Mad Money w/ Jim Cramer 1/23/26

Summary

Mad Money w/ Jim Cramer – January 24, 2026

Episode Overview

Jim Cramer takes listeners through a volatile but opportunity-rich week on Wall Street, focusing on earnings season dynamics, cyclical industries, the red-hot Magnificent 7 tech stocks, and specific company plays. With trademark energy and no-nonsense advice, Cramer aims not just to entertain but to equip investors for the week ahead, spotlighting buy-the-dip opportunities and sectoral shifts, and hosting the ever-popular Lightning Round. This episode places particular emphasis on macro factors, interpretation of recent quarterlies, and actionable outlooks for the industry's key players.

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Market Recap & Outlook

[01:12]

• Mixed Week: "I'm calling it a total mixed bag. Dow dipping 285 points, S&P inching up .03%, and the Nasdaq advancing .28%."
• Macro Anxiety Subsiding: Recent policy worries (e.g., tariffs on NATO allies, Greenland rumors) are fading, enabling a return to market fundamentals.
• Next Week’s Focus: Upcoming earnings, especially industrials and materials, will be pivotal.
• “Next week matters. Let’s get it started with cyclical week.”

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Key Earnings Previews & Opportunities

[02:00+]

Industrial & Material Stocks

• Nucor (Steel):

  • Pre-announced Q4 fell short, but stock up 12% since, reflecting benefits from Fed rate cuts and steel tariffs.
  • Cramer’s Take: “If the stock gets hit on Monday, you should be a buyer.”

• Boeing:

  • Big run since last quarter – may not meet high expectations this report, but Cramer sees multi-year upside.
  • “This is year one of a multi-year turn in the stock of Boeing.”

• General Motors:

  • CEO Mary Barra "never gets the respect she deserves."
  • Stock typically drops right after earnings. “That’s a good buying opportunity. If it happens again, pull the trigger.”

• Transport/Rail (CSX, Union Pacific):

  • CSX covered in detail later. Also watching Union Pacific’s attempted Norfolk Southern merger.

• Kimberly-Clark:

  • Merging with CanView; Cramer increasingly bullish post-rival Procter & Clorox reports.

• Seagate (Data Storage):

  • Riding huge data center demand.
  • “You need a massive beat and raise for this one... And guess what? I think you get it.”

Tech Giant Reports ("Mag 7")

• Danaher, Starbucks, GE Vernova, Corning, Microsoft, Meta, Tesla:

  • Mini-previews for each.

• Microsoft:

  • AI worries are “a false worry.” Recent pressure presents buying opportunity on dips.

• Meta:

  • Recent uptick, but Cramer wary: “Zuckerberg lowered the boom. He said he's going to spend all he can.” Await clarity on profitability.

• Tesla:

  • Needs to shift perception from just cars to “robot company, autonomous driving play.” If they succeed, “stock goes sky high.”

• IBM:

  • Last quarter’s weak report didn’t derail a swift stock recovery. Expects a similar reaction this time.

• ServiceNow:

  • ServiceNow’s earnings could be the “biggest report of the week.” Needs to convince investors it’s “a broken stock, not a broken company.”

Other Major Earnings Events

• Honeywell:

  • Momentum pre-report on quantum business plans, but “every single time the stock’s going down,” post-earnings.
  • “Not a trader, but yes, expect a drop.”

• Caterpillar:

  • Now a “data center play” thanks to generator demand. Old earnings trends (drop) no longer reliable; Cramer bullish.

• Apple:

  • Eight-week losing streak partly due to storage component price surges (“the other side of the storage trade”).
  • “Own Apple, don’t trade it.”

• SanDisk & Western Digital:

  • Storage players should see tailwinds but “won’t get the same reception as Apple.”

• American Express:

  • Predictable post-earnings drop: “You have to buy it right into that weakness. It’s stupid selling.”

• Chevron & Exxon:

  • Both throwing off cash; Chevron with big buyback favored, especially with possible Venezuela kicker.

