioff. So stay with Claymore.

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[Jim Cramer]

Coming to earnings season, I was feeling pretty good about the aerospace and defense industry. That's one of the few sectors that be holding up just fine. The aerospace side has been strong throughout the turmoil of the past few months. Insatiable demand for new planes, massive industry backlog make it easy to look past the near term noise tariffs. On the defense side, it felt like the Trump administration had backed off on spending cuts at the same time that they're really leaning into geopolitical conflict. But this morning we got a big Update when we hear from GE Aerospace, rtx, Lockheed Martin and Northrop Grumman and boy, they were all over the place. Let me take you through them one by one. Let's start with the best GE Aerospace because that's the closest thing to a commercial aerospace pure play. It's got the least defense exposure by far. Not coincidentally, it's also the only one of these stocks that roared in response to earnings jumping 10 $10.83. That's more than 6%. Even though Aerospace posted a small revenue miss, they gave a monster 22 cent earnings beat off a $27 basis. Madness said the total orders grew 12% in the quarter. That's really good. Company reiterated its entire full year forecast now look at a normal environment. Really reiterating your outlook after such a big earnings beat would be considered to be, let's say a big win. But nothing. It would make you go crazy about it these days. It's huge. GE explicitly said that their outlook now includes the impact of the administration's tariff policies, including less air travel. Wow. Here's how GE Aerospace Chairman CEO Larry Cole put it. Quote the macroeconomic dynamics we are operating in today require us to take a number of strategic actions such as controlling costs and leveraging available trade programs based on what we know today. These actions, along with our solid first quarter and commercial services backlog of over $140 billion, enable us to maintain our full year guidance end quot Basically, GE held serve. They delivered a solid beat for the first quarter and found a way to reiterate their outlook, which was good enough to send the stock much higher. Unfortunately, the market was less sanguine about another company. I really like rtx, the second largest of these four companies with a business that split fairly evenly between commercial aerospace and defense. As with ge, RTX had a solid earnings beat for the first quarter and unlike ge, they were able to pair that with a solid revenue beat. Also like RTX reiterated your forecast, but there was a catch. The company said explicitly that their outlook did not incorporate the impact of the recently enacted tariffs. Did not. Now there's a world of difference between these two forecasts. Then reiterating your guidance without backing baking into the tariffs is a de facto guide. Down on the Commerce court, management went into detail about the impact of tariffs. They're talking about a potential $850 million hit to profits from the tariffs already in place, and that management added that these estimates don't include secondary tariff related impacts such as changes to customer demand. These secondary impacts are also pretty important too. Personally I like the first quarter numbers from RTX and I applaud management for their transparency but boy oh boy, the market did not agree with that. RTX sold stock full $12.37 nearly 10% in response to the quarter this morning. Wow. I got to say I'm all over this one. I think there's more to it than that. I'm going to tell people members of the club that we look at this one. Now let's talk about the two pure play defense contractors try With Lockheed Martin coming in the new year, Lockheed was the poster child for worries that Elon Musk Doge would spend make big spending cuts at Pentagon. Things look even worse after the Trump administration picked Boeing over Lockheed for the military secret next major fighter jet program. That was a big surprise, but the stock stabilized over the past couple months. In this morning, Lockheed Martin managed to turn in decent set of numbers, clean top and bottom line beat. In fact they earned $7.28. Wall street is only looking for $6.34. That's magnificent. Now Lockheed Martin also reiterated its full year forecast. But like rtx, Lockheed said their forecast quote doesn't include the evolving impact of tariffs or related recoveries, end quote. At the same time it also doesn't include new rules from the Trump administration that makes it easier to sell weapons to our allies. Initially the stock reacted like RTX after a flattish opening. Its sold off was down as much as 3.4% at its lows around 10am but shortly after the conference call began at 11, Lockheed started rally turning nicely positive for finishing the day up modestly. I'd like to tell you it was something management said on the conference call that turned things around and there are plenty of positives. But I think the rebound had nothing to do with Lockheed specifically. See shortly before the call began at 11 a report at the Wire that Vice President J.D. vance offered to sell India Lockheed Martin F35 during a meeting with Indian Prime Minister today. If that comes to pass, it would be a nice order for Lockheed. I wouldn't be surprised if these fighter jets turn to a major chit in our trade negotiations with other countries. That's how it has worked historically in the past. Finally, is Northrop Grumman, which was the dud of the day, reporting a severe top and bottom line miss for the first quarter and cutting its full year earnings forecast pretty substantially. Now there's some important context here. Both the miss and the forecast cut were related to Northrop Grumman's next generation B21 bomber program. They're taking a hit on the higher cost as they try to ramp up production. That said, even if you add that back, the impact from the B21 charge, Northrop Grumman still would have missed the sales and earnings estimate. It just would have been a smaller disappointment. These Northrop Grumman results simply weren't up to snuff. So the stock had its worst day since 2008 today falling $67, or nearly 13%. This one's now the penalty box. So what do you get when you put these four together? First, the commercial aerospace side of the industry still looks to be the better place to be. That's the aerospace side instead of the pure defense contractors like Lockheed. Northrop Grumman what? RTX somewhere in the middle. But in terms of individual names, GE still seems very strong given that it's been able to absorb the impact of tariffs and still expects to make its full year guidance. RTX and Lockheed both had strong first quarters, but were less clear that they'd be able to make their full year numbers if the tariffs remain. Hey, by the way, despite the better performance of Lockheed today, I'd still lean toward RTX if forced to choose between the two. I think the RTX got punished for being too transparent, which doesn't seem right. While Lockheed benefited from the potential India sales headlines, not to perform the actual business itself. Then at the back of this group there is this Northrop Grumman, which I wouldn't touch until they start putting up better numbers. I feel bad about that. I usually like a bargain like that, but it doesn't seem like a real bargain. Bottom line, so far it looks like aerospace is doing just fine. Defense a lot more questionable. Bad money is back after the break.

