Mad Money w/ Jim Cramer 12/2/24

Summary

Mad Money w/ Jim Cramer – Episode Summary (12/2/24)
Release Date: December 3, 2024

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Introduction

In this electrifying episode of CNBC's "Mad Money", host Jim Cramer delves deep into the latest market trends, explores significant stock movements, and engages with insightful guests who shed light on pivotal sectors shaping Wall Street's landscape. From the bustling e-commerce realm with Shopify to the resilient cybersecurity sector led by CrowdStrike, Cramer provides listeners with a comprehensive guide to navigating the complex world of investing.

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Market Overview

Jim Cramer opens the show with a bullish outlook, emphasizing the perennial presence of bull markets:

Jim Cramer [00:45]: "There's always a bull market somewhere, and I promise to help you find it."

He highlights the recent performance of the Dow Jones Industrial Average, which dipped by 129 points (–2.4%) but was offset by a 0.97% rebound in the NASDAQ, signaling recovery from recent volatility.

Key Market Insights:

• Intel's Leadership Shake-Up: The decision to remove CEO Pat Gelsinger marks a significant turning point. Cramer predicts a positive future as Intel eyes competition with Nvidia and AMD.
• Magnificent Seven Resurgence: The tech giants, often lagging, are poised for a comeback, reinforcing Cramer's thesis that when major players lag, opportunistic investors can capitalize.

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Featured Interviews

Harley Finkelstein – President of Shopify [14:36–21:58]

Cramer welcomes Harley Finkelstein to discuss Shopify's stellar performance during the Black Friday/Cyber Monday (BFCM) season.

Highlights from the Interview:

• Record Sales Performance:

  Harley Finkelstein [15:17]: "Consumers are absolutely voting with their wallets to buy from incredible independent brands. Their favorite brands are on Shopify."

• E-Commerce Evolution: Shopify is transitioning from a purely e-commerce platform to a comprehensive retail operating system, enabling sales across diverse channels like Instagram and TikTok.

• Entrepreneurial Boom: With barriers to starting a business at an all-time low, Shopify facilitates a surge in entrepreneurship, contributing significantly to economic growth.

• Sustained Growth and Profitability:

  Harley Finkelstein [19:18]: "The ability to grow and be profitable means we can keep investing... Shopify can be a very durable company long term."

Key Takeaways:

• Shopify's diversified platform supports both emerging and established brands.
• Integration with social media platforms underscores the shift towards omnichannel retail.
• Strong free cash flow margins empower ongoing investment and expansion.

George Kurtz – CEO of CrowdStrike [33:41–39:35]

Cramer engages with George Kurtz to discuss CrowdStrike's recent challenges and successes, particularly following a problematic software update.

Highlights from the Interview:

• Handling the Software Glitch:

  George Kurtz [35:44]: "We worked through it with our customers and stood behind our product and our company."

• Impressive Retention Rates:

  George Kurtz [35:44]: "115% net retention rates and 97% gross retention rates. This is still best in class."

• Customer Trust and Transparency: Kurtz emphasizes the importance of maintaining customer trust through transparency and unwavering support.

Key Takeaways:

• CrowdStrike effectively navigated a major technical setback by prioritizing customer relationships.
• High retention rates demonstrate strong customer loyalty and effective service recovery.
• Strategic focus on innovation ensures continued leadership in the cybersecurity sector.

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Stock Analysis and Discussions

PC Upgrade Cycle [23:24–43:45]

Cramer examines the sluggish PC upgrade cycle, analyzing performance and prospects of key players:

• Best Buy:

  • Performance: Reported strong PC and tablet sales but struggled with appliance and gaming sectors.
  • Cramer's Verdict:

    Jim Cramer [29:59]: "I am torn on Best Buy. The company could do better if long term interest rates come down and the housing market improves."

• HP and Dell:

  • HP: Facing margin pressures due to increased component costs, with enterprise PC sales outperforming consumer segments.
  • Dell: Transparent about challenges, focusing on enterprise sales and leveraging partnerships with Nvidia.

Cramer's Conclusion:
"The PC upgrade cycle is more of a normal upgrade cycle rather than AI-driven revolution, making stocks like Best Buy and Dell cautious buys."

Intel's Leadership Shake-Up [44:07–47:37]

Delving into Intel's recent CEO ousting, Cramer critiques former CEO Pat Gelsinger's tenure:

• Cramer's Critique:

  Jim Cramer [44:07]: "Pat Gelsinger stretched the balance sheet too far, made promises he couldn't keep, and failed to outpace competitors like AMD."

• Future Outlook:
  Cramer expresses cautious optimism about Intel's new leadership and the substantial federal investment aimed at rejuvenating domestic semiconductor manufacturing.

Cramer's Takeaway:
"Intel had potential under Gelsinger but lacked the execution. The new leadership faces an uphill battle, but strategic federal support offers a lifeline."

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Calls from Listeners

Throughout the episode, Cramer interacts with several callers, addressing their individual stock concerns:

1. Nicholas from Georgia [08:47–09:14]:

   • Question: Short and long-term sentiment on Bank of America.
   • Cramer's Response:

     Jim Cramer [09:14]: "They're killing it, they're crushing it. The stock doesn't reflect how well they're doing."

2. Julie from Connecticut [09:32–09:56]:

   • Question: Impact of Elon Musk's Robo Taxi on Uber.
   • Cramer's Response:

     Jim Cramer [09:56]: "There's room for everybody. Uber is a winner despite one-dimensional thinking."

3. Other Callers [29:59–43:45]:

   • Topics: Positions in Motorola, Lockheed Martin, UPS, AstraZeneca, and ARM.
   • Cramer's Guidance: Often advises caution, diversification, and highlights overvalued stocks, emphasizing fundamental analysis over mere momentum.

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Lightning Round

In the high-speed Lightning Round, Cramer offers quick takes on various stocks:

• Lockheed Martin (LMT) [40:44–41:13]:

  Jim Cramer [41:13]: "War is unfortunately better for Lockheed Martin than not. The stock's down correctly; I would not touch it until it breaks 500."

• UPS vs. FedEx [41:38–42:01]:

  Jim Cramer [41:46]: "UPS has struggled during holidays. If you want to take a shot, take it with FedEx—they're better positioned."