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Thematic Recap: “Shortage Plays” & Momentum Shifts

[42:56]

• Shortages Driving Stocks:

  • “If your product’s in short supply, your stock goes higher. It’s knee jerk.”
  • Memory/storage: “Endless buying in Micron, Seagate, Western Digital, and SanDisk.”
  • Semiconductor capital equipment (Applied Materials, Lam, KLA) also rising.

• Intel’s Weak Guidance:

  • Bad quarter blamed on CPU shortage; punished more than justified. Hurt entire group by association, but demand remains strong.
  • “Intel doesn’t have a problem with demand – they simply can’t produce enough.”

• Mag 7 Rotation:

  • Weakness in “shortage plays” saw money return to Mega Cap Tech (Meta, Microsoft, Amazon, Nvidia).

• Precious Metals:

  • "Gold, silver, copper relentlessly climbing... I would buy Agnico Eagle [for gold]. Crypto simply doesn’t hold its value as an inflation hedge the way gold does.”

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Deep Dives: Capital One, CSX, and Q&A

Capital One: Earnings, Brex Acquisition, and Market Sentiment

[14:41]

• Earnings Miss:

  • Revenue beat; EPS miss blamed on higher credit charges (seasonal), “not all that much to be worried about.”
  • Non-interest expenses up, but mainly one-time and tech investments.

• Brex Acquisition:

  • $5B for corporate card/expense management fintech—"AI native, automating complex workflows.”
  • Strategic effort to compete with Amex and grow B2B offering.

• Valuation and Market Reaction:

  • Stock punished (~16% off highs) but Cramer calls it an overreaction:
  • “To me, it’s all bye, bye, bye.”

• Quote:

  • “If the Brex deal is this good, why on earth did Capital One stock get eviscerated? … From my perspective, that just means you’re going to be getting a better entry point.” [21:56]

CSX & Railroads: Turnarounds, Underappreciated Leadership, and M&A Speculation

[23:34]

• Backdrop:

  • Railroads sold off due to tariffs; bounce-back as policies softened.
  • Recent activist pressure, CEO turnover; current CEO Steve Angel praised as an “operator” (not a “railroad guy”).

• Merger Mechanics:

  • Union Pacific/Norfolk Southern merger faces regulatory hurdles. CSX as potential Berkshire (BNSF) target—more likely if Buffett’s successor wants change.

• Quarterly Report:

  • Headline miss, but “very good operating metrics” and solid cost control planned for 2026.
  • “Steve said explicitly, CSX ‘does not anticipate any meaningful improvement in macroeconomic conditions.’ In other words, if the economy improves, that’s pure upside.” [27:45]

• Investment Case:

  • “Put it all together… CSX represents an excellent buying opportunity even after today’s 2.4% run.”

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Investing Club Q&A: Listener Calls & Strategies

[31:55 and 34:40+]

• Limit Orders vs. Market Orders:

  • “Use what I call limit orders… Don’t let the market take control—decide what you’ll pay.”

• Netflix Outlook:

  • “Conference call was a show of force... should be a buyer of Netflix here.”

• Bank Tech Adoption:

  • “Wells Fargo has the best handle on tech to enhance efficiency—reason we own it.”

• Dividend Reinvestment:

  • “Never good to bank for other opportunities... always reinvest.”

• Income-Preserving Investing for Retirees:

  • “Wrote a chapter on this in my book—stocks vetted for income, not just for the Trust.”

• AutoZone:

  • Surprised by recent weakness: “Has been a mystery, because I’ve been recommending the stock for more than 10 years.”

• Small Caps:

  • Skeptical of Russell 2000 as a whole; prefers individual stock picking.

• Chip Stocks (Cyclicals):

  • “Most are secular, not cyclical; NXPI, On Semi, and Texas Instruments are cyclical, rest are not.”

• Defense Contractors:

  • Likes AeroVironment and Lockheed Martin, but wary of regulatory/political volatility.

• Caterpillar:

  • “Richly valued… Once it starts falling, wait for a better entry—prefer Cummins right here.”

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Lightning Round Highlights

[40:14+]

• Price Targets:

  • “Analysts raising targets after price passes them? Embarrassing—they missed the move.”

