Mad Money w/ Jim Cramer 11/26/24

Summary

Podcast Summary: Mad Money w/ Jim Cramer – November 26, 2024

Host: Jim Cramer
Produced by: CNBC
Release Date: November 27, 2024

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Market Overview

Jim Cramer opens the episode with an analysis of the recent market movements, emphasizing the resilience of mega-cap stocks. He underscores the importance of not undervaluing these giants, referencing their ability to rebound swiftly.

• Quote: "Remember today. Remember it because it's a textbook reminder of what happens when you decide the mega capitalization stocks are done."
  Timestamp: [00:48]

Cramer highlights the performance of major indices, noting slight declines but overall record highs in certain sectors:

• Dow Jones: inching up 124 points from a record high despite a minor dip.
• S&P 500: advancing 0.57%.
• NASDAQ: up 18.63%.

He attributes the upward movement to the collective strength of mega-cap stocks, likening them to "Santa's reindeer."

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Spotlight on Mega-Cap Stocks

Apple Inc.

Cramer discusses Apple's position amidst legal challenges:

• Issue: Apple faces significant losses due to a Justice Department case against Google's financial arrangements as the default search engine.

• Impact: Despite theoretical setbacks, Apple's stock shows resilience.

  • Quote: "Google pays something like $20 billion a year for the privilege. So why is this not going up?"
    Timestamp: [00:31]

He speculates that improvements in U.S.-China relations, exemplified by pending tariff negotiations led by Tim Cook, have buoyed investor confidence.

Tesla Inc.

Cramer acknowledges Tesla's strengths while cautioning against overvaluation:

• Quote: "Tesla is a big winner too, as long as it doesn't improve too much because the Chinese have some amazing electric cars that they're already facing 100% tariffs here."
  Timestamp: [00:34]

He highlights the strategic importance of the Chinese market for Tesla, despite competitive pressures and tariff concerns.

Amazon.com Inc.

Cramer praises Amazon's solid fundamentals across e-commerce, cloud computing, and online advertising.

• Quote: "Amazon's got a knob from Bank of America. This one's pretty generic. It's talking about the strength of E-commerce and the cloud and online advertising."
  Timestamp: [00:31]

He emphasizes Amazon's consistent delivery of positive results, which is rare among companies.

Microsoft Corporation

Cramer delves into Microsoft’s recent performance:

• Performance: Mixed results due to external factors like softer earnings from partners like Best Buy.

• Future Outlook: Optimism about Microsoft's AI initiatives, despite current challenges.

  • Quote: "Heinous action of the rest of retail. Analysts talking about rising inventories and pausing about... I refuse to play that game. Dix is a buy."
    Timestamp: [07:51] (Paralleling Microsoft analysis)

Nvidia Corporation

Nvidia faces skepticism despite strong earnings:

• Challenges: Concerns about peak growth rates, increased competition, and market saturation.

• Defense: Cramer defends Nvidia’s market position and technological superiority.

  • Quote: "Nvidia still has the best technology by far. In my view, it has no competitors."
    Timestamp: [02:10]

He also discusses Nvidia’s innovative projects like Fugato, an AI idea factory, underscoring the company's commitment to long-term growth through innovation.

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Retail Sector Earnings

Cramer provides a rapid-fire analysis of recent retail earnings, likening his recap to ESPN’s Chris Berman’s NFL summaries.

Burlington Stores (BURL)

• Performance: Soft revenue with 1% same-store sales growth, below expectations.

• Outlook: Trimmed full-year same-store sales forecast.

  • Quote: "Burlington reported soft revenue... If not for poor sales in cold weather categories."
    Timestamp: [08:02]

Cramer suggests alternative off-price retailers like TJX as better investment options.

Dick's Sporting Goods (DKS)

• Performance: Strong earnings and revenue beats, with 4.2% same-store sales growth surpassing expectations.

• Market Reaction: Initial stock rally tempered by broader retail sector concerns.

  • Quote: "Dick's delivered a $0.07 earnings beat off a $2.68 basis higher than expected revenue 4.2%."
    Timestamp: [08:34]

He reaffirms his bullish stance on Dick's Sporting Goods despite short-term stock movements.

Best Buy Co. (BBY)

• Performance: Mixed results with weaker than expected earnings and reduced guidance.

• Outlook: Cautious, with lowered full-year forecasts and diminished same-store sales.

  • Quote: "Best Buy's results weren't terrible, but they also weren't great... Likely a seller, not a buyer."
    Timestamp: [09:08]

Cramer expresses skepticism about Best Buy's near-term prospects.

Kohl's Corporation (KSS)

• Performance: Disappointing earnings with significant declines in same-store sales and overall stock performance.

• Leadership Changes: CEO Tom Kingsbury announces plans to step down due to poor performance.

  • Quote: "Same store sales down 9.3%... a 70% decline. It was just miserable."
    Timestamp: [09:08]

Cramer highlights the bleak outlook for Kohl's, signaling potential long-term struggles.

Abercrombie & Fitch Co. (ANF)

• Performance: Impressive quarter with earnings and revenue beats, yet stock fell post-announcement.

• Outlook: Raised full-year forecasts but cautious on the current quarter.

  • Quote: "Abercrombie delivered a top and bottom line beat... Still, it flushed lower right away."
    Timestamp: [09:25]

He sees Abercrombie as a buying opportunity despite market overreactions.

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In-Depth Company Analysis: Intuit Inc. (INTU)

Cramer revisits Intuit following a surprising stock drop post-earnings announcement, despite strong performance metrics.

• Issue: The market reacted negatively to conservative guidance for the upcoming quarter, overshadowing a solid earnings beat.
• Performance:

  • Earnings: Beat expectations by 14 cents per share.

  • Revenue: Grew 10% year-over-year.

  • Credit Karma: Accelerated growth at 29%, providing a significant boost to Intuit's consumer segment.

