Mad Money w/ Jim Cramer 12/10/25

Summary

Mad Money w/ Jim Cramer – December 10, 2025

Podcast Host: Jim Cramer (CNBC)
Air Date: December 11, 2025
Episode Theme: Positioning for a Post-Fed-Cut Market; Stock Picks; CEO Interviews; and Lessons from the "Year of Magical Investing"

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Episode Overview

This episode of Mad Money revolves around the aftermath of the Federal Reserve’s highly anticipated rate cut and its broader impact on the stock market. Jim Cramer explains how investors should pivot their strategies in light of the Fed's action, identifies beneficiary sectors and stocks, and issues warnings about speculative investing. The show features CEO interviews (Chewy, ServiceTitan), offers in-depth analyses of industrial and consumer sectors (especially Deere and Co.), and concludes with the signature Lightning Round—rapid-fire stock opinions. Cramer also recaps lessons from the so-called "Year of Magical Investing," emphasizing the need for real revenue and profits.

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Key Discussion Points and Insights

1. The Fed Rate Cut and Market Implications

Timestamps: 01:55–08:14

• Immediate Market Reaction:
  • The Dow surged 497 points; S&P 500 up 0.67%; Nasdaq up 0.33%; Russell 2000 outperformed due to high-growth, low-earnings stocks.
  • "With the Fed meeting done and behind us, we can go about our business of buying good stocks..." (Jim Cramer, 02:28)

• Clarifying What Matters After the Cut:

  1. The Fed is still market-friendly—a tailwind for bulls.
  2. Money managers are no longer holding back; a “jailbreak of cash” is fueling the market.
  3. Longer-term rates have fallen, confirming the Fed’s credibility (bond market’s positive response).

• Framework for Investors:
  • “Don’t fight the Fed” and “don’t fight the tape” (Citing Marty Zweig, 03:26). • Focus on buying cyclical stocks that benefit from lower rates—homebuilders, retailers, transport, and high-flyers reliant on future growth.

• Actionable Ideas:
  • “Buy the homebuilders and you buy the retailers that are connected, the home builders.” (Jim Cramer, 05:22) • Home Depot, JB Hunt, Federal Express, Union Pacific, Norfolk Southern—stocks positioned to gain from lower rates.

• Cautions and Market Psychology:
  • “Do not look a gift horse in the mouth.” (Jim Cramer, 08:14)
  • Reminds skeptics (the bears) that missing bull runs can be more costly than modest mistakes of enthusiasm.

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2. Stock-Specific Advice & Viewer Q&A

Timestamps: 08:14–10:42

• Visa:
  • Still performing well despite rising credit card fees; “If you want to get into the business of credit cards that don’t charge as much, I want you to go by the stock in Capital One…” (Jim Cramer, 09:15)

• Market Tailwinds:
  • Noteworthy comments about “Trump accounts” from a government program that will auto-invest for newborns, bringing new money to the market.

• Final Takeaway:
  • “Just make sure you don’t get bearish when the time is right to be Bullish…” (Jim Cramer, 08:47)

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3. Interview: Sumit Singh, CEO of Chewy

Timestamps: 13:10–21:12

• Q3 Performance Analysis:
  • Chewy beat on top and bottom line, solid growth (8% revenue, 30% profit). • “We're aggregating share across the industry, growing at more than two times the market number.” (Sumit Singh, 16:22)

• Subscription and Retention Strength:
  • Autoshop now >84% of sales, up from 60% in 2019. • Building out health offerings and vet clinics, driving higher retention.

• Chewy Plus Membership:
  • New program strengthening customer stickiness and basket size.

• Vet Clinics & Expansion:
  • Clinics now in multiple states, expanding to Arizona; half of visitors are new to Chewy ecosystem. • “We’re really using empathy and technology together to deliver experiences.” (Sumit Singh, 18:05)

• Fresh Food (“Get Real”) Launch:
  • Successful launch riding the “humanization” trend in pet care.

• Spending Trends:
  • “Consumer spending’s up… on consumables and health. They're still a little bit weary off discretionary, but at Chewy… we grew discretionary at 18% year over year.” (Sumit Singh, 20:31)

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4. Deep Dive: Deere & Co. Post-Investor Day

Timestamps: 22:50–28:48

• Stock History & Recent Struggles:
  • Cramer recommended at $508, but shares languished despite solid company execution.

• Investor Day Takeaways:
  • Restructured for customer-centricity (10 production systems). • Accelerated tech stack: roadmap to automation, retrofitting autonomous solutions. • Investing in services/recurring revenue for smoother earnings.

• Financial Guidance:
  • Management forecasts 10% CAGR in net sales through 2030 (versus 4-7% in prior decades).
  • “If you believe they can hit the number, then Deere is going from a 4% grower to a 10% grower.” (Jim Cramer, 25:16)

• Market Non-Response:
  • “Yet for some reason, again, the stock didn’t rally. Man, this thing is hated. It actually went lower.” (Jim Cramer, 26:46)

• Bottom Line:
  • Cramer considers it a rare buying opportunity in a high-quality industrial stock largely ignored during the recent run-up.

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5. Viewer Questions on Stocks & Cramer’s Lightning Round

Timestamps: 28:48–43:53

• Quick Takes:
  • Deckers Outdoor: Prefer Nike for momentum (29:28).
  • Procter & Gamble: Advocates patience, says long-term upside (30:24).
  • Soundhound, ROOT: Avoid due to speculative profiles (41:53).
  • Carvana: Still bullish, believes Ernie Garcia’s model is superior (43:06).
  • AES Corp: Likes as a beaten-down power generation play (43:53).

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6. Interview: Ara Mahdessian, CEO of ServiceTitan

Timestamps: 32:03–40:30

• Company Overview:
  • ServiceTitan is the “operating system that powers the trades”—all-in-one SaaS for contractors (HVAC, plumbing, etc.). • “These are hardworking men and women that keep the world running… ServiceTitan is bringing that power of Silicon Valley to Main Street.” (Ara Mahdessian, 32:39)

• Product Value:
  • Software streamlines operations, marketing, dispatch, and can directly lead to business growth—“double, triple, 5x, 10x their business within a few years.” (Ara Mahdessian, 34:11)

• AI & Automation:
  • DispatchPro automatically optimizes technician routing and scheduling in real-time. • Voice agents handle overflow calls during surges.

