Mad Money w/ Jim Cramer 11/4/25

Summary

Mad Money w/ Jim Cramer (11/4/25) — Episode Summary

Date: November 5, 2025
Host: Jim Cramer, CNBC

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Episode Overview

This episode of "Mad Money" finds Jim Cramer navigating a volatile market day, focusing on a sell-off triggered by Palantir's post-earnings drop and investor nerves about overvaluation in tech and speculative stocks. Cramer breaks down different sectors, offers advice to callers, examines key earnings (notably Palantir, Uber, Simon Property Group), and hosts an in-depth interview with AGCO CEO Eric Han. The popular Lightning Round returns, and Cramer ends the show with broader thoughts on market valuation and overlooked bargains.

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Key Themes and Discussion Points

1. Market Turmoil: Palantir Leads a Tech Sell-off

• [01:54–10:02]
  • Context: Markets were rattled after Palantir—a company straddling tech and speculation—delivered great numbers but still sold off sharply.
  • Market Breakdown:
    • Three Distinct Markets:
      • High growth/high-tech (e.g., Magnificent Seven, data center plays)
      • The "real economy" (manufacturers, consumer staples)
      • Speculative stocks prone to wild swings
    • PE Multiples: S&P 500 average PE is 23x next year’s earnings; data center stocks trade much higher (Amazon 32x, Apple/Microsoft 33x, Nvidia 30x).
    • Palantir’s Paradox:
      • Delivered 63% revenue growth, 51% adjusted operating margin—"unheard of combination."
      • Still, shares fell ~8% due to an extreme valuation: "Palantir last night was selling at well over 300 times earnings. Even higher than Tesla. That's a little nosebleed for people." (Jim Cramer, 07:45)
      • Reflection: Sometimes stocks need to "cool off" and allow fundamentals to catch up.
  • Broader Message: Don't generalize one company's overvaluation to the whole market. Not all stocks are overvalued, many in S&P 500 trade much cheaper.

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2. Lightning Round: Real-Time Stock Advice

• [40:01–43:09]
  • Highlighted Opinions:
    • Viking Therapeutics: Wait for further M&A activity; prefer Eli Lilly.
    • Altria (MO): Long-term winner but Cramer doesn't endorse tobacco stocks personally ("I can't fight the returns. I won't recommend it personally, but I can't fight it." — 41:34)
    • Zoom: Lacks a catalyst.
    • Acdc (fracking): Avoid oils, Cramer is currently anti-oil sector.
  • Caller Connection: Frequent gratitude and anecdotes from listeners about multi-generational viewership and personal investing journeys.

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3. Deep Dives: Earnings & Sector Analysis

A. Palantir Technologies

• [01:54–10:02]
  • Innovation/Achievements: Pattern recognition, defense contracting, played a role in Operation Warp Speed (COVID vaccines).
  • Valuation Concerns:
    • Despite amazing growth, the market cooled it due to excessive valuation relative to earnings:

      "A company of 4 billion in profitable revenues is worth $500 billion. A company with $100 billion in proper revenues is only worth $1.5 trillion." (Cramer, 07:10)

  • Rule of 40 vs. Palantir’s Rule of 100:

    • "Forget the rule of 40. These guys passed the rule of 100. I've never seen anything like it." (Cramer, 06:45)

  • CEO Alex Karp’s Attitude: Unshaken by the drop, confident "the same people have been betting against him will prove to be wrong."

B. Uber Technologies Earnings Breakdown

• [15:14–21:34]
  • Quarter Details:
    • Impressive bookings/revenue/trip growth (~20%), Uber Eats especially strong.
    • Slight margin softness but overall strong execution.
  • Stock Reaction:
    • Dropped 5% due to margin concerns and a negative market tone ("Pounder earthquake").
    • Cramer’s bottom line:

      "Uber is doing better than I thought it was doing... I don't think there's anything to worry about from the Uber quarter, and it's why I'd be a buyer into weakness after today's pullback and tomorrow's uncertainty." (Cramer, 20:51)

  • Strategic Growth:
    • Uber One membership, cross-platform engagement—users who use both ride sharing and Eats spend 3x and retain 35% better.

C. Simon Property Group/Economic Signals

• [22:52–29:24]
  • Consumer Spending Reality:
    • Despite worries about consumer-facing sectors, Simon Property Group (SPG) had a standout quarter:

      "Simon delivered $3.25 of funds from operations per share... occupancy rate is at 96.4%" (Cramer, 24:39)

  • CEO David Simon’s Quote:

    • "From a supply and demand point of view, just from our leasing, we see absolutely unequivocally no change. Apart from the retailers there that are looking to grow their footfall." (Cramer quoting Simon, 26:58)

  • Investment Activity:
    • Announced full acquisition of Taubman Realty—another sign of confidence in high-end retail properties.
  • Cramer’s Recommendation:
    • "Looking for a safe way to play retail in a tricky environment... park your money in the best landlord in the business, Simon Property Group. After all, Simon's paying you to wait with that terrific high yield..." (Cramer, 28:39)

D. Interview: Eric Han, CEO of AGCO (Agricultural Equipment)

• [33:09–39:39]
  • Sector Outlook:
    • AGCO at the "trough" of its business cycle, set for growth as farmers need to replace aging fleets and adopt precision agriculture.
  • Precision Ag Investment:
    • AGCO’s $2.2 billion push for "retrofit autonomy kits":

      "One of the big exciting things we came out with this year was retrofit autonomy kits... to turn an existing tractor into an autonomous tractor." (Eric Han, 35:44)

  • Labor/Tech:
    • Automation helps solve labor shortages—tractors can now run autonomously for some tasks.
  • Future Optimism:
    • Demand certainty is valued more than subsidies:

      "They much more value certainty in real markets than a government payout. They don't know if a government payout will happen again the following year." (Eric Han, 34:04)

    • AGCO serves both grain and livestock sectors, but most sales come from grain farming.

