Mad Money w/ Jim Cramer – October 10, 2025

Podcast Summary

Overview

This episode of Mad Money revolves around reacting to a sharp, market-wide selloff prompted by rekindled U.S.-China trade tensions, the evolving state of the multi-year bull market, and how to navigate both short-term volatility and long-term investing opportunities. Cramer focuses on the value unlocked by corporate breakups, spotlights upcoming earnings from key financial and tech companies, delves into deep-dive segments on DuPont and Honeywell spin-offs, interviews Banco Santander’s Executive Chair Ana Botín, and, as always, answers viewer questions and runs the Lightning Round.

Major Market Themes & Insights

Wall Street Selloff & Trade War Flare-up

• Cramer opens the show contextualizing a brutal trading day, emphasizing that the anniversary of the recent bull market was overshadowed by major negative news on U.S.-China relations.

  • "Dow plunging 879 points... Nasdaq nosediving 3.56%. It was a real ugly day and the sell-off probably not done yet." – Jim Cramer [01:45]

• President Trump’s cancellation of talks with President Xi and the imposition of 100% tariffs on Chinese goods sent shockwaves through markets.

  • “Trump’s true social posting today shows that the China relationship is not good... he’s now going to impose 100, 100% additional tariffs on Chinese goods.” – Cramer [02:46]

• Fed policy, earnings season ahead, and the coming “seasonally strongest time of the year” may provide opportunities, despite growing complacency and the day’s pessimism.

  • “Even with today’s beatdown, it’s been a huge run over the past few years... I don’t think today marks the end of the multiyear rally.” – Cramer [02:12]

Tactical Investing in a Choppy Market

• Cramer advocates taking some profits (“just take a little something off the table”), especially after big moves but not abandoning the market.
• He highlights his process: "We bought a little bit of stock, not a lot for the Chapel Trust... maybe something's resolved over the weekend..." [04:06]
• Cramer stresses the importance of focusing on sector/stock specifics versus broad-market panic, especially as “the S&P basket... takes down everything, the good, the bad, the ones that are hurt and the ones that aren’t.” [05:38]

Earnings Season & Next Week’s Game Plan

• Preview of next week’s “pilgrimage” to Dreamforce (Salesforce’s tech conference) and expectations for high-impact corporate interviews and tech forecasts. [06:05]

• Breakdown of key upcoming earnings:

  • Financial heavyweights: BlackRock, Wells Fargo, Goldman Sachs, JP Morgan, Citigroup
  • “Goldman Sachs is liable to have the biggest upside surprise, I hope Wells Fargo CEO Charlie Scharf says he’s willing to buy back more stock... JP Morgan should be a usual superb quarter.” – Cramer [07:18]
  • Healthcare: Johnson & Johnson, Abbott Labs
  • “Johnson & Johnson... should have the strongest numbers... Abbott Labs... just terrific.” – [08:46]
  • Tech: Salesforce (analyst meeting)
  • Retail: Dollar Tree (pressured by tariffs)
  • Transportation: JB Hunt, United Airlines
  • Semiconductors: Taiwan Semi (with an early callout: “I usually get up at 2:30 in the morning because that’s when they report... I expect a very rosy picture.”) [09:55]
  • Financial Services: Schwab, American Express (“reliably unreliable, reliably unreliable pattern”) [10:38]
  • Oil services: SLB (formerly Schlumberger)

Focus Segment: Corporate Breakups & Value Unlocking

Why Cramer Loves Breakups

• “Regular viewers know that I love corporate breakups. Breakups between people, tragic... But when a company breaks up, it can often unlock value and generate big gains for shareholders.” [13:29]

DuPont Spin-off: CUNITY Electronics

• DuPont is spinning off its electronics business, CUNITY (ticker: Q), with the actual shareholder record date set for October 22.
• “This is actually the more exciting part of DuPont’s business. Most of CUNITY is tied to the semiconductor industry. About 65% of sales are chip-related...” [14:19]
• “Net sales are going to expect to grow 7% year over year in 2025... margin grow by 100 basis points to 30%. That’s a great number for an industrial type company.” [15:00]
• “I am a fan of this one.” – Cramer [15:26]
• On remaining DuPont, post-spin: “There’s a value argument to be made for DuPont... They won’t be able to hit those [target] numbers without a series of rate cuts.” [17:14]

Honeywell Breakup: Solstice & Beyond

• Honeywell is spinning off its advanced materials division as Solstice (SOLS), with a plan for a further breakup into Aerospace, Automation, and Advanced Materials divisions.
• “We have held on... because the company is now committed to bringing out value through a breakup plan that we wholeheartedly endorse.” [22:02]
• Hedge fund Elliott Investment Management supported and accelerated Honeywell’s breakup.
• “As for Solstice... not big enough to offset the weakness in the company’s more cyclical markets... once the economy stabilizes, ideally after rate cuts, this is going to be a winner.” [25:34]
• Honeywell’s aerospace business post-breakup: “Aerospace is a phenomenal business... opportunity beckons.” [27:18]
• “The age of conglomerates ended a long time ago. These days we’ve seen so many breakups create immense value for investors. And now Honeywell is about to join the club...” [27:38]

Notable Viewer Questions & Lightning Round

• [09:34] Mark in Virginia: Long-term view on Ford after fire-related disruptions

  • “I do think that Ford’s good, but I think numbers might be too high. That fire hurt so many parts of their operation.” – Cramer [09:54]

