Mad Money w/ Jim Cramer 11/21/24

Summary

Mad Money w/ Jim Cramer – Episode Summary (11/21/24)

Host: Jim Cramer
Podcast: CNBC’s Mad Money with Jim Cramer
Release Date: November 22, 2024

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Mad Money with Jim Cramer delivered a dynamic and insightful episode on November 21, 2024, navigating through various market updates, in-depth company analyses, and engaging interviews. Below is a comprehensive summary capturing all key discussions, insights, and conclusions from the episode.

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Market Overview and Nvidia Spotlight

[01:03]
Jim Cramer kicked off the episode with a vibrant market update, highlighting significant movements in major indices:

• Dow Jones: Jumped 462 points.
• S&P 500: Gained 0.53%.
• Nasdaq: Advanced 0.03%.

He drew attention to the fierce competition between Apple and Microsoft to remain the largest company by market capitalization, noting Apple's slight edge with a market cap of $3.5 trillion compared to Microsoft's $3.45 trillion.

Nvidia’s Stellar Performance

Cramer passionately discussed Nvidia, celebrating its remarkable growth and strategic positioning:

• Market Cap: Rose from $500 billion two years ago to a staggering valuation.
• Revenue: Recorded $35 billion last quarter.
• Net Income: Achieved $20 billion with 75% gross margins.

Notable Quote:
"In retrospect, it was cheap, cheap, cheap. That's what happens when a company outruns the estimates." – Jim Cramer [04:20]

He attributed Nvidia's success to its dual focus on accelerated computing and artificial intelligence, crediting CEO Jensen Huang and his team for their visionary leadership. Cramer emphasized Nvidia's pivotal role in transforming industries with its cutting-edge technology, foreseeing a $1 trillion investment in computing power replacement and significant advancements in AI-driven applications.

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Caller Segment: Chipotle Success Story

[09:05]
Cramer received a call from Robert, who lauded his accurate stock recommendations, specifically highlighting Chipotle:

• Caller’s Success:
  "You made me 103% in the last six months." – Robert [09:10]

• Cramer acknowledged the oversight regarding Chipotle's new CEO, Scott Boatwright, humorously admitting he was momentarily embarrassed but reaffirmed the stock’s upward trajectory.

Notable Quote:
"I never thought I'd say this, but I too am out of super." – Jim Cramer [08:00]

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In-Depth Analysis: Elf Beauty vs. Muddy Waters Report

[13:32] – [21:04]
The episode delved into the controversy surrounding Elf Beauty following a critical report by Muddy Waters Research, a renowned short-selling firm.

Muddy Waters’ Allegations:

• Claimed Elf Beauty’s imports had sharply declined, suggesting inventory manipulation and revenue overstatement.
• Alleged potential criminal charges, including misrepresentation of revenue figures.

Jim Cramer’s Investigation:

• Cramer meticulously reviewed Muddy Waters’ report, questioning the validity of their import data analysis.
• Presented Elf Beauty’s CEO, Tarang Amin, who refuted the allegations, explaining that the decline in public import data was due to a confidentiality request with U.S. Customs and Border Protection for competitive reasons.

Key Points from Tarang Amin:

• Market Performance:
  "We just finished our 23rd consecutive quarter of net sales and market share growth." – Tarang Amin [15:44]

• Inventory Management:
  "We built up inventory to meet the strong demand we’re seeing both in the US and internationally." – Tarang Amin [18:01]

• Market Position:
  "Our mission is to make the best of beauty accessible to every eye, lip, and face." – *Tarang Amin [18:46]

Cramer highlighted the strength of Elf Beauty’s market share growth and its robust relationships with key retailers like Target and Ulta, effectively countering Muddy Waters’ claims. The CEO emphasized the company's healthy financial status and strategic market expansion, leading to a rebound in stock performance following the clarification.

Notable Quote:
"Their report was absolute nonsense." – Tarang Amin [15:25]

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Interview: Kyndryl Holdings’ Impressive Turnaround

[21:59] – [27:57]
Cramer interviewed Martin Schroeder, Chairman and CEO of Kyndryl Holdings, focusing on the company’s remarkable transformation since spinning off from IBM three years prior.

Key Achievements:

• Stock Performance:
  "A stellar quarter sent the stock up 14% in a single day, followed by another 14% after investor meetings." – Martin Schroeder [22:41]

• Financial Turnaround:
  Transitioned from an $356 million pre-tax loss in fiscal year 2022 to projecting a $4.6 million pre-tax income gain.

• Strategic Investments:
  Emphasized investments in skills and capabilities, resulting in significant revenue streams from hyperscalers like Microsoft Azure and Google.

• Future Outlook:
  Announced a share repurchase authorization, indicating strong confidence in future prospects.

Notable Quote:
"We have the best engineers doing the most complex work on the most important workloads." – Martin Schroeder [25:28]

Schroeder outlined Kyndryl’s strategic focus on sustainable growth, triple cash flow, and doubling profits through a robust financial model. The CEO highlighted the company’s ability to secure large deals and expand its customer base globally, attributing success to newfound freedom post-spin-off.

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Spotlight Interview: Disney Experiences’ New Horizons

[39:15] – [38:58]
Cramer featured an illuminating interview with Josh DiMero, Chairman of Disney Experiences, showcasing the latest addition to Disney’s cruise fleet, the Disney Treasure.

Highlights of Disney Treasure:

• Unique Storytelling:
  "Everything we do here is steeped in a story from the Walt Disney Company." – Josh DiMero [33:20]

• Entertainment Excellence:
  Features Broadway-quality shows, including Moana and integrated Disney IP from parks like Haunted Mansion Parlor.

• Guest Experience:
  Emphasized tailored experiences for families, with dedicated areas for children and premium services for adults, ensuring flexibility and satisfaction for all guests.

• Expansion Plans:
  Announced seven more ships by 2031, including the Disney Adventure sailing out of Singapore to tap into new international markets.