• AstraZeneca and Pfizer [43:15–43:30]:

  Jim Cramer [43:30]: "AstraZeneca has faced a series of disappointments. Take a pass on AstraZeneca despite initial excitement."

Key Takeaways from Lightning Round:

• Preference for well-positioned, resilient stocks.
• Caution against overvalued or underperforming companies despite past momentum.
• Emphasis on fundamental strength and long-term viability.

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Conclusion: Intel’s Future and Final Thoughts

Wrapping up the episode, Cramer reflects on Intel's strategic missteps under Pat Gelsinger and the challenges ahead with new leadership:

Jim Cramer [44:07]: "Maybe there's no one who can turn this around. But remember, there's always a bull market somewhere."

He underscores the importance of adapting to market shifts and remaining vigilant in identifying opportunities amidst uncertainty.

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Notable Quotes with Timestamps

• Bull Market Assurance:

  Jim Cramer [00:45]: "There's always a bull market somewhere, and I promise to help you find it."

• Shopify's Consumer Trust:

  Harley Finkelstein [15:17]: "Consumers are absolutely voting with their wallets to buy from incredible independent brands."

• CrowdStrike's Customer Loyalty:

  George Kurtz [35:44]: "115% net retention rates and 97% gross retention rates. This is still best in class."

• Intel's Leadership Critique:

  Jim Cramer [44:07]: "Pat Gelsinger stretched the balance sheet too far, made promises he couldn't keep, and failed to outpace competitors like AMD."

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Final Thoughts

This episode of "Mad Money" offers a wealth of insights into current market dynamics, strategic corporate maneuvers, and investor-focused advice. Jim Cramer’s engaging analysis, coupled with expert interviews and interactive discussions, equips listeners with the knowledge to make informed investment decisions as they navigate the final month of 2024.

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Disclaimer:
All opinions expressed by Jim Cramer on this podcast are solely his own and do not reflect the opinions of CNBC, NBC Universal, or their parent companies. Viewers should conduct their own research before making investment decisions.

Transcript

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[Jim Cramer]

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[Harley Finkelstein]

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[Mad Money Producer]

Read it carefully.

[Jim Cramer]

DIA Subject to risks similar to those.

[Harley Finkelstein]

Of stocks all ATs are subject to risk, including possible loss of principal Alps Distributors Inc.

[Jim Cramer]

Distributor My mission is simple to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere and I promise to help you find it. Mad money starts. Hey, I'm Kramer. Welcome to Bad Money. Welcome to Cray America. Other people want to make friends. I'm just trying to make you a little money. My job is not just entertainment. Educate to teach you. Call me 1-800-743-CBC. Tweet me at Jim Cramer. When November's up big and you turn the calendar to December, you almost always get some animal spirits going. Animal spirits being the catch all for feel good expression often stands behind a bull market, including this one. Bye bye bye. Sure the average is mostly marked time they Dow dipping 129 points has to be advancing.2.4% but the NASDAQ gained 0.97% representing a nice rebound from some recent shakiness. Today's session was dominated by Intel's decision to oust its underperforming CEO. Now we talk about the day New more of Pat Gelskinners tenure later in the show, but I bet intel speckless days are now behind it, along with its grand ambitions to challenge Nvidia and even AMD which has been crushing intel on both servers and PCs. Those are markets intel used to dominate. I buy the heck out of AMD Handover fiscal is what you're doing for the Chapel Trust. As you know, if you're a member of the CBC Investing club, Gelsinger doesn't get ousted. If he's winning business from amd, he gets Alzheimer's. Losing that business Quite an opportunity. It was also a catch up date for the Mag seven the circle Magnificent seven. A big. You know the tech titans, they've been lagging lately and when they lag, you know what you got to buy because they inevitably play catch up. That's my thesis on mad money. Remember, there's always something good to say or whether it's an upgrade from a long term bear on Tesla we got this morning or aggregate online sales being up double digits which put buyers into Amazon. Or even stories about Apple's phone orders that weren't disastrous. I know low bar. Well, you get a new month, everyone sees how well the previous month did. Well, there's a ton of money that comes in over the transom, so to speak. And that money ratifies the moves of the big biggest of the big cap stocks. Money and means money put to work immediately. Which leads to Magnificent seven magic. Remember, people like to make contributions to the retirement accounts when the year's a good one. And we're seeing that happen almost by rote. And that's almost by rote. Is the transom money? Why does a great November generally translate into a great December? Well, that's all about the mechanics of money management. Before I started my travel trust more than two decades ago, I ran a hedge fund. I was always looking for an edge and one of the most reliable patterns I found is that when December rolls around, you mimic the biggest winners of November. Specifically, I would buy deep in the money call options on those now anointed stocks and then I let them run through December. I want to participate in a well established pattern that started with a bank today. I want to put as much as little capital in to get the biggest bang. I know a lot of our younger viewers play options so I thought I should mention that. So if you're putting money to work in November's winters, which is what I'm advising, let's take a look at what you're buying. Why don't we start pounds here which reported one of the best quarters of the year. Fantastic growth. Fantastic growth. Margins. That's right. Growth and gross margins together. That is fabulous. And they are killing it with federal contracts, including some important work for the Pentagon. Palantir people RIP snoring smart and they tend to win almost everything that they tender for. They also have a great commercial group, but I like their defense work. It's what I used to call a total up stock. Second is Axon Axle and that's the company formerly known as Taser a long time ago. I don't call it that because it obscures all the unbelievable work they're doing to rationalize police stations, make things easier for law enforcement and the justice system. Accident 3 Things happen in November. They report a much better than expected. I mean much. They rolled out a new addition of their software, including valuable AI that saves a huge amount of time and of course money. And this is a definitive Trump stock because there's widespread belief that local law enforcement will get more money from Washington with the GOP trifecta. How about Tesla? What I said has already been said, right? I mean, right now, Elon Musk may be the second most important man in America. He may be the most important as long as he stays tight with Trump. Sure, Tesla issued a new software update today and some people actually talked about that, but everyone knew it was coming. People have been buying this one because they realized that Musk has the President's elect's ear and his loyalty will likely be returned with good news for Tesla, especially the self driving business. To me it seems very transactional. Duh. Fourth, not long ago we covered Texas Pacific Land Corp. A new addition, the S&P 500 that owns more than 800,000 acres of land in the oil rich Permian basin. Now this one's a holdover from a 19th century railroad bankruptcy. All it does is take your money. Even though they don't own the mineral rights, they own the land, which means you need to pay them if you want to drill. I want that business. Landman, what is that thing on my Ben Stodo is our chief scientist and oil man. Also research directors watching Landsman. I don't know about that. Nothing like an oil stock after Trump gets elected though. But be careful. The oils underperformed during the last Trump administration because there was too much drilling. It could happen again. Although when I profiled tech specific not that long ago, I told you it was worth waiting for a pullback. The pullback never came. It just kept going straight up. And you know you have some of those stocks too, I hope. Fifth Tapestries of Rebounding Apparel Co. And its stock is on fire thanks to leader Khan ftc. Yes, something you almost never hear. Something positive she she blocked or the FTC blocked Tapestry from acquiring Capri holdings which Jones, Michael Kors Jimmy choose Versace. The market hated that deal. So when Wall street cheered when Landon Khan shot it down. And that's allowed? Well, it's allowed Tapestry to prosper. It's become an up stock. Next is EPAM Systems, which is an enterprise software company for platform engineering development Stocks come roaring back. Leading is part of the return of the enterprise software primacy over hardware. A palm strength is a green light to buy Salesforce and service now. Bye bye, bye, bye, bye bye. The two biggest enterprise software places I like seven. Oh, here's a while when Warner Brothers Discovery. Now this is bouncing for several reasons. First, its balance sheet is actually improving and it was the biggest worry shooting that down. Second is assets are worth so much more than stocks actually sell it for. Third, this new administration will be a bonanza, ratings bonanza for cnn. Finally, once Biden's gone, media companies can merge again. That optionality is worth more to Warner Brothers than everything else combined. Number eight, Fistra lay up data centers are electricity hogs. We need more power, ideally of the clean variety. That's faster merchant of cleaner and electricity with a nuclear kicker. Although I still do prefer Constellation energy for nukes. Ninth is McKesson, a traditional middleman between the drug companies and the drugstores. Now it's a Trump stock, not because Trump loves the drug distributors, but because I think it was only a matter of time before the Biden Harris regulators went after these guys. There's a widespread belief that the McKesson of the world got a big reprieve, rightly or wrongly. Finally, number 10, my favorite is equity. That's the largest natural gas company in the country. Talk about a Trump stock. Perhaps the single most thriving industry in our country is the liquefied natural gas complex. The apex. All the LNG export terminals in Louisiana and Texas both in existence and those being built or planned. Given we have absurd amounts of natural gas in this country, we're the largest large export in the world. The export market is a bonanza. Almost everyone needs our cheap natural gas. But at the beginning of the year, Biden put a pause in the approval of these LNG terminals. The move caught everybody by surprise, including companies that have spent billions upon billions of dollars doing these things. And it crushed any stock involved in the process. Now, we do expect that the pause is practically maybe eliminated. Go right back to work. The first day of Trump's administration. No wonder equity stock caught fire. It may be the single biggest beneficiary of Trump's election. Now there are other underneath this list, ones that involve traveling. To me that means you could buy anything connected to travel, including the airlines, United's number, number 11 list. Cruise ships work. So does booking holdings. But the bottom line, if you want to know what I think could do best in the month of December or simply what worked best in the month of November. So now you got your marching orders and I say, bye. Bye. Bye. Go to work. Let's go to Nicholas in Georgia.