• Upselling Tiers:
  • Customers can upgrade to “Pro” level suites for maximum functionality.

• Labor Force Trends:
  • Skilled trades are seen as “future proof” compared to knowledge work being disrupted by AI. • Next-generation technicians increasingly attracted by six-figure pay and job security.

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7. Market Lessons: The Year of Magical Investing is Over

Timestamps: 44:20–48:04

• Fed Cut ≠ Return of Speculation:
  • Cramer declares the “year of magical investing”—a period of reckless speculation on cloud, AI, nuclear, crypto, and flying car stocks—firmly over, despite lower rates.

• Cautious Optimism for Real Companies:
  • “While the speculative plays have gotten crushed, we've seen a powerful rally in real stocks of real companies and real sales and real earnings. I like that.” (Jim Cramer, 45:34) • Examples: GE Vernova and Palantir, with real contracts/revenue, still surging.

• Bubble Warnings:
  • “Investors become true believers in stocks of companies that they don’t even know,” leading to underperformance relative to the S&P 500.

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Notable Quotes & Memorable Moments

• On Fed Meetings:
  “Here’s the only cadence you need to know about a Fed meeting… If it’s a cut, you buy. Unless it’s the last one… If it’s a hike, you sell all but your consistent growth stocks. That’s really all there is to it, even if that seems like the troglodyte’s guide to Fed watching.” — Jim Cramer (02:28)

• On Bearishness:
  “Please do not look a gift horse in the mouth. The bottom line: just make sure you don't get bearish when the time is right to be bullish…” — Jim Cramer (08:14)

• On Speculation:
  “When I went negative on the high flyers, the neocloud stocks, the ambiguous artificial intelligence plays, the nukes, the crypto derivatives, the quantum computing stocks and the flying car names, I warned that people are about to get crushed in this stuff.” — Jim Cramer (44:20)

• On Chewy’s Success:
  “We are simultaneously delivering top line expansion at the same time we're growing our margins…I feel like we've got a pretty good, durable and differentiated set of levers.” — Sumit Singh, CEO of Chewy (16:22)

• On ServiceTitan’s Purpose:
  “ServiceTitan is bringing that power of Silicon Valley to Main Street to give them the same tools that others have access to and hopefully the success that they deserve as well.” — Ara Mahdessian, CEO of ServiceTitan (32:39)

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Key Timestamps for Segments

| Topic/Segment | Timestamp | |:------------------------------------|:-----------:| | Opening & Fed Rate Cut Analysis | 01:55–08:14 | | Market Positioning & Stock Picks | 08:14–10:42 | | Chewy CEO Interview | 13:10–21:12 | | Deere & Industrial Sector Analysis | 22:50–28:48 | | Viewer Stock Q&A | 28:48–31:15 | | ServiceTitan CEO Interview | 32:03–40:30 | | Lightning Round | 40:53–43:53 | | The Year of Magical Investing Ends | 44:20–48:04 |

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Summary Table: Cramer's Current Stock Stance

| Stock | Cramer’s View | Rationale | |-------------------|-------------------------------|-----------------------------------------------| | Home Depot | Bullish | Undervalued after recent dip; upside on rate cuts | | Palantir | Bullish | Real contracts, growth, defense sector wins | | Deere & Co. | Bullish (Buy on weakness) | Out-of-favor despite strong guidance/innovation| | Nike | Prefer over Deckers | Strong management, upcoming upside | | Procter & Gamble | Hold, Long-term Buy | Patience will be rewarded | | Carvana | Bullish | Disruptive business model | | AES Corp | Bullish | Out-of-favor power generation, value play | | Capital One | Bullish | Low multiple, good performance | | Soundhound/ROOT | Bearish (Avoid) | Speculative, no real profit | | Lemonade | Speculative alternative | Suggests over ROOT for a gamble |

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Episode Takeaways

• Markets have responded forcefully in favor of stocks after the Fed cut, especially for cyclical, small-cap, and growth sectors.
• Stock selection should shift toward real, earnings-generating companies over “magical” speculative plays.
• Major CEOs (Chewy, ServiceTitan) underline the value of innovation, ecosystem development, and durable growth—even amid consumer uncertainty.
• Industrial laggards like Deere present contrarian opportunities.
• The "Year of Magical Investing"—marked by speculative excess and busts—serves as a cautionary tale to focus on fundamentals, not fads.
• Cramer’s fast-paced, opinionated, and banter-filled segments offer clear entry points, actionable ideas, and real-world perspective for investors amidst Wall Street noise.

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This summary provides a comprehensive guide to all essential content and actionable lessons from the episode, with timestamps and attributions for easy listening reference.

Transcript

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Buddy. Welcome to Craig Mark do make friends. I'm just trying to make a little bit of money. My job. Not just entertain though, but to educate, explain. Like this. Like today can happen. So call me at 173cbc tweet me Jim Cramer. The hairs are split, the heads are counted. The deal is done. The Fed is cut. On to the next story. It really is like that in this business. Only the media seems to know that it's not and insists on beating the story to pulp. When the old judgment is all the matters got a rate cut.

[Sumit Singh]

Yay.

