Mad Money w/ Jim Cramer 04/25/25

Summary

Mad Money w/ Jim Cramer - Episode Summary (April 25, 2025)

Host: Jim Cramer
Release Date: April 25, 2025
Description: In this episode of "Mad Money," Jim Cramer navigates the complex landscape of Wall Street, discussing market trends, specific stock analyses, the impact of tariffs, and engaging with callers and special guests. The episode also features highlights from the "Mad Money" 20th Anniversary celebration.

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1. Market Overview and Economic Outlook

[01:01 - 09:44]

Jim Cramer opens the episode by celebrating the 20-year milestone of "Mad Money." He emphasizes his mission to democratize investing and help viewers navigate the volatile market landscape. Highlighting recent market performance, Jim notes that despite the Dow Jones finishing up by 20 points and both the S&P and Nasdaq showing gains, challenges loom as the week rolls into crucial earnings reports.

• Market Performance Highlights:
  • Dow Jones up 20 points
  • S&P 500 increased by 0.74%
  • Nasdaq gained 1.26%

Jim expresses concerns about upcoming earnings season and the potential influence of President Trump’s trade negotiations in Europe, anticipating impacts on tariffs and trade deals.

Key Quote:
Jim Cramer (09:56): "If any country is willing to compromise with Trump, the rest of the world might fall in line."

2. Impact of Tariffs on Key Industries

[09:44 - 22:18]

Jim delves into the effects of tariffs on various sectors, spotlighting companies like Nucor and General Motors. He explains how tariffs have a dual impact, benefiting certain domestic industries while challenging others.

• Nucor (Steel Industry):
  Jim praises Nucor for benefiting directly from tariffs, which protect domestic steel producers from foreign dumping.

• General Motors:
  Anticipates earnings reports amidst tariff-induced pressures, questioning the potential rise in vehicle prices.

• UPS:
  Discusses the role of tariffs in pulling demand forward and affecting international logistics.

Jim also touches on Coca-Cola maintaining momentum amidst a challenging consumer products sector and highlights Spotify as his favorite trade for the week, positioning it as a strong contender in the entertainment sector.

Key Quote:
Jim Cramer (10:20): "Spotify's all things Entertainment, a competitor to Netflix. For your time Tuesday night."

3. Special Segment: Mad Money 20th Anniversary

[09:01 - 09:56]

Jim announces the special 20th Anniversary show of "Mad Money," reflecting on two decades of market madness, memorable moments, and the show's evolution. He invites viewers to tune in for a retrospective celebration of the program's history.

Key Quote:
Jim Cramer (01:01): "Celebrate 20 years of mad Money! How Jim Cramer Transformed Investing in America."

4. Guest Interview: Mick Farrell, CEO of ResMed

[14:56 - 22:18]

Mick Farrell, Chairman and CEO of ResMed, discusses the company's strong performance despite tariff challenges. ResMed, a leader in medical devices for sleep apnea, benefited from tariff exemptions aimed at companies serving people with disabilities.

• Tariff Exemptions:
  Mick explains the historical context of tariff exemptions for medical devices, tracing back to policies initiated by Presidents Reagan and Bush. ResMed successfully secured exemptions, allowing them to avoid the negative impacts of tariffs on their Australian and Singaporean manufacturing operations.

• Business Performance:
  ResMed reported a 9% overall growth, with significant increases in North America, Europe, Asia, and other regions. Mick highlights their innovation in home sleep apnea tests and robust cash flow, underscoring ResMed's position as a stable investment amid economic uncertainties.

Key Quotes:
Jim Cramer (16:44): "ResMed is an innovation machine."
Mick Farrell (19:21): "We are a very steady ship. We're an innovation machine and an operating excellence machine."

5. Guest Interview: Jim Haggard, CEO of Scott's Miracle-Gro

[32:57 - 39:10]

Jim Haggard, Chairman, President, and CEO of Scott's Miracle-Gro, discusses the company's pivot back to its core lawn and garden business after divesting from cannabis-related holdings. He highlights the partnership with Martha Stewart, which has significantly boosted consumer engagement and sales.

• Business Strategy:
  Scott's Miracle-Gro has focused on organic products and leveraged Martha Stewart's influence to enhance brand reputation and market penetration. The company has seen double-digit sales growth, driven by strong retailer partnerships and effective advertising campaigns.

• Market Positioning:
  Jim emphasizes the company's leading position in the gardening sector, supported by robust in-store promotions and retailer commitments to prioritize their products.

Key Quotes:
Jim Cramer (37:35): "They are only promoting our products."
Jim Haggard (35:11): "Martha Stewart is our chief gardening officer now, and she is absolutely fabulous."

6. In-Depth Stock Analysis: IBM

[22:18 - 46:39]

Jim conducts a comprehensive analysis of IBM, addressing recent earnings reports and the stock's volatile performance. Despite a solid earnings beat and revenue growth, IBM's stock experienced a significant sell-off post-reporting, leading Jim to explore the underlying reasons and future prospects.

• Earnings Report Highlights:

  • IBM reported an 18 cent earnings beat and 2% revenue growth year-over-year.
  • Software and consulting divisions showed resilience despite a weaker dollar and economic challenges.

• Stock Performance:
  Initially, the stock surged by 6% in after-hours trading but later dropped 6.6% the following day. Jim discusses analyst perspectives, including Ben Righteous of Righteous Research, who suggests that while the quarter was strong, expectations may have been overly ambitious.

• Investment Thesis:
  Jim remains bullish on IBM, citing its strong dividend yield (2.9%), solid balance sheet, and strategic focus on AI and enterprise solutions. He views the recent dip as a buying opportunity, believing the company's fundamentals remain robust despite short-term market fluctuations.

Key Quotes:
Jim Cramer (24:12): "IBM is a broken stock, not a broken company."
Jim Cramer (40:03): "Do not sell it here. Let's go to Gregory, New Jersey."

7. Caller Interactions and Lightning Round

[09:44 - 46:39]

Throughout the episode, Jim engages with multiple callers, providing personalized stock advice and market insights during the Lightning Round. Highlights include:

• Corey from Texas (09:44):
  Inquires about Ulta Beauty, to which Jim responds positively, anticipating a shift from competitors like Sephora back to Ulta due to management changes and market dynamics.