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4. Market Psychology & the "Bubbles vs. Bargains" Paradox

• [43:43–47:59]
  • Aside from the tech bubble worries, many stocks are "sinking under their own weight” despite strong earnings:
    • Pfizer: "Solid numbers, yet it didn't matter... finished the session down 1.5%... 8 times earnings." (44:23)
    • Verizon: "All good? Hardly. Stock keeps grinding lower again. 8 times earnings."
    • Kimberly Clark, Starbucks: Both underappreciated despite decent quarters.
  • Cramer’s Conclusion:
    • "Usually when high quality stocks get hit, it's a buying opportunity. But in this market it just seems to be an invitation to attend your own funeral." (46:48)
    • Remains optimistic: "There’s always a bull market somewhere..."

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Notable Quotes & Memorable Moments

• Cramer on Valuation and Palantir's Pullback:
  • "Forget the rule of 40. These guys passed the rule of 100. I've never seen anything like it." — Jim Cramer (06:45)
• On Market Overreactions:
  • "Some days it all just seems a little bit too much to investors. So when Palantir is their North Star, their totem, and they see it pulling back hard on a perfect quarter, it calls the whole market into question for them and triggers a raft of selling." — Jim Cramer (09:10)
• On Uber's Resilience:
  • "Growth is the best protection you can have in a rough stock market and right now Uber's growth is accelerating... That's why I don't think there's anything to worry about from the Uber quarter." — Jim Cramer (20:18, 20:51)
• Simon Property Group’s Resilience:
  • "From a supply and demand point of view... absolutely unequivocally no change;" — CEO David Simon (Cramer quoting at 26:58)
• AGCO CEO Eric Han – On Precision Agriculture:
  • "We made a $2.2 billion move to create this new business called Precision Technologies... to turn an existing tractor into an autonomous tractor for certain applications on the farm." (35:44)
• On Market Psychology:
  • "Usually when high quality stocks get hit, it's a buying opportunity, but in this market it just seems to be an invitation to attend your own funeral." — Jim Cramer (46:48)

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Timestamps for Major Segments

• Market Overview & Palantir Sell-off: 01:54–10:02
• Listener Q&A (Procter & Gamble, Waste Management, etc.): 10:02–12:58
• Uber Earnings Deep Dive: 15:14–21:34
• Simon Property Group Analysis: 22:52–29:24
• Listener Q&A (Income Realty, Equinix): 29:24–33:00
• Interview: AGCO CEO Eric Han: 33:09–39:39
• Lightning Round: 40:01–43:09
• Valuation/Bargain Stocks Rant: 43:43–47:59

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Takeaways/Actionable Insights

• Don't let high-valuation stocks or corrections like Palantir's paint your view of the entire market. Quality companies exist at reasonable valuations.
• Cramer spots relative bargains (e.g., Simon Property Group, Pfizer, Verizon) and urges "staggered" buying—don’t jump in all at once.
• Watch for innovative tech and precision agriculture as long-term industry tailwinds (AGCO, retrofit autonomy).
• Recognize consumer sector resilience—not all "consumer is dead" headlines fit, as evidenced by Simon Property Group’s occupancy and rent growth.
• Be wary of groupthink and overreactions. Use market pullbacks as opportunities if fundamentals remain strong.

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For investing insight with Cramer's signature blend of energy and skepticism—this is an episode that dives deep into separating signal from noise on Wall Street.

Transcript

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[Caller]

Sam.

[Jim Cramer]