  • Quote: "I actually think that the stock going down was wrong. ... opportunity to step in and get some on the cheap is finally upon."
    Timestamp: [28:14]

Cramer defends Intuit's long-term prospects, emphasizing robust performance in diversified segments beyond TurboTax, and downplays concerns over potential government alternatives to tax filing services.

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Interview: Enrique Lores, CEO of HP Inc.

Enrique Lores joins the show to discuss HP’s recent performance and strategic initiatives.

Quarterly Performance

• Revenues: Grew by 2% with both personal systems and print segments showing growth.

• Margins: Experienced pressure due to increased costs, impacting PC divisions.

  • Quote: "We grew share in personal systems, especially in commercial... pressure from a cost side component."
    Timestamp: [30:38]

AI Integration in PCs

Cramer probes HP’s AI strategies, linking to Best Buy’s optimistic outlook on AI advancements.

• AI PCs: HP is launching next-generation AI-enabled PCs, focusing on on-device AI capabilities to enhance productivity.

  • Quote: "Our goal next year is to grow more in the commercial side... the capabilities and the new applications that customers are going to be able to do."
    Timestamp: [36:13]

Lores emphasizes the gradual adoption of AI PCs, expecting significant productivity gains as software integrations mature.

Supply Chain Resilience

Discussion on HP’s efforts to diversify manufacturing beyond China to mitigate tariff impacts.

• Quote: "We have been diversifying fairly aggressively during the last three years... build a more resilient supply chain."
  Timestamp: [37:01]

Lores outlines HP's proactive measures to enhance supply chain robustness amid geopolitical uncertainties.

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Lightning Round Highlights

Jim Cramer engages with callers, offering concise stock opinions:

1. Joseph from Connecticut (Intel Corp.)

   • Cramer's Take: Moderate growth expectation; prefers AMD over Intel for higher potential.
     Timestamp: [08:02]

2. Sam from Pennsylvania (Nike)

   • Cramer's Take: Negative outlook due to impending tariffs; advises caution.
     Timestamp: [08:34]

3. Larry from Florida (AeroVironment)

   • Cramer's Take: Positive on AeroVironment’s long-term demand despite short-term cuts.
     Timestamp: [09:08]

4. Mark from New York (PayPal)

   • Cramer's Take: Strong buy; highly favorable towards leadership under Alex Chriss.
     Timestamp: [28:14]

5. Andy from California (Super Micro)

   • Cramer's Take: Sell due to accounting irregularities; maintains a firm stance against returning to such stocks.
     Timestamp: [40:38]

6. Daniel from Florida (Red Cat Holdings)

   • Cramer's Take: Pass on Red Cat Holdings despite high returns; prefers more stable investments.
     Timestamp: [41:04]

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Final Remarks and Crypto Commentary

Cramer addresses feedback on his previous series about market froth and discusses his stance on cryptocurrency:

• Crypto Perspective:
  • Opinion: Skeptical yet sees crypto as a potential hedge against government fiscal mismanagement.
  • Quote: "I own crypto because those national debt worries are never going to go away."
    Timestamp: [43:00]

He reiterates his belief in the necessity of diversification and hedging against possible economic instability through assets like Bitcoin and Ethereum, despite recognizing their volatility.

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Conclusion

Cramer wraps up the episode by reinforcing his investment philosophies:

• Key Takeaway: Capitalize on sector-wide weaknesses to acquire high-quality stocks at discounted prices.

• Final Advice: Maintain a disciplined approach to investing, emphasizing the importance of taking profits to avoid turning gains into losses.

  • Quote: "The biggest sin in investing is turning a gain into a loss."
    Timestamp: [43:50]

Jim Cramer signs off with well wishes for Thanksgiving, encouraging listeners to apply the episode's insights to their investment strategies.

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Note: All quotes are attributed with their respective timestamps for reference.