• Jake from New York (10:44):
  Discusses best-of-breed stocks, particularly Mattel vs. Hasbro, with Jim expressing a preference for Hasbro based on recent performance and strategic positioning.

• DJ from Texas (29:43):
  Asks about PepsiCo, where Jim recommends initiating a position, citing a solid 4% yield and undervaluation at 16 times earnings.

• Luca from Illinois (30:22):
  Seeks advice on gold investments amid global shifts away from the US dollar. Jim suggests various options, including gold mutual funds and specific mining stocks like Agnico Eagle Mines.

• Sharon from Minnesota (40:03):
  Questions about ARM Holdings, with Jim advising to stay invested due to the semiconductor sector being oversold.

• Gregory from New Jersey (40:29):
  Mentions interest in Bitcoin, to which Jim affirms his support for cryptocurrency investments.

• Teresa from Minnesota (41:15):
  Discusses holding BHP, with Jim endorsing the stock for its yield and solid performance.

Notable Lightning Round Moments:

• Jim Cramer (29:58):
  On PepsiCo, "At 4% with a 4% yield, I would start buying."

• Jim Cramer (33:32):
  On Arm Holdings, "The semiconductor group has been oversold. It will bounce."

8. Technology Sector Insights: Nvidia and AI Developments

[40:03 - 46:39]

Jim reflects on the tumultuous period surrounding Nvidia and the broader AI industry. He recounts how advancements by Chinese firms like Deep Seq initially caused panic on Wall Street, leading to significant stock declines in Nvidia and related tech companies. However, recent endorsements from major players like Alphabet have reignited confidence in Nvidia’s pivotal role in AI infrastructure.

• Nvidia's Resilience:
  Despite initial setbacks from geopolitical tensions and tariff-induced fears, Jim highlights Nvidia's continued dominance in AI chip manufacturing and its strategic partnerships with cloud providers.

• Market Sentiment:
  Jim underscores that while Nvidia's stock remains undervalued at 25 times earnings, the company's foundational strength in AI ensures long-term growth prospects.

Key Quotes:
Jim Cramer (41:44): "Nvidia is a broken stock, not a broken company."
Jim Cramer (45:21): "ResMed is a compelling investment in a storm. We're a very steady ship."

9. Conclusion and Final Thoughts

[46:39 - End]

In wrapping up the episode, Jim reiterates his positive outlook on key stocks discussed, emphasizing the importance of understanding company fundamentals amidst market volatility. He encourages viewers to stay informed and consider opportunities arising from short-term market dips.

Key Quote:
Jim Cramer (46:39): "IBM is now trading just 21 times earnings. It's got a solid 2.9% dividend yield, great rock-solid balance sheet."

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Notable Quotes with Timestamps

• Jim Cramer (09:56):
  "If any country is willing to compromise with Trump, the rest of the world might fall in line."

• Jim Cramer (14:56):
  "With the conversation on tariffs changing by the hour, it's very difficult to figure out how badly any individual company might get hit unless they're purely domestic operators."

• Jim Cramer (24:12):
  "IBM is a broken stock, not a broken company."

• Jim Cramer (29:43):
  "PepsiCo, I think you can start a position here, 16 times earnings."

• Jim Cramer (40:03):
  "Nvidia is a broken stock, not a broken company."

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Takeaways

1. Tariffs and Trade Negotiations:
   The ongoing negotiations and potential tariff exemptions play a critical role in shaping the performance of various sectors, particularly steel, automotive, and technology.

2. Resilient Performers:
   Companies like ResMed and Scott's Miracle-Gro demonstrate strong performance through strategic management and adaptability to market conditions.

3. Investment Opportunities:
   Stocks showing short-term weakness but possessing robust fundamentals, such as IBM and PepsiCo, present potential buying opportunities.

4. Technology and AI:
   Nvidia remains a cornerstone in the AI hardware space despite market skepticism, supported by endorsements from major tech giants.

5. Consumer Engagement:
   Effective partnerships and brand endorsements, exemplified by Scott's Miracle-Gro's collaboration with Martha Stewart, can significantly boost consumer loyalty and sales.

6. Caller Insights:
   Engaging with listeners provides personalized investment advice, highlighting the diverse interests and concerns of individual investors.

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Stay tuned for more insights and expert analyses in future episodes of "Mad Money." Whether you're a seasoned investor or just starting, Jim Cramer continues to provide valuable guidance to help navigate the complexities of the stock market.

Transcript

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[Jim Cramer]