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[Jim Cramer]

So last night we got this call from Alex in Oregon who wanted to know about a small medical device company called the Mate Vascular. That's lmit for you home gamers. I didn't know it. So I say I take a closer look and come back with an informed answer. Turns out this stock's been an incredible long term performer. Climbed from the high single digits a decade ago to an all time high of $109 last year, although it's now pulled back to the mid-80s like a lot of other stocks now. That certainly warrants a closer look, especially since this is a medical device play and that's one of the few areas that can work in this tricky environment. Medical device makers are essentially recession proof and according to the biggest players in the industry, their tariff risks are pretty manageable. So let's talk about the mate. This company has been around for over 40 years and it's now grown from a small family business into a $2 billion company that's a heavy hitter in several niche open vascular surgery categories. Originally it got their start with the with the Valvula Tone Valvulatone. That's a device that makes it much easier for doctors to cut valves in your peripheral veins. Very important for all surgery, all sorts of surgeries. LeMay remains a dominant player in that business, although now they they make many other devices in plants like carotid shunts, biologic patches and various types of grafts and catheters. This company is the number one or number two player nine of the 12 markets where it operates. That's incredible. I can't believe I didn't know this. Basically they've taken control of a bunch of niche surgical markets and they don't have much in the way of competition now. That's how it may can consistently put up solid numbers. The company's guiding for 10% organic revenue growth this year, double digit down a little bit from the past few years, but still pretty darn good. The mate is also nicely profitable and while their earnings haven't grown as smoothly as their sales, the numbers have still been trending higher. Last year the company earned a record $93 per share, up 44% from 2023. This year they're projecting a 16% earnings growth at the midpoint of their forecast. Really, really good. But let's talk about the not so good. The made operates in the open vascular surgery space, which is at best a stagnant category, maybe even a shrinking category. All sorts of new technologies have made the price less important. Some analysts seem to think that they'll be ultimately fall by the wayside thanks to all these new minimally invasive devices for vascular surgery. But at least so far that hasn't seemed to hurt. Lemait's numbers. In fact, these guys have been aggressively growing their direct sales force all over the world. They keep buying local distributors for their products and getting a big boost to sales by running them directly. That's given Lemaitre accelerating growth in markets like South Korea and Thailand, and they recently bought out their chest distributors in the Czech Republic and Portugal. I think they've been focused on international expansion because the new, minimally invasive endovascular technology is much more popular here in the United States. The rest of the world still relies heavily on open vascular surgery, which is Lemaitre bread and butter. Now, one reason this company has been able to grow is that they've had incredible pricing power. It's something they repeatedly boast about their corporate materials. Given Lemaitre dominates multiple niche markets, it makes sense that they have a lot of bargaining power. Doesn't hurt that it's relatively easy for hospitals to get reimbursed for the stuff. Hardly anyone gets vascular surgery if they don't need it, but can make keep pushing the prices higher. Management believes they can, saying recently that they're in the sixth inning of the repricing story, although some analysts believe that the company might struggle to