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. Hey, I'm Kramer. Welcome to everybody. Welcome to Kramer People make friends. I'm just trying to make a little money. My job not just to entertain, but to explain all this stuff. So call me 1-800-7-3 CBC tweet me to Kramer. Remember today. Remember it because it's a textbook reminder of what happens when you decide the mega capitalization stocks are done. When you think that they're written off. When you decide the moment you give up on them what happens, they come roaring. Yep, while the market managers dow inching up 124 points from record high although it's down at one point. SB advancing.57 said also a record high NASDAQ 18.63%. The old favorites rose up as if by magic and began another run. I know what they are the most like Santa's reindeer. There's Dasher and Amazon, Dancer and Alphabet, Prancer and Microsoft, Vixen and Apple, Comet, Metal Cupid, Tesla and of course poor left behind Rudolph the Nvidia reindeer. Let's start with Apple. All right, here's a company being highlighted as the second biggest loser in the Justice Department's case against Google as Google paid Apple a lot of money to be the default search engine. Why? This is bad. This eludes me. Okay, Google's the best. I'm glad it convinced Apple which could have chosen inferior platform, but the just wants to deal smashed. So it would be terrible for Apple, at least theoretically, because Google pays in something like $20 billion a year for the privilege. So why is this not going up? Well, some is the residual impact from a piece of research yesterday Morgan Stanley put a bullish note about how iPhone upgrade rates are actually improving and the new Apple intelligence might be making a difference. But you know what? I also think CEO Tim Cook, who's in China right now, when President elect Donald Trump is actually talking about a 10% tariff on top of what we already placed on Chinese imports. That shows that he may be the only American businessperson to truly offer China a great deal and get one in. In fact, I think Apples up because the China tariff could have been much higher. If 10% is the opening bid, then you have to believe that things are a little more collegial than we thought. It's a good reason for the whole market to rally, not just Apple, if the relationship with China can improve that. Tesla is a big winner too, as long as it doesn't improve too much because the Chinese have some amazing electric cars that they're already facing 100% tariffs here. Still, China's a very important market for Elon Musk, the man who has Trump's here. Not only that, but when Trump wants to slap a 25% tariff on Canada and Mexico and a 10% one on China, the Chinese might see that as an olive branch coming their way. Oh boy. And of course I did I ever have the wrong view on Canada, apparently is a hotbed of illegal immigration and fentanyl smuggling. Who to thunk it? Amazon's got a knob from bank of America. This one's pretty generic. It's talking about the strength of E commerce and the cloud and online advertising. Wow. Now you could say, so what? But think about this. Do you know how many companies would love to get a nod like that out of nowhere? Yet they almost never get them. These companies do. Now, the big gain in Microsoft is a little convoluted. This morning Best Buy port a subpar set of numbers, sending this travel trust holding down pretty hard. Thank heavens we've been selling a lot of it ahead of the quarter. In response, we had to do it because we saw the earnings from Home Depot and Lowe's. But CEO Corey Barry said one of the standouts of the quarter was the apc, although it hasn't really broken out. I figure with the domestic computers growing at 5.2%, some laptops up 7%, some have to be AI Barry explained that replacements and upgrading drove the gains. As she put it, quote, we're excited about what's going to happen in the future to AI, end quote. Now, frankly, I actually regard this as a tepid endorsement, damning with faint praise, so to speak. But you have to understand, winners get the benefit of the doubt. And Best Buy's presumed IPC numbers can be read as arousing applause for Microsoft's copilot. I wish you could come up with a good reason for a metal platform. So today, I mean there are some amorphous positive comments about how matters smart glasses have taken China by storm. They're very cool. I get that pretty shot. Perfect. Though it could be going up because it's being buoyed by the Myriad Magnificent Seven ETFs. So it's kind of like this, you know, all for one and one for all. They all go up. I like a stock that go up big on nothing, but I have no allegiance. It can therefore come down hard to that said, think of it like this. There's not a lot of supply on the way up. And on the way down there's a company's gigantic buyback hoping that it'll help cushion the blow. That's what I call an asymmetrical positive. And then there's Nvidia, the Rudolph Fred nose reindeer of the Magnificent Seven. Nvidia stock is struggling in a typical post earnings miasma. We know that nothing's wrong. We just saw the numbers. They were terrific. Yet there's a growing skepticism that things have peaked, that the rate of growth is slowing, that the bang for the buck has lessened and that the competition is increasing. Especially from Amazon, of course. We hear this every time. I want to unpack these supposed negatives and not, not that I know who packed them first. Amazon is not going to go into the high end chip business away from Nvidia. It simply needs a regular supply of other chips. Nvidia has a shortage because they literally can't find enough manufacturing capacity to meet the demand. So Amazon makes some of them itself. What matters though is that Nvidia welcomes the competition. If you can call it that. I don't want to. Here's the deal, okay? Invader still has the best technology by far. In my view it is no competitors. Amazon remains a huge and I am told from both sides, happy customer. Next. Has I really peaked? I have so much trouble with this if it is rolling out software as part of its stack and I think that many people don't even know that. What they have going for. I don't think that people know they have software. Which brings me to Fool God. Oh, this morning we found out about a project fuses, sounds and inspires ideas. And not unlike what Shot in the Ryan does with Adobe, they put ideas out there to inspire, to get people thinking. Fugato, as CNBC's own fabulous Deirdre Bosa explains, is part of Nvidia's moonshot, is an AI idea factory product. It's not a retail thing, even as we can all play with it. What matters is that periodically Jensen Huang CEO puts out ideas that turn out to be very, very big, like his DGX operating system that actually began from Nvidia Shield, including a Shield tv. As usual, it's a little complicated to explain, but Jensen put Fugato out to get everyone thinking and no more than that. No more. There's a lot of Nvidia. It's simply a big thing, the sort of thing that good companies used to do all the time, but if they're costly and expensive, they don't get done anymore. I actually love these kinds of analyses. They don't depend on the fit, they don't have anything to do with Washington, the Beige Book, whatever, with the possible exception impossible, not China. It's just the usual blocking and tackling that these companies keep giving you that I love so much. Here's the bottom line. Don't begrudge the market the mega caps. Don't begrudge them, don't spoof them, don't even attack them. Just buy, buy, buy, buy them. Joseph in Connecticut. Joseph?

[Caller]

Yes.

[Jim Cramer]

Hi. Hi, Mr. Kramer. My name is Joe. I'm from Connecticut. I want to buy 1,000 shares of.

[Caller]

Intel Corp. Do you think that it.

[Jim Cramer]

Might double or triple in the next two to three years? It will. I think it can go up slowly. I know that Qualcomm was rumored to be a suitor. Looks like they're cool on that. Intel doesn't have the balance sheet to go up that fast and it's just not going to be a rocket ship. It's just not. I would prefer you to buy amd. Let's go to Sam in my home state of Pennsylvania. Sam?

[Caller]

Jim, listen, as you already know, the talk of the tape today was all about tariffs. And so my question is we have this American darling, this great brand, Nike, and I'm curious what you think how investors should be viewing the stock with the potential overhang for tariffs in the coming weeks.

[Jim Cramer]

Well, it's negative, obviously. And we know that companies other than Apple that really hard time in in China. I will say this, I know it's tempting. I think you have to wait one more quarter. We may need a clearing of the next quarter before we really feel that Eliot Hill's got this under control. Let's go to Larry in Florida.

[Caller]

Larry hey Jim. With the Blue Halo acquisition, possible cuts in defense spending and lack of support for Ukraine, is all this just too much to start a position and Aero environment now?

[Jim Cramer]

I think that Aero environment will be and will have demand for many, many years because they represent the less expensive way to get things done. Remember, aerovironment is unmanned. Most of the things that the Pentagon seems to want are very expensive. Man. I think we take humans out of the equation if possible and that's what our environment does, which is why that stock remains a 5. As we see from days like today, the moment you give up on these mega cap stocks, they come roaring back on everybody. Tonight, what should you make of the latest round of retail earnings? I'm highlighting my key takeaways. Then Intuit broke out earlier this month from before falling after earnings. I didn't understand this, so I'm going to dig in to what happened to the company behind TurboTax and QuickBooks. Plus I'm checking in with the CEO of PC maker HP Inc. Press off today's report, so stay with Kramer.