Celebrate 20 years of mad Money How Jim Cramer Transformed Investing in America it's insane. The moments, the madness, the memories. Mad Money 20th anniversary Tuesday, 7 Eastern CNBC 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 Start now. Hey, I'm Kramer. Welcome to money. Welcome to Cramerica. Good morning, friends. I'm just trying to make a little money. My job is not just to entertain, but to teach you how it all works. So call me at 1-800-743-CBC. Tweet me jim Cramer. We made it. Yep, we got through another stretch without the White House upending the whole market, which therefore led to the second best week of the year with the dow finishing up 20 points. But S&P 50.74%, Nasdaq gaining 1.26%. But now we are about to go headfirst into the failings of earnings the week where years are made. And it may be too much to ask for the for Washington to give us another quiet week so we can focus on the earnings of the best we have to offer. All right, look, we're not going to have to wait until Monday to find out what's up with the President. He's in Europe for the funeral of Pope Francis tomorrow, but there's no doubt that he's going to probably try to nail down some trade deals this weekend, maybe with emissaries from Japan, South Korea. Hey, bears beware if any country, any country is willing to compromise With Trump, the rest of the world might fall in line. And honestly, if we can't win over Japan and South Korea, two countries where we have a ton of military bases, well, we might as well throw in the towel. So many people are worried about a tariff induced recession. Steel giant Nucor reports on Monday. And they're really at the crossroads of both. This domestic steel company, the best there is in the world, has been hammered by economic weakness, but they also directly benefit from the tariffs as they should. The world dump steel in usa. It's been known for years. And if we didn't do anything about it, we didn't protect our steel companies, we would have no steel. Let's not move be made in this country. So let's hear what they have to say. Tuesday morning we get results from another company at the epicenter of Trump's tariffs and that's General Motors. Now we're truly in crunch time for tariffs. It's not clear how much they'll add to the price of every new vehicle, but we know the stickers could be shocking. CEO Mary Barr always tells the story straight. Next, I think UPS could give us the lay of the land in terms of tariffs pulling demand forward. We keep hearing that term on our show. Right. And causing international disruption. Let's hope the news doesn't disrupt that dividend which currently gives you a 6.7% outsized yield. On the other side of the economic spectrum, we have Coca Cola. It'll be interesting to see if Coca Cola can maintain its momentum. It's the only stock in the consumer products group that I follow. It's still hanging in there after a brutal week for the cohort. Did you see pepsico? Holy cow. If you want to know my favorite trade for the week, it's going to be Spotify. Now this is this juicy subscription business. People don't focus on this company a lot. Lots of people ignore it, dismissing it as a radio station without commercials. But I think Spotify's all things Entertainment, a competitor to Netflix. For your time Tuesday night. Okay. I'm betting that Brian Nicholl will spell out a strategy for Starbucks, both domestic and international. We've been stalled on this one for the Travel Trust with the stock first shooting up 30 points on Nicholas Appointment and then giving almost all of it back when the numbers didn't turn around immediately in the market got ugly. I always thought that a quick breakout was a ridiculous assumption, but now the rubber's hit the road and I still don't see a breakout quarter. But we're going to hold it nonetheless, by the way, also Tuesday night, Tuesday night we have our Mad Money 20th anniversary show. You cannot miss the retrospective of the last 20 years of booyahs and bull markets on this show and of course a little smattering of bear markets. But I'm very proud of our team. We get to show the team with all its glory. Wednesday kicks off with Caterpillar, which should give us a sense of how much money is being left maybe in Joe Biden's infrastructure package. They technically only spent about 40% of it last fall, but Caterpillar certainly not trading like a stock that has plenty of federal construction projects ahead of it, does it? Hopefully we'll find out if the close all right, here we go. Metal platforms and Microsoft both important. The streets really split on these two. So many are worried about Met as advertising business. But I think Alphabet's incredibly robust ad business should put those fears to rest. Microsoft's disappointed investors three straight times, three quarters in a row, mostly by issuing soft outlooks after delivering solid results. Now I think we need to see this co pilot gain some serious traction while datacenter spending stays strong but not too strong. We don't want them to spend even more than they thought. And Azure, its cloud business gets back into an accelerated group. That might be a toll order, but I think this company knows the penalty will be severe to its price earnings multiple the P E multiple if it misses a year's worth of earnings reports. Now we've got some health care some issues to talk about on Thursday. That's right. These are anything but common steady health care companies. We got Eli Lilly that's riding the wave of GOP Dash 1 success. Then there's CBS which is under new management put up some really good numbers from and it's just that's in health insurer but also its core drugstore business which they've closed all the underperformers Louis last report laid an egg. They did it right on our show. Unfortunately I'm counting on this one being better which is why we continue to own it for the Travel Trust. As for cvs, the health insurers have taken it on the chin of late UnitedHealth and Santee both missed expectations. I bet sticks it lots of restaurant stocks have fallen on hard times because of their price points. They just charge too darn much. But McDonald's rolled out some very cheap offerings or I say cheaper offerings. I like them and I think the customers have gravitated to the golden arches. We're going to find out for sure On Thursday morning after the close, Apple and Amazon report say look at these two days, Maddie. Microsoft, Apple and Amazon. And no matter what we hear from Apple, I bet you there'll be a wall of critics ready to pronounce that these are Apple's last good results ahead of the tariffs. They might even be right. We own Apple for the charts and we are not too concerned. Why? Because I believe these guys can work their way out of any abyss that is China. It's just going to take some time and of course some money. I'm counting on CEO Tim Cook to spell out a trade trade strategy that includes the role of India in making phones. The export business has never been trickier, but there aren't many people in this world who can handle it as deftly as Cook. As for Amazon. Okay, listen up. We've been buying this one for the Chapel Trust by the way. Of course you can just if you join the CNBC investing club, you get my bulletins before we buy anything. I believe the retail world is undergoing this incredible credible consolidation toward the big three and the big three are Costco, Wal Mart and Amazon. I think all three can deliver on their promises. I'm not so sure about anybody else frankly. Of course Amazon's got major tariff problems with China so we need to see what they have to say about that. But I like what I've been hearing about the their business, the retail business ex China. I hope that's good enough. One thing we know for sure, few places are as strong as at for advertising as Amazon because it's right at that point of contact almost a very bullish in Amazon's international business nobody else is I think it's finally beginning to generate some really serious numbers. Friday is important not just because we have Exxon and Chevron and by the way the two largest oil companies and I doubt that they'll really have anything good to say because look at the price of oil. No, Friday's big because we have the Labor Department's nonfarm payroll report and so much is riding on this week was so good in part because President Trump stopped hectoring Fed chief Jay Powell after Monday. Let's hope that's permanent and not merely a temporary stay of execution. We do need to see some weaker employment numbers so Powell can make the case for rate cuts down the line. Remember, it's mighty hard to cut rates when you're raising the price of everything imported by a pretty hefty sum. The Fed needs to walk a tightrope. I don't think think they can afford to do anything right now, but they need to be prepared to cut at the next meeting if we see a big spike in unemployment. Here's the bottom line. This is a really consequential week ahead. We're about to get into the weeds with tariffs. We have to sort out what's real and what just mandated by the president. Most important, we need to see some trade deals, please. With them, the market can absorb some earnings disappointments. But without them, my anniversary show is going to be not as much fun and things could get really ugly very quickly. After the run up we just had. Let's speak to Corey in Texas. Corey.

[Caller]

Hey, happy Friday, Jim. I'm a huge fan and longtime listener calling from Nacogdoches.

[Jim Cramer]

I've been in Nacogdoches. It is dynamite. Undervalued and dynamite. I love East Texas. What's going on?

[Caller]

Awesome. Thanks. I appreciate that. Hey, I'm working on an investment portfolio with my sweet daughter Harper, who's 10 and she wants to invest in what she calls girly companies. Well, we've spoken on the few she knows, Lululemon, Bath and Body Works, Target. But one company she's very interested in, a place spot, frankly, where she spends most of her money, is Ulta Beauty. Ulta. We want to know your thoughts on the company, Jim, and what you.