Hey, I'm Kramer. We welcome to Mad Money. Welcome to Crane America. Made friends? I'm just trying to save you some money. My job is not just entertain but to put days like today into context. So call me 1-800-743- CNBC tweet me at Jim Cramer. So Palantir fails to rally in response to a great quarter and we all decide that it's time to jump ship because the entire stock market must be overvalued. Silly as it sounds, I think that actually is what drove today's action with The Dow slipping 251 points, S&P losing 1.17%. Sell, sell, sell. And Nasdaq Palantir's Home tumbling 2.04%. Do you mind if we are a little less emotional and a little more clinical here in Cray America? For a while now I've been telling you that we have three separate markets. There's the high growth high tech market. That's mostly about the data center. There's the real economy and then there's the speculative market. Let's take them one by one. The tech slash data center economy covers a lot of different areas. The companies that lead this group are at the heart of the fourth industrial revolution. Think everything from the Magnificent seven to highly valued enterprise software companies to industrial companies that have pivoted to building out AI infrastructure, the data center. These stocks tend to have high price to earnings multiples, with the multiple being what investors are willing to collectively pay for their earnings. And the average stock in The S&P 500 currently trades at 23 times next year's earnings. These datacenter stocks tend to trade at a premium to that level. Amazon sells for 32 times next year's earnings. Apple and Microsoft at around 33 times. Nvidia is around 30 times next year's numbers. All right around there. To name a few of the companies with stocks that are more expensive than the average company. S&P 500. But remember, some stocks deserve to get a higher premium. Come on. Companies aren't equal. Some are better than others. The ones I just mentioned are better than others. Now if these companies keep growing faster than expected, then we might look back and realize that they were cheap in retrospect. And that's what happens when you beat the estimates. And I lay all this out in how to Make Money in Any Market with regard to in video as the stock of Nvidia always looks expensive on the earnings estimates. But then they beat those estimates, they clobber those estimates. And we all realize that the stock turned out to be much more of a bargain than we thought time and again. Then there's the regular economy that all of us are familiar with. These are the companies that make things and do stuff. For the most part, they've been left behind because of worries about a weak consumer and higher interest rates. Some of that's because consumers are pushing back a few years of elevated inflation. Some of it's because roughly a million government employees aren't being paid thanks to the stupid shutdown. And then there's the third group, the speculative stocks. Now we struggle to value these stocks because they can make insane moves higher, something we've seen a lot lately. And then they implode for no real reason, like we saw today. These are the stocks that are most perilous stone in a correction like it looks like we're having. The money gets lost very quickly in this third cohort. Now, occasionally you get a stock that fits into two of these buckets. Aerospace, for example, is both high growth and a part of the regular economy. You're not going to get a more robust industry than aerospace. And the price earnings Multiples reflect that there's real technology that gets put into an airplane. Doesn't just manifest itself in terms of hardware or software though. Speaking of aerospace, we're going up to Harvard Business School tomorrow to interview Larry Culp, the head of GE Aerospace, who's done a remarkable job restoring the luster of that great company. Larry was a professor at hbs. Boy took the GE job. The most intriguing part of the stock market though is at the intersection between the highest growth stocks and the speculative stocks. The third bucket, Tesla comes to mind. We know it as a car company. Nothing all that speculative there. But it's also a play on robotics and self driving, two of the most cutting edge technologies out there. Tesla square in the first camp in the third one. That's the magic of Elon Musk. But you know what? No stock in the entire world epitomizes the straddle between the first world technology and the third world of speculation. More than Palantir, which reported earnings last night only have a seed stock plunge almost 8% today. It was a truly bruising session, but after a magnificent run, Palantir, the company defies easy description. It's a consulting company helping all sorts of businesses improve their bottom lines. It's an accelerant turbocharging a company's transformation from analog to digital or from one form of storage and data retrieval to another. It's a pattern recognizer, taking all of your data from different silos and identifying patterns that can help drive better decision making. It's a defense contractor, specializes in making the Pentagon more lethal. It's an inventor. Palantir played a huge role in operation warp speed that gave us Covid vaccines. It's an incredibly lucrative, amazingly fast growing businesses measured by gross margins, which are huge, and the revenue growth, which is insanely fast. Mind you, this is an objective standard when we are trying to value fast growing tech companies. Wall street professionals use something called the rule of 40. You add the company's profit margin to its revenue growth and if the sum is north of 4004o, then you've got something that's worth owning. Lots of times you'll see companies with very high growth and very low profit margins, but when they're added together, they still come out north of 40, making them acceptable to the average growth investor. But Palantir. Last night Palantir reported 63% revenue growth and 51% adjusted operating margin. That is an unheard of combination, people. Magnificent. Forget the rule of 40. These guys passed the rule of 100. I've never seen anything like it. And the company's right to be really proud of these numbers. Now there is one problem though. We have to try to figure out what the heck we're supposed to pay for those numbers. How does it translate into a stock price? A profitable company has a price earnings ratio. Palantir last night was selling at well over 300 times earnings. Even higher than Tesla. That's a little nosebleed for people. Let's make things trickier. Tesla has almost $100 billion in revenue and a $1.5 trillion market cap. Palantir is merely 4 billion in revenue, yet it was valued at almost 500 billion heading into the quarter. That's right. A company of 4 billion in profitable revenues is worth 500 billion. A company with 100 billion in proper revenues is only worth 1.5 trillion. Last night, when Palantir reported, the stock looked like it could go either way. But upon further review, the market side was all too much and Palantir stock had to go lower. Alex Karp, the fiery CEO of Palantir, was miffed about the direction of the stock. Suggested the same people have been betting against him will prove to be wrong. Again, that might be, but I think it's reasonable consider that there could be nothing wrong here at all. The stock just needs to cool off in order to grow into its market capitalization. That's how I look at it. For me, the larger issue is that we're at the moment where money managers, when asked if the market's too expensive, immediately think of the high flying speculative stocks or those in the high growth artificial intelligence column. And so they warn you away from the entire asset class. That's what's happened all my career. These guys don't think of the other 334 stocks in the S&P 500 that sell for less than 23 times earnings. Those are outrageous. They're fixated on the speculative stocks, the data center plays and Palantir. Now that's both foolish and punitive. Sure, there are indeed some stocks that are visibly overvalued. And when you pull them apart, many of these valuations can be justified. Some can. I think the Magnificent Seven can be justified in the pace of the growth that's ahead of them. Same ultimately with Palantir. The ones with no earnings or big losses or no revenues. They're hard for me and I don't think I advise you to stay away from. But the bottom line, some days it's all just seems a little bit too much to investors. So when Palantir is their North Star, their totem and they see it pulling back hard on a perfect quarter. It calls the whole market into question for them and it triggers a raft of selling. That's exactly what happened today. Don't believe the Uber bears but accept that after a run like we've had, some people are going to sell stocks you, you own, there's that you actually own. But that's because they don't want to give up the gain or because they simply can't handle the house of pain. The pain. Let's go to Rick in Wisconsin. Rick.

[Caller]

Hi Jim, thank you very much for taking my call. I'm actually a second time caller. I asked previously about a year and a half ago about Proctor and Gamble. Proctor and Gamble at that time was at record highs at that time. Recently actually today they hit a 52 week low. And I want I'm interested in your thoughts of what I should be doing with Procter and Gamble.

[Jim Cramer]

Well, I'll tell you, it's really tough because I have historically not done badly buying Proctor and gamble at the 52 week low. And I do think that if I want to start a position I would wait. It's a 2.87% yield if it got to 3% yield and I want to buy 100 shares. I buy my first 25 and I buy it staggers a yield another 25 and three and a quarter. Another 25, three and a half like that. And then if we get to four, you may have to buy more. But I've got to tell you, you won't go wrong starting a position at the low for Procter and Gamble. Let's go to O.J. in Mississippi, please. O.J.

[Caller]

Mr. Kramer, how you doing today?

[Jim Cramer]

I'm doing well, thank you for asking. How about you?

[Caller]

I'm doing good. Mr. Kramer, as a child my father would listen to your show on the radio when he would pick me up from school. And I used to wonder why he listened to your show so much. Now me being 20 years old, I listen to your show multiple times a week for investing knowledge.

[Jim Cramer]

Oh geez. I'll tell you that makes me feel so good. I always wish that that's what I wish my dad were around because he used to listen to the show. We would talk all the time and I like you and your dad. How can I help you?

[Caller]

Yes sir, Mr. Kramer, my question is should I add to my position in waste management after the earnings report on last Monday?