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[Jim Cramer]

Wall street could start to wind down for Thanksgiving. We got a gauntlet of retail earnings reports this morning. The oil price chain brought the stores Charitable Trust Holding, Best Buy, Kramer Favorite exporting goods, flailing department store chain Kohl's and Abercrombie and Fitch. The apparel retailer had incredible second act over the past couple of years. I want to go through these quarters in rapid succession just like my old pal Chris Berman does with his fastest three minutes covering a week's worth of NFL action in espn. I can't go as fast as Boomer. I'm not going to. So let's just call it the fastest seven minutes in retail. First, let's set the stage. Last night President Elect Trump announced blanket 25% tariffs all goods coming from Mexico and Canada, more than additional 10% tariff on anything China. Maybe those are just the opening bid in negotiation. But even if that's the case, tariffs are bad news for retail. So the five retailers that reported this morning were already swimming upstream. With that in mind, Burlington Source reported first. Now this is an off price chain like cnbc, Investing Club Stock tjx and that's been one of the best subsets of retail. Unfortunately, Burlington reported soft revenue with 1% same store sales growth. Wall street was looking for 1.9% earnings were just in line. Burlington also trimmed its full year same store sales forecast and while they raised the low end of the full year earnings forecast, their outlook for the current quarter was mostly below expectations. Brutal. Now the company blamed warm weather saying their same store sales would have grown 4% if not for poor sales in cold weather categories and the market seems to kind of buy it. Stock didn't get hit that hard today. Still listen to me. If you want an off price chain you got to go with tgx. Maybe raw stores, but TGX things just all time high now people thought the quarter was bad. Idiots. After that at 7am we got a trio of retail reports. Let's. Let's take these best to worst. The best yes was Dick's Sporting Goods in the category killer in the sporting goods and athletic apparel space. I am a big fan of Dick's and told you to buy the stock after it pulled back 5% in response to the last quarter. While it hasn't recovered since then, today's numbers show you why I am sticking with it. See Dix delivered a $0.07 earnings beat off a $2.68 basis higher than expected revenue 4.2%. Same store sales growth Wall street was looking for 2.7. Dix also raises for your forecast across the board. This is a textbook beat rate situation. Now initially the stock rallied more than 10% in pre market trading, but after opening up more than 5% Dix it quickly got deflated, dragged down by heinous action of the rest of retail. And that's when we started to see some criticism of the quarter. Analysts talking about rising inventories and pearl clutching about the fact that the same store sales growth was mostly driven by pricing, not traffic. I think they were just looking for excuses to justify why the stock is going down. I refuse to play that game. Dix is a buy. Especially after today's modest pullback. You're getting a strong quarter for free. In that sense it feels like tjx. Next was Best Buy, which we offer the Chapel Trust. Although we've been cutting the position going into the quarter after Home Depot and Lowe's told us that look, be careful the big ticket items aren't selling that well. Best Buys results that weren't terrible, but they also weren't great. Weaker than expected earnings appliance sales really bad. Same store sales which were down 2.9%. Company also issued soft guidance for current quarter same store sales and then they lowered the full year forecast across the board. Ouch. On the conference call, CEO Corey Barry explained that there was soft demand in September, October in the run up to the election, but she said November was off to a good start with total capital sales up 5% in the first three weeks. She also noted the PC sold very well in the quarter overall though this has become a trickier situation than I'd like and I'm glad we sold most of our position for the Travel Trust. We told the CBC Investing Club that we buy this one back if it reached the 70s, but it's still at 8,8000 change? No thank you. Probably be a seller, not a buyer. The third retailer we heard from at 7am was Kohl's, the struggling department store chain. As I told you last week's game plan, Kohl's begin considered guilty until proven innocent. And let's just say they didn't prove themselves innocent today at all Cost expectations across the board miss badly. Same store sales down 9.3% that just a hair below the crucial 10% same store sales spiral that very few retailers ever come back from their earnings. At Kohl's per share they were down more than 60% year over year. Management cut every single line year of every forecast, which is how you end up with a 70% decline. Your stock. It was, it was just miserable. How bad was the course? Bad enough that CEO Tom Kingsbury, who's really good, had to announce plans to step down in January. The poor guy only became permanent CEO in February 2023. He couldn't turn things around. I don't see much reason to think that his successor can do much better. A couple more quarters like this and I got to tell you, it's going to be real existential at kohl's. Finally at 7:30am There's Abercrombie and Fritz. This was very curious. It's been a greatest comeback story in retail for a long time, most of the past few years. But the stock peaked in late May. It has spent the last few months trading sideways and things didn't get any better today as Abercrombie reported an impressive quarter that was nevertheless hated. How impressive they delivered a top and bottom line beat with 16%. Same store sales growth. Wall street was only looking for 10.6%. Abercrombie raised its full year forecast too, though probably not by as much as investors would have hoped. It also issued basically in line guidance for the current quarter. Nope. Apple's turnaround artist extraordinaire CEO Fran Horowitz told I thought a great story talking about broad growth across all regions, all brands. Abercrombie beloved Hollister of 21. This stock shot up more than 3%. I'm sorry, more than 6% in pre market trade and then it opened up 3%. But like Dick's, the other big win of the day, Abercrombie flushed lower right away and stayed down eventually finishing off more than 5%. As with Dix, the justification for the decline came after the fact that Abercrombie blaming decelerating growth at the core anf brand short growth decelerate but but from a 26% year ago to 11% this quarter I had a fine. You'd find any other retail with 11% comps right now. Look at Abercrombie peaked in late May. It was trading at just over 24 times earnings. That's only a 14 times earnings. It's 10 turns cheaper for heaven's sake. I say time to step in and bye bye bye. Here's the bottom line. The whole retail out of us got whacked today after Trump's tariff. They just made their way back into the headlines. But with five major retailers reporting this morning, there's a chance to use the sector wide weakness to get the best stores at bargain basement prices. Right now. Tomorrow morning I'd be a buyer of Dix and Abercrombie here. Why I am neutral on Best Buy and very unenthusiastic about Burlington and downright just disgusted by the house of pain that is Coors. The house of pain. I'm having a drink of course. Now there you have it. I think that was the fastest seven minutes in retail. I want to thank Ben Stoto who is the Chris Berman of our outfit and he did a fabulous job on that recap. And the mad money is back after the break.