[Jim Cramer]

I've been thinking a lot about it. I've been thinking a lot about. One of the reasons I've been thinking about is, you know that. That Sephora is in Kohl's and Kohl's is doing so poorly that I think people are going to gravitate away from Sephora and come back to Ulta. Alta's got new management. We have to check out the Ulta store. That's in midtown. I love going there. I'm with your daughters. I think they got horse sense. Let's go to Jake in New York, please. Jake.

[Caller]

Happy Friday, Jim.

[Jim Cramer]

Oh, Jake. You betcha. Fishing and gardening this weekend. Real America. What's happening?

[Caller]

So, you know, I'm thinking it's been best of breed. Right now we got to focus on best of breed, right?

[Jim Cramer]

You bet. More than ever.

[Caller]

So. So I'm looking at. Looking at Mattel.

[Jim Cramer]

Well, okay, you know, I like Mattel. I have them on, but I also have Hasbro on. And right now Hasbro is in the lead. They've got a bunch. They've got this card game. It's really good. If you want to know, I got. Not kidding. I'm not. I'm not kidding about what I'm about to say, if you want to compare Hasbro to Mattel, I want you to go to Grok. I'm not kidding. Go to Grok. Because before I came out here tonight, I said, all right. Why is Hasbro doing so well? I read the research. The best, the best way to find out. You just had to go to Gro. Can you believe it? How good some of these sites are getting? It's amazing. All right, look, if we get some trade deals, the market will be able to absorb any earnings disappointment that may come through. Until then, though, it won't be a very won't be very smooth sailing. Except on later this week when we've got my Mad Money 20th anniversary show and I want everyone to tune in. Okay? On Mad Money tonight, shares of Rest Med popped on its report this week. I got the medical device makers top brass to learn more. What a hot stock. Meanwhile, IBM fell in earnings. But is this dip a chance to buy into weakness? I'm telling you where I stand. It's a little controversial. And later, speaking of controversial, could Scott's miracle grow be a seed of opportunity? This market do not miss my check with its CEO. So stay wet. Kramer.

[Fidelity Representative]

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[Jim Cramer]

With the conversation on tariffs changing by the hour, it's very difficult to figure out how badly any individual company might get hit unless they're purely domestic operators. And that's why I was thrilled when ResMed, the medical device maker focused on machines for sleep apnea, reported a solid quarter on Wednesday night. And I think more important, management said they've gotten an exemption from President Trump's not so reciprocal tariffs. Exemptions don't come easily, people. Their machines are made in Australia and Singapore. They're off the hook. This stock shot up 10% on Thursday. Could have more room to run. Let's check in with Mick Farrell, the chairman and CEO of RestMed, to learn more. Mr. Farrell, welcome back to Bad Body.

[Mick Farrell]

Jim, it's great to be back on your show and thank you for having me.

[Jim Cramer]

Of course. All right, so Mick, could you just. I mean, people are mystified by tariffs entirely, and yours in particular, because we were told that no exemption, no exemption, no exemption. I don't know how many times President Trump said that. Can you tell me how. How things worked out, how this whole deal works?

[Mick Farrell]

Yeah, absolutely, Jim. Well, look, the history of this, this tariff exemption goes back for people with disabilities. And it starts in 1982 with President Ronald Reagan, who put this into place. It was reaffirmed by George H.W. bush in 1989, actually. Global Tariff Conference, Global Trade Conference, in a place called Nairobi, sometimes called the Nairobi Protocol, there were some tariff issues. I don't know if you remember, back in 2008, 2009, during the global financial crisis, we reaffirmed our tariff relief then with the Customs and Border protection agency, the CBP, and got a confirmation letter in 2009. And in this current situation, we went back just three weeks ago to the Customs and Border Protection under the current administration and reaffirmed that people with disabilities, which includes sleep apnea and other chronic respiratory diseases, will not be hurt by these, and they have some relief.

[Jim Cramer]

All right, well, I'm glad because I think that there were a lot of people who felt that with no exemptions, there would be a shortfall or you would cut numbers. You didn't have to do that. And the stock went up very big. I want to talk about something. I don't know if you caught this morning's show, but I said there are people who come on May and they say that GOP dash ones mean nothing. And then as we get closer and closer to their broad dis use, we find out that was not true. But you came on and you said they actually could be positive. And I was skeptical, but I've done here long enough that I had to go with you. It's actually true. It actually has been working very well together, hand in hand. Has it?

[Mick Farrell]

Yeah. Look, Jim, you and I talked about this, you know, six months ago, 12 months ago, and we saw a dip in the stock maybe 18 months ago when there were rumors that GOP was ones would sort of be a panacea for cardiovascular disease, diabetes and sleep apnea. What we found is, look, there is some half treatment, if you like, of sleep apnea, but the gold standard treatment is cpap, APAP and bilevel. And we're now tracking, we've increased the study that I talked about last time I was on your show. We're now tracking over 1 million patients with a GLP1 prescription and a positive airway pressure device prescription. And we're seeing a 10% higher start rate like we did before reaffirmed with a larger group of patients, a 3% higher resupply rate at one year and a 5% higher resupply rate at two years. So the curves actually start to separate. And as we get deeper and deeper into this, I look at it and say, well, this is part of a broader approach to care. This could be like blood pressure medicines or cholesterol medicines. I welcome this new medicine. And in their own study, the leading company, and this is Eli Lilly with Zepbound. Their own study showed a positive impact of GLP1s + CPAP therapy having a better impact, obviously, than GLP1s alone. And so, look, this isn't just me saying it. It's the clinical data saying it. It's the science saying it. And actually now it's the real world evidence saying it. You Saw our growth numbers on Wednesday. We were up 9% overall. Our devices were up 6% in North America, up 9% in Europe, Asia and rest of the world. So there's no slowdown. And you look at the recurring revenue of patients on therapy. 14% growth in masks and accessories business. So we're seeing it in the science, we're seeing in the research, we're seeing it in the business and we're excited about the future. I can't wait to see what Apple and Samsung bring in terms of patients into the funnel with these wearables detecting sleep apnea and what Eli Lilly and Novo Nordisk bring in by bringing patients back to primary care to seek new treatment. And then the gold standard for them in OSA is cpap. APAP Bilevell, and the number one company in the world for that is Resident.