• Nu Holdings:

  • “Okay company, a bit pricey. If you want international, try Santander.”

• ARM Holdings:

  • “Buy the stock. Great call. Renee Haas saw the shortage coming.”

• Celestica:

  • “If you’re worried about Google pulling back, trim some on Monday—stock has run.”

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Notable Quotes & Moments

• On buy-the-dip:
  • “Much more to come. Keep your head up.” [11:09]
• On team effort:
  • “Without those other people, nothing happens.” [11:56]
• On Capital One’s Fairbank:
  • “The dean of the credit card industry… Make credit much less available up and down the credit spectrum.” [20:00]
• On Dividend Stocks for Retirees:
  • “I spent about a year being sure they’re good.” [35:00]
• On shortage trades:
  • “Wall Street doesn’t care about your opinion.”

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Timestamps for Key Segments

• [01:12] – Market overview and week-ahead preview
• [02:00-11:00] – Earnings outlook and sector-by-sector analysis
• [14:41-22:00] – Deep dive: Capital One earnings and Brex acquisition
• [23:34-30:54] – Deep dive: CSX, Railroads & M&A speculation
• [31:55-39:57] – Q&A: Investing Club, personal finance strategies
• [40:14-42:42] – Lightning Round
• [42:56-end] – Shortage Play Commentary; conclusions

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Final Takeaways

• 2026 Earnings Season: A crossroads for industrials, data-driven stocks, and “shortage plays”—with fundamental shifts offering buying opportunities amid volatility.
• Methodology: Cramer emphasizes patience, discipline ("own, don’t trade"), and leveraging technicals (limit orders, identifying cycles).
• Outlook: Bullish on select industrials, tech names on sale, and companies effectively navigating macro headwinds. “There’s always a bull market somewhere.”

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(All segment times are approximate. Quotes are Jim Cramer's unless otherwise noted.)

Transcript

[A]

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[B]

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[C]