[Caller Nicholas]

Nicholas, hey, how are you? How's it going?

[Jim Cramer]

Not bad, Nicholas, how about you?

[Caller Nicholas]

I'm good, I'm good. Just trying to adjust to this cold weather. Go Bulldogs. Hey, my question is, and I love you show, by the way. I got a, I got, I got a position with bank of America Bullish. And I want to know what is your short term and your long term sentiment on bank of America?

[Jim Cramer]

You know, I can't own stocks. But it's very funny. My wife was asking me how's bank of America doing yesterday? I said, they're killing it, they're crushing it. She says, how's the stock doing? I said, doesn't reflect how well they're doing. And that happens to be my take right there. Doesn't reflect how well they're doing. Can I please go to Julie in Connecticut? Julie, hi, it's Julia from New Canaan.

[Caller Julie]

How are you?

[Jim Cramer]

Jim? New Canaan, pretty fancy. Good ice cream place up there that I went to with my daughter. What's going on with you?

[Caller Julie]

Awesome. Well, my question about Uber, we're heavily invested, you know, for the long term. But I was wondering what your thoughts are about Elon Musk and Robo Taxi and how it'll affect Uber in the future. Do you think it makes sense for them to be partner?

[Jim Cramer]

Julie, Julie, I'm gonna tell you, there's room for everybody. I think there's a lot of one dimensional thinking when it comes to Uber. Most of the stocks of this period that came public have all soared. They've been leaving Uber in the dust. That's a mistake. I think Uber is a winner, particularly because I've been in a Waymo. Not them, but I can tell you when you're in a Waymo, it's dynamite. All right, one it is. And you don't have to talk to anybody. You just like, you know, kind of right anywhere, sit anywhere. I want to want to know what you should do in December. Just remember the month of November all made money tonight after Shopify's 5 billion dollar Black Friday. I'm checking in with this president on the state of e commerce and just Regular commerce is HOL. Then on the heels of reports from three PC players, I'm giving you my latest on the PC refresh thesis. Somewhat tepid. And later, shares of CrowdStrike slid after its beaten race quarter. So is now a good time to buy the cyber stock that we own? A lot of for the Chapel Trust. You know what? I got the CEO so I suggest that you stay with Kramer.