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Coming up, an intuitive investment. After last week's post earnings drop, Kramer eyes into its potential next.

[Jim Cramer]

When work gets crazy, I like to.

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[Jim Cramer]

We limit ourselves to one bottle of wine a night.

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[Jim Cramer]

With everything going on Last week. You might have missed it when Intuit reported on Thursday after the close, the financial software leader behind TurboTax, QuickBooks, Credit Karma and Mailchimp delivered what I thought was a pretty good quarter. But the stock tumbled more than 5% the next day. So clearly the market disagreed. Harsh judgment Historically, I've been a fan of Intuit. I think it's very well run, which why I decided to do some homework, circle back. I got to figure out, like you often do, what the heck had gone wrong when it looked like everything was going right. The timing of this pullback was unlucky because after spending a year mostly trading sideways, the stock finally broke out to the upside this month and briefly blew past $700 for the first time in three years and two initially joined in the Trump rally swept up in the general euphoria. But then last Tuesday, the Washington Post reported that Elon Musk and Vivek Ramaswamy, the two leaders of Trump's Department of Government Efficiency of course Doge want to make it easy for Americans to file their taxes via mobile app, which would be great for our country, but it would be terrible for TurboTax. So Intuit stock got slammed two days before the quarter. Doesn't matter that the Washington Post, which broke the story, admitted that all this is highly preliminary. Plus we already have a we have actually have a tool that lets you file your taxes online for free. It was part of Biden's inflation Reduction act and this year they finally got a pilot program version. It's up and running. So far only a little more than 100,000 taxpayers are using, which I find quite some surprising. But maybe if it scales, it'll be a problem for TurboTax down the line. But given that this thing already exists into it shouldn't be selling off on the news that Elon Musk wants to roll out another version of the same thing. Even though Intuit came down into the quarter, the company reported a strong set of numbers. This was a clean 14 cent beat okay, off a $2.36 basis, higher than expected revenue of 10% year over year. They're also having a lot of success moving their customers from the old desktop version of QuickBooks to the subscription based QuickBooks Online. What a fabulous recurring revenue there. At the same time into its credit karma business grew at an astounding 29% clip that easily beat the estimates thanks to strength in personal loans, auto insurance and credit cards into its consumer group segment. Meaning TurboTax only really matters around tax filing season. But for what it was worth that was also better than expected too. In short, these numbers were pretty solid. Management seemed pleased with their performance. So then what was the problem? As is so often the case, the guidance even though into it just beat the numbers for the first quarter of their 2025 fiscal year, management decided not to raise their full year forecast. A beat no race situation will almost always pressure a stock. On top of that, their guidance for the current quarter was meaningfully weaker than expected. They're talking 13 to 14% revenue growth. Wall street was looking for 15%. They said they expect to 55 to 61 earnings per share. But the analysts wanted $3.25. The guidance is the guidance. Ouch. And that's why the stocks hold off. That was big though. It was big. And I don't blame anyone for wanting to get out of Doge or Dodge after disappointing forecast for the current quarter. However, I'm not actually convinced there's anything wrong. Believe it or not, I'm not seeing too it didn't raise their full year forecast because that's irresponsible. This company has a weird fiscal calendar that's hostage to the peculiarities of tax filing deadlines and the quarter they just reported isn't that consequential. It's like a retailer non Christmas quarter, okay? Plus with a new administration coming in, there could be a lot of changes that might impact the TurboTax business. As for the softer second quarter outlook, you need to check under the hood here because there are some quirks to this quarter and to it says it quote expects a single digit decline in consumer group revenue due to some promotional changes in retail channels related to the desktop offering, end quote. But they also made it clear I'm going to quote again. This only impacts revenue timing and does not impact overall unit or revenue expectations for fiscal year 2025, end quote. Basically, the consumer business is taking a temporary hit. No big deal. These guys have been money good. I trust them on this. What really matters for Intuit is not the current quarter quarter, it's the one that's after it's the tax season quarter. But if you're still worried about into its guidance, keep in mind that we've seen this movie before. Given one year ago the company issued a really healthy beat, okay, but issued light guidance for the next quarter, the next three months ending in January. This is the exact same situation and you know what happened went into it reported again in February. They blew away the expectations. The company declined to raise its full year forecast back then too. But when the 2024 fiscal year came to an end. The numbers were comfortably above initial guidance. Long story short into its guidance tends to be on the conservative side because of their practitioners of you put that say under promise and they over deliver which we love on their money because a quarterly shortfall is a lot less likely. I'm clearly not alone in seeing this. Most of the analysts who cover into it had positive reactions to this quarter with many raising the price targets. That's a really good sign. I agree with these bullish responses to the quarter rather than the stock's negative reaction. The negative reaction I'm calling it wrong. Yet we saw continued strength across the company's various businesses with weakness only in areas that Intuits intentionally moving away from like like the desktop version of QuickBooks and TurboTax products. Honestly, the biggest surprise of the quarter was the much better than expected performance from Credit Karma Karma. If that can continue. It is great news for Intuit which has been looking for growth drivers away from TurboTax and QuickBooks. They paid good money for both Credit Karma, the personalized financial management platform, and then this mailchimp which is the marketing platform. Now, it hasn't been clear that either one of these deals were working out great. It's still fair to wonder about that $12 billion Mailchimp deal. I mean really is. But now it sure looks like Credit Karma can be what Intuit was looking for when IT shut out 8.1 billion in cash to buy it. Yeah, it was cash stock. I'm sorry, the darn thing. They did that four years ago. Now I think that the 29% sales growth in Credit Karma is much more important than conservative guidance for the current quarter. That's what you should be looking at. As for the longer term threats to the business, the potential DOGE disruption, I say let's cross that bridge when we come to it. Remember, this is a purely advisory bottom like a government funded think tank. They're throwing out a lot of ideas. But whether these ideas go anywhere is entirely another question. So here's the bottom line. I actually think that the stock going down was wrong. I think you're getting a nice buying opportunity into it after the stock sold off in reaction to a good quarter with conservative guidance. Sure there are some long term risks like TurboTax. But the thing everybody's worried about a government funded alternative. It already exists and the company's doing just fine. The franchise is strong, the stock can go back up and the opportunity to step in and get some on the cheap is finally upon. I Say we go to Mark in New York. Mark.