Notable Quote:
"Guests tell us they want to come back again, and they do." – Josh DiMero [34:45]

DiMero shared insights into the high occupancy rates (98%) and strong demand driving Disney’s cruise operations. He highlighted the strategic use of Disney’s rich intellectual property to create unparalleled guest experiences, positioning the Disney Treasure as a flagship in the company’s growing cruise division.

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Lightning Round: Quick Takes on Various Stocks

[39:15] – [46:33]
In the lightning round, Cramer swiftly addressed multiple caller queries, offering succinct opinions on a range of stocks:

• Oscar Health Incorporated:
  "Mark Bertolini is a winner and a hitter. Let’s take a hard look at it." – Jim Cramer [40:00]

• John Deere (DE):
  Praised as a best-of-breed stock, highlighting its robust performance despite recent volatility.

• BGS and PFE:

  • PFE (Pfizer): Described as a "utility of great renown and terrific."
  • BGS: Called a "total loser" with an unsafe dividend.

• Rocket Lab:
  "One of those stocks that people are just going to buy because they love the name, they love the business."

• MicroStrategy (MSTR):
  Endorsed as a strong Bitcoin play, albeit with a preference for direct Bitcoin ownership.

Short Seller Dynamics:

Cramer elaborated on the phenomenon of short covering, where heavily shorted stocks like Snowflake, Williams Sonoma, and John Deere experience dramatic price surges following positive news, forcing short sellers to buy back shares to mitigate losses. This dynamic creates explosive upward momentum in stock prices, benefiting long-term investors.

Notable Quote:
"When the shorts no longer have a leg to stand on, they must become buyers. If you're a shareholder, they're your worst enemy when they're talking about a stock going to zero. But once the stock starts soaring, the shorts are your best friend." – Jim Cramer [45:00]

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Conclusion

Jim Cramer's episode of Mad Money on November 21, 2024, provided listeners with a wealth of information ranging from deep dives into high-performing stocks like Nvidia and Elf Beauty to strategic interviews with industry leaders from Kyndryl Holdings and Disney Experiences. The session was enriched with real-time market analysis, actionable investment advice, and engaging discussions on the interplay between company performance and short-selling dynamics. Throughout the episode, Cramer maintained his signature enthusiasm and insightful commentary, empowering investors with the knowledge to navigate the complexities of the Wall Street landscape.

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Notable Quotes with Timestamps:

• "In retrospect, it was cheap, cheap, cheap. That's what happens when a company outruns the estimates." – Jim Cramer [04:20]
• "Their report was absolute nonsense." – Tarang Amin [15:25]
• "We have the best engineers doing the most complex work on the most important workloads." – Martin Schroeder [25:28]
• "Guests tell us they want to come back again, and they do." – Josh DiMero [34:45]
• "When the shorts no longer have a leg to stand on, they must become buyers. If you're a shareholder, they're your worst enemy when they're talking about a stock going to zero. But once the stock starts soaring, the shorts are your best friend." – Jim Cramer [45:00]

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This detailed summary encapsulates the essence of the Mad Money with Jim Cramer episode, providing a clear and engaging overview for those who missed the live session.