[Jim Cramer]

Here's the only cadence you need to know about a Fed meeting. It goes like this. We have a big event coming up. We think the Fed will cut probably a quarter point. Then we get exactly what we want and the story has been written. If it's a cut, you buy. Unless it's the last one. And with this President surely is it. If it's a hike, you sell all but your consistent growth. Stocks that is. And that's really all there is to it, even if that seems like the troglodytes guide to Fed watching. So with the Fed meeting done and behind us, we can go about our business of buying good stocks that have been kept down while we waited for Jay Powell to take the Fed funds rate down a quarter point. And that's why the average is quite caught fire after the meeting. With the Dow surging 497 points S&P jumping point six seven said Nasdaq emerging point three three percent and the Russell just going nuts now I know there are lots of questions about the number of dissenters, the the real rate of inflation, the exact payroll numbers. There's plenty of hand wringing about whether inflation is about 3% because historically it's not a great idea to cut rates when inflation remains high. We hear all this fretting about the red hot business. Is it taking jobs or not taking jobs? We divine the narrative. The not so hot rest of the economy left out the stock buyers. These things mean nothing if you're going to buy good stocks. They're the questions that reporters have to ask and Fed chief Jay Powell feels he has to answer. But they're not particularly significant to you and me. Let me tell you the three things that really do matter. First, the Fed's still on the side of the bulls because it's still an easy mode even if the current economic data is unclear. That means we don't have to fight the Fed when we buy stocks. Second, with the Fed done for the year, money managers are going to fight aren't going to fight the tape. Stocks want to go higher. Money has been held back because there was always a chance that the Fed might not give us a rate. That would be a surprise. Could really hurt the that didn't happen though. So the floodgates are now open and there's a jailbreak of cash going into the market. Thank you to the late great Marty Zweig, a whiz of a strategist who explained the twin concepts of don't fight the Fed and don't fight the tape and the inverse when you get it, we've got it. Third, when Powell cut short term rates, long term rates actually fell. Now there's only one ultimate judge here of the Fed's actions and that's the bond market. When the Fed started cutting way back in the fall of last year, the bond market rebelled and long rates went higher, which was very bad for the market. This time bonds moved in the right direction, which makes Powell's compadres Look like they know what they're doing. Honestly, the bond market was my biggest worry coming into this week and the Fed meeting. But it turned out everything was fine.

Sure, maybe it helped the PAL decide to buy short term treasury bills. A new story. Maybe he's telling the bond market sellers, hey, listen, think twice because you're going to end up being wrong. And and yet it doesn't matter. Rates went down. That does matter. So one, the Fed is our friend, not our enemy. To the bulls aren't fighting the tape. And three, longer term rates fell in response to the rate cut. It's a trifecta that allows the stock market to roar.

What do you do in this situation where you buy stocks that do better? When rates are lower, even a quarter point lower, that means you buy the homebuilders and you buy the retailers that are connected, the home builders. You go with the ones that we recently heard from. That means you buy Toll Brothers which just reported trip a quarter but the forecast wasn't as positive. That means the narrative could change. Right now all they worried about a negative future. Well, maybe some more positive. We just heard from Home Depot and it wasn't as strong as we'd like. Again because interest rates are too high. You still have a chance to buy it here. It's way down 100 points below where I think it should be. And the company offered an encouraging scenario if the Fed lowered rates when it gave you that update as Investor Day yesterday. I'm going to talk about this on our investor day for the club on Friday at noon. It's going to be why you can buy a stock like Home Depot. Hey, you know what you can buy? The transports there thrive when rates go down. I think JB Hunt can be bought. The truckers, I never recommend them, but I think the long trucking recession is over. You can buy Federal Express because we're in the holiday season and Raj Subramanian is one great CEO. You can buy Union Pacific, Norfolk Southern because that takeover is a good 1/3. You know what you can do? You can buy the high flyers, the expensive stocks because people will pay even more for earnings their or just their sales if they don't have earnings. They always do. When you get rate cuts. It's just what the hedge fund playbook says you should do. And that's why the Russell 2000 index went up more than all the other indices. That small cap index is full of companies that don't have much in the way of earnings power but often have rapidly growing sales. Basically anything that trades on distant prospects many years down the road will do better with lower rates. Now I'd emphasize going after the ones that are already winning for this year. How about this one? I'm thinking of the stock of Palantir. Even when it's already up so much, makes a lot of money. It's not a flyer. It's just got into the US Navy with a terrific contract helping to build submarines more efficiently and more and much less expensively. I believe there'll be many more Pentagon contracts coming. Think surface ships, fighter planes, then weapons, munitions. It wouldn't surprise me if the whole arsenal of freedom goes to Palantir. It's precisely the kind of stock that works in this market. The ultimate high flyer that's up huge that you can buy it right now if you're a money manager and show your investors that you too owned Palantir. Finally for you can buy any industrial because the hedge fund playbook says that industrials benefit from lower rates. Even if you think it doesn't matter. The fabulous irony of all this frankly is the Powell in his own press conference actually came out and said that a quarter point really doesn't mean that much to any industry. I had to laugh at that one. But that's not how hedge funds or even mutual funds think about it. They'll eagerly buy Caterpillar and Cummins two stocks at their all time highs just because they perfectly fit the environment. Now let's take a step back for a second and think like a portfolio manager when it comes to your own stocks. When you buy stocks what you want is for the Fed to continue cutting rates. Investors never like rate hikes even when the economy needs them because they're bad for stock prices. And I expect whoever replaces Jay Powell next year will try to keep the cuts coming.

That person we more of an emissary for the President than a let the chips fall where they may empiricist like we have with Powell. Long term, possibly problematic short term market loves lower rates. We're going to get millions of new stock accounts because of the Trump accounts from the big beautiful budget bill that are a fabulous handout to newborns. Get some started young. I like that new money coming to the markets. Always refreshing too. And we have automatic money coming in from these accounts. And you know what, let's keep it real simple here. We just got a very early Christmas present for Jay Powell. Please do not look a gift horse in the mouth. The bottom line, just make sure you don't get bearish when the time is right to be Bullish going into the end of the year and bears are grumpy and unhappy. I expect you to come on our tv, our network and many others and tell us that the buyers are wrong, that I'm wrong. And even as the buyers are making money and you may be losing fortunes, well, you want to tell us how right you are? Well, that's the plight of a bear in what seems to be a never ending bull market. What can I say? Can't please everybody. Jeff in New Jersey. Jeff. Hi, Jim. Jeff from Central Jersey, aka Dr. Ece. You had a really monster fish I saw. I'm calling about Visa. My concern is that more and more places are charging credit card fees 3, 4% and you're getting back 1%. The math doesn't add up. Will their transactions, will they lose transactions? No, I just, I just had a nice, really nice update with Visa just the other day. It was really quite amazing. They're doing incredibly well. Look, if you want to get into the business of credit cards that don't charge as much, I want you to go by the stock in Capital One which has been one of my big recommendations for this year. Club members know I think it's terrific. We talk about again on Friday. It did hit a new high today, but that doesn't mean anything because it sells at 12 times earnings. COF Capital One. You know the ads. It should be in your portfolio, not just your wallet. The bears are welcome to come on TV and tell us why the buyers who are making all the money are wrong because that's what these people know to do. But remember, the buyers are the ones who are winning on my money today. If you want to know how the consumers ferry want to check in with their furry friends. I'm hearing all about the state of pet spending with the CEO of Chewy, a stock I like very much. Then when where do things stand with Dere? After its positive investor day, I'm plowing through the numbers and showing you where I come down.