[Mad Money Producer]

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[Jim Cramer]

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[Jim Cramer]

With just a few hours left of Cyber Monday, the clock is winding down on the most important extended shopping weekend of the year. Now, we don't have the final numbers yet, but one thing became clear over the weekend. Online shopping remains ascendant versus brick and mortar retail. Take Shopify the iconic e commerce enabler. This weekend, we learned that merchants using their platform had racked up $5 billion in total sales on Black Friday alone, setting a new record. Now, if you add up all of Shopify's US Merchants and aggregate their online sales, do you think this would be the second largest online retailer in America behind only Amazon? So, you know these numbers are representative. Plus, the company reported a great quarter last month that propelled the stock into the stratosphere. It's now up 45% for the year, trading at its highest levels since early 2022. So what can we learn from this heavy hitter in the online shopping space? Earlier today, we got a chance to catch up with Harley Finkelstein. He's the president of Shopify. Take a look. It's very exciting. Mr. Pickles team, welcome back to Man Buddy.

[Harley Finkelstein]

Great to be here, Jim. Thanks for having me on.

[Jim Cramer]

Let's start with the big number 5 billion in aggregate sales. Tell me where that stacks up versus last year, where staff got versus your expectations and where stacks up versus Amazon.

[Harley Finkelstein]

Yeah, I mean, look, shop merchants drove, as you said, a record breaking $5 billion on Black Friday. That was unprecedented. But as you know, Jim, I always like to save the big numbers for you. So, fresh off the press, I just checked our notes and we won't have our final number until tomorrow. But I can tell you that Shopify merchants have surpass last year its record of 9.3 billion sales globally for the weekend. So we're really excited about how it's shaping up. It seems that consumers are absolutely voting with their wallets to buy from incredible independent brands. And. And their favorite brands are on Shopify.

[Jim Cramer]

So give me a sense of whether they're looking for value, a newness. What is it? Is, are there some themes that we can seize about what's happening?

[Harley Finkelstein]

I mean, look, we have some of the most interesting brands in the planet that you Shopify. You know, the On Runnings, Aloe Yoga, Viori, even Barnes Noble and Mattel. But if you look right now at trending shops and trending products, you see Cozy Earth, you see Stanley, the Stanley Tumblr, you see Our Place, you see Skims Base, Brooklinen, even Hailey Bieber's Road Line. So you're seeing a lot of variety, but these are all independent brands that the consumers are looking for. What you're also seeing is that consumers are buying completely differently now. I mean, when you think about Omnichannel, usually that insinuates online and offline, but we're seeing so many other Channels that Shopify is powering. For example, social selling on social media. 57% of 18 to 24 year olds tell us that they're going to buy an Instagram 56% on TikTok, which is what Shopify powers. So not only are they buying from independent brands, they're buying across every channel possible.

[Jim Cramer]

Well, this is extraordinary. You're telling me that TikTok and matter, so to speak, are places that will, if this is the trajectory, be the primary places people buy from?

[Harley Finkelstein]

I don't think primary, but I think it's these new channels and part of what we're trying to build at Shopify, historically we were the e commerce company. We're really trying to build this retail operating system so that when you come to Shopify, we have millions of stores already, big and small stores you can sell across every surface area where customers actually spend their time. And even some of the more traditional e commerce companies, like gymshark, for example, a famously online company, they set up a physical store for the holidays in New York City. So you're seeing traditional online companies also moving offline and vice versa. And it's all power powered by Shopify.

[Jim Cramer]

Well, what's exciting for me to go back to the TikTok is that if you have a young person, no older people too, but young people who know how to make a good TikTok video, who know if they have a good Instagram page, even using, say, Adobe, they may be able to realize their dreams just from their social media pages.

[Harley Finkelstein]

It's unbelievable. You're absolutely. I mean, entrepreneurship very much is on the rise, and I think the barriers to starting that business have never been lower. You and I love talking about this, but this does feel like the era of entrepreneurship. And now we have data to back it up. One thing we do every year, which one of my favorite things is we actually show a live globe in real time that all of your viewers can see shopify.com/black Friday. And right now, as we speak, we're seeing about $2.6 million every minute go through the platform, and about almost 21,000 orders per minute go through the platform. So very much you are seeing that this holiday season belongs to the entrepreneurs and the independent brands.

[Jim Cramer]

All right, so I'm close to someone who's working with you, and apparently I need to point this out, you have actual customer service for young entrepreneurs, for people who have no sales. And it's rather remarkable. People can't believe you get to speak to a person. How are you able to make so Much money because the stock's been a rocket ship and still provide service to people who really don't know how to run a business yet.

[Harley Finkelstein]

Yeah. What we're trying to do is take all the friction points that someone has in starting a business and scaling a business and bring them down, remove them. So whether it's getting shipping labels, we negotiate shipping pricing on the behalf of our merchants or things like payments or capital, or even helping them with advertising, we're trying to take all the friction out. One of the things that I often remind people of is that if you were to pretend that Shopify was a single retailer, we would be the second largest online retailer in America. The reason I say it is because when we're, when we go negotiate rates and build products, we're doing so with incredible scale. But we're able to distribute them to all these small businesses and that's creating companies that five years ago didn't exist, that today are becoming the incumbents. Are you bigger than Walmart from an E commerce perspective? We do more GMV than they do on their online.

[Jim Cramer]

Let me ask you do all that. How do you make any money if you offer that level of service? This is somewhat rhetorical, but it is rather amazing. I want people to know that you can have real people helping young people and it pays off in the end.

[Harley Finkelstein]

Yeah. Our support team, we look at them as business coaches. We want them to help not just with the setup, but as they scale what new channels to activate, what promotions to do. But you know, I said this on the last earnings call in our Q3 earnings call, we think Shopify can do two things. We can grow our top line, which we did about 25% year on year in last quarter. But we also have free cash flow margins that are in the high teens. The ability to grow and be profitable means we can keep investing. And you know, we're about to celebrate in a couple of months from now our 10 year anniversary since the IPO. We went public May 20, May 2015. And that idea of actually being a company that can grow and be profitable, that can get into more countries, that can add more services, that can increase the amount of value we create for the millions of stores. That's where we think Shopify can be a very durable company long term.

[Jim Cramer]

What's the average cart price? What is the average customer spend?