• [29:03] Jason in Florida: Perspective on Boeing with global airplane demand

  • “Boeing is a must buy... I have looked the CEO in the eye, I think he's a terrific guy... And why buy anything at the top when you get something near the bottom? That’s Boeing.” – Cramer [29:17]

Lightning Round Highlights [41:44–43:29]

• UiPath (PATH): “It just had such a big move. I can't recommend it.” [42:16]
• Archer Aviation: “We're gonna let that come down... you'll be able to get that cheaper.” [43:14]

Featured Interview: Anna Botín, Executive Chair, Banco Santander

[31:02–41:17]

• Santander’s Success & Geographic Strength

  • “Basic overnight success, ten years in the making... Today, we have become a global financial powerhouse with 175 million customers... 80% are in Europe and Americas.” – Botín [31:02–31:52]

• Capital Allocation & Diversification

  • “One of the great strengths of Santander is its diversification... We can go where the best risk return is... least volatile among our peers.” – Botín [32:53]

• Digital Offerings & Gen Z Focus

  • “Your digital offering is superior... and it looks like they’re saving and not spending as much because of what you offer.” – Cramer [34:26]
  • “Either you’re very big or you’re very specialized... building our own platforms... Open Bank is our own IP... We can allow you to actually work cross border as an individual, as a company during 2026.” – Botín [34:51, 35:59]

• AI Strategy

  • “AI is everywhere at Santander... every process, every customer interaction should be data and intelligent analysis driven...” [36:28]
  • “By the end of this year we’re going to have 30,000 OpenAI users inside Santander... grew 8 million customers... cost flat to down... efficiency 41.5.” – Botín [37:16]

• Tech Advisory Board

  • “When I took over... tried to look for the best people that understood technology... George Kurtz from CrowdStrike... Jim Whitehurst, Red Hat... Mike Rodin, IBM... Marty Chavez, Goldman Sachs...” [39:13]

• Shareholder Commitment

  • “My goal is to be a compounder of tangible book value and dividends over time... and we are one of them.” – Botín [40:19]

Market Froth & Warnings on Speculation

[43:39–47:55]

• Cramer draws an explicit parallel between today’s “Sherwood Forest” of speculative, profitless growth stocks (often popular with retail investors using Robinhood) and the dot-com bubble of 2000.
  • “I’m talking about the stocks of super respective companies that have some contracts and some revenues but no earnings and none expected anytime soon... height of speculation.” [44:57]
  • Cramer issues a warning about the risk of large stock offerings overwhelming the market—citing IonQ as a contemporary example.
  • “I think this offering will be the first of many and they could weigh on all these stocks... Please sell some of these specs before the companies and the insiders do the same.” [47:15]

Notable Quotes & Memorable Moments

• “If you break up with your girlfriend or wife, not great. But if you break a company up, well, it could be one of the greatest things to ever happen to you as an investor.” — Jim Cramer [10:01]
• “Sometimes the spin offs do even better.” (referencing GE’s Renova) [26:42]
• “The age of conglomerates ended a long time ago... immense value for investors.” [27:38]
• “Boeing is a must buy.” [29:17]
• “Sell some of these specs before the companies and the insiders do the same.” [47:15]

Timestamps of Key Segments

• [01:39] Cramer’s monologue: Market selloff, trade war, Fed, contextualizing the day
• [05:38] Preview: Next week’s earnings, Dreamforce, market strategy
• [13:27] Corporate Breakups: DuPont and Honeywell in depth
• [28:52] Boeing as a buy candidate (call-in)
• [31:02] Banco Santander interview: Strategy, tech, AI, and global banking
• [41:44] Lightning Round: Viewer stock Q&A
• [43:39] Warnings on market froth, speculative stocks (“Sherwood Forest”)
• [47:15] Parallels to 2000 dot-com crash: Take profits in speculative names

Tone & Style

Jim Cramer remains energetic, direct, accessible, and often uses metaphors to make complex investment themes relatable (“Sherwood Forest," "Wall Street fashion show," "Lightning Round"). His approach balances caution with optimism, focusing on long-term value and the importance of investor education—never shying away from giving strong opinions and actionable advice.

Summary Table: Featured Stocks/Segments

| Stock/Topic | Cramer’s View | Key Detail / Quote | Segment Time | |----------------------|------------------------|---------------------------------------------------------------------|---------------| | DuPont/CUNITY (Q) | Bullish on CUNITY | "This is actually the more exciting part of DuPont’s business..." | 13:27–17:14 | | Honeywell/Solstice | Bullish on breakup | "Honeywell is about to join the club..." | 21:29–27:38 | | Boeing | Must buy | "Boeing is a must buy." | 29:17 | | UiPath | Not a buy at highs | "It just had such a big move. I can't recommend it." | 42:16 | | Archer Aviation | Wait for dip | "You'll be able to get that cheaper." | 43:14 | | Banco Santander | Positive interview | "Our share price is up 100% but I think the best is yet to come..." | 31:02–41:17 | | IonQ (spec stocks) | Sell some, frothy | "Please sell some of these specs..." | 47:15 |

Final Takeaways

• The show equips listeners with strategies to navigate uncertainty: take profits after major rallies, scrutinize sector specifics, and beware of overhyped speculation.
• Corporate breakups (DuPont & Honeywell) are a major focus for value creation.
• The banking sector, especially global players embracing tech and AI, presents opportunities—highlighted by a robust interview with Banco Santander’s Ana Botín.
• Cramer consistently steers listeners away from speculative excess and urges prudent, informed investing.