[Jim Cramer]

I think you should. Now the Stock was up 3 today. Seems people seem to realize, wait a second, this thing's gotten way out of. It was down and down and down. So what I want you to do is I don't want you to buy OJ all at once, okay? Because it could, it was up 3 today. It could go back down a little. If you want to buy 15, 20, 20 shares, let's buy 5. Okay, maybe 25 by 5 and then stagger it. I don't buy it all at once because this is a stock that tends to be very, very volatile. So that's my advice to you. And thank you for those kind words about you and your dad and how you used to listen. Now, look, sometimes a bad move in one particular stock can make investors question the entire business. I'm trying to get you to not think like that. But that is what I believe happened with the stock of Palantir today. Well, may have money tonight. What the heck just happened to the stock of Uber sinking today after earnings? That to me, on the face of it, looked pretty darn good. Let's see what we have to. Let's pull these numbers apart. I'll give you my take then. We're starting to see some cracks in the state of the consumer. What do you make of the consumer facing REITs like Simon Property Group? I'm sizing up the company. And then Agco reported top and bottom line. Beat $300 million buyback. Wall street wasn't buying it one bit. Maybe Wall Street's wrong. Stay with Reaper.

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This is the story breaking right now.

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[Jim Cramer]

All right, what the heck just happened to the stock of Uber Technologies, the ride sharing and food delivery platform reported this morning? Even though I thought the quarter looked pretty darn good, Wall street clearly disagree with me as the stock plunged more than 5% today. Now I've been a big back Uber for the past few years. I even recommended it and how to make money in any market and the stock's been a huge winner. It's up more than 50% for the year even after today's pullback. Not bad, huh? So then we have to ask, has something going wrong here or has the market made a mistake creating a nice buying opportunity? I think you know what, it's the latter. I'm going to tell you why when you dig in the numbers, they were pretty darn impressive. Uber's trips, gross bookings and revenue grew by 22%, 21% and 20% respectively, all coming in well ahead of expectations. Monthly active platform customers were up 17% in line. Uber's operating income came in a little light, but they earned $3.11 per share when the analysts were looking for $0.69. Although most of that's come from a massive $4.9 billion benefit from a tax valuation release. Back that out, it would have been a much smaller beat, but that's still good. Looking at the company's individual businesses, Uber Eats was the star of the quarter. 25% gross bookings growth, 29% revenue growth. Now those are fantastic. The larger mobility segment rideshare at solid numbers too. They were just more in line than with expectations. Gross bookings and revenue both grew 2020%. Uber's last segment freight is fine. It's not big enough. All Expected. Let's not even think about freight after this, okay? But freight is still something that I remember. If you remember, I once introduced freight to us. I still hope it's going to be something big, but not yet. Finally, Uber gave strong guidance for the current quarter with a healthy gross bookings outlook, although their EBITDA forecast was essentially in line with expectations. So now let's put it all together. I think you had a pretty good, albeit not perfect quarter. So then why the stock get hammered if it's still pretty good? First, some is clearly because we had a real bad tape today. I mean some is because there was particular weakness from travel stocks. Think about those soft numbers from Norwegian Cruise Line on top of the Royal Caribbean last week and the whole momentum cohort just got slammed. And that's because of the poundier, you know, let's say the Pounder earthquake. Uber's arguably part of both these groups, so today was going to be rough no matter what. At the same time the quarter had its issues. Specifically, Uber's margins came in a little light and I think that's another reason why the stock got slammed. Margin softness could be a sign of increased competition. Right? And in food delivery, Uber has intense competition from Doordash, another company I like a lot of. And in ride sharing Lyft, you know, we've been featuring that they've been doing much better. While investors have one eye toward the future when with Robotaxis from Waymo now, Tesla and others that could all present a problem. Robotaxis could be an issue, but I've never believed it will ultimately matter. Oh, by the way, Uber and Waymo are partners in a few test markets representing investors. They'll love to freak out about autonomous driving and Uber. I say don't think like that. That said, I'm not too worried about Uber after this report. Slight margin miss. I saw one take from an analyst, BTIG Jake Fuller made a lot of sense after agreeing that margins were the culprit behind the stock sell off. As I just said, he wrote, quote, uber continues to strike a balance between top line growth, margin expansion and investment, but is clearly tilted more this year toward reinvestment versus margin expansion in 24. Is that bad? Not at all in our view. As growth is accelerating, Uber is beating on bookings, revenue and EBITDA dollar results are in line to ahead, end quote. In other words, he thinks is by. I got to tell you, I think he put it perfectly. Like I explained in how to make money, any market growth is the best protection you can have in a Rough stock market and right now Uber's growth is accelerating, which is the best kind of protection. Their mobility business saw its best gross bookings growth in six quarters, and the delivery business had its best growth since the second quarter quarter of 2022. Hey, by the way, Uber Eats is roaring right now because the company's made an aggressive move into the grocery and retail space as opposed to just restaurants, and Uber's finding a lot of success there. While that comes with some additional costs, I still think it's a great move because it drastically increases the company's addressable market. This was a point that Uber CEO Dara Koswithari made during his interview in Squawkbox this very morning. So let's step back a second and think about Uber's overall goals and they want to grow their market share, both ride sharing and delivery. They want to grow engagement with their customers, encouraging cross selling. And as part of their goal, they want to grow their Uber One membership program, which comes with great benefits. And they want to do it all profitably. They're clearly making progress on each of these fronts. Uber's growth is accelerating across both ride sharing, food delivery and Management said customer engagement is improving too, up 4% in the quarter. Better engagement is a huge positive for Uber because people who use both ride sharing and food delivery and spend three times as much more with Uber and retain 35% better than users who only use one product. I think that's pretty terrific. Plus, the company still has a plenty of room to go on this front in places where both ride sharing and food delivery are available. Only 20% of Uber's users utilize both services. Matter also seems pleased with the progression of Uber 1, with those members much more likely to use both ride sharing and Eats. As for the company's profitability, sure, margins were a teeny tiny bit light this quarter, but Uber still making tons of money at this point. Adjusted earnings for interest, taxes, depreciation, amortization still grew at a 33% clip year over year. So who really cares that it came in with a slight miss? I've got to tell you, I usually don't like to overlook that, but in this case I'm fine with it. Here's the bottom line. As far as I'm concerned. Uber, which I was very concerned about because I wrote about it, the book I Want to Be Wrong, for heaven's sake, Uber is doing better than I thought it was doing. And I think I got to tell you, I think there's not much to worry about, really. The stock reacted negatively because Uber happened to report on a day with a tough tape and because of some slight misses for profit margins. But I love the revenue growth here, which is accelerating. I love the improved engagement and I think the company's focused on a clear strategy that it's executing quite well. That's why I don't think there's anything to worry about from the Uber quarter, and it's why I'd be a buyer into weakness after today's pullback and tomorrow's uncertainty. Stay with Mad Money.