Sometimes AT&T business Wireless connecting changes everything. Hey, I'm Kramer. Welcome to Map Money. Welcome to Kramer. My friends, I'm just trying to make a little bit of money here. My job is not just entertain, but to educate, do some teaching. Call me 1-800-743-CBC. Tweet me jim Cramer. Today. I'm calling it a total mixed bag. Dow dipping 285 points. S&P inching up.03% and the Nasdaq advancing point to 8%. But this week we put our biggest worries to bed. No more need to be concerned about the President invading Greenland or slapping tariffs on our NATO allies. Which means we can head into next week with a clear head and a focus on the fundamentals. Make no mistake, next week matters. Let's get it started with cyclical week. You know why? Many of the big industrials and material companies report this week. And it starts with the best steel company in the world, Nucor. Now, with about two weeks left in the fourth quarter, as it always does, Nucor preannounced its earnings results. And those numbers came in well short of Wall Street's expectations and didn't matter. Stock jumped 12, 12% since then. And that's what happens when the Fed cuts rates and there are tariffs on foreign steel. As there should be. If the stock gets hit on Monday, you should be a buyer. Tuesday starts with Boeing. Now this stock's had a monster move since the last quarter. I don't think you can report a number that can equal the actual move. But I wouldn't sell it either because this is the year one of a multi year turn in the stock of Boeing. General Motors reports too and CEO May Barr never gets the respect. She deserves what she's delivered for the through the years. Now the day GM reports the stock tends to underperform particularly in the first hour or two of trading. Just the pattern that I've noticed and that's a good buying opportunity. If it happens again, pull the trigger. Hottest group in this market, well some would say is the Transports including the Rails. We're going to talk about CSX tonight. I like Union Pacific which is trying to merge with Northern Norfolk Southern. Let's see what they have to say. We saw Procter and Gamble rally on what a lot of people thought was pretty bad quarter. Okay well Kimberly Clark reports on Tuesday morning I think report a better quarter now it's also merging though with can view in a cash and stock deal and that could keep this stock in its in its place. But I have to tell you that I like warming up to Kimberly more and more after what I saw with Proctor this week and also with Clorox last night after the close we have our first big shortage stock and that's Seagate. This maker of storage memory chips has been making a fortune because no one saw the massive surge in demand from the data center coming. Except for a handful of companies including this one. Stocks up over 25% for the year. You need a massive beat and raise for this one to keep it running. And guess what? I think you get it. CMC investing club members look out. You're going to be flooded with emails Wednesday because terrible trust holdings Danaher, Starbucks, ge, Vernova, Microsoft, Metta and Corning all report. Let me give you a preview after moldy or dry spell Danaher has big orders from biotech for expensive management. It seems like a biotech comes public every day. They're not. They've managed some better feared results in recent quarters. But this could be the first truly strong quarter in years. The stock was down barely today could be a real interesting opportunity. Starbucks is an oddity. Reports on Wednesday and then has an analyst investor day what's called an investor day Thursday. Now I don't really know how this is going to work. How you put them one day and Then the next day have a big confab about your company. The stock's wildly overboard here, which means it can't keep climbing unless the numbers are insanely strong. I do like it for the long haul not going anywhere but I doubt Starbucks can tell a story that's good enough to justify recent ramp because it's so overbought. G Vernova has been acting funky. I look, I think that's really a function of the monster moves that it's had over the years. When it was spun out from GE in April 2024 the stock was at 140. Now it's at 657. G's old power division has more business than it can handle courtesy of the data center. Again, I love it long term but the expectations are sky high for the moment I think you need a better entry point. We had our investing club monthly meeting yesterday and I spoke positive about Corning which is busy replacing copper with fiber in data centers all over the country. I don't think I was effusive enough frankly. I think the prospects are terrific. They own the business. I think you have to just hope it comes down so you can buy some. A bunch of the Mag seven stocks have been underperforming at least until today when they roared. Still Microsoft matter and nonclub company Tesla have turned into stocks that are very difficult to own except for select days. Microsoft's been weak in part because all software companies are under pressure from gender of AI. I think that's a false worry in this case but it shaved the Microsoft price to earnings multiple pretty mightily. Medax terribly until today had a nice move yesterday was recommended the last two days. But I'll tell you what's really going on here. The last conference call when the company reported Mark Mark Zuckerberg lowered the boom. He said he's going to spend all all he can. Can you walk that back please? Probably not. Maybe you can explain how matters at least making money on the datacenter build out besides intelligent glasses. Is that too much to ask? I don't think so. Next, repeat after me. Tesla's a robot company. Tesla's an autonomous driving play. It's not just a car company. And this might be the quarter that defines that new narrative. The stock goes higher. If so, here's what's going on. The stock is just going to from the moment you see the results the stock's going to go sky high. I'm not kidding. That's going to be the one that does the best. If they define IT as a non car company. Last quarter IBM reported a number that left the street rankle but the stock quickly recovered. I could see it doing the exact same thing this time as traders dominate the stock of IBM. I don't know why. And they don't seem to understand what an amazing company they own or that they rent. Oh, and if you want to know what could be the biggest report of the week, well, at least in terms of consequences, I think it's going to be N ow I think it's going to be ServiceNow. For years this company and Salesforce were leaders in software as a service enterprise software we call it. Both businesses have continued to do very well, but their stocks aren't playing ball. ServiceNow stock is down more than 100 points from its high. I've never seen that in terms of percentage. This the CEO Bill McDermott, he's got to bring his A game to explain what's happening and tell us that this is merely a broken stock, not a broken company. We are really going to be glued to that one. Now let's make things really tough. Why don't we throw in a Fed meeting, okay. Which probably shouldn't really be a market mover, but we're getting closer to the conclusion of Fed. She pals tenure and this could be the day when the President picks his new replacement. I think this meeting's a sideshow but I may be the only one with that opinion. I'm busy trying to make you money, not trying to speculate on Fed. She Thursday morning we hear from Honeywell. Now this is really complicated when the company reports almost every single time the stock's going down, plain and simple. The stock has run up lately because it's planning to list shares of its quantum business quintinium. And that's got many traders going. They own the majority stake and it should be red hot. But in the end, Honeywell still a company, it's breaking into three pieces. Well, it breaks in a couple of pieces and I got to tell you, here's what's going to happen. You're going to get people who say I don't want the automation gets People say I don't want the aerospace. The other people say, I don't know how long this thing's going to take but I don't want to be involved with it. And that's going to cause the stock, I think to take a hit. Would I sell it Wednesday to buy back Thursday? I'm not a trader. Okay, do I think that's exactly what's going to happen. Yes. We talk a lot about ancillary datacenter plays, which means Caterpillar, which is backup generators that are needed to keep these server farms running. In the old days, CAT usually went down on earnings. That's over. It tends to rally because people can't believe it can consistently put up such strong numbers. They are wrong. I like the stock. Apple stock's been down for eight straight weeks. Quite a dry spell. Why is that? I think it's the other side of the storage trade that everybody loves so much. Apple's a customer, it needs storage. They have to pay up for storage. But there's not enough to go around. Prices are way up. And bears say that Apple phones, as popular as they are, will show declining gross margins because of the how much they have to pay for these storage components. I'm not changing my view. I say own Apple, don't trade it. But I respect the fact that if Apple guides margins down, it is reason to believe that the decline is not over. SanDisk and Western Digital report the same time. These are our storage place. They'll be very positive. I don't think they'll get the same reception Apple does. I think people are going to say wow and just keep buying these. Even though this one Sanders is abused way too much for me. Friday can't come fast enough. All right, what do we got here? We got American Express again. I'm going to tell you what happens. They report it's almost always a good quarter. The stock almost always gets hit. That's been the pattern. You have to buy it right into that weakest. It's stupid selling, I might add. And that's usually a perfect buying opportunity. We also have two oil Chevron and Exxon. Both throw off a lot of cash. I like Chevron with its big buyback at its 4% yield. It's been my favorite for a very long time because it's so darn consistent. And now you have a possible Venezuela kicker as they're doing business there right now all through this regime and they know what needs to be done. The Bottom Line, Mag 7, Momentum Place, Red Hot industrials and a Fed mini all in front of you. Keep your head up. Much more to come. Let's take questions. Let's go to Jude in Wisconsin. Jude.