[Harley Finkelstein]

I got some new numbers for you. Right now, average card price in the US is about $155.21. So that's that. That's quite a bit, but that's actually similar to last year. But the thing I think that that's most remarkable is that when you look at things like, you know, how they're selling. We're seeing companies like Barkbox, for example, a pet food company that rather than giving a discount, they're gamifying it. They're creating a quiz to have to have their customers first answer questions about their pet before offer offer them a discount. We're seeing these incredible new way transact and it's all powered by Shopify.

[Jim Cramer]

Well, this is important because this is just so different. There are people out there who are watching you who want so desperately to leave their company. They may like it or not, but they have an idea. And you're telling me that it's worth the leap is what I'm hearing.

[Harley Finkelstein]

The cost of failure has never been lower. The ability to start and to scale has never been higher. One of the reasons that I think you and I are such fans of entrepreneurship is because it's the backbone of our economy. It's where jobs are created. And so the fact that we're able to help people create more, more businesses that grow faster than ever, it puts us in a very enviable position. But also we ourselves are very proud of that. We want to be the entrepreneurship company. And the fact that companies like Mattel or Barnes and Noble or Skims also use Shopify is an endorsement that as you grow and you get bigger, you never have to leave our platform. And I think that's the reason why we've had a really great couple of years at Shopify.

[Jim Cramer]

Well, congratulations. And I love the stories because I know so many people who have never been able to think about the idea of doing something because they're so scared. The cost of failure has never been lower. Listen to that, people. That's Harley Finkelstein. He's president of Shopify. Harley, congratulations on a great. What do we call you now? We got a. I think I'm bfcm.

[Harley Finkelstein]

Black Friday Cyber Monday season bfcm.

[Jim Cramer]

I mean, little did I know, have a great be at rest in bfcm. How about that? Great to see you. Thanks, Jim.

[Harley Finkelstein]

Thank you so much. Great to see you. Harley Picklesy, president.

[Jim Cramer]

Shot by bay, buddy. Back in the break.

[Mad Money Producer]

Coming up, is AI fueling a wave of PC upgrades or are we in wait and see mode on this thesis? Kramer is giving you his take next.

[American Express Representative]

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[Jim Cramer]

Now that we've heard from the majority major players in consumer technology, what's happening with the personal computer upgrade cycle now. All year we've been hearing about how we're due for a wave of PC replacements now that we're four years removed from the last big upgrade cycle at the beginning of the pandemic. At the same time we heard all about these new pieces with artificial intelligence functionality, how they be used once they release and well, they've already started hitting the market. But over the last six months, Dell Technologies, HP and Best Buy, which we own for the Chapel Trust, have all come down dramatically from their highs in the spring and summer. Now all three of those companies reported last Tuesday and all three of their stocks they got club. Best buy was down 4.9%, HP and Dell falling 11 and 12% the next day respectively. Still, the stock market's judgment is not absolute. We need to check under the hood to figure out what's really happening with this PC refresh cycle and whether it's as consequential as the stocks seem to be saying. Let's take them one by one. Start with Best Buy before the quarter. We've been selling our stake in this one for the Travel Show Trust precisely because we were worried about the hype surrounding the AIPC thesis, which by the way, candidly we had put into ourselves. But it cooled on of late and also because Lowe's and Home Depot bad things to say about demand for big ticket items and those are Best Buy mainstays. Turn up Best Buy disappointed with top bottom line miss not to mention weaker than expected. Same store sales management also cut their full year forecast for 2025. They gave a discouraging outlook for same store sales in the current quarter. CEO Corey Barry blamed general and I'm going to quote this macro uncertainty purchase delays in anticipation of holiday season sales and what she described as, quote, distraction during the run up to the election. End quote. What a downer. Now there was some good news. Barry disclosed the current quarter was off to a good start with Best Buy same store sales up roughly 5% through the first three weeks of November as the holiday promotions have kicked in. That news brought the stock off its lows last Tuesday morning, but it can only do so much. After all, Best Buy still guided for same store sales to be flat to down 3% in the current quarter. The analysts expect them to be down just point three percent. Doesn't drive what we've seen so far in November though. Still, I want to focus on what Best Buy had to say about PC sales because that was more encouraging than the overall quarter. Computing and tablets were called out as some of the stronger categories, offset by weakness in appliances, home theaters and gaming. The domestic computing and tablet categories together grew 5.2% versus last year and laptops typically up 7%. Later on in the conference call, an analyst asked about what was specifically driving the good PC numbers and management's answer was interesting. Jason Bonfig, Best Buy Senior EVP of Consumer Observe Customer Offerings and Fulfillment, said that much of the PC demand was more under quote, upgrade and replacement cycle, end quote buying rather than buying because of the new AI functionality. Bobby explained that while Best Buy was quote, excited about what's going to happen in the future with AI, end quote, quote. They think it's a quote, phased approach, end quote and that theme will play out over time. Right now, the real drivers replacing pieces that have gotten too old. That does not interest me as much as the ipc. In the end, as we told the CBC Investing Club and a very long report, I am torn on Best Buy. The company could do better if long term interest rates come down and the housing market improves. But I'm also aware of the current moment. I mean especially with the threat of tariffs looming in the end after the quarter. Best Buy is too expensive for me to recommend up here, but at least they confirmed that the PC upgrade cycle is for real, even if it's not driven by machines with AI functionality. At least not yet. All right, how about the actual PC makers? All right, when HP reported it delivered a decent enough set of numbers with solid guidance for the 2025 fiscal year. But the company also offered much lighter than expected earnings guidance for the current quarter and management suggests that their 2025 earnings will be loaded toward the back half of the year. That didn't sit well with investors it's the reason why HP stocks sold off. Let's take on the main issue with the quarter now. When we spoke to CEO Enrico Lawyers on Mad Money, he said that softer margins for the company's PC segment, the big negative, were caused by increased component costs and those should continue into early next year. I won't tell you how to feel about that, but just know that the problem with HP is a cost issue. At the same time, HP's PC business is doing much better on the enterprise side, up 5% than the consumer side, down 14% in now HP emphasized that it's taking market share all over the world the PC business, particularly in quote, high value, end quote categories like commercial and the premium portion of the consumer market. Lawyers noted that HPC units were more than 15% of the company's shipments in the quarter and they're apparently the number one player in the space. Now when I spoke to lawyers, I asked specifically about how we should square some of Best Buys. More positive forward looking commentary about APCs with HP's more guarded guidance, especially near term. He said basically that the benefit from sales of these products was more of a 2025 and 2026 story, hence that. Finally, let's talk about Dell, a company I very much admire which reported the same night as HP posting a 10 cent earnings beat up 205 basis even as the sales were weaker than expected. The guidance for the current quarter was not so hot though and they cut their full year forecast. That's why the stock got hit. But after reviewing the results, I really like how transparent Dell's management is being about its issues. In terms of the PC business. We saw a big disparity between commercial and consumer PC sales just like with hp. Except for Dell was much bigger. Their commercial business was up 3. Consumer business was down a whopping 18%. Management says the PC refresh cycle is playing out more slowly than expected. But looking forward, they still believe it's going to come likely next year thanks to an aging installed base of computers and an end of Support for Windows 10 late next year. More important than that, in the PC world, Dell is the best partner Nvidia has for the installation running of the highest end of media chips. Like Blackwell. Blackwell is just now really beginning to ship in volume. And though that's not pieces, I think it will benefit Dell later on next year. Put it all together, it's clear that the PC upgrade cycle is going more slowly than any of these companies would like. But is it a lost cause? No way. Once Microsoft pulls Support for Windows 10. It's inevitable. Plus we're already seeing pockets of strength here. Best Buy is moving a lot of laptops. HP and Dell are starting to do better on the enterprise side, even if the consumers yet to catch up, which I do find worries. Here's the bottom line. These are all high quality companies and I'm inclined to give them the benefit of doubt. Especially Dell, which also has huge exposure to the red hot air service and is not expensive. But the big AI driven PC refresh cycle, it seems to be on hold even though they're confident will play out. Sounds more like a normal upgrade cycle than anything revolutionary, which I found to be a tad disheartening. Hence the sell in Best Buy. We have a small position still. Let's go and take some calls. Why don't we start with Doug in Michigan? Doug.