A year ago, service titan came public on trades day. Now I'm getting the chance to sit down with the CEO I've always wanted to and get a closer look at this company. That as well. If it's high, it might be an opportunity. So stay with Kramer.

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[Jim Cramer]

Well, here's a confusing one. This morning we got this set of numbers from Chewy, the online store for pet food and pet supplies that I have told you I like very much. Cubs reported a modest top and bottom line beat, also raising the low end of their full year forecast. At the same time, though, the guidance for the current quarters seem to be a little light. Wall street seemed to have a hard time figuring out what to make of these results. Stock initially dropped in premarket trading. Then it came roaring back. It opened almost up 7%, then immediately pulled back from its high, spending the rest of the day fluctuating between positive and negative territory, with the stock only finishing up 1.5%. It was just crazy. So what comes next? Let's check in with Sumit Singh. He's the CEO of Chewy. Yet a better read of the quarter where it's going. Mr. Singh welcome back to bed money.

[Sumit Singh]

Nice to be here. Thank you for having me.

[Jim Cramer]

Okay, so first two years ago you told us the stock was done going down. It was around $20. That was dead, right? It's actually never looked back. I looked at the set of numbers, I didn't find them confusing. You're going about exactly what you said. You're continuing to dominate, you're taking share, you're on plan.

Am I right that there was really nothing all that confusing about it?

[Sumit Singh]

Yeah, that's exactly right, Jim. We are really proud of the way that the team is executing. So you know, we grew revenue at 8%. That is more than two times the rate of industry growth in 2025 and profits grew 30%. So three times the revenue growth. Free cash flow continues to accumulate and we're looking forward to having a great year end.

[Jim Cramer]

And I think it's important, when I went out very positive and ever since been positive, all I ever hear about is, well, Jim, do you understand that Petco's got something like that? Do you understand that Amazon's got something like that? Do you understand that Wal Mart's got something like that? From what I can tell, you're beating all those guys.

[Sumit Singh]

You know, pets, as you and I have always appreciated, is a super emotive category. And in an emotive category like this, when you show up with, you know, being best in class in what we do, which is E commerce, but then we deliver service levels that you can only expect at the best local neighborhood pet stores, it kind of is the best of two worlds. It's the combination of scale and convenience of E commerce and the personalization, you know, on top of that. So you know, we have a very durable set of mechanisms. Auto ship. You and I, you know, talked about auto ship in 2019 and it was at 60% levels. We are now pushing over 84% of our sales through this quasi subscription program. And since then we've built a health ecosystem that continues to pull more customers, drive greater retention and drive us towards premium growth and profitability. So overall I feel like we've got a pretty good, durable and differentiated set of levers.

[Jim Cramer]

I totally agree. Now the west is kind of, let's go over what the next quarter really meant. I felt what you said, you're going to spend in order to be able to prudently grow. Other people are saying that to spend because they have to spend or that they're spending out of defense. And, but again this is one where you have taught us, look, we have to spend, we Want to. Want to continue to grow. And there's really nothing more than that.

[Sumit Singh]

Yeah, I think there's a couple of messages that should be heard very, very loudly. One, you know, we are growing. We're aggregating share across the industry, growing at more than two times the market number. Two, you know, Chewy does not require investment to continue to deliver, you know, growing levels of top line. And then three, it's not top line or bottom line for us, it's both. We are simultaneously delivering top line expansion at the same time we're growing our margins. I mean, we delivered 100 basis points or 30% in profit growth in Q3. And for the year, we're going to deliver north of 25% profit growth while converting 80% of those profits into free cash flow.

[Jim Cramer]

Well, that's exactly what I want. Tell me a little bit more about Chewy Plus. Seems to be we saw you right when you're about to launch it. So far, so good.

[Sumit Singh]

We're loving Chewy Plus. So it's a program that is meant to give customers a chance to really get to know all of the offerings are chewy in a very simple manner. It aggregates share of wallet very quickly for us and it is really primed, you know, to help us consolidate basket sizes and drive customer satisfaction and value back to consumers while consolidating share of wallet towards us. And so, you know, early days where we've been at it for about six months and we like the results so far.

[Jim Cramer]

You have always moved into the agencies that I most wanted you to move into, which is of course veterinary and veterinary seems to be working out better than we thought.

[Sumit Singh]

It really is. You know, we have a pretty unique proposition. A.

It'S a, it's a model that is built on the core pillars of high touch customer centricity. B, we have very high customer satisfaction scores. And then three, we're really using sort of empathy and technology together to deliver experiences. So here's what we're observing. You know, four out of 10 customers that are walking into our locations are net new to Chewy, right? In a very short amount of time, half the customers that are walking in are then attaching, attaching other categories like pharmacy or health and wellness supplements from chewy.com so not only are we aggregating share of wallet quickly, we're also seeing net customer incrementality and brand scores continuing to lift up. Whichever market we're launching CVC in now we're quite excited about.

[Jim Cramer]

Right? One thing I, I've not seen it Myself, I mean, where, when are we going to see them in, in Brooklyn for instance, or New Jersey where I spent some time in both.

[Sumit Singh]

Yeah, we'd, we'd welcome you in, in any of the locations we have them currently. So currently we've got them in four states. Florida, Atlanta, Denver and Texas or Colorado and Texas. And what you should expect from us as we move, we've actually just launched one in Phoenix last week, so we're, we're now in Arizona as well. You should expect us to densify our footprint as we move into next year. What that does is it gives us really good leverage from an OPEX point of view, gives us marketing benefits from an in ground awareness point of view and allows us really good cross training opportunities for our staff. So, you know, look for, look for these to continue to densify. And we welcome you in any of these locations.