[Jim Cramer]

Now, I also think you're benefiting from a level of awareness that you didn't have. Doctors are now asking about something that frankly, they didn't used to tell me about sleep. And the reason it's so big is because we've been unaware about sleep. And the GOP dash ones have made us increasingly aware that the importance of it.

[Mick Farrell]

Oh, absolutely, Jim. Look, I, I think, you know, our stock, as you said, went up 10% after we announced our numbers Wednesday night, went up 10% Thursday and was pretty steady today. Why is that? I think it's because ResMed is a compelling investment and this, this noise around tariffs and GOP ones that ResMed has a very experienced management team. We went through the COVID crisis. I was on your show talking about ventilators this time five years ago, Remember that, Jim?

[Jim Cramer]

Yes.

[Mick Farrell]

Then we went through the supply chain crisis and I came back and we talked about semiconductors. Could we get any from intel or anyone amd, TSMC and then tariff relief? We were able to show that. So I think, number one is ResMed is a compelling investment in a storm. We're a very steady ship. Number two, we're an innovation machine and we're an operating excellence machine. On OPEX excellence, we improved Our Gross Margin 140 basis points Year on year. This quarter we improved at 7070 basis points, quarter on quarter, from the December quarter to the March quarter. In terms of innovation, we're bringing products to the market like never before. I got a little show and tell. I know I'm not in your studio like normal, but I've got this little thing, it's called the night owl. This is a home sleep apnea test. Look how small it is this is mostly packaging. This here on the end, this little blue bit the size of my fingertip. That is a home sleep apnea test that can qualify a patient for sleep apnea therapy. So ResMed is an innovation machine point 2.3. This is why I think we're a compelling investment. We've got a really strong balance sheet. We're in a net cash positive position, pretty good in a market like this and robust cash flow. We generated $1.6 billion in cash flow in the last 12 months and just in the last quarter that we reported on Wednesday $500 million in free cash.

[Jim Cramer]

That's incredible.

[Mick Farrell]

Back into the business and R and.

[Jim Cramer]

D you've got to buy back to dividends. Well look Mick, you are a truth teller. Everything you said has come true. I love that. I know you're also a person who cares passionately about individuals health and I always tell people that when I had a problem I went to you. That night out by the way would be really terrific versus what I did and was and was embarrassed by it frankly. And I no need to be embarrassed anymore. So thank you everything that you've done for everybody who have sleep problems. I really appreciate you coming on. So that's Big Farrell Chairman CEO of Respond look at the performance of the stock people. This thing is monumental. Thank you. Have a good weekend.

[Mick Farrell]

You too Jim.

[Jim Cramer]

They have my back of the break with leading networking and connectivity, advanced cybersecurity and expert partnership Comcast business helps turn today's enterprises into engines of modern business Powering the engine of modern business powering possibilities restrictions apply.

[Cadillac Representative]

Three distinct all electric Cadillacs. Some drive them for the performance, others drive them for the range and some drive them because it's the only way to make an entrance. Three different ways to turn every drive into an occasion. Whatever your reason, there's never been a better time to say lets take the Cadillac. The all electric Cadillac family of vehicles Escalade, IQ Optic and Lyriq.

[Jim Cramer]

Yesterday as the broader market was seeing its third straight session of strong gains one of my favorite stocks was headed in the wrong direction. IBM down 6.6% in response to its earnings report the night before. Now I got to tell you right from the get go I think the market got one totally wrong. And I do believe also you're getting an opportunity to a a big blue stock into weakness. Keep in mind after the company spent roughly a decade lost in the wilderness, IBM returned to growth a couple of years ago. They spun off their slower growing legacy business as Kyndryl and doubled down on the red hat enterprise software division that's become integral for for enterprises that want to embrace AI. Their tech consulting business has been roaring with lots of cross selling opportunities. That's why IBM rallied 16% in 2023 before getting 34% last year. And even when the tariff turmoil crushed the entire market, especially technology, this stock held up surprisingly well. Going a quarter on Wednesday night. IBM is still up 12% for the year. Traveling SB 500 down 9% over the same period. And you know all these tech companies that were involved with Generation Jenny I that got crushed. This didn't of course yesterday did sell off hard though. But it's still beating the market. And more important, I think that's was indeed a mistake to meet IBM. I'm calling a steel at these levels.

[Caller]

You.

[Jim Cramer]