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Coming up, Kramer's getting a read on real estate and diving into Simon Property Group and seeing what the shopping mall owner's latest earnings say about the state of the consumer Next.

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[Caller]

We.

[Jim Cramer]

Keep hearing that the consumer side of the economy is in real bad shape. Whether it's the restaurants, the retailers or the cruise lines, people just don't seem to be spending like they used to. And we've heard that from enough of these companies to note that there is some sort of problem. But then the question we have to ask is, is it as bad as we think? I say that because last night Simon Property Group SPG reported a surprisingly good quarter. This real estate investment trust is the largest owner of high end shopping malls, with more than 200 properties across North America, Europe and Asia. Not only is this company a terrific operator, it's also got a long track record of making opportunistic investments in retail at times when its tenants are truly struggling. These guys made out like banners during the pandemic. And look, over the past five years, this stock is up 193% having given its investors a total return of 284% including dividends, which is much better than 112% you would have gotten from in the S&P 500 with I think a lot less risk. That said, over the past year Simon the stock has struggled. Stock peaked at 190 in early March, then pulled back sharply as president started slapping tariffs all over the place. It bottomed at $136 and change right after Liberation Day. By October 1st it had rebounded $188 and change almost back to its previous high. But then we started getting all these disappointing numbers from consumer focused companies which then dragged Simon stock back to 176 as of late last night's close. But man, when Simon Barbara reported last night, it sure didn't seem like the consumer was struggling. Simon delivered $3.25 of funds from operations per share. That's the read equivalent of earnings. Wall street was only looking for $3.12. Their domestic property net operating income increased by 5.1% year over year. Occupancy rate is at 96.4%, up 20 basis points year over year and also higher than expected. Base minimum rent per square foot was $59.14 at the end of September, up two point from a year ago and slightly ahead of expectations. Good, good, good, good. For the full year. Simon raised its earnings per share guidance by $0.11. Took up its funds from operations outlook by $0.20 at the midpoint, fully much better than expected. Now the conference call management kept their prepared remarks brief, seemingly happy to let the excellent numbers speak for themselves. I like that when people do that. CEO David Simon said, quote, he was obviously pleased with the result and explained that the strong numbers were quote, driven by solid fundamentals. Higher occupancy, accelerating shopper shop traffic, strong retail sales and a positive supply and demand dynamics, end quote. From Simon's perspective, everything's fine, but how about that? Cash strapped consumer CFO Brian McDade filled in a few more details saying that the shopper traffic and retailer sales accelerated sequentially in the quarter reflecting the impact of a successful back to school season, end quote. Successful, huh? On the leasing front, he had nothing but good news to say. Quote, retailer demand remains strong, end quote. But said quote, as we signed over 1,000 leases totaling approximately 4 million square feet during the quarter, end quote. He added that 30% of Simon's leasing activity represents new deals reflecting continued strong demand across the portfolio. Now once we got the question answer section was asked about the impact of tariffs. CEO David Simon offered a measured response saying that while he believes the tariffs will have an impact on his tenants. It hasn't been failure. Even though Simon acknowledges that the tariffs should eventually hurt these retailers, he's very, very clear about what he's seen so far. Listen to this quote. From a supply and demand point of view, just from our leasing, we see absolutely unequivocally no change. Apart from the retailers there that are looking to grow their football. End quote. That is you footfall. I'm sorry, that's huge. I mean what he's basically saying is there's just nothing going wrong here. What else? Management noted that higher end mall properties outperform the lower end ones. That make sense, right? Including Simon's fancy the Mills properties which are doing tremendously well. 99.4% occupancy rate. Simon digging see that there are some weaker parts of the portfolio like the company's Las Vegas mall and some other properties close to the borders. But with the excellent overall numbers, these isolated pockets of softness didn't seem to be all that alarming. Alarming to anyone. Now, the one thing that we didn't get a ton of commentary on last night was the company's investment activity. A couple analysts pointed out that strong results from Simon's joint ventures helped drive the overall upside. But there wasn't much discussion on the conference call about those efforts. I was hoping to hear if Simon would be willing to step in to acquire more struggling brands like they did during the pandemic if things go south. But we didn't get any new information on that front. Maybe that's because retail still in much better shape than it was during COVID That's my thinking. The one bit of deal news that we did get is the announcement that Simon's acquiring the remaining 12% of Talbotman Realty that it didn't own already in exchange for partnership units and a subsidiary subsidiary fund called Simon Property Group lp. Remember, Taubman's an owner of higher end mall properties like Simon originally acquired majority stake in about five years ago. Now, I don't have too much to say about this latest transaction, except that the Talbot's acquisition has been another example of Simon's savvy dealmaking. Simon originally announced the taubman deal in February 2020 just before the pandemic, then tried to back out after Covid hit. They eventually went through it, but at a significantly lowered price. And now we know based on commentary from management last night that this has been another terrific investment for the company. Eli Simon, David son and now the CEO of Simon Property Group said, quote These iconic assets further enhance the quality of our overall portfolio. And we are now in a position to pursue new growth and value creation opportunities for this portfolio. End quote. So here's where I come down this one. Sure, there's a lot of concern about the consumer facing parts of the economy now. I talk about them every night. But that weakness clearly hasn't started impacting the upscale mall landlord like Kramer Fave. Simon Property Group. In response to this beat and raised quarter, the Stock Jumped more than 3.3percent today. Still trades at less than 15 times the midpoint of new full year funds from operations forecasts a very reasonable multiple and it supports a bountiful 8.9% yield. The bottom line, everyone thinks everything's so expensive. There's no bargains here. Wait a second. Looking for a safe way to play retail increasingly tricky environment. We came up with it here. Forget the retailers and park your money in the best landlord in the business, Simon Property Group. After all, Simon's paying you to wait with that terrific high yield and a portfolio of properties that cannot be duplicated. Then stop complaining. There's no bargains. SPG is one Mark in Iowa. Mark.