[Jim Cramer]

Thank you very much. I hope I don't have to use you, but that's, that's good news. How about Get Real, how are we doing with the fresh food offering?

[Sumit Singh]

You know, fresh and frozen. I would categorize this as the new format, you know, that continues to support this trend of humanization and premiumization that we've talked about for so long. And so we see this as a market that, you know is going to be in the billions or the next few years. And you know, we felt that Chewy has a right to participate and we're doing so by bringing forward, you know, a private label product called Get Real. Customer reception has been great. More so than that, dog reception has been great and the humans are loving it as well. NPF scores are great. Product ratings are good. We're excited about what's to come.

[Jim Cramer]

Finally, consumers spending more or less on their pets this year.

[Sumit Singh]

You know, consumer spending. Well on our platform, consumer spending's up, as you can tell. You know, we're aggregating Nest Pack growing at that 5% levels in addition to picking up an incremental 5% customers from the market, which is the composition of our revenue growth. So consumers continue to spend on consumables and health. They're still a little bit weary off discretionary, but at Chewy, you know, we grew discretionary at 18% year over year. So we're happy about those results.

[Jim Cramer]

That's all I need to know. Another good quarter. I'm not confused about it at all. That Sumit Singh, CEO of Chewy Sumit, it's great that you called the bottom when you were on a couple of years ago. And to me I don't see the top. So congratulations. Thank you.

[Sumit Singh]

Really appreciate.

[Jim Cramer]

Very good. They're going to be back after the break.

[Show Announcer]

Coming up, with Deere's investor day in the rear view, is it time to jump back on board with the machinery maker? Kramer makes the case to buy into a bounce back next.

[Jim Cramer]

This ad is only 15 seconds. In that amount of time, there are likely to be an average of over 15,000 cyber threats to all businesses. So there's no time to wait. Get threat ready with comcast [e-mail] cybersecurity.

[Show Announcer]

Before the trophy and bragging rights are rightfully yours. Before your sleeper turns. In a season no one saw coming before, stats and projections turn into points on the board and your lineup falls perfectly into place, you've flipped the lid on a can of on nicotine pouches. And as you make your first pick, you know this is the season where fantasy's going to surpass reality. It's on products for tobacco consumers 21 years of age or older. Warning. This product contains nicotine. Nicotine is an addictive chemical.

[Jim Cramer]

This segment is brought to you by Gelt.

[Darren Odessi]

If you're a business owner wondering whether.

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[Jim Cramer]

Earlier this week, President Trump rolled out a $12 billion aid package for American farmers in part to ease the pain that they're feeling from the trade war.

And when farmers get money, you know what they do? They tend to buy agricultural equipment. So could this be the moment that deer finally comes back in style on the Wall street fashion show? It's been a while. Here's a stock that I mistakenly recommended in June when it was trading at $508. See, I assumed it could keep running as the fundamentals of the underlying business continue to improve. You know what? The fundamentals did get better. But the stock spent the last seven months drifting lower to almost $469 as of today. I was quite surprised. The frustrating thing about Deere is that I was right about the company. It's just that Wall street hasn't had any appetite for the stock. It does happen. They do diverge. When June reported in August, for example, delivered a pretty solid earnings beat and raised its full year net income forecast. I thought that was going to be terrific. Then just a couple of weeks ago they reported a healthy top and bottom line beat. I thought that would mean something. The big story from that quarter, or at least what should have been the big story, was the fact that for the first time in nine quarters, Deere had positive net sales growth up 14%.

Sadly, that wasn't the main story from the quarter though. Instead, Wall street focused on management seemingly disappointing forecast for 2026. The most important number that your guides for is debt income and management said that they're expecting $4 to 4.7 I'm sorry 4 to 4.75 billion in net income for 2026, well below the $5.5.11 billion that the analysts release looking for. That was disappointing. At the same time, Deere said its production Precision Ag segment will be down 5 to 10% for the year, which is brutal because that's 45% of the business and that's why the Stock tumbled nearly 6% on the day of the report, even though the numbers themselves were excellent. On Monday though, Deere hosted this Investor Day event right here at the New York Stock Exchange where they had some encouraging things to say. Though again the markets didn't seem to take notice. Management started by highlighting the changes that they've made to their operating model. First year said that it's restructured its business to focus on customers distinct production systems. Basically they reorganized into 10 units focused on their 10 main end markets from sugarcane to roadbuilding. I was thrilled about the granularity here. Next year centralized its technology stack which will help them deploy cutting edge solutions across all their end markets. I've always liked this company's commitment to innovation. It's pretty big. On the tech front. Deere offered a roadmap to fully automated production systems by 2030. Also spent some time highlighting some new retrofit kits that will help previous generations of tractors become autonomous. Retroactively they highlighted a bunch of other stuff like cameras that identify weeds and then spray weed killer only where it's needed. Or something called exact shot which is more targeted way to apply starter fertilizer instead of spreading it across the whole farm. That can add up to big cost savings for farmers. Finally, Deer basically said that they've been leaning into into services, keeping their machinery running longer, making it more useful. That's terrific because this type of business represents more dependable recurring revenue that helps smooth out the company's numbers. More importantly though, Deere rolled out some new Long term financial forecasts that I thought were very, very bullish. Management said they expect net sales to rise at a 10% compound annual growth rate from this year through 2030. Very strong. For perspective, from 2000 to 2009, deers revenue compounded at just a 7% clip. From 2010 to 2019, it was more like a 5% clip. From 2020 to 2025 was just a 4% clip. In other words, management predicting that they'll be able to deliver their best long term revenue growth in a couple of decades over the next five years. I think that's huge. If you believe they can hit the number, then Deere is going from a 4% grower to a 10% grower. And typically Wall Street's willing to pay a lot more for stocks with faster revenue growth. Yet for some reason, again, the stock didn't rally. Man, this thing is hated. It actually would lower.

[Commercial Announcer]

Why?