Transcript

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[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 Kramer. People make friends. I'm just trying to make you a little money. My job, not just entertain, but to explain. So call me 1-800-743- CNBC or tweet me at Jim Cramer. There's a reason, the reason I have this button on my sound board. It's the sound of a strike of a ball hitting the head pin sending the rest of the pins flying. Oh, it's a beautiful sound. It always surprises and it always delights. Last night Nvidia bowled a strike and today stops of all kinds. Careened and skidded and vibrated and rocked in a symphony of glory. Is sound the sent the average is soaring with the Dow jumping 462 points, SB gaining 0.53% and the Nasdaq advancing 0.03%. Inventory has been duking out with Apple Microsoft. The lanes fighting over who gets to be the largest company on earth. Right now it's head to head with Apple. 3.5 trillion for video versus 3.45 trillion Apple. Yes, that's right. Nosing out. Apple is the champ. Microsoft has suddenly fallen Way behind the leaderboard drops off even bigger than what who. Make no mistake about Nvidia Strike last night is opening some distance between it and the rest of the field. The numbers are staggering for a company just few of you heard of, say recently as two years ago when its market cap was just 500 billion and video booked 35 billion in revenues last quarter with a net income of 20 billion, 75% gross margins. Those numbers are preposterously great. Preposterously. Just a spectacular, spectacular ramp up. Now, a year ago, so many critics were claiming videos absurdly expensive trading at 50 times forward earnings. People laughed at me for championing the seemingly overvalued semiconductor stock. Well, when we see the actual numbers, it turns out that a year ago Nvidia was really only trading at 20 times forward earnings. That's how incredible these results, these results were. In retrospect, it was cheap, cheap, cheap. That's what happens when a company outruns the estimates. And as I've told you repeatedly, Nvidia has been outrunning the estimates for a decade. Super expensive now. Perfectly reasonable. That's the stock that is in video. It's why I've loved it for so long. How do they do it? Oh, Nvidia is rolling not one, but two balls down the lane. One being accelerated computing and the other being artificial intelligence. It's all happening because CEO Jensen Wong and his team may be the best bowlers of all time. Figuratively speaking, of course. This morning I squawk in the street. My fabulous partner Carl continues started off the show by asking me what I thought about in videos quarter. At the time the stock was down a buck or two and I was muted. I was clinical. I wanted to hype a stock I've championed to the point of ridicule. But then I sat back and I paused for a moment. Not my strong suit. And I said that frankly, I've never seen anything like what's happening at Nvidia. Never. Just never. And even though the stock was down despite 19 firms raising their price targets this morning I said this stock simply not capturing the seismic shift that's happening here. See? Invidious. Disrupting everything we know about business. There are only so many superlatives when it comes to the demand for their technology. We've heard it called insane. We've heard it called enormous. Last night the operative word was staggering. I think even Jensen struggling for analogies at this point. Like when he was talking about how one use, one use for the latest and greatest chip. Blackwell is open AI which he said is something completely new like the iPhone. The iPhone. He compared it to. We think of the iPhone as this once in a lifetime invention. But when you go through the Nvidia call, you realize that the iPhone may be smaller by comparison, small. In the end that was just a single device. No matter how revolutionary in various chips, the they're remaking the world as we know it. There's $1 trillion worth of computing power that needs to be replaced by Nvidia. There's trillions of dollars in factories that need to be built with the Nvidia Omniverse. There's trillions that can be saved in legal work, forecasting, supply chain management, engineering and most of all coding where you can just speak to the machine and tell it what to do in plain English rather than a programming language. Trillions to be made in humanoids. And Elon Musk plan to give everybody a human like robot to do the dirty work. The drone stuff, it's positively Shakespearean. I've been thinking maybe it's Jensen's world and all the men and women are merely players. Or going back to the more prosaic bowling analogy, this quarter was so earth shaking that it caused whole sectors to fly in different directions. First the positive. Jensen made it clear that we don't have enough power now to handle all the demand from these machines. So that causes power producers like Constellation Energy and Vista to fly. It bolsters the case for the data center place meaning verdict. Dover and Eaton, the picks and shovels of the data center. They can soar. Jensen dropped that there are some memory shortages perhaps related to high bandwidth chips. Oh, that's micron symbol mu. Been waiting for that to roar. Optical product which is backbone plumbing. Oh that's Marvell Tech Amphenol connector company gets a shout out so its stock jumps. These are all classic in action. And then I want you to write this down because it's something that you're going to be hearing over and over again. I want you to be ready. It's called Agentix A G E N T. I see new word Agent X for a whole new form of computing where you have agents in your organization powered by Nvidia with say Salesforce among others getting a big shout out. Mark Benny of CEO of Salesforce has been talking about his Agent Force, a product capable of creating billions of agents agenda. What does it mean? Let me give you an example. Today I wanted to speak to a doctor about the results of a test I took Monday. I called and I got the usual automated recorded idiot who knows nothing about me with four different choices which I needed to have repeated because they went so fast. Then I pressed 2 in order to speak to someone who might be remotely related to the person I wanted to speak, but they weren't. So then I got back in the queue and all I pressed three. There I got to a human, but it was the wrong woman who transferred me to the right person who wrote my number down but didn't get my name. And I never got a call back. Anyway, in the agentix world, I call an agent, answers. It knows my name because it recognizes my number. It calls up my record and asks me if I wanted to speak to the doctor I saw earlier in the week. I would say yes, and then it would ask me for a detailed message which would be given to the doctor if you could answer the question by itself though, because it has all the information you need to handle frequently asked questions. That's Agent X, conversational non existent Agent, all powered by Nvidia. You get a human. I say, I don't want the human, I want the agent. So Salesforce goes flying along with Accenture and ServiceNow. Some companies, some goes for companies that aided the process. Cadence, NetApp, Nutanix. Oh, but let me get a little downside because it's kind of amusing. On a huge update, Microsoft stocks down $1.79, MET is down $2.43, Amazon falls $4.50 and Tesla loses $2.39. Why? Because these are Nvidia's biggest customers. For almost a year, we've been hearing the canard that the spending on video chips couldn't last, that they couldn't continue. Demand can't continue to overwhelm supply. But those are a pack of lies. The demand is accelerating because the payoff is so great. According to Jensen, for every dollar their customers put in, they're making five smackers. That means they have no choice but to buy Nvidia's chips because they need to be relevant in Jensen's world or else. So forget about the idea that Nvidia stock is all about to hit a wall. Me, I think the strikes we saw rolled last night are just the early frames we may be witnessing. Nothing short of a turkey, a hamburger, a brat, or even a six. Badger. That's right, a three, four, five, or even six strikes. A lot of frames, a lot of game. Here's the bottom line. I never thought I'd say this, but I too am out of super. What's happening in video so positive that it defies Description. Our minds can't comprehend it. Fortunately, we don't have to. Jensen has the technology and the smarts to do it for us. I'm going to Robert in New York. Robert.

[Robert]

How'S everything going?

[Jim Cramer]

Robert, it's a special day. How about you?

[Robert]

Good.

[Caller]

Everything's good.

[Robert]

I went flew from New York to Palm Beach. I got to tell you, Jim, the airlines are just a night, a nightmare.

[Jim Cramer]

I really got the edge on me, champ. You got the edge on me. How can I help you?

[Robert]

It's unbelievable. Jim, let's talk about a stock that has strong sales and big profitability growth with comp sales growth of 8.1% over the past five years. In the first half of 2024, their revenue grew 16% year over year. $5.7 billion. Most analysts have a 12 month target of $64 a share. They have a new CEO, Scott Boatwright, who's been with the company for a long time. And I think he's going to keep steering the boat, right? That's my opinion. The name of this company. Jim. Now Jim, you went on the air and you called the bottom on this stock once again. You did it again. Okay. And you've done it a hundred times. You've done it so many times for me. You remember you did it with a firm. You made me 103% in the last six months.

[Caller]

You did.

[Robert]

Surely you made me 119% in the last six last.

[Jim Cramer]

Robert, you're crushing me here. I'm all embarrassed. What's the stock? I'm mortified.

[Robert]

Chipotle, baby.

[Jim Cramer]

Which one? Oh, Chipotle. Oh, what the hell. That stock's going higher. I got a new CEO. His name is. Guy like that old I think with the boat right there. Was that great. He's got the boat right. I think Chipotle's actually about. It's going to go back to its high I think of 69 bucks. And I appreciate all his kind comments. That belly quit your day job. All right, listen to me. What's happening in Nvidia is so positive that it does indeed describe this defied description. I don't have any more words. No more suburbans. Fortunately we don't have to be the experts because we got Jensen mob da Vinci on me. At Money tonight, short seller Muddy Waters came out with a report on kramerfabe elf beauty. But just how seriously should we investors taking these claims? I'm getting the other side of the story with the cosmetic company CEO. Then can Flemmer IBM spin off Kinzrel keep climbing After a strong quarter and bullish investor day headlines, I got the top rest and later. Well, later I'm selling to a very special exclusive. I'm coming to you from the high seas. We are on Disney Treasure, the latest in a beautiful line of ships.

