Mad Money w/ Jim Cramer – October 17, 2025
Host: Jim Cramer
Podcast: Mad Money w/ Jim Cramer, CNBC
Date: October 17, 2025
Episode Overview
In this episode, Jim Cramer provides his fiery, in-depth take on the state of the 2025 stock market as the fourth year of the bull market kicks off amid skepticism. Cramer breaks down key earnings reports, previews the upcoming week, shares insights from his west coast interviews (including ELF Beauty, Salesforce’s Dreamforce, and PG&E), and closes with his signature Lightning Round and stock turnaround commentary. Throughout, his mission is crystal clear: help listeners navigate Wall Street and make money.
Key Themes and Discussion Points
1. State of the Market & Bull Market Skepticism (01:39)
- Cramer opens with the observation that the bull market’s fourth year begins with typical skepticism and negativity. Bears and media pessimists remain entrenched, but “buying the dips” has been consistently profitable over the past 45 years.
- “The real losers in this market are the skeptics who keep missing these phenomenal moves.” – Jim Cramer [02:44]
- Recent Market Action: The Dow gained 238 points with positive surprises from banks (contrary to early fears) and a strong American Express quarter leading a rally.
- Earnings Matter Most: Cramer reiterates his central investing thesis—focus on companies and earnings, not just indices.
- “Earnings, not anything else, are what really drive stocks lower, or in this case, higher.” [08:46]
- Preview of Next Week’s Earnings: Major companies reporting include Cleveland Cliffs, Zions Bancorp, Coca-Cola, GE Aerospace, Capital One, Vertiv, G for Nova, Tesla, IBM, Freeport McMurray, T-Mobile, Honeywell, Blackstone, Ford, and consumer data with the CPI report.
2. Interview: ELF Beauty CEO Tarang Amin (13:15–20:55)
- Rapid Growth and Expansion: ELF celebrates the launch of its new “Rode” brand and significant expansion into Dollar General stores, bringing beauty to underserved, rural communities.
- “60% of the people who are buying Elf at Dollar General had never bought cosmetics here before.” – Tarang Amin [13:43]
- Tariff and Supply Chain Management: Despite heavy reliance on China and tariff concerns, ELF has weathered adversity with supply diversification and minimal price increases.
- “Even in the face of 55% tariffs, we only took our prices up $1 because we really conscious who ate.” – Tarang Amin [18:10]
- Online Presence & Gen Z/Alpha Dominance: ELF’s agility—100 marketing campaigns/year, viral TikTok moments, leading positions in multiple generations, and global expansion.
- ELF’s Power Grip Primer “mega” version sold out in 3 minutes on TikTok Shop [16:02]
- “Elf Cosmetics was their number one brand amongst teens for a record eight consecutive surveys.” – Tarang Amin [16:43]
- Diversity & Inclusive Leadership: ELF’s board is among the most diverse in the country, and leadership demographically reflects its customers.
- “Our team reflects the communities we serve. … My CMO sometimes terrorizes me, dragging me onto TikTok Live.” – Tarang Amin [19:45]
- Takeaway: Cramer remains a strong supporter: “This is a stock we have back now since it was at $15. And I wish I had been even stronger recommending it.” [20:38]
3. Salesforce at Dreamforce: AI and Growth Guidance (22:18–30:51)
- Dreamforce Recap: Cramer details the mood at Salesforce’s annual mega-event, focusing on AI platform Agent Force.
- Wall Street Doubts: Despite Salesforce’s historical growth (from $300 million in 2005 to $41 billion today), the stock is down 29% YTD due to stagnating single-digit revenue growth and uncertainty around monetizing AI.
- Investor Day Surprises: Salesforce unveiled a bold 2030 revenue target of $60 billion (much higher than expected), and a compound annual growth rate of 10%+.
- “The 2030 revenue target was better than expected … meaningfully higher than expected.” – Jim Cramer [26:46]
- Announced $7 billion stock buyback (about 3% of shares).
- “For me, the mere announcement of this ambitious revenue target felt like a turning point for Salesforce.” – Jim Cramer [29:00]
- Skepticism Remains: Some analysts call the projection “aspirational.” Cramer admits, “The proof will be in the proverbial pudding,” but is more encouraged and plans to stick with Salesforce despite the enterprise software sector’s malaise.