[Caller]

Hi, Jim. First of all, I'd like to thank you for all your hard work at the club and the show in these times.

[Jim Cramer]

Thank you, thank you. And things like today, it's worthwhile when everything's great. Nobody needs us is the way I look at it. But boy, when it gets tough, I think we're the right guy to go to. How can I help?

[Caller]

Well, besides club stocks noticed that the real estate sector wasn't doing too well today. And I looked at a stock that dropped from $60 a share down to 56. It's $5 under its 52 week high and right about $5 over its 52 week low. It has a five and a half percent dividend. The last quarter was a slight miss, but price targets since then have been from 60 to $68. Today they doubled their daily volume. Has income realty been oversold?

[Jim Cramer]

I think it has. There was a negative note out today that I took note of when I did my my briefing for the 10 things that I'm looking at for club members. And I've got to tell you, Mark, I was surprised that someone had anything really negative to say. I think this is an opportunity. You know, they pay that monthly, that monthly dividend which I love so much. I think letter O is, is right to buy. And I thank you for your kind words. Let's go to Diane in Tennessee.

[Caller]

Diane, hi there. Thank you for taking my call today, Jim.

[Jim Cramer]

Of course.

[Caller]

I appreciate it. On August 12th I had called regarding Equinix and the. My question was cut off. So you didn't get the full question. So I didn't get the full answer. The question was to hold or sell. Meanwhile on October 2nd I decided to go ahead and sell 70% of my shares because it's an expensive stock. Then a few days after that, of course things started to go in an upward trend. Trend. So my question still is hold or sell. It is expensive in light of the upgrade.

[Jim Cramer]

No, no, Diane, it's expensive. Your read on it is correct. I find other ways to be able to play cloud, cloud, cloud and data center that are better and I think that have I to me I have more certainty towards. So I think you made the right move. No need to put more money in Equinix as far as I'm concerned. It's. It's okay. And I like to do better than okay. And I thank you for the call. Now if you're looking for a retail play, you know, maybe you have to forget the retailers themselves, at least for now. Okay. And I suggest maybe you take a look at Simon Property Group. Good yield, great properties, much more mad money including my Susan with Agoe. Last week our government reached a deal to have the Chinese start buying American soybeans again. Is this a win for agco? Agco? I'd like to know. Let's talk to CEO then. I hear so many investors concerned about bubbles. Something else is happening in this tape that has me more concern and I'm going to reveal it and of course all your calls and rapid fire in tonight's edition of the Lighting Round. So stay with Raven. Last week our government in China reached a deal that among other things has Chinese buying American soybeans again. That's basically where we were before the trade war. But regardless, it's a win for the companies that make farm equipment like ico. Now when that co reported last Friday, the company delivered a small top line beat and a healthy bottom line beat management raising their full year earnings forecast and rolling out a $300 million buyback. Still, it was enough to get the stock rallying. Shares actually dropped nearly 3% on Friday. I don't really understand that. So is there a reason to worry here? Let's check in with Eric Han. So he's the chairman, president, CEO of AGCO to find out. Mr. Answer, welcome back to Mad Money.

[Eric Han]

Great to see you again, Jim.

[Jim Cramer]

Eric, I'm looking at things and deciding, you know what Europe was really good. And United States, okay, not so good. But maybe with a change in an ag policy, US could be good. Your theory had been trough when we saw you last. You sticking by that?

[Eric Han]

Absolutely. This is the trough year. It's the bottom of the business cycle. You know, in farmers terms, essentially it's the winter season, but it's very predictable that spring is just around the corner and we're going to be back in growth mode. Farmers fleets have been aging, they thirst for this new technology we've been developing and so we're going to be a growth story here sometime soon.

[Jim Cramer]

Okay, so tell me, is it better for you if the government gives farmers aid or if the Chinese buy soy?

[Eric Han]

That one's a clear answer. If you talk to our farmers, they much more value certainty in real markets than a government payout. They don't know if a government payout will happen again the following year. And with these big equipment purchases, that's usually a multi year decision. So they would much rather have clarity in the market. In fact, not only in this market, but every other market wants to know the rules of the game. So even other farmers around the world were holding off, not knowing how this deal was going to land. This deal is certainly net positive for the US farmer, both the subsidy payment, but more importantly the commitment of purchases from China to the US much like they had been in the past. But then it also provides clarity for farmers all around the world.

[Jim Cramer]

So a farmer who has aging fleet, would they be drawn toward a precision ag knowing that therefore they could make a better yield per acre?

[Eric Han]

Absolutely. That's why we're investing so heavily. You know, we did five big strategic shifts over the last couple of years, working our tail off on that. But the biggest one was investing heavily in precision ag. We made a $2.2 billion move to create this new business called Precision Technologies multiplied the biggest, most capable tech group for the mixed fleet. Meaning we put technology on any brand of equipment, not only our own brand. That was number one. Number two was we sold off our grain and protein, our lowest growth, lowest margin business. Number three, resolved our issues with TAFE to be able to get the activist behavior out but then also allow ourselves to do share buybacks. That's part of what you talked about. We announced a billion dollar share buyback commitment because we're so confident in our future. And then number three and four, number one is a project called Reimagine, reinventing how we do all the work inside, using AI to automate offshore, outsource a Lot of our work, we're saving $300 million on a little over a billion dollar base and finally redesigning our distribution network to go to the farmer instead of having the farmer come to a brick and mortar operation. We do everything on the farm. We call that farmer core. But the primary focus was growth in precision ag and leadership in precision ag, because that's what saves the farmer money. It saves them on inputs like fertilizer or seed or fuel or labor, and it helps them have higher yields. One of the big exciting things we came out with this year was retrofit autonomy kits. So these are technologies that you can put on either our brand or other brands of equipment to turn an existing tractor into an autonomous tractor for certain applications on the farm. That's just one.