[Caller]

Hey, Jim. Booyah.

[Jim Cramer]

Booyah.

[Caller]

I want to talk about a stock that I've been following for a While now. It's PayPal. And I wanted to know what your thoughts are because ever since Alex Chris took over about a year ago, he said that he'd be innovating, he'd be making changes, he's focusing more on merchants now and data, so on and so forth. And it just reached a 52 week high and I'm really excited. I want to know what you think about it.

[Jim Cramer]

Mark, you need to stay long. PayPal. Ever since that interview that David Faber, my colleague, buddy, pal, friend from Squawking the Street did with Alex Chris, I said this culture has gone from loser to winner. Winner, winner, $88 dinner. That's where it's going right back. 42%. 42%. How fabulous. All right, listen to me. I think the fears about a government funded alternative to Intuit's TurboTax are overblown because it's musk everybody believes. And that's why I think the self looks like a fantastic opportunity. Opportunity for you. Much more money, including my post earnings exclusive with hpa. Then after my series on the markets access, I'm addressing some people's crypto comments and setting the record straight on what I recommend. Don't worry, I'll be kind. It's Thanksgiving and all your calls rapid fire in tonight's edition of the Lightning Round. So stay with Kramer. This morning we got this curious referendum on the demand for a pieces from Best Buy. Even though the numbers weren't all that great, IPC's made up half of their total assortment. We're talking about a premium computers here that run on Windows. Now after the close we learned more when HP Inc. Report it. The PC and printer maker delivered in line earnings slightly better than expected sales. Their guidance was more cautious than I would have liked both for the current quarter and for 2025 fiscal year. So let's get closer. First not do the guidance first to the previous quarter and then we'll deal with the guidance from Enrico Lord. He's the President CEO of HP Inc. To learn more, Mr. Lawrence, welcome back to Mad Money.

[Enrique Lores]

Thank you, Jim. Great to be here.

[Jim Cramer]

Oh great. Enrique, I'm glad you're here. I don't want to take my cue from the action because the action is often wrong. First I want to hear from you about what you felt about the quarter. You clearly had better than expected revenues. You met the earnings, but there was some slight Disappointment in the margins. Can you unpack this for me so I can understand what really happened?

[Enrique Lores]

Yes, I would say in Q4 we had solid performance team. We grew the company revenue grew 2% and both businesses grew, both personal systems and print. We executed well, growing share in the key categories where we wanted to grow. We grew share overall in personal systems, especially in commercial. We grew share in print. We executed well our cost reduction plans and this is why we delivered on our non GAAP EPS goals and also on our free cash flow. So overall that went well from a margin perspective. What we saw in personal systems is pressure from a cost side component. Costs have increased and we shared that in the previous quarter that we expected this to happen and this is what had an impact on margin of PCs that we expect to happen to continue in 1H25, which is what is behind the guide that we provided today.

[Jim Cramer]

Okay, well let's go over the printer side because I've come to be suspect of printing and yet you delivered a very fine number. Do you think that was one off or if that continued, I would think that your guidance was a little bit too cautious.

[Enrique Lores]

We think that first of all we are pleased with the performance this quarter. As I said before, we grew share in the hardware categories and we delivered a strong result in supplies. When we look at fiscal year 25 in line with what most of the analysts are saying, we expect the market to slightly decrease. We will perform better than market. That's our goal. But we expect to continue to see pressure both in the consumer side, in the home side and in the office side that will drive the overall market down.

[Jim Cramer]

Well, let's go over what your partner Corey Barry was saying. Best Buy today. She's basically saying that the best is yet to come for AI. Not yet, hasn't really happened. She's very excited about the future. How can she be excited for the future? And you have a, let's say a guidance that is a little more cautious than that would seem.

[Enrique Lores]

I think we, we have been very consistent in what we have been saying about AI pieces. We have been saying we they would have a small impact in 24, more impact in 25 and more impact in 26. And I think this is very consistent also with Corey is saying this quarter we started to launch some of the next generation AI PCs, those that have really the powerful MPUs where you can run AI locally. And we have started to see what software vendors are able to do, the experiences that they are able to create. And we are very confident in the impact that this is going to have from a productivity perspective. We showed some of you, some of it when you were here and we continue to be very confident in the really the impact and the value that this category is going to have for us in the future.

[Jim Cramer]

Let's drill down on the value there. Marc Benioff, we know who's a wonderful gentleman, has a lot of different thoughts. He has been adamant, adamant that the copilot does not have any value added. From your experience, have you had customers say that it was a disappointment or had been almost the other way, almost universally say, you know what, I can't live without it.

[Enrique Lores]

I think when we have demonstrated what a pieces can do to our customers, they really see the value that they will have from a productivity perspective. We have some large customers that have decided to adopt now AIPCs as the PC that they will be using for their full workforce. But we think this is going to take some time because they need to be qualified, applications need to be developed to take advantage of the capabilities that this product have. And this is why the adoption is going to be gradual. We don't think that we are talking about cloud or APCs. Both things are going to coexist. There are activities that make sense to do at the edge and use APCs to do that. And this is what is behind the vision and the plan that we are building. But of course, for many other things, the cloud and the solutions that Mark is providing are going to continue to be extremely valuable to our customers.