[Jim Cramer]

Because we're only a few weeks away from the end of the year. And this is when money managers tend to buy winners, not stocks that have been languishing for seven months like Deer I did. We Deer can hit its targets though, and sooner or later that's going to matter. Management says they can turbocharge their growth rate through product leadership, more recurring revenue from the services business as well as software sales and inorganic growth, meaning acquisitions. That Deere said that expects mid cycle profit margins in the 20% range was exactly new. But it was good to hear it reiterated in the previous ag up cycle. Deere's operating margins peaked at about 18% in 2023 and it was more like 10% last year. So I'm certainly not complaining about a trip back to 20% next couple of years. Now, how about that farm subsidy package the president announced on Monday? Okay. Everybody immediately picked sides on this issue because we're really in a bitterly diverse, divided nation. I don't really have a problem with bailing out industries that got caught in the crossfire. The trade war. Although I got to say it's kind of crazy that we live in a world now where so many people have strong opinions about industrial policy. But for our purposes. Look, it doesn't matter why this is happening. It only matters that us farmers are Deere's primary customer base. And that industry is about to get $12 billion from the federal government. Sure, we'd love it to be from crops going up, but you got to tell you where you can get here. You better believe a decent chunk of this bail is going to tractors and other kinds of equipment. So we give you the bottom line on what's a very simple clean story. Deere stock has spent most of the past seven months cooling off after big run in late 2024 and early 2025. But I think the stock's ready to start running again, if not now, then soon. This is a high quality company that's finally returned to strong revenue growth after a couple of years lost in the wilderness. Imagine. Sounds very confident about the Future. Future through 2030. So if you don't any deer already or if you bought someone. I said it. And you probably want to buy some more down here. I got to tell you, you're right. I feel like you're getting a great opportunity to buy some shares and a really high quality industrial when all the others are flying. While Wall street still ignoring this one, I think most likely at its own peril. Let's take calls. Let's go to Baruch in California. Baruch.

Hey Jim, Hope everything is going well. It is going very well. How about you?

Thank God. Good. I wanted to talk to you about Decker's outdoor stock specifically because the stock was doing quite well towards late summer, reaching as high as 123.91. Then it began like a precipitous decline to 7,954. Once Decker's guidance indicated that tariffs not only eat into profits but also decrease consumer spending. And so at least lately Decker share price seems to have entered a resurgence. I was curious given the US tariff deal, which I know, whether you think the resurgence sustainable and it's worth sticking with Deckers given its past volatility. And also could Deckers reflect the general trend within consumer retail recently? Okay, I am going to take the other side of the trade here and say that I think that the company's momentum is still not that good. And I would think that if you want a company that I think is on the upswing, I would rather see you in Nike. You can buy some here at 65 and then if it drops down to say 60, because it could happen when they report in December 18th, you buy buy more and then just let that run because that's going to be the one that I think is for the next five years the best in show. Elliot Hill's doing a good job. Let's go to Roy in North Carolina. Roy. Yes, sir. Roy, you're up. It's Jim. What's happening? Appreciate you taking my call. No problem. Wondering what's going on with Proc and Gamble. March is up in the high 70s now. I'm very glad you asked about Procter and Gamble. Okay, so they disappointed the Street. I'm going to spend a lot of my time on my Friday conference call with Jeff Marks with the Investing Club talking about why you should buy Procter and Gamble and how you're going to make a lot of money doing so. But you must have patience. Patience is going to pay off with pg. Thank you. And I'll see you Friday at our noon monthly conference call. Gears to Stock has spent the past few months cooling off, but I think it's ready to run again. I don't think Adco would disagree with that either. By the way, much more may have money added, including my exclusive for the CEO of a platform bringing the trades into the AI era. It's called Service Titan. First time on the show. Then could the year of magical investing claw its way back into the zeitgeist? I'm giving you my take on a day when the Fed just gave us a break and outlining where your spec stocks stand right now. Rapid fire all sell, of course, in today's edition of the Lightning Round. So stay with.

Last week we got earnings from a company called Service Titan, software provider to all sorts of tradespeople, especially the building trades. This is a company came public roughly a year ago, was trading around $100 a share at that time. I told you that I like the story, but I thought you should wait for a point pullback before you did any buying. Sure enough, Service Item pulled back to around $80 in March before surging to $131 and change at its peak in May, then pulling back to the mid-80s again about three weeks ago. But since those lows, the stock has rallied more than 20 bucks. Doesn't hurt the surface. Titan reported last week it delivered a healthy revenue beat with a better than expected operating income number and that breathed new life into the stock as it should. So can it keep running? Let's take a closer look with Arab Modesty. He's the co founder, chair and CEO of Service tighten of founder the find out Mr. Pedestrian, welcome to Mad Money.

[Darren Odessi]

Mr. Kramer, thank you so much. I think given your extraordinary roster of past guests, it is very deeply humbling and I'm very grateful to be here.

[Jim Cramer]

You're very kind to say that. I feel I'm in the presence of someone who has invented an industry that is so sorely needed that I will return the compliment. I do want our viewers though to know I've been following you for when going Goldman first tapped you guys. I said these guys have a model no One else has. If you could share that with our viewers so they know exactly how. As we said at law school, sui generis, unlike any other company, your businesses.

[Darren Odessi]

Thank you. Service Titan is it's the operating system that powers the trade. So if you think of your local plumbing, air conditioning or electrical services contracting business, these are our customers and our software is the all in one solution that they use to manage every part of their business. And so typically this industry doesn't really rank very highly on the glamour scale, but you can imagine it does on the criticality scale. These are very hardworking men and women that keep the world running. Where you live, where you work, you need access to power, water, air. And these are often the heroes who fly across town and save the day when something goes wrong, either in our homes or in our commercial properties. And we've seen that they've just been very underserved for quite some time. And Service Titan is bringing that power of, of Silicon Valley to Main street to give them the same tools that others have access to and hopefully the success that they deserve as well.

[Jim Cramer]

Well, all right. Got to tell you, my feeling about tradespeople is it's always such a shame. They leave me a paper bill because that's what they do. It's on my desk because they trust me. Thank heavens. I want to get a hold on to homeless and you can just give me, give me a wire instruction but you can't because they're out on the job. They don't have anyone answering the phone because they're solo practitioners or you know, they work with a few as they would be your client. You put an end to this. For the ones that have, that have a few business, a couple of trucks and trying to do a good job. It's no longer like that. If you're a Service Titan client.