[Caller Nicholas]

Hi, Jim. Hey, thanks for taking my call.

[Jim Cramer]

Stop. Thank you for calling in. What's going on?

[Caller Nicholas]

Hey. In April I purchased 400 shares of Motorola and I'm up about 43%. Do you think that it will keep up with this momentum throughout next year?

[Jim Cramer]

Okay, I'm glad you used the term moment momentum because I know that I know the barcode side, I know the communication side and I think the stock is overvalued at 36 times earnings. Fewer forward numbers. That said, I'm not going to call it momentum and don't need to know. There are so many companies that look just like this. They've had this incredible run. I can't call the top on them. I have no reason to call the top. I am saying I would be prudent and do what we did with Microsoft today. If you're a member of the CBC Investment Investing Club, let's go to Karen in Georgia. Karen, Dr. Kramer, I want to know if you think the stock is hot to go now pre earnings and where you see it going in the long term. Iot Samsara. I think this company is about to have a big earnings breakout and I like it very much. When we had them on, I was incredibly impressed and thought, wow, I wish I had known about this company earlier. You've got a winner. How about we go to Bernie in Arizona, please? Bernie.

[Caller Nicholas]

Hey, Jim. Hey. How do we get Saquon back in New York? Do you know how to do that?

[Jim Cramer]

How do we get back in New York? I think that after what I saw in that, that TV show, I. Good luck. Not gonna happen.

[Caller Nicholas]

Yeah, I got a.

[Jim Cramer]

Should never let him go to Philadelphia. That was really the mistake because now we all have to listen to MVP when he plays up there. What's going on?

[Caller Nicholas]

That's true. Hey, question for you. So I bought ARM a long time ago.

[Jim Cramer]

Okay. I think.

[Caller Nicholas]

I think as it came out overall my returns are probably 150%. So I'm really happy with that. Thank you for that. So the question I have is how does ARMS progress look like here over the course of the next few years? Do I hold it? Is it still a potential buy with everything going around AI right now?

[Jim Cramer]

I think that you're going to get a break here. I think that AAM wherever competes with intel and it's going to be competing with Intel. I think that's going to be a win for you. A W as we would say. I think that look ARM is not Saquon. It's more like after last night King Henry nice number two they driven PC refresh cycle seems to be going a little more slowly than everyone expected, including yours truly. Not a lost cause, but it does look more like just a normal upgrade cycle rather than anything revolutionary. You need to know that. All right. Much more Mad Money had including my exclusive CrowdStrike metabolic volatile environment for cybersecurity. Plus freshwater news of Intel CEO shake up. I'm going to give you my take on Pat Gelsinger's legacy and what the chip company faces going forward. And you don't want to miss that. Anyway calls Rapid fire in tonight's edition, Lightning round says stay with Great.

[Harley Finkelstein]

What.

[Jim Cramer]

Do we make of CrowdStrike cybersecurity play? This rallied over 73% from its August lows set not long after a botched software update caused widespread tech issues around the globe. Now this has been a huge winner even through when CrowdStrike reported last week the stock pulled back more than even though it pulled back more than 4%. You know what? It didn't matter. I'll tell you why. They delivered an excellent beat and raised quarter. Wall street only seemed to care that management made some comments about limited visibility in the fourth quarter. I did not think it was all that important, Jordan, given how much the stock had run into the quarter. I think that's what spooked people. That's why we have a big position for the travel trust. But considering how much CrowdStrike rallied November, I bet it just keeps running to December. Don't take it from me. Let's check in with George Kurtz, the co founder and CEO of CrowdStrike to get a better reading situation. Mr. Kurtz, welcome back to Mad Money.

[George Kurtz]

Jim, great to be here.

[Jim Cramer]

You Know, George, I kind of be a little bit philosophical for a second. Wall street saw the stock and run a lot inside to sell. When you and I first talked after that fateful day, I know I felt that the stock might be finished for some time. It was a pretty much remarkable comeback. How did you do it?

[George Kurtz]

Well, Jim, I think it was and it was a great quarter for us coming out of a really challenging time. So we're proud of what we were able to post. And a big part of our success has been a taking care of the customers and really wrapping our arms around them. We've built so much goodwill over the last decade, so many deposits of trust with our customers that we had a blip here. We worked through it with them and we stood behind our product and our company. And I think that really serves us well. And we've had a lot of positive comments on our response versus many others in the industry would have been unheard of. So I'm happy the way we handled it. I'm proud of the company and we have remarkable customers and we're delighted to continue to protect them.