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[Jim Cramer]

When.

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[Jim Cramer]

Yesterday morning I was shocked to see a report from an Alpha called Muddy Waters Research. It's a high profile short selling firm about their new position in Kramer Fave. Elf Elf Beauty the value oriented cosmetics play. The allegations were serious. Muddy waters points to publicly available import data noting that ELF's imports have fallen precipitately this year. Precipitously. I'm sorry, but it hasn't had much impact on their sales or inventory. Their Conclusion, they think management's lying about the numbers. At one point yesterday the stock was down 15%, although it only finished off just 2.2%. This morning, the company responded. They say the merchandise doesn't show up in the public import data because they filed a request for confidentiality with Customs and Borders Protection. Basically, the public import data hasn't been counting most of their stuff since February. Seems pretty reasonable. So is the case closed here? Why don't we talk with Tarang Amin? He's the chairman and CEO of Elf Beauty. Mr. Me, thank you so much for joining us and welcome back to Mad Money.

[Tarang Amin]

Well, thank you for having me.

[Jim Cramer]

Okay, so let's start. And I'm going to have to do some reading here because this is very difficult and I don't want to get. I don't want to screw up myself. And I know you don't want me to do either. This outfit, Mighty Waters, is saying you seem to be selling product you do not have. And then here's something you do go to jail for. As we know, you materially overstated revenue over the last three years. Another thing that you go to jail for is to say revenue could be overstated by 138 to 188 million from fourth quarter 2024 to second quarter 2025. So with these things, which are criminal charges, how do you respond?

[Tarang Amin]

Well, first of all, their report was absolute nonsense. Their claim that they couldn't see import data from us is because we asked the US Customs and Border Protection back in February to make that confidential for competitive reasons. So our facts basically unraveled their entire report. The whole basis was on their import data. The facts are we just finished our 23rd consecutive quarter of net sales and market share growth. And our company is extremely healthy, has terrific controls on inventory, on revenue recognition, and is very well run. So, I mean, this is a short seller trying to manipulate the stock down at the expense of other shareholders. And we put out the facts. And our investors like that.

[Jim Cramer]

Well, when you told them exactly, you just told me, what was their response?

[Tarang Amin]

Well, we issued a statement broadly to everyone, to the entire market. They could have saved themselves a lot of embarrassment if they just called us and asked us, hey, can you tell us about this import data?

[Jim Cramer]

That was what I was asking. I figured before they went out with it, they would call as a courtesy, even just call you and say, listen, you lied about everything and you belong in jail. And what do you have to say? But they did not do that.

[Tarang Amin]

No, they did not do that. I mean, they Done their intention. Yeah, they should have done that, but their intention was just to try to drive the stock down. And now that the facts are out there, you saw the stock actually increased today because people saw what the real facts.

[Jim Cramer]

Let's go over what else they said. And look, I don't know them from Adam and I know you for a long time. We recommended your stock at 16. So your money good with me so far. They say that you did change the way you did your accounting and that that could lead to some of the problems we're talking about. They. They said when you take the product has changed. They say it. Well, it's a very difficult thing. It's about having to do with when you take ownership of your cosmetics. Have you changed your policy about doing that?

[Tarang Amin]

Oh, no, we did that ages ago and there's nothing. There's nothing weird about that. We used to take possession of our inventory when it reached our warehouse in California, but we were paying insurance in all the vessels, so we thought a more prudent thing to do is take possession of our inventory when it left the port and on the ships that we were paying insurance on. So it's pretty straightforward. We've disclosed it, gosh, every 10Q 10K that we've had. So there's nothing there either. So again, a lot of inaccuracies and a lot about nothing.

[Jim Cramer]

Well, okay, so then, you know, in this, as we check with them. I'm going to read this one. I hate just reading. I'm sorry about my head being down like this, but I got to do it. In addition to the import data, muddy waters confirmed with three of ELF's four major suppliers that ELF purchases have declined this calendar year. One of the suppliers stated else purchases were down due to ELF working down its inventory balance. It's telling that elf's response and this, what we're talking about right now, failed to address our finding that else inventory increase could not have been due to a sourcing process change. How say you?

[Tarang Amin]

Yeah, no, total nonsense. If you take a look at our last quarter, our Q2, we grew net sales 40%. If you look at our consumption on Nielsen and Sarkana, it's extremely strong. And in fact, we built up inventory to be able to meet the strong demand that we're seeing not only in the US but also internationally. Our international business was up 91% last quarter.

[Jim Cramer]

Now, I can't ask you to respond by why other cosmetics companies were doing badly, but is it not true, having done a lot of work with you and a Lot of work with the cosmetics business that you are gaining a tremendous amount of share because frankly, you offer a value price. And that has been to the great consternation of other companies who had historically had raising prices year after year after year for everyday cosmetics.

[Tarang Amin]

Well, that's right. Our mission is to make the best of beauty accessible to every eye, lip and face. And it's a winning formula. In fact, this last quarter we picked up 195 basis points of market share on top of 330 basis points last year. This is our 23rd consecutive quarter of growing our market share. And we're now the number one unit share brand in the US Number two in dollars with a clear line of s in color cosmetics. For market leadership, we have two of the fastest growing brands in Skin Care and Elf Skin and Atorium. And we have an incredible opportunity internationally to continue to expand our brands internationally.

[Jim Cramer]

And how is your business with Target? Had bad numbers yesterday. How's your business with Target, though? Because that's done through Ulta. And how's your business with Ulta?