[Jim Cramer]

Do you think it's too hard for an individual to know what to do? I had the great fortune of having your people walk me through the incredibly exciting things you have. I did feel that had I not been walked through, I wouldn't know how special they really are.

[Enrique Lores]

I think there is going to be an effort that we will have to do, that our partners will have to do, whether our software companies or resellers to explain the value these products are going to have. What is special about AI PCs is that the penetration is going to start from the commercial side. And if you think about how innovation has come to market in the last years has been more from the consumer into the commercial. This is reverse, which means more explanation is going to be necessary. But again, when we demonstrate what customers will be able to do, they really see the value and they realize that this is the type of product that they want to have for their teams.

[Jim Cramer]

All right, well, let's think big here for a second. We've got Jensen Huang. We've Got Nvidia here. We see all the excitement. There's just lots of big think a lot of moonshots and then you get your Hewlett Packer bc, which you know, I have and I do love and I just think it's sensational. But I don't see those particular qualities. I just see a super fast good machine. Is a super fast good machine enough right now to make it so that perhaps you could exceed your guidance next quarter?

[Enrique Lores]

I think super power, as you are saying, and super powerful is going to help. Our goal next year is to grow more in the commercial side. This is where we see the strongest opportunity. And it is not only going to be only about the performance of the PCs, it's going to be about the capabilities and the new applications that customers are going to be able to do. So the more applications that will be available, the bigger the impact that the AI PCs are going to have.

[Jim Cramer]

Excellent. Now I'm looking at your product development and manufacturing page and your table of contents. I see lots of countries. I only see one entry of China. Is it fair to say that those are equally distributed or is the China Shanghai property the lion's share of your manufacturer?

[Enrique Lores]

We China continues to be a big part of our manufacturing footprint, but we have been diversifying fairly aggressively during the last three years because we realized that we needed to build a more resilient supply chain. We have been driving a lot of change and now we are in a much stronger position than we were three years ago when we started this process.

[Jim Cramer]

Okay, so what headwind would you ascribe 10% tariff in China to your numbers?

[Enrique Lores]

Well, first of all, we need to wait to see what the final tariffs are going to be because numbers have been changing during the last weeks. What I can say is, first of all, the work that we have done in the last years is going to significantly help because we have moved a very relevant portion of the products that will come to the US outside China. And we have a very competent team that has proven that they know how to manage these situations that I know. As we will know what the new tariffs will be, we'll, we'll design the right supply chain footprint for the company.

[Jim Cramer]

Excellent. Okay, so we'll stay in touch. We'll keep following the aipc. I understand it's not necessarily a slower lamp ramp, it's a longer ramp, not unlike what we're seeing with Apple with its new phone and Apple intelligence. It just takes a little longer than some of us would like because we think it's so exciting. I Want to thank Enrique Laws, the president CEO of hp. It is a joy to have you on the show, sir.

[Enrique Lores]

Thank you, Jim. And happy Thanksgiving to you and your family.

[Jim Cramer]

Same to you. Exactly. That money is back in. It is time. It's time for the light rap Christian soccer. Bye for Instagram. Plan this out and then the lightning round is over. Are you ready? Skedaddy. Time for the lightning round. Crazy. Might start with Srinivas. Srinivas in Ohio. Srinivas.

[Enrique Lores]

Yeah, Jim.

[Caller]

Booyah.

[Jim Cramer]

Booyah.

[Enrique Lores]

The stock I'm looking for is apt.

[Jim Cramer]

Aptv. Yeah. Auto Parts. I am concerned that many auto parts may be made in China. We don't know. Autozone had a better very good quarter. I would go with AutoZone. Let's go to Stacy in Georgia. Stacy, Dr. Kramer.

[Caller]

Stacy from Atlanta here.

[Enrique Lores]

Thank you for taking my call.

[Jim Cramer]

My pleasure.

[Caller]

I'm curious, with the upcoming Trump administration and the AI frenzy, I want to get your thoughts on this stock. Is it a turkey or is it a buy Recursion Pharmaceuticals.

[Jim Cramer]

I like the story of 10. And I have to tell you, you know what that makes me? That makes me wrong. I knew that Nvidia had a stake in it. They still do it and maybe get excited about it. I think that at this point, then they did a second secondary offering and it didn't hold. Now I think at 5, it's. It is worthwhile speculation. Let's go to Mike and Massachusetts. Mike, Mike. Mike. Booyah. Jim Cramer and Happy Thanksgiving from Boston. Same to you. Same to you. How can I help? Looking at Zoom Info Technology VI and Marketing company. You know, I. Not enough specialty, not enough moat. Let's pass on that. Now we go to Andy in California. Andy, good morning. Excuse me.

[Caller]

Afternoon, Mr. Kramer. How are you today?

[Jim Cramer]

I am doing well.

[Caller]

Excellent.

[Jim Cramer]

I noticed Super Micro had a little bit of a run the last couple of days.

[Caller]

Is it safe to get back in?

[Jim Cramer]

No. My view is accounting irregularities equals sell. And I never go back. I will be willing, happily willing to miss another 20 points. It doesn't matter. Accounting regularities equal Sell has saved me millions of dollars. Let's go to Daniel in Florida. Daniel, my brother.

[Caller]

Hey, Jim.

[Jim Cramer]

This is Daniel from Miami, Florida.

[Caller]

Happy Thanksgiving to you and your family.

[Jim Cramer]

Same right back at you.

[Caller]

Thank you so much, Jim. I'm calling on a company called Red Cat Holdings. Ticker symbol rcat.

[Jim Cramer]

Yeah, they do flight recorder. I mean, look, they have a business. Red Cat has a business. However, the stock just went up 850%. I am willing to pass on an 850 percenter. I don't want to bet that it's going to go up a thousand percent. It's just not my style. I need to go to Tommy in Michigan. Tommy?

