Mad Money w/ Jim Cramer – November 21, 2025 – Episode Summary

Main Theme and Purpose

In this episode, Jim Cramer offers his signature analysis and advice on the wild swings shaking Wall Street, with a special focus on Nvidia’s dramatic post-earnings performance and the beginning of retail earnings season. Cramer delivers his fiery opinions on stock action, walks listeners through opportunities (and dangers) in the current market, reviews recent retail earnings, and features his “Lightning Round” rapid-fire stock picks. The episode also includes an in-depth interview with Gap Inc. CEO Richard Dixon, exploring the company's turnaround.

Key Discussion Points & Insights

Surviving Market Volatility & Nvidia’s Lessons

• Context: The episode opens with Cramer addressing intense volatility, exemplified by a major reversal: the Dow opening up 428 points but finishing down 387. Cramer urges caution, emphasizing that sometimes inaction is the best course.
  • Quote: “It’s not a sin to do nothing. Sometimes… it is the best course of action. This is one of those times. If you can’t take the pain…raise some cash by selling some losers, not winners, in order to buy the winners on the way down.” — Jim Cramer [01:26]
• Nvidia Focus: Despite Nvidia delivering “one of the best quarters I have ever seen,” the stock sold off sharply after initial gains, highlighting the disconnect between business fundamentals and stock movement.
  • Quote: “If your company can deliver the best quarter possible and your stock finishes the session down anyway, well, you can expect more pain.” — Jim Cramer [03:06]
• Market Pattern Analysis: Cramer goes “technical,” warning that when even stellar news can’t lift a stock, professionals see more pain ahead. He suggests “own Nvidia, don’t trade it,” but acknowledges this hurts.
• Sector-Wide Woes: The pain isn’t isolated. Cramer observes weakness in tech momentum names, storage and semiconductor stocks, and notes the dangerous linkage between highly leveraged speculative assets like Bitcoin and large-cap tech.
• Macro Factors: Strong economic numbers could delay rate cuts, especially impacting speculative stocks. He warns that until speculative names “return to earth,” broader stabilization is unlikely.

Actionable Investor Advice

• Current Stance: Avoid rushing to buy on sharp downturns; wait to see what holds up after the shakeout. Meanwhile, identify bargains—but be patient and prepared.
  • Quote: “You should identify what you like tonight ... and be ready for tomorrow because we will definitely see bargains developing.” — Jim Cramer [09:33]
• Bottom Line: Look for high-quality stocks that have been dragged down due to guilt by association (e.g., tech thrown out with “Bitcoin Bathwater”). Focus on stocks whose expectations are now too low, but with strong fundamentals.

“Lightning Round” Call-Ins [Begins 35:20]

Cramer answers rapid-fire stock questions:

• Rocket Companies (RKT): “No one’s buying homes here.” (Not interested.) [36:13]
• Regeneron: “Should have been recommending Regeneron ... By the way, I’ll give you a twofer: so is Amgen.” [36:41]
• Supergroup: “Eric Grubman is money ... I like it still.” [36:54]
• Fubo: “I like Netflix more.” [37:24]
• Enersys: Not familiar, promises to investigate. [37:57]
• Flutter: Suggests to wait until industry “war” for customer accounts ends. [38:30]
• Procter & Gamble: “No, it’s not too late ... sells at 21x earnings, about a 3% yield ... dividend aristocrat.” [30:25]

Retail Earnings Deep Dive

Recap of Major Retailers’ Reports [14:57–23:07]

• Home Depot (HD): Weak quarter, cut guidance, pressured by higher rates and a softening housing market, but Cramer remains long-term bullish due to exposure to rate cuts.
• Lowe’s (LOW): Slight beat, better inventory management, more upbeat than Home Depot.
• Target (TGT): Difficult report; same-store sales declined, earnings guidance cut, new CEO faces big challenges.
• TJX (TJX): Outperformer due to “off-price” recession-resistant model—and Cramer raises the price target.
  • Quote: "When the rest of retail is in trouble, TJX makes out like a bandit." — Jim Cramer [20:17]

Walmart’s “Knockout” Quarter [23:07–30:09]

• Headline: Walmart delivered across the board, beating on earnings and revenue, and raising full-year guidance.
• Key Drivers: 4.5% US same-store sales growth, 27% e-commerce surge, 53% growth in advertising sales, strong global performance, and resilience in both high-income and value-focused customer segments.
  • Quote: “Walmart’s doing more to fight inflation than anyone at any level of our government.” — Jim Cramer [28:34]
• Management Commentary: Outgoing CEO Doug McMillan highlights strengths in fashion and groceries. CFO John David Rainey is “cautiously optimistic” about Q4. [29:20]
• Stock Take: Still expensive, but justified by quality.

Notable Moments & Quotes

• On Mergers & Acquisitions: Cramer highlights recent big deals (e.g., Abbott buying Exact Sciences, Kimberly-Clark’s bid for Kenvue, Capital One/Discover), arguing sellers’ stocks are now bargains due to merger-related selloffs.
  • Quote: “We haven’t had many mergers in the past four years. People forget how bountiful they can be, especially if the stock of the buyer gets knocked down.” [34:40]

Interview: Richard Dixon, CEO of Gap Inc. [40:05–48:30]

Highlights from the Conversation

• Strong Quarter Across the Board:
  • Old Navy: "Comps up 6%. … Old Navy is the number one specialty apparel brand in the US." [41:06–41:29]
  • Gap and Banana Republic: Both showed solid growth, with Banana Republic rebounding as promised.
• Brand Collaborations Drive Sales: Success attributed to partnerships and authentic marketing, especially with Gen Z.
  • Quote: “[Gap’s] most successful campaign to date ... Cat’s Eye ... generated over 8 billion impressions, 500 million views ... [and] double digit growth in denim ranking.” — Richard Dixon [42:34]
• Athleta’s Struggles: Acknowledges decline; new leadership is resetting the business. Belief in turnaround.
• Tariffs: Now a managed “afterthought” due to proactive mitigation; focus is on sustaining brand momentum and margin expansion.
• Customer Rewards & Resilience: The company’s reward system is resonating, driving loyalty and value perception even among lower-income consumers.

Cramer’s Take

• “This was just a monster good quarter.” [48:21]

Timestamps for Important Segments

| Segment | Time | |----------------------------------------------|-------------| | Market outlook & Nvidia discussion | 01:26–09:56 | | Retail earnings (HD, LOW, TGT, TJX) | 14:57–21:30 | | Walmart deep-dive | 23:07–30:09 | | Merger & acquisition analysis | 30:39–35:06 | | Lightning Round | 35:20–39:03 | | Gap Inc. interview (Richard Dixon) | 40:05–48:30 |

Episode Tone and Style

Cramer remains characteristically energetic, direct, and pragmatic—offering both warnings and encouragement. He stresses resilience and patience amid volatility, advises against knee-jerk trading, and spotlights high-quality stocks and management teams.

Bottom Line

• Market Action: Tremendous volatility, especially in tech and speculative names; patience and selectivity are crucial.
• Stock Advice: Wait for bargains, know what you want to buy, but don’t chase bounces; focus on fundamentals rather than hype.
• Retail Winners: Walmart, TJX, and—after its turnaround—Gap Inc., are standing out for execution and value.
• M&A Opportunities: Pay attention to merger fallout for discounted stock buys.
• Lightning Round: Stick with quality, don’t chase fads, and be skeptical of overhyped speculative stories.

Memorable Final Word

“There’s always a bull market somewhere. That’s my promise… just for you, right here on Mad Money. Booyah!” — Jim Cramer [48:31]