[Jim Cramer]

Well, I think that when the time has come that this will be the case study that everybody reads from now on. We've read others about failure and trying to come back. They've never been done this fast. And one of the things I think that you did, I know you lack, you lack sleep because you won the Le Mans, but it does seem that you must have visited. I don't know what was 100 day onslaught. Did you literally see everybody who matters and then some.

[George Kurtz]

I mean it, it was literally thousands of customers interaction. Whether it was zoom, whether it was on the plane, I hit, I think seven countries, 10 cities in 10 days. I mean, I was all over the place. Not only me, but the rest of the crowdstrikers and the sales team and our partners because you had to reach out, you had to touch a customer, you had to hug a customer and you had to work through it. You know, these are challenging times and I've had many of our customers tell us, you know, these are the times where partnerships are really, really forged.

[Jim Cramer]

Now it's important for people to have some numbers around this. So why don't you tell us the retention rate that you found?

[George Kurtz]

Well, we were really pleased. 97% plus retention, net retention rates. 115% is. Sorry. 115% net retention rates and 97 gross retention rates. So when we look at these numbers, this is still best in class. And given the challenge that we had to Work through. We're super proud of the results.

[Jim Cramer]

All right, so tell me what would happen? New customers, customer, new one. You want to see yourself was the first question. How the heck did that happen? Or what did you do? You probably put it right up front. How do you go forward and make a sale based on what had just happened?

[George Kurtz]

Well, Jim, this is one of the things that we talked about many times. We believe, and I think it's recognized by many of the analysts, that we have the best security platform in the market today. And when we look at what we've been able to do for customers and protecting them from ransomware attacks and many of the most heinous attacks out there, nation, state, and otherwise, they take that to heart. And customers know that if you want the best technology, it's CrowdStrike from a security perspective, to stop the breach. So we have that going for us. And look, we were open and honest. There's some things that we had to change. We changed them, and we basically showed the customers what we did. We told the world. We put everything out there for everyone to see. We're super transparent about it, and customers recognize that. And in many cases, customers have said, you know, broken bones heal stronger, and this is not a mistake that's going to reoccur. So we feel happy with what we've done. We continue to do more with our resilient by design, and we continue to drive innovation in the product.

[Jim Cramer]

Now, I know that you, from my own work, have a huge number of banks. Almost every major bank, frankly, is CrowdStrike strike. Did any of those banks say, you know what, we got to move on from you?

[George Kurtz]

Not that we've seen, Jim. And I think this is one of the great stories coming out of this. Lots of challenges, but working with them. And again, we had one bank who basically said, look, we've got 10 years of trust deposits by CrowdStrike and one withdrawal on the 19th. And they went to the board, they talked about it, and everyone is all in on CrowdStrike. So. So that's our focus, is to do right by the customers, continue to build innovative technology, continue to stop breaches, and continue to move forward. And that's what we're doing.

[Jim Cramer]

Okay.

[George Kurtz]

I think this last showed us moving forward.

[Jim Cramer]

Well, just in terms of moving back for a second, Delta is currently suing you for 500 million. Now, when I looked into the lawsuit, candidly, there are so many ways that you do not have to pay 500 million that it was almost misleading to use that number. But when Ed Bastion was on cnbc. He did indicate after this lawsuit that they're still heavy with CrowdStrike. Have they left you at all?

[George Kurtz]

There's still a customer, Jim. And again, we want to be respectful of customers. We'd love to, to try to get this resolved. You know, it's in the lawyer's hands at the moment, but we continue to serve them like we do all the other customers out in the marketplace.

[Jim Cramer]

In the meantime, we got a new president in January. I know that he seems to court controversy. I also know that there are so called enemies, or maybe our actual enemies may have not seen the likes of this, of Trump. Number two, what are you, what are you preparing for? What are you seeing?

[George Kurtz]

Well, when we think about cybersecurity and government, this is one of the areas where governments have to be protected. We work with the last administration. We're delighted to work with the new administration. And it's really about the betterment for the country, keeping the country secure and leveraging the rich technology that we've built over the many years to be able to do that. So, you know, we're excited and we look forward to continuing the hard work that we've put in over the years. And protecting governments is, you know, one of the top priorities for CrowdStrike.

[Jim Cramer]

All right, Joe. George, we do have to cut it off, but I do next time want to spend more time on the AI generated part, which I thought was good on agentic AI and as usual, your conference call is a fount of information. That is kind of what I can say. How about no BS about how things work. George Kurtz is co founder and CEO of CrowdStrike. I love having you on. Thank you, George. Thank you. Tim's back here for the break.

[Mad Money Producer]

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 round. Me saying we play this out and then the lightning round is over. Are you ready, Skyd? Time for the light round. Crazy. I'm going to start with Hugo in Ohio. Hugo.

[Caller Nicholas]

Greetings, Jim, and thank you for having me on. Jim, among the many great. Yeah. Oh, yeah. Can you hear me?

[Jim Cramer]

You bet. Go ahead.

[Harley Finkelstein]

Great.

[Jim Cramer]

You go ahead.

[Caller Nicholas]

Among the many. Among the many great pearls of wisdom you provided over the years was about buying on a pullback. Last August, I bought Plantaire and Nvidia and in less than three months, plant care doubled price. My question is about lmt, given Elon Musk's comments about unmanned aerial vehicles versus having a Human pilot.

[Jim Cramer]

I think he's right. I got to tell you though, I think that this. I love Jim. Take it. I think he's terrific. But I don't like in terms of Ukraine. It would not be. It's not good for. Look, war is unfortunately better for Lockheed Martin than not. And I think the stock's going down. Down correctly. I would not touch this thing until it broke 500. But it's run by Jim Paiglet. He's really fabulous. But it just doesn't matter at this point. Let's go to Chuck in North Carolina. Chuck.

[Caller Nicholas]

Booyah.

[Jim Cramer]

Jim, Booyah.