- “If you want to own Salesforce, you need to have faith in Marc Benioff’s ability to deliver … patience is needed.” – Jim Cramer [30:38]
4. Lightning Round (40:44–43:30)
Fast-paced viewer Q&A on individual stocks:
- Carnival – Cramer’s positive: “I’d be throwing that. I like Royal too.” [41:05]
- I-Ren (Bitcoin miner/data center play) – Strongly negative: “You are going to sell iron and throw another one. … I am looking for insider selling to descend upon this group.” [41:44]
- C3AI – On pullback: “You’re getting opportunity. I can’t stop it. I don’t know what’s the matter.” [42:02]
5. Utility Sector Deep Dive: PG&E CEO Patty Poppy (31:48–40:41)
- Addressing Wildfire & Regulatory Risks: New legislation in California caps PG&E’s wildfire liabilities, lowering risk to investors.
- “That cap … lowers the risk to investors by billions of dollars.” – Patty Poppy [32:23]
- Investment and Safety Initiatives: Over $2.9 billion invested in wildfire-safe infrastructure; AI-enabled cameras and buried power lines reduce risk and cost.
- Clean Energy Transition: Extended operation of Diablo Canyon nuclear plant, capacity expansion, and ability to support massive data center and EV growth. California’s grid is underutilized and robust.
- “Our 10 gigawatts of applications could result in a reduction in all customers rates of 10%...” – Patty Poppy [35:09]
- On Reducing Customer Rates: “Our rates are down. Our rates will have dropped three times, in fact, four times by the end of this year from 2024.” – Patty Poppy [36:40]
- Wildfire Prevention & Community Hardening: Partnering with local communities and using technology to predict failures, emphasizing the need for improved building codes and defensible spaces.
- Cramer’s Take: The utility’s risk profile has changed—“If the liabilities cap, I don’t know how you not buy this one.” [40:41]
6. Turnaround Stories: Starbucks & Nike (43:50–48:05)
- Patience with Turnarounds: Cramer urges listeners not to give up on stocks in turnaround mode like Starbucks and Nike.
- “I love turnaround stories, but good turnarounds take time and a lot of people give up about six to 18 months in...” [43:50]
- Starbucks: CEO Brian Nichol is methodically fixing deep operational issues; “I see the analysts turning against him though … it is time to buy Starbucks, not to sell it.” [46:43]
- Nike: New/old leadership must focus on brick-and-mortar, innovation, and fixing China. Cramer remains optimistic: “This is precisely the moment when people want to give up on Starbucks and on Nike, which is why I want to be a buyer, not a seller.” [47:35]
Notable Quotes & Memorable Moments
- “The real losers in this market are the skeptics who keep missing these phenomenal moves.” – Jim Cramer [02:44]
- “Earnings, not anything else, are what really drive stocks lower, or in this case, higher.” – Jim Cramer [08:46]
- “60% of the people who are buying Elf at Dollar General had never bought cosmetics here before.” – Tarang Amin [13:43]
- “Even in the face of 55% tariffs, we only took our prices up $1…” – Tarang Amin [18:10]
- “Carnival – I’d be throwing that. I like Royal too.” – Jim Cramer [41:05]
- “The proof will be in the proverbial pudding.” – Jim Cramer on Salesforce’s new growth targets [29:48]
- “Our 10 gigawatts of applications could result in a reduction in all customers rates of 10% because the grid is underutilized.” – Patty Poppy [35:09]
- “I love turnaround stories, but good turnarounds take time…” – Jim Cramer [43:50]
Timestamps for Key Segments
- Opening Market Overview: 01:39
- ELF Beauty CEO Interview: 13:15–20:55
- Salesforce/Dreamforce Analysis: 22:18–30:51
- PG&E CEO Interview: 31:48–40:41
- Lightning Round: 40:44–43:30
- Starbucks & Nike Turnarounds: 43:50–48:05
Final Takeaway
Cramer’s message is clear: ignore the crowd’s pessimism, focus on company-specific stories and earnings, exploit market negativity, and have patience—especially with quality businesses in transition. His bullishness remains undimmed as he navigates the jungle of Wall Street for his listeners, always looking for the next big opportunity.