[Caller]

Hi, Jim. I'm Colin from Saginaw, Michigan. Excellent first caller, longtime fan of the show and investing club member.

[Jim Cramer]

Oh, thank you.

[Caller]

Mostly, I'm mostly retired to the youth, so thank you for everything.

[Jim Cramer]

Oh, fantastic.

[Caller]

I wanted to hear your thoughts on a local company, Dow Chemical, their earnings call. And since they got dropped from the Dow Jones.

[Jim Cramer]

This is a tough one. I think that Jim Thrilling does a great job. But it needed China. It needs a. Prices can go up. It needs a much stronger economy. It yields 6.29. A lot of people bought in the 50s thinking that wouldn't break down through the 5% level. If you don't have growth and you sell 21 times earnings, you're not going to be able to do anything at these prices. I'm willing to put a position on, but understand that it did. The dividend turned out to be the yield turned out to be not the kind of protection that we thought. Bill in Massachusetts. Bill.

[Caller]

Hi, Jim. I just wanted to wish you yourself, staff and your families happy holidays.

[Jim Cramer]

Ah, thank you, Bill. Thank you. Right back at your family, too. How can I help?

[Caller]

Thank you so much for everything you guys do for us. I'm a club member.

[Jim Cramer]

Oh.

[Caller]

I trimmed up 3, 3 club stocks today just because I didn't want to be a pig like you.

[Jim Cramer]

Teach us.

[Caller]

So, you know, I'm trying to do the right thing.

[Jim Cramer]

Yeah, well, as long as we, you know, we're trying to make money together and, and we're teaching. I'm teaching. I'm learning from you. This is, it's a teaching product. There's never been one like this. I'm very proud of it.

[Caller]

You can, you have to take your profit. That's the discipline that you talk.

[Jim Cramer]

Absolutely.

[Caller]

Jim, we talked, we talked about four months ago about this equity and it was about 40, $46 a share. I picked up 10 shares. You told me it was a dublock. I, I loved it. I called you back. It was 73 a share and I got 10 more shares. Now it's to the roof. It's Reddit.

[Jim Cramer]

I think Reddit's fabulous. What can I say? I know it's up a great deal, but I think Steve Huffman's doing a fabulous job. I'm not a seller. And that, ladies and gentlemen's conclusion of the Lightning Round.

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The Lightning Round is sponsored by Charles Schwab.

[Jim Cramer]

Got a lot of good feedback on our three part series on froth and excess yesterday. You know what? I actually expect a severe blowback because I'm basically saying you need to sell something, anything, just to lock in some gains. As I see it, the biggest sin in investing is turning a gain into a loss. And having committed that sin many times, I always have to check to make sure that I'm not being too greedy. I thought others would say, how can you ever really sell a winner? Well, the answer is sell some, take your cost basis out and then you can let her ride. However, there was one place where I was criticized. I got a bunch of yahoos saying I called the top in crypto by recommending it. First, I need to say that I typically do not read the comments on Twitter or X whatever it is. I have pretty thick skin and even if I can only take so much abuse, I can't. There are just too many people who want to rake me over the coals for something I did wrong 10, 15, 20 years ago or would think it's funny to spoof me like this crypto comment. Ha ha ha. To me, this is Internet idiocy at its best. I like crypto for a very long time, mostly because I know there's a huge consistency of investors who want to buy something that can protect them from our government's busted budget. While there's no proof crypto can protect you from anything, at least not yet, it's a plausible story, and it's something that, well, let's just say sometimes that's all you need in this business. I hope the American economy can grow its way out of that huge deficit via higher tax receipts. But I fear that someday we're going to get one of these partisan debt ceiling fights and some White House official will start talking about a crammed down or a buyback of treasury bonds at a discount. I am disappointed that both the Obama and Trump administrations refused to issue longer term 50 year paper. Take advantage of those ultra low interest rates that aren't there anymore would have been a huge money saver. Instead we have all this short term paper that's now being issued at higher rates. What a mistake. So I own some crypto and I owned it for ages as a hedge to the idea that someone in the Treasury Department truly decided to do something crazy. Call our bond, say, North Apart. Don't laugh. Consider Executive Order 6102. Don't know it. In 1933, FDR revered president issued that order confiscating gold from the people of the United states of you and me in order to stabilize the banking system. Remember back then we still the gold standard. The penalty for not turning it over to the government was a fine of up to $10,000. And that's when $10,000 a lot of money worse go to prison. 10 years, some jewelry, $100 in gold coins and artists and dentists were excluded. But from a modern perspective, this was an absolutely insane move. Downright unemarket in the context of the Great Depression. The banking regulations of the time where the Fed wasn't allowed to lend more money unless it had more bullion. You can see why FDR did it, but the whole situation was absurd. Now these days I still have some gold as a hedge, but because it can be easily confiscated, done once, can be done again. I think Bitcoin, Ethereum, maybe even some other cryptocurrencies deserve a spot in your portfolio too. Maybe one day, if the device gets under control, I'll change my tune. But anyone who's followed me for more than 10 minutes knows that I'm a huge skeptic about our government's ability to balance the budget. It's not that we don't know how to solve the problem, it's that legislators lack the political will to do things that are unpopular. Balancing the budget means making painful decisions to raise taxes or cut spending. Most politicians rather just kick the can down the road and make somebody else deal with it, ideally the opposition. So I own crypto because those national debt worries are never going to go away. Maybe not my lifetime, but I'll go ahead. I'm going to call the top by recommending it yet again. Weird how I've been recommending Golden Crypto for so many years and yet they're both near all time highs and I take heat. Anyway, gotta go back to not reading the comments. Just ain't worth the aggravation I like to say. As always, Bill Marcus Albert, I promise I find Just for you right here on Mid Money, I'm Jim Cramer. See you next time.

[American Express 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 Kremer 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 if you could.

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