I don't do that very often. Why? All right, let's start with the numbers they put on Wednesday night. Even though Wall street was not impressed, frankly I was impressed. I looked at them and I said wait a second. I like to look at earnings in a vacuum. They delivered a healthy 18 cent earnings beat off a$42 basis higher than expected. Revenue up 2% a year over year on a constant currency basis. Their software business did great, up 7 or 9%. 7% or 9% in constant currency. Remember, the dollar has gotten weaker, but consulting was down 2%. Infrastructure was down 6%. Nevertheless, all three divisions came in better than expected. IBM delivered some terrific margin expansion too, along with bountiful cash flow. Much better than I thought possible. And I was talking to Arvin Christian's people. I got to say this thing is a cash flow machine. That said, right now the quarterly results are a lot less important than the guidance. And nobody knows how to come up with a truly reliable forecast in such an insane environment. You know that for example, IBM reiterated for your outlook in part because they now expect to get a 1 to 1% revenue boost from. Yes, that weakening US dollar. That's a big change from January when management expect to take a 2% hit from currency fluctuations because the dollar was relentless for so many years. Years. As for the guidance for the current quarter, IBM is talking better than expected revenue growth of 4 to 6% year over year. I got to tell you, when these results cross the wire, I thought they were pretty darn good. I mean a solid revenue beat paired with a big earnings beat in this environment. I know IBM merely reiterated for your forecast, but that's pretty standard. It's what companies are doing in many cases this earnings season. Wall Street's Treating a beat and maintain result as a big win. The market agreed, at least initially. At first, IBM stock spiked over 6% in after hours trading. I thought I got it right for quickly reversing and moving lower and eventually falling 6.6% on Thursday. What the heck happened here? That transformed this from an up 6% quarter to a down 6% quarter almost overnight. I want to outsource this explanation on my favorite analysis. Ben Righteous. Ben was on, I don't know if you saw him, he was on Closing Bell not that long ago. Today he's familiar research and I think he's the ax in IBM, meaning he understands it better than any other analyst. His view, IBM had been a huge outperformer going into the quarter and the bulls may have gotten ahead of themselves. Even though the headline numbers were very good, the quarter wasn't Perfect. There was a 350 basis point deceleration at Red Hat, which I've got to tell I found surprising. Their consulting bookings were down 9% constant currency and the headline numbers were saved by a weaker dollar. Okay, all right. Ben writes is still like basically investors have gotten used to bigger cleaner beats from IBM over the past couple of years. So this quarter just didn't quite cut it. At the same time, Wall street worried that the company will be hit by a higher tax rate, which makes it harder for analysts to raise their earnings estimates. You know that makes sense. Makes sense to me at a time when many tech companies and stocks have been performing so poorly. A lot of people piled into IBM as one of the few winners in the sector and they wanted a quarter with a little less hair on it. But overall, you know what, I'm inclined to stick with IBM here, especially after this big decline. I'd even be a buyer right now if we, if expectations were too. I mean because it was up 3 today. If expectations were too high coming into the quarter, well, they certainly aren't anymore, are they? IBM is now trading just 21 times every day. It's got a solid 2.9% dividend yield, great rock solid balance sheet. More importantly, when you look at the specific stocks in the quarter, I'm not worried about Red Hat's momentum eroding. While Red hat only had 13% revenue growth, their bookings were in the high teens according to management. In fact, IBM explicitly said they continue to expect mid teens growth for the Red Hat business. So it's going to come back to like this software division crash into a concrete retaining wall. I think it just hit a speed bump. Why should I disagree. These guys, they've been right. As for the consulting business, that's clearly soft and thanks to the suddenly difficult economy. But still, I don't see anything that makes me want to throw in the towel. While IBM's consulting revenue was flat in constant currency year over year, it still grew versus the previous quarter. And the company's consulting backlog grew mid single digits, with a lot of that coming from AI business. Here's how management put on the commerce call. Quote, in consulting, we are encouraged by this quarter's sequential growth in revenue, our solid backlog up 6% and our book of business in Gen AI. But given the current environment, we are, we are appropriately more cautious on consolidated contribution to IBM this year. End quote. Works for me. Plus, if you check under the hood, there are plenty of additional positives here. IBM is entering a big mainframe cycle. This quarter still matters tremendously, which should give their lagging infrastructure division a nice boost. At the same time, they're not getting enough credit for the weakening dollar, which is going to make the company a fortune simply because they do so much business overseas. Finally, I want to point out that IBM has proven a stock can work in multiple types of markets over the past few years. In 2024, we had a market that loved growth and tech and I and IBM outperformed. As the calendar turned in 2025, investors quickly pivoted to value yield and defense stocks. You know what? IBM still worked, at least until yesterday. Let's still be in the SP for the year. For me, that inspires a lot of confidence because while we're we've been on the upswing this week, the markets become insanely volatile and we never know when the President will post something terrifying or we'll get some bad news about the trade negotiations. That sends everything into a tailspin. Why does that matter? Because IBM has basically proven that it doesn't necessarily trade with the nasdaq, which is why it held up relatively well during one of the darkest periods for tech in ages. So here's the bottom line. IBM got hit this week despite reporting a pretty strong quarter. And I think it's absolutely worth buying into weakness here. The quarter was good, the business is good. Sooner or later I bet the stock will be good to DJ in Texas.

[Caller]

Dj hey Jim, I'm calling about a stock that's been hammered before tariffs, hammered after tariffs, and hammered after its most recent earnings. Is it finally time to buy Pepsi or should I stay as far away from this as possible?

[Jim Cramer]

OK. No, no. Yields 4%. It's a very well run company. I think that Pepsi, I think you can start a position here, 16 times earnings. I think that they're going to write the ship. I do not think the Ramona guard is going to just sit there and just say, you know what, I'm done taking this. I mean he's going to make some moves. At 4% with a 4% yield, I would start buying. And I had not been positive on PepsiCo for some time. Let's go to Luca in Illinois. Luca.

[Caller]

Hey Jim, good afternoon. I'm looking at Newmont and some other gold, other major gold miners today. And with this trend with many of the countries like our adversaries like China, even allies like Japan and other central banks dumping the US Dollar denominated assets and Treasuries and others buying gold at record level amounts for the last few years. How do you, how do you see that impacting the price of gold compared to the value of the dollar?

[Jim Cramer]

Let me go over the, let me go over the alternatives here. First you can own a gold mutual fund or gold junior mutual fund which has a lot in the, in the hopper, so to speak. You can buy gold, the actual ingots or bullion or buy from, from Costco. You can buy the GLD or you can buy Agnico Eagle Mines which is the best of the golds. Start here. It's been up a lot. It's up 51% for the year. Don't be aggressive till it comes down. All right, listen to me people. I think IBM, which just sold off terribly is absolutely worth buying this weakness. I don't buy the weakness story. I buy the strength story. I buy the fact that it's also in a great industry now. Much more money including I've got exclusive with Scott's Miracle Grow to hear how the company's positioned amid a tentative consumer environment. Remember, I am a huge gardener. Then there's a big difference between a broken stock and a broken company. I'm telling you how this thesis is shaping up in the air space. And of course all your calls rapid fire in tonight's edition of the Lightning round. So stay with Kramer. All right, what's going on with the stock of Scott's Miracle Grow that's the big maker of lawn and garden products. Now the spring gardening season upon us. I want to look back at this one because for years it was tremendous growth stock. But then Scott's vehicle grow got into the spring applies for the cannabis industry which probably turned into a quagmire and the stock spent years going lower now though that year is over. Scott's transferred its remaining cannabis related holdings to an independent strategic partner earlier this month. Which means we can go back to focusing on law and garden business, which they are. The number one with a pristine reputation. Nowhere. Howard and Cool are going to Home Depot. Now. Scott's report in the middle of next. They report next week. Okay, so the company's in its quiet period. We can't get the specifics of the financials. That's not the point. We can talk about that. This is the weekend for planting and gardening. I think it's a great moment to refresh ourselves on the overall story and the state of the border industry. So let's take a closer look with Jim Haggador. He's the chairman, president, CEO of Scott's Miracle Grow. Mr. Hager. And welcome back to Buddy.