[Tarang Amin]

Yeah, so our business is strong at both customers. Both are terrific partners. Target is actually our longest standing national retail customer. They actually reported good numbers for beauty. It was a bright spot for them. We are their number one brand with over 20% of their entire category. We're also the most productive brand that Ulta carries. And so we, we have great business with them. And I think it really points to that winning combination of our value proposition, powerhouse innovation and disruptive marketing engine.

[Jim Cramer]

All right, so what happens now? I mean, the firm says these things and if they're true, obviously I made it, I been around long enough and I'm a lawyer to know that these are very serious allegations. Do they take the allegations back or maybe the way the business works, it just doesn't really matter.

[Tarang Amin]

Yeah, I think it doesn't matter. I think as soon as investors saw what the truth is, which is we asked our import data to be confidential. A lot of companies do that for competitive reasons. They don't have any argument there. Instead, what you have to look at is the facts of just how strong our growth has been and how we're winning in the marketplace. And that's really the real news.

[Jim Cramer]

Well, look, if Muddy Waters does have more to say about this, you know, I'm going to come to you. I like to. I like to be fair. I went to muddy water. Their statement. I think when you make statements like this, you got to back them up and you got to check with your sword. You Got to check with the person that you reputation you're trying to destroy because that's cricket and I don't think cricket was played here. But I appreciate that you coming on and clarifying things. And if they have more to complain, I'm happy to listen to them too. But I want to thank you so much. CEO of Elf Beauty. Good to see you sir.

[Tarang Amin]

Great to see you.

[Jim Cramer]

Too much back here for breakfast.

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[Jim Cramer]

Visit Ford pro.com today to learn more. I got a feel good story for you and a great month for a company called Kyndryl holdings, the information technology infrastructure services company. It was spun off by IBM three years ago. Now this is supposed to be IBM's boring legacy business, yet there's nothing boring about Kyndryl. Now two weeks ago, the company reported a stellar quarter that sent a stock up 14% in a single day. Then today they held an investor meeting with some very bullish medium term financial targets. What happened? Stock up another 14%. Can it keep running? Let's check in with Martin Schroeder. He's the chairman CEO of Kyndra holdings to find out. Mr. Schroeder, welcome back to May of Money.

[State Street Representative]

Thank you Jim. Nice to be here.

[Jim Cramer]

Okay, we got to tell this story because when you got spun off from IBM, I kind of was interested. At what? Thought you might have a good story to tell. But you basically said, you know what, let's wait till things are really good. How did you get to where you are?

[State Street Representative]

It's a great question. And look where we started. We had a lot to prove. So we had to prove that customers really would value the work we did. We had to prove that we could invest and get paid for the great work we do. We had to prove that we could get back to growth. And so it took us three years.

[Jim Cramer]

But which by the way, you told me it would be a long time. You didn't tell me it's going to be overnight successful. You did, you made that point.

[State Street Representative]

Yeah, backlog based business. So even as we sit here today, this year, this fiscal year, only half of our revenue is from what we've put in. The backlog has still comes from IBM. But what we talked about today in our investor day, we laid out a path that we called triple, double, single. We're going to triple cash flow from here for the next three years. We're going to do that by doubling our profit and we're going to do that by sustainable single digit revenue growth. So it's all coming together now and again. A backlog based business takes a little time to work through, but it's also a very powerful financial model. So in addition to talking about long term targets, we also announced our first share repurchase authorization today because we're confident in the future.

[Jim Cramer]

Again, you told me that you didn't want to come on until you were able to generate significant enough cash to be able to do something like that. So congratulations. I want people to understand the numbers here. When you took over, you went from an adjusted pre tax income loss of 356 million in fiscal year 2022 to now. You gave pre, you gave pre tax income growth guidance of positive four and $60 million. That's a gigantic swing. So some of that's got to be because you have new alliances and you're able to do things that you couldn't do when the company was embedded in IBM.

[State Street Representative]

That's exactly right. So we got really two things when we spun out. We got an ability to invest, which we used to invest and create a platform called King Will Bridge. We invested in our own skills and we invested to build new capabilities that allowed us to reposition the firm. And then we got a freedom of action. Obviously we were part of a mission in IBM and now we have our own mission and we've used that freedom of action to move really into the ecosystem that matters. So in, in just these three short years, for instance, we went as an example from doing business with hyperscalers and around the hyperscaler work from zero. It's going to be a billion dollar revenue stream for us this year. So we've executed a play that we call called the 3A's focus accounts to get to reimagine the relationships we have advanced delivery, to improve our service levels, to improve what we do for customers while at the same time reducing how much it costs us to do that. And then alliances and that was again building out really deep, meaningful relationships with the hyperscalers.

[Jim Cramer]

Now. So people understand the previous business was really just a flat out service business, sold expensive hardware and then no one really expected to make a lot of money. It wasn't supposed to in some ways, but. And people felt therefore it couldn't. But you didn't feel that way. You thought it could make a lot of money?

[State Street Representative]

Absolutely. So I mean, I knew this business well. I knew the role that the people who were being spun out played in our customers environments. And so we have the best engineers doing the most complex work that run the most important workloads. We run the banking system systems and the telecom systems and the supply chains. And I mean, so, so I knew that this group of people did really important work and could get paid for it and could create value for customers if we could invest and if we could use our freedom of action.

[Jim Cramer]

Now it does seem so people understand that it looks like there's a lot of outdated infrastructure in cybersecurity. So maybe, maybe some people feel like, well, I missed it. But judging from what I've read, there's a lot more business in front of you that many people, many companies need your help.

[State Street Representative]

So it's, it's a, it's exactly right. So for us, the complexity that exists in the world, the move to cloud, the resiliency and the regulatory requirements, all of that is a tailwind for us. And none of this is getting easier. And custom companies are also trying to figure out how do I take advantage of what's next, how do I take advantage of Jenny, how do I stay up, keep up with the regulatory environment that's always changing. All of this is a tailwind for what we do now.