[Caller Nicholas]

Thanks for taking my call. My stock is ups. I'd like to know your buy up.

[Jim Cramer]

Chuck, I'm telling you, going right into the holiday season and UPS has screwed up a lot of holiday seasons. If you want to take a shot, then I say take a shot with FedEx. I'm not kidding. Because they have it better. They're all set. Let's go to Paul in California. Paul?

[Caller Nicholas]

Yeah, Jim, thanks for taking my call. It's Penn State.

[Jim Cramer]

Paul. Whoa. I mean it's. Or it's Oregon. Kramer.

[Caller Nicholas]

It's almost four and a half years, buddy.

[Jim Cramer]

Well, it finally seems to have its day. But this. There's some big presentations at the thing called ash, which is. They're going to make presentations a lot of other companies and it better be good after that run. And I can't be assured that it is good. Maybe it's a little time. Little profit taking time. I'm not done. I'm going to Griffin, North Carolina. Second North Carolina Griffin. Hey Jim, hope you're having a great day. With the recent bull run with achr. It might be time to ditch the intelligent investor. What are your thoughts about which one?

[Caller Nicholas]

One Ace.

[Jim Cramer]

No, this stock. All of these came down today. Joby came down too. I actually think these stocks have overheated. And I am worried about a strong unemployment number on Friday. Meeting a lot of jobs after we saw this GDP number today and that these more aggressive speculative stocks could get hurt. That's my fear. Let's go to John in Tennessee. John, Booyah.

[Caller Nicholas]

Jim from the Volunteer State. Thanks for taking my call.

[Jim Cramer]

Of course. What's happening?

[Caller Nicholas]

Not much. Wishing you and yours a wonderful holiday season.

[Jim Cramer]

Same.

[Caller Nicholas]

I recently opened a position in AstraZeneca the same time. I also hold Pfizer mostly for that.

[Jim Cramer]

Oh man, I gotta tell you. AstraZeneca. I was so excited about that stock. If the CEO came on and then there's just been a series of disappointments. I Don't know what to make of it. I'm gonna have to say take a pass. And that Ladies and gentlemen, conclusion of the Lightning Round.

[Mad Money Producer]

The Lightning Round is sponsored by Charles Schwab. Coming up, is intel making the right move with its latest C suite Shake up Kramer sharing where he comes down on the troubled chipmaker next.

[Jim Cramer]

What can I say about Pat Gelsinger, the disastrous CEO of Intel until he was ousted this weekend? I wanted him to succeed at turning around intel, which had been wrecked by a series of well intentioned CEOs before him who were in over their heads. As much as I criticized him, I was rooting for the guy because it's of national importance that intel survives. I did hound Gels many times. I said he should be fired when the stock was in the 50s and the 40s and the 30s, but when it got to low 20s, had enough already. Too low. What the gals can do wrong I can quibble over his serial, over promising and under delivering his endless vouchers of imminent success, his total clues about how video is running circles around his company. In truth though, intel had been left behind a long time ago and why admired Gelsinger's messianic desire to return the business to greatness. He just didn't have the horses. So he stretched the balance sheet too far, made promises the federal government returned for aid to build new factories, factories that he didn't, didn't really have any plan for or even need and kept kicking the can down the road when it came to actually resuscitating the company in the interim. He didn't see AMD coming first PC and server business While I admire Lisa Su, the CEO of AMD for executing a masterful turnaround, she was helped by Intel's net management. I think all the market share donations to AMD is paramount reason why Intel's board finally woke up and did something. I honestly never knew what to make of intel under Gels here, what it would become, what heights could be scaled, what greatness could be restored. I heard that he was going to sell off all mobile self driving car business port for 15.3 billion in 2017. He managed to spin off some of it in 2022 but the rest just sits there unsold, unloved. I heard he was trying to sell altera specialized semiconductor company that intel acquired a decade ago for 16.7 billion. That failed as the business has fallen on hard times ignored by and yes Gelsinger. Meanwhile Gelsinger burned cash to the point where there was actual concern about A cash crunch developing remarkable. Intel is always known for its strong balance sheet. Not anymore. The whole time he insisted he was winning, he was beating a video with much faster chips. He was clobbering AMD with gigantic wins. He was in the thick of all the debates about semiconductors. And Intel's luster had already returned even as he kept retreating from his ambitions while scrambling to deliver on all sorts of promises as the clock ticked. Promises that weren't met. So the question is, was Gelsinger an honest promoter who didn't get a chance to fulfill his dreams of returning the firm to its proper place in the firmament? Or was he just a delusional CEO ignominiously fired with no real plan to staunch the bleeding? The stock did rally momentarily in the news in part because I think that David Sins are the name co CEO. Well respected cfo. I like the guy. And the other co CEO, Michelle Johnson Holtius, she's the general manager of client computing, might be able to resuscitate that business. That's very important. Then the stock fell as it dawned on investors that the task ahead could be unfathomable profitable. Intel just got $7.8 billion of your money federal government money to expand its domestic semiconductor manufacturing. I hope the company can invest it wisely. Something I was very worried about Gelsinger. I had to be worried. In the end though, I appreciated Gelsinger's rah rah approach. Intel's ranking file have been pretty beaten down. I do wish the company had said that it needed to go in a different direction. That's NFL speak for announcing a firing. The resignation thing didn't sit well with anyone, especially because it was done yesterday with no notice anybody, no matter what. As I said not long after Gelsinger's tenure began, he just wasn't the right person for the job. The problem? After three years of Gelsinger's so called leadership. Maybe there's no one who can turn this one around. I like to say there's always a bull market somewhere. I promise I'd find it just for you right here on Mad Money. I'm Jim Cramer. See you tomorrow.

[American Express Representative]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of cnbc, NBC Universal or their parent company, company or affiliates and may have been previously disseminated by Kremer on television, radio, Internet or another medium. You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy. But only as an expression of his opinion. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer if you could.

[Mad Money Producer]

Hear love, what would it sound like?

[Jim Cramer]

Son, can we talk about your drinking?

[Mad Money Producer]

Yeah, Dad, I think we should Helping those closest to you think about their excessive drinking. Maybe that's what love sounds like. [e-mail] an OHA initiative.