[Jim Hagedorn]

Hello, James. Well, last time I talked to you, you outed me in my chocolate toilet for years. So yeah, we are working our way out of the toilet, that's for sure.

[Jim Cramer]

Well, but I want to put it just.

[Jim Hagedorn]

It's good to be back with you.

[Jim Cramer]

Right. I just want to put. It's good to be back with you. It's good to be back with you. Because you know what? I'll be going. I have been using your natural stuff, which I love. It is terrific. And people say to me, Jim, how do you get that look, are you using chemicals? I have to tell Jim I don't want to use the chemicals anymore. I use Scotch Miracle Grow non chemical. It must be a huge thing for you to have both, right?

[Jim Hagedorn]

It is. You know, business is great. I just tell you in regard to like this sanitized crap that my team gave me while I was in a board meeting this afternoon. I'm supposed to talk about with you. No, no, but I can clear. We can't report earnings within the time that I have to clear any FD issues. So we can just. I think we just go off the grid and talk. Whatever you want to talk about. But business is good. It's been really hard work. We put a lot of expenses, but our sales are double digits so far for those half and so far this month it's even better.

[Jim Cramer]

Wow.

[Jim Hagedorn]

So things are going really, really well.

[Jim Cramer]

That doesn't jive with the negative thesis I hear everywhere. Is something. Is there something going on that making people do more close to home or regard like I do that the most exciting thing you can do to the summer is your lawn and your garden.

[Jim Hagedorn]

Look, I think what's clear is that people want promotion I think when product is not on promotion, it's kind of. But retailers are working with us so hard to get consumers into their store that, you know, if you looked at our retail POS numbers, they'd be called roughly flat in dollars, but in its double digit in units. So retailers are using our products to bring consumers into the store. And our advertising is hitting right now, and consumers, they just, they. I think they want to bargain, but they love gardening. And on the organic side, you know, Martha Stewart is our chief gardening officer now, and she is absolutely fabulous. I hope you know her.

[Jim Cramer]

I knew it. That was. I went candidly. That's why I went natural with you guys. I happen to adore Martha Stewart. She is the best. My wife and I think she's the single greatest person, inspirational person in business who is a woman in our lifetime.

[Jim Hagedorn]

Oh, I think she's a uber influencer. And I think her working with us has been like one of the greatest things ever. And she's really helping our business. She came to our board meeting yesterday and visited our R and D center and looked at a lot of her innovation and she came out really happy. And it's really fun working with her. And she's totally with it. And you know, she's like a. She's reinvented herself so many times. It's. It's one of the greatest women of all time.

[Jim Cramer]

Yeah, well, I just think when she puts her name on something, it means it's the right thing to buy. She's our generation's Good Housekeeping seal of approval.

[Jim Hagedorn]

I got to tell you something about Martha. Absolutely. You know, so she's all about organic stuff, right? And so I went out to visit her house in Maine last summer, and Carlos, her all around helper, Colombian guys, US Citizen, picks us up. And I said, yeah, I heard Martha just uses organic. He said, dude, I feed all her flowers. You know how much blue powder Miracle Girl we use? It's insane.

[Jim Cramer]

Well, she would only use the best, Jim. That's the way I look at it. You only use the best. All right, so how about what's the tenor of the consumer? Do they want. You said they want promotion. But your stuff is the best premium stuff. It's not the promotion stuff. So sometimes the consumer must be feeling a little better about themselves.

[Jim Hagedorn]

Now, look, if you look at retailers, basically all the retailers, when, when we were desperate like a year and a half ago for sales, and we had to really incent retailers to buy our stuff, you know, I basically said, I want my money back now. That I'm not out of trouble. I want that margin back. And it's significant.

[Jim Cramer]

Right.

[Jim Hagedorn]

You know, it's, it's hundreds of millions of dollars. And not only did they say, jim, look, you know, you, have you heard, like, our store counts down. We're not selling, you know, we're not selling appliances and cabinetry and all the high end stuff anymore. Barbecues. Everybody bought that during COVID We really can't give that money back, but we'll spend it promoting your products exclusively.

[Jim Cramer]

Oh.

[Jim Hagedorn]

And so, yeah, we're not losing share. We're not losing. We're gaining share hard. And so there are some of the biggest retailers in the country. They're only promoting our products.

[Jim Cramer]

Oh, no. And that's what I'm seeing myself because I went out to see Home Depot. I went to see 2200 managers of stores and your stuff's everywhere, which I think is fantastic.

[Jim Hagedorn]

But Jim, here's the thing. They're not only spending, and I'm talking really heavy duty money, they are spending more than that to bring people into their stores. And our advertising is hitting and their promotional dollars are hitting and the consumer is eating it up. And businesses is so far so good. That's, you know, where I got myself in trouble with you last time is it was about this time, I think, and business was good. And then it just. The weather got.

[Jim Cramer]

The weather got terrible. And you and I both know that tomorrow is supposed to rain, which is driving me nuts because I do not. I'll do some other stuff outside in the rain, I'm afraid to plant. But there's one last thing. We're not going to talk. We don't need to.

[Jim Hagedorn]

Sunday. Sunday is going to be. Sunday's going to be good.

[Jim Cramer]

Yes, Sunday will be good. Little windy, but I know, you know, it's really weird, but you know, we look hour to hour, we gardeners, because there's only so many weekends and this is huge. That's why I insisted on having Scott's on and because I don't have to talk about this cannabis thing anymore. That's off the table.

[Jim Hagedorn]

Mostly off the table. It's like we burned $2 billion there, Jim. And so we're, we're going to put the business into another entity and we'll have equity in that and we'll hope for the best.