raise prices as aggressively going forward. Even if they do have to back off from these price increases, Lemaitre could keep growing. The Acquisitions over the past 17 years, they've done 24 deals, although most of them are very small. However, the company hasn't done much M and A since completing its largest deal ever in 2020. That was the $72.5 million purchase of autograph, which gives them one of their top franchises. Basically, this technology lets them transplant animal tissue into humans. I think the Mate is getting ready to make some more acquisitions again, especially if it raised $172.5 million last year via convertible note issuance. How about their tariff exposure? Fortunately, Mate makes its products here in the good old usa, mostly at its primary manufacturing facilities in Burlington, Massachusetts. Now, maybe they'll face tariffs for some of their components, but the fact that the company makes its products here in the US gives me hope that any tariff burden won't be too excessive. However, I'm less saying that about limits exposure to China greater the entire Asia Pacific region only makes up about 7% of their sales, but one of its top products recently got approved in China for cardiac procedures, and they're trying to get it approved for additional indications over there. Suddenly it's very hard for American companies to sell anything in China with that 125% retaliatory tariff from the Chinese companies. Communist Party. Given that much of their growth comes from overseas, the multi front trade war is less than ideal for this company. The last thing I'll say about the made is that the stocks on the expensive side currently trading at roughly 38 times this year's earnings estimates looks pricey but it's not actually that expensive for a medical device maker with decent growth. Intuitive Surgical, which just reported this evening sells for nearly 60 times earnings. Boston Scientific, long a favorite of ourselves for 33 times earnings. So the mate said 3038 times 30 doesn't seem all that unreasonable to me. Especially when the stocks already pulled back dramatically from its highs last November. All things considered, I think that Alex in Oregon has a pretty decent find here with this Lemait Vascular. I like the space that the company plays in. I like its long term outperformer with the stock that's meaningfully off its highs. I like the growth in the profitability profile and I think there could be upside from additional M and A plus given that the company itself is pretty small with its sub $2 billion market cap. It wouldn't surprise me if Lemaitre became a takeover target for some larger players in the industry. Bottom line. Thank you Alex and thank you all of our viewers for putting Lemaitre on our radar. I think it's a quality company with a stock that could work here as long as you follow it very closely. I am impressed. Hey speaking of being pressed, let's go to some more calls. Let's go to Jeff in California. Jeff.

[Caller]

Hi Jim. Jeff from sunny San Diego, California. Great to be on.

[Jim Cramer]

I love San Diego so much. Jeff, go ahead. Let's go to work.

[Caller]

Beautiful here. Centene Corporation CNC With Michael Nydorf gone now and I know he was a friend of the show. Yes, Sintine headed it's range trading for some time now. Nowhere near the analyst targets but I just, just get your thoughts on it.

[Jim Cramer]

Well you know I heard today Medicaid may be they involved. Medicaid, Medicaid, Medicaid could be cut back and that's not good for Centene. As I read it, Centine though sells at 8 times earnings. I really think it's a gem of a company. But then again as you say I am biased because late Michael Nydorf taught me so much about health care. But I'm going to say thumbs up to centene at 8 bucks at 8 times earnings. Do we have time to go to Joel in California? Joel.

[Caller]

Hi Jim.

[Jim Cramer]

Hey Joel.

[Caller]

So I've been invested in this company for a couple years now. Trying to get your take on Biohaven.