[Jim Cramer]

You had an amazing number of large deals. Again, I think that those, those would be deals that wouldn't even, you wouldn't be able to pursue. Correct. When the company was embedded.

[State Street Representative]

Certainly, certainly not. Because we couldn't bring the capabilities that these companies were looking for with the breadth that we have today. And we couldn't have worked with the Microsoft Azure is and the Googles and the US and we couldn't work with Oracle and we couldn't work with SAP the way we do now. So, so that allows also the relationships to become bigger now.

[Jim Cramer]

How do you have all this free cash flow? Because I was very concerned when you started that you wouldn't have this until maybe four or five years. You really kind of got this Much faster than I thought you could.

[State Street Representative]

So the cash flow really does come from the profit growth and we had a couple of things in our fact pattern that made us have a very high tax rate for the first couple of years. But all of this we're now working our way through. So. So for us as we again, the triple and the double triple cash flow on basically a bit over 2x the profit base. So it's really driven by profit growth and the cash flow does come out of this business pretty readily.

[Jim Cramer]

Now, are you taking business from others or is this just all new business? Because there are other. There are a lot of consulting firms out there that I know do very well and you and I both know who they are. And is some of the business from them or is this just all new business?

[State Street Representative]

It is, it's. Look, it's a bit of both. We've been very focused on our existing customers and so we've been very focused on growing the wallet share with that customer base and we've done very well with that. But at the same time now as we start to head into really pursuing more aggressively new customers. And by the way, in the last three years, we've picked up 300 plus new customers as well around the globe.

[Jim Cramer]

I mean, you have a great Japan relationship.

[State Street Representative]

We do, we do, all over the place. So, yes, we're really focused on growing our wallet share with our existing customer base. But of course, we're adding new customers because they're coming to us. They see what we've invested in, they see the skills we have and they see the trust our customers have with us on mission critical systems.

[Jim Cramer]

Well, look, all I can say is congratulations. You're very much a man of your word and I love to see those. We don't have many these days. Thank you to Martin Schroeder, Chairman CEO of Kyndryl Symbols. Kd I know you're looking at. Wow, I missed a lot. I know, Martin, it is true that it's been an amazing breakout, but there should be a lot more ahead. And they have my back into the break. Thanks. Earlier this week, Disney Cruise Line welcomed its newest ship, the Disney Treasure, during a christening celebration on the Hudson river right here in New York City. Regular viewers know that I think this business, part of Disney's Experiences division, is one of the company's most promising opportunities. So when we heard how close the new ship was to the office, we just had to take a look. In fact, we got a chance to sit down with Josh DiMero. He's the chairman of Disney experiences and take a tour of the Disney Treasure. Look at this, Josh. I feel like with the eighth wonder of the World, Disney treasure. Tell us about it.

[Caller]

Well, Jim, this is our sixth ship in our fleet. It's incredibly exciting to take this one out on the high seas. In late December, she'll be sailing out of Florida. Like all of our ships in our fleet, this is all about story, deep story, deep detail. That's what differentiates these ships from everything around here. We are in Agrabah, the story of Aladdin right here in our grand hall. But so much to explore on this ship. So much for families, so much for young kids and adults. We've got all Disney characters on the ship. We got Marvel, we've got Star wars, we've got Coco. We've even brought some of our properties from our parks onto the ship. So clearly we're excited about that.

[Jim Cramer]

But that is new, right? The Disney IP that you're using, live show, that's never been seen before. These are different for Disney.

[Caller]

Yeah. For the first time on the Disney Treasure, we're actually bringing stories and intellectual property from the parks onto the ship. You and I just had a chance to check out the Haunted Mansion Parlor, which I think people are going to go crazy for. A lot of our theme park guests, those that have visited our theme parks in the past, we know that three quarters of them, they actually want to come and cruise with us, and they will in the next five years. So it's important that we take all of the intellectual property that we have around the company and we put it on full display on these ships. So we're excited about that.

[Jim Cramer]

Let's talk about that. As someone my chapel, Charles has big position at Disney. This particular part of Disney, I would say, was not accessible. Didn't know about it. Tell us about this. Where it fits into the mosaic that is Disney.

[Caller]

Yeah. Well, we've been in this business now since 1998, when we launched our first two ships and we came into the space and we essentially created family cruising. The guests that come on our ships today, 4 and 10, say the only reason that they're cruising is because Disney. So that's pretty powerful. We've created a space. We also know that when guests get on any one of our ships, when they step off, they tell us they had an incredible time. Some of the highest ratings that we have across the whole company take place here on these ships. So after the first two ships in 1998, we started developing. The treasure is our sixth ship. Each one of these investments has very healthy returns on it. And it's powerful for the whole company to be able to take the stories that you might see in a theater or in theme park, like we talked about, and then put them on full display here.

[Jim Cramer]

Now, you do have a number of ships coming, and it shows me that this division is going to be very important in even for earnings per share, because you did have a great return on investment on the first cruise.

[Caller]

Yes, absolutely. This is our sixth ship. We got seven more coming. So by 2031, we'll have 13 ships in in the water. We see a big opportunity here. Obviously, demand is very, very strong for our fleet. In fiscal year 24, we had a 98% occupancy rate. We know that the world is looking for more Disney. These are brand ambassadors for us that we can literally take take around the world. And so we're very bullish on what this can look like for the segment.

[Jim Cramer]

At the same time, I was looking at the some of your competitors and I happen to be very pro the industry right through Covid too, because I thought. But I just happen enough people, enough CEOs to know it's just a really different dynamic. But people will never stop cruising has been my view, and that was certainly the case. But you are able to make a little bit more than some of the others per cruise. Now what are you doing to make it so it's more lucrative for shareholders?

[Caller]

Yeah. So we're always thinking about value. How are we driving more value for our guests? And that comes really in the form of story number one. You've seen it on the Treasure today. Everything that we do here, there's so much detail and everything is steeped in a story from the Walt Disney Company that's incredibly powerful. Nobody else has that. On top of that, if you look at the entertainment, the Moana show, for example, that's on the ship.