[Jim Cramer]

Well, look, all I know is, is that you are the best brand there is in the world. And I am a gardener. This is going to be my 36 garden. And I've never strayed from your stuff. Which is why I needed to have you on to begin the season as I like it. Jim Hegadorn, CEO of Scott's Miracle Grow the best there is. Thank you so much for coming on. Tell Martha I said hi. Okay. CJ's C. Everybody's back into the break. It is time. It's over. The white search for their core stocks. We have seven by Steppers wherever you're playing the sound. And then the lightning round is over. Are you ready, Ski Daddy? Turn on the lightning round. Crazy. I'm going to start with Sharon in Minnesota. Sharon.

[Caller]

Hi, Jim. I have been following you since the late 90s, and that's when I started trading stock mostly in the tech arena, but I have a question about arm holdings. I have helped. You know, I just bought in February of 2024 at one point and of course it's gone up and down and now I'm trying to decide if I get out or no.

[Jim Cramer]

Sharon, I want you to stay in it. Rene Haas is doing a great job. I think that this whole semiconductor group has been oversold. It will bounce. And when it bounces, you want to trim back because it is expensive. That's fine. Do not sell it here. Let's go to Gregory, New Jersey. Gregory. Gregory, you're up. Hello, this is Jim Gregory. I'm doing well. How are you, partner? Well, you gave me the cola RTX when they had earnings at 90. I held it all the way to up to 120. I appreciate that. My question is mspr, but more importantly. Oh, Mr. The old Mr. Tragic. No, no, look, we like bitcoin. We actually buy bitcoin. That's what we do. We want Bitcoin. We buy Bitcoin. Let's go to Teresa in Minnesota. Theresa. Hi, Jim.

[Caller]

First, I want to thank you for everything that you do for us individuals.

[Jim Cramer]

Thank you. Thank you. Be sure to watch our special next week. I think you might get a kick out of it. What's going on?

[Caller]

I have a question concerning one of my longtime holdings. I've done very well with it and I'm retired now, but there's going to be a CEO change and there's some lawsuits. So should I go ahead and buy more or should I just hold my stock is bhp.

[Jim Cramer]

I like bhp. Broken Hill. I remember when it was Broken Hill Properties. That's how old I am. Holy cow. But I like the story. I like the yield. I think you got a good situation going there. And that, ladies and gentlemen, of The Lightning Round three months ago, January 23rd is a day that will live in artificial intelligence infamy. That's when we learned that a Chinese firm called Deep Seq had figured out a way to train high quality generative AI models using far less hardware. They claim their hardware costs were around $6 million versus 80 to $100 billion for their enormous American competitors. Yet these seats are one rock the whole world. Nvidia stock plunged from 147 to 118 over the next two trading sessions because they make the brains of this now expensive hardware. The contagion then spread to Supermicro to broke up Marvel Tech and then diverted the guts of the data center. And then that dragged down the entire nasdaq. It was a Sputnik moment when the Russians were first to fire a rocket into space back in 57 we were hoping hopelessly behind our clumsy expensive in video hardware defeated by the cheap deep sea. All of a sudden the Chinese are taking the lead in AI while our companies were supposedly spending like drunken sailors. And for what? The stocks never really came back from that because Wall street gave up on the entire theme. After all, the great investment theme was suddenly in jeopardy. Deep Seek made it sound like spending billions of Nvidia on video chips was just a waste of money. Bring on the cancellations. Fast forward three months and even though the stocks have done very badly during this period, we're beginning to rethink everything that turns sour. Because none of those deep sea worries has come true. None. We are seeing the cancellations one by one. The hyperscalers have proclaimed fielded Nvidia and the great data center build out. Only Microsoft is really scaled back, but I think that might actually just be because they offloaded some of their capital expenditures to their partner OpenAI. Then best of all, last night Alphabet gushed over its relationship with none other than Nvidia, with CEO Sundar Pichai claiming that the amazing chip company I'm going to quote, continues to be a key advantage for us and our customers, end quote. Which I went on to say, quote, we're the first cloud provider to offer videos groundbreaking B200GB, 200 Blackwell GPUs and we'll be offering their next generation Veer Rubin GPUs end quote. Can you imagine? We don't even have the Veer Ruben chipset and they're already crowing about it. This endorsement comes right after a key data center supplier, Vertif, swore to us on our own show that the bill is not only continuing, it's actually accelerating. Yes, accelerating sequencing from the fourth quarter to the first quarter Turns out Deep Seat didn't derail anything. If anything, these are accelerating. Which brings me back to invasion. This Stock still down 36 points from where it was trading for the Deep Seat. News broke short rebounded from a low of $86 or this month $1 today. But these levels down 42 points from its high. The stock of Nvidia still reflects a deadly deep sea torpedo. The darn thing sells for just 25 times earnings, for heaven's sake. So why is that? Why did we trim some for the terrible trust. Okay, like I tell you, someone is speaking. You're speaking to someone who still owns a lot of Nvidia for the trust. And a lot of the negativity that we felt and others have too has come from the White House where videos become a political football. The company had been made, they've been making these dumbed down AI chips from China to suggest the Biden administration CEO Jensen Wong met with President Trump and we got word that Nvidia was going to produce $500 billion worth of AI infrastructure in America over the next four years. Everything seems so cozy until we learn that the White House has banned them from selling any AI chips to China. And video had to take a $5.5 billion charge on the entire program. But man, Nvidia's business never really deteriorated. We understand they're basically sold out for the year. Even as they can only sell their best stuff. The United States in 18 friendly countries. Something Biden cooked up and Trump yet to reverse. I'm worried he might actually make it more restrictive. Still, there's so much demand from various merchandise that the stock never should have been crushed in the first place. Even with the trade war, the infrastructure theme seems totally back on track. In fact, it never left the track to begin with. Nvidia was boxing against shadows. At the end of the day, Nvidia is a broken stock, not a broken company. Good news, because broken stocks are a lot easier to fix. And this one is shaken out a lot of people who bought the stock without ever knowing what the heck Nvidia really does. Alex, always bookmark this on my promise I'm finding just for you or your mid money. I'm Jim Cramer. See you Monday.

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.com Three distinct all electric Cadillacs.

[Cadillac Representative]

Some drive them for the performance, others drive them for the range, and some drive them because it's the only way to make an entrance. Three different ways to turn every drive into an occasion. Whatever your reason, there's never been a better time to say let's take the Cadillac. The all electric Cadillac family of vehicles Escalade, IQ Optic and Lyriq.