[Jim Cramer]

All right, first, in pure disclosure, Biohaven. I'm working with them. They've bought a drug for me that I made for me and a terrific guy, Larry Newman. Dr. Newman, to help solve tinnitus. So I always want to tell people that the stock at $21, I think, therefore is too cheap. But you might say, oh, that's just Jim talking because he sold his drug to them. But no, I think this stock is very cheap and flat. George, who's the CEO, I think is really terrific. So I would be a buyer of the stock. Now, I like the medical device market right now. And I think this lmat lemaitre looks like a really good under the radar way of playing much more man money. Had it. Including my exclusive with Salesforce here. The company's responding to the turbulent tape and to charges that it's not doing well. Then, as earnings season heats up, I'm giving you my take on the latest tariff talk. It's pretty funny. And oiler calls rapid fire. Tonight. There's a lightning round. So stay with Kramer. It's been a tough year for the stock of Salesforce. Not Salesforce itself, but the stock. It's down 27% for 2025. Now, some of this because the company gave softer guidance than some analysts expected when reported in February. So much because the entire enterprise software sector has been way out of favor. Hey, that's the way it is. Despite the free fall in the stock, that didn't stop some analysts like a DA Davidson from downgrading Salesforce of money to a sell that sent the stock down 4%. It recovered a big chunk of it today in a good market, but the hits keep coming. So we got to ask ourselves, is there any reason to get positive down here? And you know, my chapel trust owns it. Let's check in with Mark Benioff. He's the co founder, chair and CEO of Salesforce. Get a better situation. Mr. Benioff, welcome back to Mad Money.

[Mark Benioff]

Jim. It's great to be with you, Mark.

[Jim Cramer]

I'm thrilled in too long. All right, so, Mark, there is a perception that enterprise software is going out of style. There's also perception that you are too far ahead of the world with Agent Force, which is obviously you're doing a lot with Agentix. It's supposed to be the next big thing, but the next big thing seems to have soured on people. And I want you to put it in perspective. Are you Neglecting the old business for the new or is it holistic?

[Mark Benioff]

Well, Jim, it has been an amazing six months since we first started talking about agents and Agent Force on this show. I think I might have been the first one to mention the word agentic and agents on Mad Money. And now you can see the whole industry is fast following us because we can see that agents are what I was meant to be in the enterprise. And you're right, Jim. We have pivoted our company hard and fast to completely absorb Agent Force into all of our products. So now Agent Force is a core part of everything that we are doing. And of course it's part and parcel with our data cloud as well, which has been our fastest growing product. And in the first quarter, you know, we gave our guidance about a month ago when we delivered our fourth quarter results that we had already seen that Agent Force and Data Cloud and I was going to get into this incredible multibillion dollar revenue zone. It's really an exciting moment.

[Jim Cramer]

Okay, so Mark, we, we know some of that. We talked about Lenore last time and we know that we talked Formula one. But you know, you've got some new instances which I think are really, really important. For instance, we keep waiting. What happens if we call an airline? I don't want to be on hold for an airline. And you've got an airline that a lot of people may not know, but it's got a huge number of passengers that has adopted this.

[Mark Benioff]

We've been talking about airlines going Fast and Furious and Agent Force, we talked about Singapore Air. In fact, David Faber and Sarah Eisen and I had dinner with Go, the CEO of Singapore Airlines just a couple of weeks ago in Singapore when we were there for the CNBC conference. And what we heard from him was airlines are going to massively benefit. Of course they've invested in our sales cloud and our service cloud and marketing. They've even invested in Tableau and they've invested in Slack. But we've put Agent Force into all of those things, Jim. And now we're able to deliver an agentic layer on top of the airline. And the new airline that's doing that is the thin air. And the cool thing about Finnair, Jim, which you know, has about 11 million customers. Well, they're having this great experience with their customers, but all of a sudden we got this great metric from them that their employees are onboarding 25% faster because the agents are able to augment the capabilities of the employees. So you get the employee capability and you get the customer Capability. And that's not the only airline we have going. This is just a moment where every, you know, we've. I think I mentioned we have about 5,000 customers all working at various levels of deployment of the technology and yeah, we're starting to get these exciting new stories.

[Jim Cramer]

Good example. I know that accountants are very concerned because a lot of their work is. Is dull. Okay. It's dull for them. It may not be dull if you need done and this one 800- accountant is exactly what I was kept hoping that's something that agent, an agent could do for me.