[Jim Cramer]

Thank you for letting us have this preview of that.

[Caller]

Absolutely. It's a phenomenal show. The dining and the way that we orchestrate dining with story and unbelievable service. There's really so much to explore on these ships that really differentiate them for the rest of the cruise industry.

[Jim Cramer]

Now, when I look at the different. We went to all the different bars and restaurants, you have some areas that are for children and some if people are watching, if their parents are watching, they can also have some alone time while the kids are able to do other things, which is very different from most places that I know that you can take your kids to.

[Caller]

Yeah, I'm glad you noticed that. There's literally something for everyone here. The kids will go crazy in the kids clubs. The parents can have the finest dining that they may have ever experienced. Experienced before. The shows are Broadway quality. There are spaces for the families to come together and spend time together if that's what they choose to do. So there's a ton of flexibility on these shifts, and that's evidenced by the profile of the guests that we see coming to visit with us. And you know what happens after they leave. They say they're coming back again, and they do. So we're proud of the experiences that we deliver.

[Jim Cramer]

Now, I know people don't see the backstage in terms of knowing those things, but you have a close relationship with Marc Benioff and with Salesforce, and you know more. You have the data. So it seems to me that what you've been able to do is that if you take a cruise, they. People might know. Disney might know some of the things that you like, which would make it so a lot more fun than if it's just. It's just showing up on the ship.

[Caller]

Yeah, it's a very powerful thing about the Walt Disney Company. The information that we have across all of the segments of the business, but we're making sure is that we serve our guests in the best way we possibly can. If we know what you like, you're gonna get served that. If we think you might like something across the company or in Disney experiences, we're gonna guide you that way.

[Jim Cramer]

Just tell me about you. I know that you've been in different parts of Disney and how you ended up at this job.

[Caller]

Yeah, well, first of all, I love my job. Very good.

[Jim Cramer]

That's what we have to do. If we're gonna keep doing it, we gotta love it.

[Caller]

I've been with the company for 26 years. It'll be 27 in just a few months. I started at the Disneyland Resort. I started in finance. And I'll tell you what, the moment I got here, I realized how special this company was. Anytime an opportunity came up, I said, I'm willing to do that. So I've been in multiple segments. I've had a chance to travel around the world. I lived in Asia, and I've had a chance to run some of these unbelievable experiences that we have around the world. So incredibly privileged and lucky to be in the role that I'm in today.

[Jim Cramer]

And tell me about why this one is. Give me the themes. What would I experience if I went on each floor, to each room, each dinner? Because I know that we looked around But I want people to understand that there is something for everybody here.

[Caller]

There absolutely something for everyone. And by the way, it varies by ship. This is the treasure. This ship is all about adventure. So the shows that will be on the ship, like Moana, they're different and they kind of elicit different feelings. The dining will be. We have Marvel dining here, for example, and Coco dining. So you're able to have unbelievable food but literally get pulled into a story. And I think one of the most powerful things about these ships and by the way, everything that we do at Disney Experiences is our cast members and our crew members. You came across quite a few of them today. They are best in class and making sure that families and adults and kids have the best experience they possibly can have.

[Jim Cramer]

And where are we headed? What will be our first destination? What are we going to be doing?

[Caller]

Well, this ship will be in Florida and we'll do an Eastern Caribbean cruise, seven nights and Western Caribbean cruises. So the destinations are beautiful. We have two of our own islands, Jim, that we take care of. Our private guests. Private islands. They are spectacular. Again, great food, great beach is great activities for the kids and the family. So there's a ton to do.

[Jim Cramer]

And when, when I finish the trip. This is a trip. It's in Port Canaveral. Is that where it goes and comes back? Am I able to go one that's in Asia? Can I go a ship? Where else do the Disney cruises go?

[Caller]

Yeah. So as we continue to develop ships, we will look at the globe as an opportunity for us. So we have a ship called the Disney Adventure, which will be sailing out of Singapore. So this is going to give us a chance to address a brand new market for us. We don't have a theme park in Singapore. As you. As you probably know, there are a lot of people, 3.5 billion families, 300 million income qualified families. So we think we have a huge opportunity to introduce new fans to Disney. These ships are basically brand ambassadors. We're able to tell all of our stories in one place and take Disney to places that we haven't been.

[Jim Cramer]

We got to do some business. Wave season. How we doing? Because it does matter. You know, that everything matters to Bob Iger and how the company's doing. How's it looking?

[Caller]

Well, I'll start with fiscal year 24, 98% occupancy on these ships. So clearly a lot of demand coming into and through wave season. We're already booked at 90% for Q2. We can see into Q3 as well. Things are going very Very well. The reality is that guests love these ships, so we're feeling very bullish about this.

[Jim Cramer]

Well, I want to thank you, Josh, so much for showing us around this beautiful ship and want to wish you the best of luck with everything.

[Caller]

Thanks for coming aboard, Jim.

[Jim Cramer]

Josh Merrison, Chairman, Disney Experiences thank you to everyone. It is time. It's time for the light mail overseas. Hammond stock started. Bye, bye.

[State Street Representative]

Bye.