[Darren Odessi]

That's right. I think you described it incredibly well. Ultimately what the software does for them is it helps them deliver a much better customer experience. And when they do that, they often find that they see very significant increases in revenue and ultimately profitability. And it's not uncommon to see our customers double triple 5x 10x their their business within a few years of using Service Titan. And these are transformational outcomes not just for their businesses, but of course they can often be life changing for folks as well. It's like in many cases it's the first time they're able to step away from work and take a vacation or just to leave work a little bit early to make it to the kids soccer match and as you said, it does it by managing every aspect of their business from how they do their marketing, to how they handle phone calls, to how they book the appointments schedule and dispatch all the technicians to go to the hundreds of homes they need to service in their communities, manages their inventory, payroll and frankly everything else.

[Jim Cramer]

Well, I think that I want to go a little bit deeper on something you said which is that they went to their kids games, so to speak. My feeling is always that if there isn't someone picking up the phone or if it just rings and rings, I'm going to go to the next one. But with Agentix rather than just there's so many people come on here and they claim, listen, it's to this we replace the person with this that these people have no one to replace. It's just themselves, it's just a small group of people. So tell us what it's like. I call my plumber, he's part of a group, rings and rings, that's the currency and nothing happens. What happens if I call a plumber who's part of your system?

[Darren Odessi]

That's right, Mr. Kramer. We service contractors of all shapes and sizes. So we certainly have family owned businesses, we have private equity backed businesses, we have smaller businesses, we have very large businesses that we serve. But all of them struggle with the same challenges. They are overloaded with work, there's a lot of demand for their services and the challenge is that there may be a sudden surge in demand. Right. If water pipes start to freeze in Texas you're going to have 2x5x10x the call volume and you can't necessarily scale headcount very quickly to handle it. Or if you're, you know, you're a plumbing company with 20 technicians on the road serving 100 homes today and all of a sudden you get five emergency jobs booked that you got to get technicians out there in five minutes. You can't all of a sudden play Tetris on your dispatch board to rearrange all the jobs to get everyone serviced. And so you know, it might be a little bit counterintuitive that one of the most traditional industries actually has the largest opportunity for AI. But for example, our Dispatch Pro product is an AI product that will automatically figure out what, what is the best technician to get to which either home or commercial property. And if changes happen, it'll do the Tetris automatically in real time. Or if there's a sudden surge in call volume, our voice agents will handle the overflow that the customer service reps can get to and make sure we book those appointments so that someone can get out there and resolve the issue.

[Jim Cramer]

So a company that joins your universe can find other things that apparently, from what I've read, give you an even better return on investment than just the plain old lower tier. Talk to us about the higher tiers.

[Darren Odessi]

Certainly we have this concept of the core product. The core product provides, call it a medium level of capability across every key workflow in a contracting business, from helping them market better to generate more customers, to book calls better to dispatch better, diagnose problems in the field better manage inventory and payroll better. And typically, customers will first sign up with our core product to elevate their business across all these workflows. And then once they see a high level of return on this core product, we will then earn their trust and partnership and the desire to upgrade to our Pro products which are the highest level of capability and sophistication. You know, marketing pro for the most advanced marketing dispatch pro for the most sophisticated dispatching and so on and so forth.

[Jim Cramer]

Now, the last thing I want to ask you, one of the things that I think a lot of people are very concerned about is we that the industry's aging out there are not a lot of people wanting to go in these businesses even though they're very, very good businesses. And as people get older who may be service tighten customers and they retire, what happens? I mean, do you have an attrition problem just because we just don't have enough tradespeople, not enough people are attracted to it?

[Darren Odessi]

That is certainly the case, Mr. Kramer. There's generally a shortage of labor. But increasingly what we are seeing is that the next generation is seeing the skilled trades as a fantastic place to build an incredible career. We, we now have, you know, folks coming straight out of high school which are the most junior technicians who in some cases immediately, in some cases within a few years are able to earn six figure paychecks by doing incredible work in a residential home or in a commercial property. And I think the most exciting part of the skilled trades is that it is potentially the most future proof industry. You know, just recently I asked Chat which jobs are most are least likely to be disrupted by AI. And it literally told me bombing H Vac, roofing and so forth. And I think if we refer to all the studies that have been done on AI, for example, the recent one for Microsoft, they describe it as the jobs and industries that are purely cognitive are the ones that are at greatest risk of disruption from AI. And you see even things like legal, medical, computer Science at risk of disruption. And then the jobs where they're of course cognitive, but also require incredible physical dexterity in unpredictable environments. You know, think of having to crawl into an attic or a crawl space to diagnose a problem and fix it or climb on top of a roof to do the same thing. These are the ones that are least likely to get disrupted by.

[Jim Cramer]

Well, look, I think you're in a great spot. You've got it all by yourself. It's done a terrific job. I've been following your career for a very long time. Congratulations to all of the goodness that you have done for your shareholders. And I've got to tell you, this was a great quarter and let's leave it at that. Darren Odessi, and he's the co founder, chair and CEO of Service Titan. Thank you for coming on. I really appreciate, appreciate it.

[Darren Odessi]

Thank you, sir. Sincerely. I know you usually feature great luminaries, so the fact that you let me sneak in, I greatly appreciate it.

[Jim Cramer]

I think you've done a lot of great things yourself. Man. Bunny's back after the break.

[Show 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. It's time for the light morale crab join by us from raffle glory. Saving the socks down above myself. I don't know the clothes and save the stamps of graphics while you're playing the sound. And then the lightning round is over. Are you ready? Ski Dad's lightning round Christmas party. Let's start with Jim in Connecticut. Jim.

Jim, you add Boeing to your trust.