[Mark Benioff]

But we just finished tax season and thousands of the customers of 1-800- accountant used Agent Force to complete their returns totally autonomously. No humans got involved. But of course the power of agent forces that humans with agents can work together because our apps and our agents and our data cloud are all one unified platform. There's no more separation of Salesforce between all of these different things that we have. You saw last week in San Diego, Jim, we discussed it at the Tableau user conference. We introduced the new version of Tableau which is called Tableau Next and that has Agent Force built inside it. It has our data cloud built inside it but it also can run in Slack. It can run in our sales cloud and our service cloud as well. This is an opportunity where we've really been able to elevate the entire platform with this agent a capability.

[Jim Cramer]

All right, so when I read a story of DA Davidson don't know this fellow neglecting the core downgrading to underperform. We this is the year Salesforce completes its transformation from a SaaS pioneer to late stage technology company and perennial share donor.

[Mark Benioff]

Well, I don't know who DA Davidson is and I've never heard of the analyst but I could just tell you Jim that I've never been more excited about Salesforce and I've never been more excited about Agent Force because we have never gone so fast from an idea which was the idea was only about a year ago to delivery where we delivered the actual code in October to where we have all these amazing customer stories. And you know one of the customer stories that we first talked about was open table.

[Jim Cramer]

Right.

[Mark Benioff]

But just this week they've now turned it on for consumers not just for their employees. That is really exciting. So when we look we're work with Glenn Fogel at booking.

[Jim Cramer]

Oh he's so him.

[Mark Benioff]

We're going to deliver a new so.

[Jim Cramer]

You'Re throughout his organization now.

[Mark Benioff]

He's the biggest we we are working on, you know, really Proving out that we can do this. And we've talked about these amazing customers who are deeply pioneering this product like booking, like Disney, you know, like all of these great companies that are doing so many. And we're even starting to see some great international success too. We saw Grupo Global, which is the world's second largest TV network, start to deploy Agent Force. And all of a sudden they went from having consumers who had kind of these modest retention rates to increasing retention by 22% because the agents are able to directly work with the consumers when they're working to a tread or some other type of activity. And here's another cool story. Smartsheet, which is this great piece of software, actually use it. This idea is kind of a next generation spreadsheet. They've built Agent Force, Jim, directly into their product. And their customers can not only do amazing things like oh, reset my password or hey, I need help on this. But if the customer wants to add users or increase or change their subscription with, with Smartsheet, it's all done now with Agent Force directly in the product itself. Pretty cool. Okay, now look at these customers.

[Jim Cramer]

Well, you know what else I wanted?

[Dogtopia]

You.

[Jim Cramer]

I mean, I thought that this was fantastic for information technology service management. You've not done it yet that.

[Mark Benioff]

Well. I just think that you're, you're 100% right. Across the board. We are really seeing, you know, a huge shift into the importance of data. That is this idea that our data cloud is part and parcel with Agent Force. That's why it's our fastest growing product. That's why we saw that. It's just like I said, the 120% growth that's shooting that AI and data segment with Agent Force into the multibillion dollar category. Right. We talked about it. You know, the quarter was so huge, Jim, in Q4 that even though I was only on about six weeks ago, I think people might have missed. We said we're going to do 41, 40.9 billion in revenue this year. We're going to deliver 14 and a half billion dollars in cash flow. Our guy, our margins are increasing to 34%. What other software companies doing more than, you know, 14 billion in cash flow?

[Jim Cramer]

None. That's why you came on. It's ridiculous.

[Mark Benioff]

And our customers look at us as keeping them at the very tippy top of technology. That is this idea that we have revved our entire platform. Very important. Agent Force is not some separate product.

[Jim Cramer]

Right. That's what make it out to be.

[Mark Benioff]

Of course, these are people who do not understand Our technology, our apps, the data cloud and the agent layer is one piece of code. And that one piece of code now has the power of AI data and apps as one system. And that is what allows humans and AI and agents to all work together.

[Jim Cramer]

What is exciting you came on. I got people saying that there's nothing new under the sun here. Not true. I've used it.