[Jim Cramer]

She also self. And then the lightning round is over. Are you ready? Stay tuned. Over the light round. Crazy. Let's go to James Dot. Go, James. Jim, hey, this is James in South Carolina. I wanted to get your thoughts on Oscar Health Incorporated. You know that's Joshua Kushner's company. Sure. Well, you know what, I have to tell you that until I saw that Mark Bertolini is the CEO, I didn't really have much in store for this. But Bertolini is a winner and a hitter. I think this Oscar Health Books is begging to be. Let's take a, take a hard look at it. Let's put it that way. I'd love to have Mr. Bertolino on the show. Let's go to Chad, New Jersey. Chad. Jim, thanks for taking my call. Of course. What's up? Hey, I wanted to get your opinion on a opening a position on a beleaguered ag play that currently trades for under $12 as a price to earnings ratio, under $10 and recently got a pop when David Einhorn mentioned it at last week's Alpha conference. Stock ticker is CNH the old case New Holland. What's the second rate? Second rate or frankly, I mean, you got deer in there. Actually, I had cupcake last night with the Stanley back and there this company did not move even with deer. I doing that well today. I want to go with best of breed. Best of breed is John Deere. Let's go to Charles of Connecticut. Charles. Hi, Jim. Thank you for taking my call. All right. I had, I'm, I'm retired many years now, you know, and I'm trying to increase my dividend income and I had two, two questions. I was looking at BGS and PFE and I wanted to get your opinions on both. Well, the latter is a utility of great renown and terrific, but the former, BGS is a total loser and has been a loser for many, many years. And I cannot stand by the fact of even thinking that that dividend is safe. I used to speak to the company quite a bit. They have not been able to deliver in many, many quarters. So they, they've earned the Appellation. Loser. Let's go to Jason, Connecticut. Jason. Hey, Jim.

[Caller]

Puya.

[Jim Cramer]

Puya. Hey. We love the show my kids and I watch every night. Thank you all that you do. Hey, wanted to get your thoughts on Rocket Lab. You don't need my thoughts on Rocket Lab. It's one of those stocks that people are just going to buy because they love the name, they love the business. It's not a bad company by any means, but it is up 305%. I like to think that I missed it, but I know people can't resist. It's moth the flame. But I don't know how close the moth is to the flame. Greg in Florida. Greg. Booyah.

[Tarang Amin]

Jim.

[Jim Cramer]

How we doing? I'm doing well. How about you, partner? I'm doing very well. All right, so here. Here's the deal. I've owned this stock for a long time, since 2023. I'm up over a thousand percent right now. I don't plan on selling it. In fact, after today's correction, I plan on buying more. But I love what the CEO does. He's the man, the myth, the legend. Michael Sailor. The stock is micro strategy. What do you call MSTR? We used to call that Mr. MSTR. I've got to tell you, it's a bitcoin play. I prefer to actually own bitcoin. I know that Citron put some sort of short on it. All I can tell you is own bitcoin. That's a winner. And that, ladies and gentlemen's conclusion of the lightning round. This market's really loving the short buster playbook, where you find a heavily shorted stock and bet that the company's in even slightly better shape than people think. Lately, it's led to some enormous wins. Take Snowflake, which reported last night, Snowflake is a rent the Runway company, with the Runway being the AI data cloud business. Always. Good idea. You want to consume the cloud without having to make a huge spending commitment. Well, you want to figure out if artificial intelligence is right for your company, why not try it with a Snowflake subscription? And if you like it, you can stay with Snowflake. Yesterday, we learned that major companies are staying with Snowflake, bolstering its growth and bringing gross margins way up. Cubby's got a strong core business and new products that are gaining traction. And it has a new partnership with Anthropic, which is a popular AI platform that's heavily backed by Amazon. Oh, it was a great quarter. But that's not the whole reason why the stock surged 33% today. Trading got a takeover bid. More important, until last night's stove, I get disappointed and disappointed and disappointed to the point where the stock had attracted a core of haters, high haters, people who were betting heavily against it. They figured Snowflake would be beaten by competitors that might be taking share. It was an amorphous short, no chicanery cited, just a belief that this company couldn't shoot straight. After last night, we know that's not true. Snowflakes doing pretty darn well. So there's no longer reason to bet against it. Which means the short sellers needed to buy shares in order to close out the positions before they lose even more money. And that's how you get this kind of move. These stories are popping up everywhere. Last night we had Laura Albert, the CEO of William Sonoma, on the show and she told a very solid story about her furnishings and kitchen. We're stuck. Yeah, there were strong margins, a used buyback, lots of better than expected line items. Of course, even though Williams Sonoma trounced their estimates, their same store sales were really still down 2.9%. Business is not booming. It's just Wall street was looking for same store sales to be down 3.7%. Some thought as low as 4.8%. In short, it was better than fear. We call that btf. The short sellers thought Williams Sonoma would implode because the furniture business had to be bad and that's half their sales. When business turned out to be fine, the short thesis, it was dead. At that point, the shorts panicked and raced to buy back stock in order to close out their positions. The shorts always panic when their trades fall apart. Because unlike longs, if you're a short seller, you can lose a lot more than 100% of your investment if the stock goes up too much. Take a look at some other heavily shorted stocks that have just been going bonkers. Carbon, up 369% this year. Insurance business lemonade up 250%. Upstart volatile fintech name up 75%. That wasn't purely from buyers who like the companies. It was also from short sellers who were betting on the stench of failure. Instead, these companies ended up smelling like roses. And the shorts were forced to buy in order to close out their position and stem the bleeding crazily. The stock of John Deere is heavily shorted because there were several reports out saying it would disappoint this very morning. But the farm equipment company reported a better than feared set of numbers and its stock roared 32 bucks took up a lot of other construction stocks with it. Of course, when a company really does stink up the joint, that can be very rewarding for shareholders. The shorts win, but it is a dangerously asymmetrical game. Stocks can only go to zero, but in theory they can climb to infinity. When you're short Snowflake or Carvana or Lemonade or Upstart or deer, you might be dreaming of a zero. Now you have the nightmare of infinity. So when the shorts no longer have a leg to stand on, they must become buyers. If you're a shareholder, they're your worst enemy when they're talking about a stock going to zero. But once the stock starts soaring on any good news, the shorts are your best friend because their force buying is like a rocket fuel and they can't stop the proposal while you will. You just get to go along for the ride. I like to say there's always a bull market somewhere and I promise you I'd find it just for you right here on MED Money. I'm Jim Cramer. See you tomorrow.

[Argenx Representative]

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 fals 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 mad money disclaimer first.

[Disney Representative]

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[Jim Cramer]

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