[Jim Cramer]

All right, so talk to me about labor for a second. Is it hard to find people Harder than ever. I know we have an immigration, tight immigration policy in our country. I cannot believe that farmers can easily just go down the block and find people to drive tractors. How many tractors can I drive at once if I am now a new, well educated and competent with digital farmer?

[Eric Han]

Yes. Well, it's. This is a problem all around the world. When I spend a lot of time visiting with farmers and I ask them, what are your pain points? I don't ask them about their equipment, I ask them about their business. And right at the top of the list is always, whether I'm in Europe or South America or North America doesn't matter. Labor is a big challenge for them in the rural areas. And so that's why we need to make the machines not only easier to operate, but in certain applications, we actually can take the operator completely out of the cab and have the machine be able to do that function. Like in the harvesting of grain application, it drives the tractor alongside the combine where the combine will summon the tractor. It comes along, finds the combine, they drive next to each other. The combine unloads the grain. When it's done, it releases and the tractor drives off. No one was ever in the tractor. Second application is gonna be tillage. You just bring the tractor to the field. It knows the field boundaries and it calculates the optimal route. You turn it loose and it'll till that entire field in an optimal way. Those are the first applications. We got many more right behind that. That essentially does not only the job without the labor, but he oftentimes does the job better than a human could have done on their own.

[Jim Cramer]

One last question. In your most recent conference call, you talk about income. You say net Farm income has improved, supported by government programs. We went over that and record high cattle prices. Now do the same farmers that raise cattle also need your equipment?

[Eric Han]

Yes, if you simplify it, way down. There's grain producers and livestock producers, and oftentimes they're kind of. Now do. Sometimes they do both. Yes. But if you segment it down to a simple form, the grain producers have been hurt these last few years because of low grain prices. And a lot of the tariffs have hit them because the retaliatory tariffs where China stopped buying U.S. grain. Well, when the grain prices are low, that's a net positive for the livestock producers. They're buying a cheaper input. And over the last few years, there's been a lot of droughts, so the herd of livestock has been going down. So beef prices are up because the volume is down and the profitability is up because their inputs are lower cost. So they're very profitable. Right now we sell equipment to harvest hay and things like that to the livestock producers or manage the operations around their livestock, moving feed, moving manure, you know, farmyard applications for a tractor as an example. So we serve both farmers, but we sell a lot more equipment to the grain farmers.

[Jim Cramer]

Fair enough. Well, look, I'm, I'm sticking with your, with, with your trough here, Paul, and I'm glad you're taking out all those costs because when it does happen, we know it does happen very quickly. You do not, you do not have months to wait once the cycle turns, Eric. So did chairman, president, CEO of agco. Thank you so much.

[Eric Han]

Thanks, Jim.

[Jim Cramer]

Absolutely.

[Eric Han]

Enjoyed it.

[Jim Cramer]

May have m back, everybody.

[Announcer]

Coming up, Kramer takes your calls. And the sky's the limit. It's a fast fire lightning round. Next.

[Jim Cramer]

It is time for the white wherever you play in the sound. And then the lighting round is over. Are you ready, Ski daddy? Time for the light round. Cramped, everybody. Let's start with Mike in New Jersey. Mike, Jimbo, thanks for taking my call. I'm a Long island native at heart, though these days I'm a Jersey boy. There you go. Love to chat about the.

[Caller]

I'd love to chat about the startup obesity space.

[Jim Cramer]

I'm a longtime Viking Therapeutics shareholder and.

[Caller]

Have been watching the bidding war for Met Sarah between Pfizer and Novo.

[Jim Cramer]

Yeah, I know. And I've watched that. I think that Viking would have gotten a bid if it didn't get it yet. I know people are expecting whoever loses in that war that you just mentioned is going to buy Viking. I tell you what, you should buy your own Eli Lilly. That's been the winner. The trust owns it. I really like it a lot. Let's go to Jim in Delaware. Jim, Dr. Kramer, you know, give me a big booyah. Thank you. Calling from the first town in the first state, Lewis. Delaware. Yes, indeed. Lewis. I love it. Been fishing there. Okay. Oh, yeah. Stop in anytime.

[Caller]

First time caller, longtime listener and a founding club member.

[Jim Cramer]

Oh, fantastic. Thank you.

[Caller]

I want to thank you for sharing.

[Jim Cramer]

Your investment knowledge with all of us. Professor, the stock I'm asking about is a dividend aristocrat. Increasing their dividend 61 times in the last 51 years.

[Caller]

They just increased their dividend 4% in August and they currently pay 6.3%.

[Jim Cramer]

7.3%. Pressure your thoughts on Big Mo, Altria. Okay. I can't. You know, I don't recommend the tobacco stocks, but I did as preparation when I did my work for what stocks have been the best over the long term in how to make money. Any market. I was shocked to indeed see that the best is Altria Gold. Morris, I can't fight it. I can't fight the returns. I won't recommend it personally, but I can't fight it. Let's go to Sean in Washington. Sean. Hey, Jim.

[Caller]

How you doing, man?

[Jim Cramer]

I'm doing well, Sean. How about you?

[Caller]

Doing great. Hey, I just want to say I appreciate you having me on today and I appreciate what you do.

[Jim Cramer]

Thank you, buddy. Appreciate it. Thank you.