[Mark Benioff]

I'm going to tell you a funny story. I got a text from Elon Musk. And Elon Musk said, hey, I'm looking at all these government contracts. You, you've got a lot of products at Salesforce. I said, I know. Elon is like, I thought it was just the sales cloud. He's like. I said, no slack. Yes. Tableau, yes. Mulesoft, yes. Service cloud. Yes. Marketing cloud. Yes. All of these products. He's like, why are you calling your company Salesforce? I said, I don't know, Elon. Should we call it Agent Force now he goes, thumbs up. Yes, let's do that.

[Jim Cramer]

Well, let's hope deliver that comprehensive solution Doge should put you into some of these places is save a fortune.

[Mark Benioff]

You never know they're using us their operations. So we were very close with them.

[Jim Cramer]

All right. Elon Musk never hurts to have dared to mention that he likes your product. Anyway, Mark Bennett, co founder, chair and CEO of Salesforce. Thank you for coming on and explaining things. Market really is quite valuable.

[Mark Benioff]

Great to see you. Thanks for having me on.

[Jim Cramer]

Before we start the lighting round, we got a quick call last week from Matt in Washington who told me I should write another book. Well, it was a busy few days, but Matt. Here you go. How to Make Money in Any Market is hitting shelves this fall. My last book came out a dozen years ago. Markets changed a lot since then. So I wanted to create an updated guide for you about how to make money over the long term. For experienced investors or those just starting out, I want to help you make money in any market. Hey, speaking of, let's make money together. It is time. It is over. The light round cameras for bye social sells. We don't know. Of course not. Of course. Let us out and then the lightning round is over. Are you ready, Steve Deco? Lightning round. I'm going to start with Mark in Florida. Mark.

[Caller]

Jim. I've been listening to you since the day you started.

[Jim Cramer]

Oh my. Good to have you.

[Caller]

Okay, this stock is the Amazon of South Korea. They do it. They have $6 billion in cash. They do $30 billion dollars in sales. They're growing at 20% a year. They are projecting for 50 billion in three years with 10% EBITDA large insider holding. And it's one of Stanley Drucker Miller's top three holdings. I bought it at 5 before the IPO and I'm holding it for my grandchildren to buy houses.

[Jim Cramer]

Okay, and what's the stock coupang? You know, I think it's an interesting spec. I like it. I like it. I don't really know what Stanley's up to because I haven't met. I haven't seen him in a long time. He's very, very good investor. But I like the idea. I think it's a good call. Let's go to Don and Washington. Don.

[Caller]

Hi, Jim. My question is on USA Rare Earth.

[Jim Cramer]

Too speculative, my friend. As we saw from Alkalo tonight, you just got to. We got to go into a little bit more. Calm down because we don't know whether tomorrow. Tomorrow we're going to go right back into the bad news business. Let's stay away from that. Let's go to Georgia and Arizona.

[Caller]

George, a big old Tuesday. Boyard to you. Jimmy, chill.

[Jim Cramer]

Okay, let's go to work.

[Caller]

All right. Let's go to work. I like to talk about a stock that's got a 32 billion dollar market cap, nice price action, a decent little dividend. 18 and a half forward facing PE Ferg. FCRG. Ferguson Enterprises.

[Jim Cramer]

Oh, I like Ferguson a lot. Now Ferguson's partner of a whole cohort of stocks that I like. They got brought down when people decided in with the data set anymore. That's a mistake. I think it's in good shape. Let's go to work with Darren in Illinois. Darren. Booyah. Jim Cramer, Illinois. Thank you. Thank you for trying to help us in these turbulent times. Oh, you betcha. But we stick together and we make money. All right? All right. So I. There's a great American company I wanted to ask you about. TRWV Coreweave.

[Caller]

They're from Georgia.

[Jim Cramer]

Gives up $3 today. And that's a big move for core weave. I. I am a believer in the data center, but I. I gotta tell you, I feel very lonely out there. I'm not gonna hang my hat on it. Let's go to Raymond in Texas. Raymond.

[Caller]

Hey, Mr. Mad Money. This is Raymond from El Paso.

[Jim Cramer]

Is it really? What's happening with you?

[Caller]

I'm wondering how you feel about Cinemark and the present and in the future and how they compare with their competitors in the industry.