That's so. Makes lightweight material for Boeing and many other companies. Hexcel is a very good company. Sir. The only reason I said to buy Boeing is both Hexel and Helmet had gone up too high. Boeing is still lagging. Let's go to Steve in Pennsylvania. Steve? Yeah, Jim. Steve from Philly. Booyah. Booyah. How you doing, Porter? Go Birds. We hope. What's happening? Yeah, not too much. Listen, Jim, longtime listener, read all your books, absolutely love everything that you've done for us as investors. So thanks so much for that. You're quite well. About. Yeah, I'm calling about Soundhound today. So you win. No, see, Soundhound doesn't make any money. It's one of those year of magical investing stocks. Then that year is over. Let's go to Hunter in Texas. Hunter, Jim's big fan. You know, me and the boys over here, we're always looking for the next big play. Right now we're looking At R, double O, T. No, you got to keep looking at something else. It's not going to do it for you. It's actually expensive stock, even though it doesn't look like it because I don't think all the earnings are going to come through. But you know what? You ought to think about lemonade. I'm not kidding. Let's go to Jim and Florida. Jim, Jimmy, chill. A big, warm, sunny Naples, Florida. Booyah to you. That's a very spirited booyah. What's going on? My question down the Stock that's down 38% year to date. I decided earlier in the week to tax loss, harvest the thing. Do I wait for 31 days and buy it back? It's just ticker symbols. Dow buy, sell or hold. No, I'll tell you why. It had a nice bounce off the cut. It could have another point or two, but that's all. I don't want you to play for just a point. I want you to play for the enchilada. Let's go to Jay in New Jersey. Jay. Hey, Kramer, how's it doing? I'm doing well. How about you?

How are you? Question about Carvana.

[Darren Odessi]

Just wanted to know.

[Jim Cramer]

Here's the answer about Carvana. The stock is going higher. Now. It may not just continue to go higher because it just had a huge run, but I've been behind this stock since it was a teenager and I'm continuing to do so. I think Ernie Garcia has a better model than anybody else. Let's go to Doug and Maryland. Doug, Jim, love the new book. Oh, thank you, Doug. Thank you. I want to thank you for helping me and my five boys in our investing journey. My question is, with the huge data center power demand, what do you think about the global power generation company, AES Corporation? It's always been disliked. And you know what? I've taken a liking to it down here. I think you've got a buying opportunity in AES. And thank you for the kind words. And that, ladies and gentlemen, is the conclusion of the Lightning Round.

[Show Announcer]

The Lightning Round is sponsored by why Charles Schwab.

Coming up, if the year of magical investing has ended, where should you turn in 2026? Kramer breaks down the importance of real revenue.

[Jim Cramer]

Will the year of magical investing come back now that the Fed has cut rates? I don't think so. When I went negative on the high flowers, the neocloud stocks, the ambiguous artificial intelligence plays, the nukes, the crypto derivatives, the quantum computing stocks and the flying car names, I warned that people are about to get Crushed in this stuff. This morning I was walking the street. Carl asked whether these stocks could now roar into the close of the year. I said no chance. Especially the faux T data center stocks after an earnings miss from data center builder Oracle after the close. Let's go back to when I went negative on these super specular stocks 24th of this year. I based that quote a peculiar condition the outrageous number of speculative stocks that you've given me in the lighting round. A couple of days before the so called year of magical investing had gone parabolic and I was worried that people would begin to lose fortunes if they stuck around. Both research director Ben Stodo and I knew we had become too. It was time to shut the door on these particular.

High flyers. As is often the case, many of these stocks kept going higher for a week or two. Looked bad for a second there but then almost all of them peaked and says you know what? It has been absolutely horrendous. The house of pain. Most of them have been cut in half or worse.

Nanonuclear Energy a formerly red hot nuclear stock Aramco Resources according to coal miner turn Rare earth minerals Play Rigadi and Quantum computing Red Cat drones. They've been eviscerated. Those aren't even the worst performers. They're simply representative. What's going on? The call hurt when we made it we got a lot of negative feedback but in the end it was right. Some of the worst hit have been the recent IPOs. Often because they went ridiculously high after they came public. Powered by the over enthusiasm of traders. It wasn't the fault of the bankers that something like Figma, the visual design software for a company climbed from $33 where it was priced to $142 and change at the peak. Now it's at $39, almost a round trip. While the speculative plays have gotten crushed, we've seen a powerful rally in real stocks of real companies and real sales and real earnings. I like that. What happened here with the now fallen specs? I think people didn't know what they own. They didn't know how to value these stocks because they were playing the greater fool theory. Buying something hot and then hoping someone else would take them out of their position at higher prices. I talk about how this happens and how to make money in any market. When this kind of speculative mania occurs it's important for people who've lived through other manias to call them out. These bubbles are a big reason why individual investors often underperform. The S&P 500 people simply took profits on the way up. They do fine. That's really the case. Investors become true believers in the stocks of companies that they don't even know. They aren't worried that the FAA hates flying cars. They don't care that it takes a decade to build a new nuke plant. It means nothing in them. And only IBM and Google offer commercial quantum computing. And it isn't much. Or that many of the bitcoin derivatives like Strategy, formerly microstrategy, have been annihilated. Now there's a way to speculate responsibly. You buy stocks of companies with real earnings, real revenues, they can get a much higher price to earnings. Multiple expansion on that news flow, it's not the perfect way, but it's a way. G Vernova soared during this period as it got order after order from the companies that needed power to build out data centers. It closed today at 723. That was up $97 one session. Palantir continued to surge higher as it won tons of contracts both in the private sector and the federal government. It went up $6 today to 188. Neither stock is done going higher. These kinds of stocks with the ability to turn into high powered, high earnings stories can absolutely last through the end of the year of magical investing because their sales and earnings are still growing like weeds. But the others, they aren't worthy of your money or your time. Even down here because the year of magical investing came to a close at the end of September and it's not coming back anytime soon. I say.

I like to say there's always a bull market somewhere in a pump shot. Find just for you right here on Mad Money. I'm Jim Cramer. See you tomorrow.

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[Show Announcer]

Before the trophy and bragging rights are rightfully yours before your sleeper turns. In a season no one saw coming before stats and projections turn into points on the board and your lineup falls perfectly into place. You flip the lid on a can of on nicotine pouches. And as you make your first pick, you know this is the season where fantasy's going to surpass reality. It's on. Products for tobacco consumers 21 years of age or older. Warning. This product contains nicotine. Nicotine is an addictive chemical.