[Caller]

Hey, I got a question, man. I've been looking at a stock. It looks like it's starting to gain some traction. It has a PE ratio of about 22. I wanted to know what you thought about Zoom Communications.

[Jim Cramer]

Look, I think Zoom is a good company. It's got consistent cash flow. It's doing fine. I just lack a catalyst about why to recommend it. So therefore, I'm going to take the pass. Let's go to Bob in Illinois. Bob.

[Caller]

Hey, Jim. How are you doing? Me and my wife, Laura, we love you. We love your show. My brother used to call in. He passed away, unfortunately. My brother Gerard calling you. He loved you, too.

[Jim Cramer]

We all love you. Thank you for that. Thank you.

[Caller]

Make a long. Make a long story short. I want to talk to you or ask you about a stock. Acd. Acdc. Not the rock group.

[Jim Cramer]

No, no. This is fracking. And I'm. I'm really anti the oils right now. I think they're all going lower. I do not want to touch them. I am so sorry. And that, ladies and gentlemen, conclusion of the Lightning Round.

[Announcer]

The Lightning Round is sponsored by Charles Schwab coming Up as earnings seasons in full swing. Kramer's breaking down where the market may be overvalued and how you should best position in some key names next.

[Jim Cramer]

We keep hearing about how the stock market's valuation has reached excessive levels. And as I said at the top of the show, some segments of the market are overvalued. We have plenty of people worried about bubbles. It's always possible. We've been up for a long time. A major move since Liberation Day lows. When I went to bed, the averages looked tame. Last night when I got up at 3am everything was drenched in red ink and the bubble cores were in charge thanks to the reversal in the stock of balance here a bellwether of high growth trading and investing. But honestly, the bubble is just parts of this market are they worry me. But not. That's not all I'm concerned about because we also have a huge number of stocks that are sinking under their own weight. High quality companies, real companies that are historically cheap and getting cheaper. Consider Pfizer. Yes, plain old boring Pfizer. This morning this high quality drug company reported earning $0.87 a share. Wall street was only looking for 63 higher than expected revenue to clean numbers. Solid numbers. Yet it didn't matter. The entire drug sector so despised Pfizer finished the session down 1.5%. Garner things. Sales were just 8 times earnings last week. Verizon reported $21 of earnings per share. She was only looking for a buck 19. Boosted its dividend. All good? Hardly. Stock keeps grinding lower again. Eight times earnings. How about Kimberly Clark? Sure, it got hit hard off the announcement of the can do acquisition yesterday. But consider this. This Kimberly just reported that it earned a dollar 82 per share. Street was looking for buck 76. Now the stock got a quick pop on that, gaining 3% Thursday. But that's ancient memory as the stock's now given up all that and more, of course because of the takeover. But you know, I got to tell you, yields 5%. Terrific. Balance sheet doesn't seem to matter. You got to wonder why these guys felt compelled to bid for Can View because nothing else is working. It just reported a very, very good quarter and the stock did next to nothing. Anyway, they have to think bigger if they hope to regain the love of growth investors. How about Starbucks? When Brian Nicoll came in to run the coffee chain, we had no idea how low its fortunes had truly sunk. There were so many things wrong and perhaps the most worrisome. China. After years of tremendous growth, the Chinese coffee market become hyper competitive. With Starbucks losing share to lower priced offerings. Do you know that Starbucks at 1 point had -14% same store sales in China? Since then, Starbucks China stabilized. But the bleeding around the globe has been tough given the tension between our two countries. Starbucks China, I felt, had become a liability. The time and concentration that Nikkei would have had to spend on China seemed unfathomable. So it made a ton of sense to just sell the Chinese business. I had no idea what it'd be worth. If I at first thought very little, then I believe it could be worth somewhere around 10 billion, 50% of it going to a Chinese entity. Then we learned that there were multiple bidders, something that may be hopeful. Last night though, we learned that Starbucks was selling 60% of Starbucks China to buy you in a deal that valued the business at 4 billion. Starbucks did add that it expects the total value of the China retail business to exceed $13 billion. When you add up proceeds from the deal, it retains stake in the business and future licensing payments. But still, the headline number from the deal was regarded as disappointment given that so many buyers have been circling the division. Now we know that Starbucks reported last week and Nichols talking about a turn. He's saying things are getting better. They're no longer in the existential hell it could be China. And what happens when the stock gets hit first on the earnings, then gets hit again on the sale of the Chinese business? Hit and hit. I'm not saying Starbucks is cheap at 31 times earnings. I am saying that because it's a turnaround. You should not expect a low price earnings multiple here. Either way, you can't give away Starbucks right now. We own it for the Chapel Trust. We bought some yesterday thinking, well, you know what, maybe we got lucky. China sale. No, it got hammered anyway. Now do I want to buy any more here? I don't want to touch it till it hits 75, but unfortunately I think that's where it's headed. It's so despised, just like so many others in its cohort. Now I could have covered so many other stocks. The cruise lines, oh my. Unbelievable. Horrible apparel, disaster food. Have you seen conagra nine times or eight times? I mean these things are just cable. No, I'm not going there at all. So yes, sweat the Nvidia, worry about the pounds here. But let's not forget that many other stocks are going down on good numbers. And that's downright worrisome. Usually when high quality stocks get hit, it's a buying opportunity, but in this market it just seems to be an invitation to attend your own funeral. I like to say there's always a bull market summer I promise I'd find just for you right here man Money I'm Jim Cramer. See you tomorrow from Harvard Business School.

[Podcast Disclaimer Narrator]

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 par 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 follow a particular strategy, but only as an expression of his opinion. Cramer'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 when work gets.

[Jim Cramer]

Crazy, I like to stop by the bar after have a few cold ones. I don't drink at all until 4 o'. Clock.

[Announcer]

We limit ourselves to one bottle of wine a night. Excessive drinking has a way of sneaking up on us. A few drinks a few nights a week, it can add up and suddenly we're at greater risk for long term problems like heart disease, cancer and depression. Reason enough to rethink the drink more at rethink the drink.com Noha initiative.