[Jim Cramer]

Not bad. Not bad. Not great. Not bad. I mean, a lot of these stocks are Kind of like just out there. I don't have an edge on that one. I want to go to Noah in Indiana.

[Caller]

Noah Jim, longtime listener. What's going on brother? PWR stock we love.

[Jim Cramer]

All right, this is a, this is a Stephanie Link favorite Quanta. I agree with her. I think it's a buy. I, I would take something out right here and that ladies have included of the lightning round. My advice to our multitude of trade czars in this country, show some discipline, show some attention to detail and recognize the big issue is the problem of the supply chain. Just like we saw during the pandemic so far in this preferring season, we can see that many businesses truly rely on foreign countries for key parts. Some of those parts and ingredients we have, but others we don't. Often they're from Asia and China in particular. It happened. It's not everyone's fault. We used to have a good relationship with China. Geez. I mean we get a lot of stuff from Mexico and Canada too. Hey, they used to be our buddies, our pals. What we need but we aren't getting is a roadmap to wean us off the countries that Trump doesn't want us to trade with. We are approaching all this with the meat acts. We aren't thinking this thing through. Just look at what the President said tonight. Tariffs on China won't be 145% but they won't be zero. Okie dokie. But we need a clean and elegant way to move that Chinese manufacturing somewhere else to our shores. Most importantly, we need some time and a recognition that if we want to keep inflation down, the administration has to help companies pay for the technology that would make it feasible to manufacture the stuff in the United States. What I don't get is why isn't this obvious? Why doesn't the President set up a team not to give tax breaks, not to hand out money, not to have a CHIPS act, but a team that will set up a timeline and help gather the technology leaders to figure out how to make all this essential stuff that we don't already have in this country. Think about it. We haven't put AI to work developing the crucial parts and the ingredients that we now import. If our economy is going to be self reliant, we have to. I'm not saying we should be totally on our own because it's expensive, but that's Trump's vision. Maybe I sound like a Pollyanna. I say technology can solve this problem, but man, technology made us energy self sufficient. That's what fracking is all about. Twenty years ago, energy independence was unimaginable. And look, even if AI powered technology can't solve every supply chain problem, it can certainly solve some of them. So why not put our importing companies to work with our tech companies? Why not give them the time to solve these problems, maybe by phasing in the tariffs gradually over the course of multiple years? Don't laugh at this. We can't just add a tariff without figuring out where we're ultimately going to get all the stuff we normally get from countries being being targeted. You need to combine it with industrial policy to help create this stuff domestically, or else you just end up with higher prices, much higher prices. And of course, none of these companies can make plans for the future unless they know where our trade policy is headed. If we had something like this, we could put hundreds of thousands of people to work as the plants that would make these new ingredients using generative AI could be placed in towns where factories put out a long time ago. One of the most discouraging parts of the whole tariff movement is that we only have one side figured out. The side that jacks up inflation, gets the Federal Reserve all bent out of shape. We aren't trying to make the stuff we need here at home, or at least finding new sources for it overseas. It's as if President Trump is surrounded by Luddites who only know that if we could bring back the seamstress and the cobblers, we could solve our nation's problems. But do we really want to be a nation of seamstresses? No. And if we had some tech people actually doing tech things, as opposed to, say, Elon Musk busy firing a few federal workers who will save us about a day's worth the interest of the debt, we can help these companies get the job done. Although we learned tonight that Musk is going to be spending less time with Doge and more with Tesla. And by the way that sending Tesla stock up even a fraction of his time we better spent using his AI is considerable AI prowess to create the materials of tomorrow that would eliminate our dependence on anyone. Mexico, Canada, or most important, the People's Republic of China. I'd like to say there's always more Market summary problems are just for you right here. Mad Money. I'm Jim Kramer. See you tomorrow.

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC, NBCUniversal or their parent company or affiliates, and may have been previously disseminated by Kramer on television. Radio, Internet, or another medium. You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer introducing CNBC plus.

[Dogtopia]

The new streaming platform from the number one source in business news. Watch live or on demand. Access this any market, anytime, anywhere. Start streaming. Go to cnbc. Com Stream now.