[D]

Hey Jim, how are you? Nebulous and getting a lot of attention lately. Where do you see the biggest risk in the company and how do you see the.

[C]

I think. I think that you see these. These stocks rol overvalued. What's going to Happen is One of these Mag 7 companies is going to say, you know what, we're going to slow down the building building. And then nebulous is going to be cut in half. I don't want that to happen to you. Let's go to, oh, Dave in Illinois.

[D]

Dave, Dr. Kramer, or shall we call you Mr. Pink? Nice work at J.P. morgan Health Care Conference.

[C]

Thank you.

[D]

Shout out to staffer Sean and Josh, the total rock stars.

[C]

They are. They're great. They're great. And thank you for saying that because, you know, we all kind of toil in the vineyard here, but you see me and you think, hey, Dave, it's just me out here. Why do you need those other people? It's the opposite. Without those other people, nothing happens. So thank you very much.

[D]

Absolutely. Jim. This $48 billion company provides health care services and products worldwide. Their stock appreciated over 60% last year. Jim, I like them. How about you? Cardinal Health.

[C]

Oh, Jason Holler. You know, it's funny, Dave, I'm out there. You got all these great drug companies and who do I. Who am I most blown away with? Holler and Cardinal Health and that urology purchase, the new purchases made. You're dead right. Cah. I can see that stock going to $300. And thank you for the kind words about our team. All right, we've got a busy week coming up. All right. It's a way to keep your head clear. It's kind of a nightmare, but we'll just work on it together. We'll figure it out. Chapel Trust, Capital One totally blew up night. I didn't like what happened, but I'm going to say, well, I'm sticking with it. Then in a questionable economic backdrop, maybe a rail. I don't know.

[D]

All aboard.

[C]

We'll take a look at CSX and give you my take. And you know, yesterday we held our monthly meeting for CBC investing club members and we got a lot of questions. Sometimes they're too many questions, so I want to address them. Here on this show, you get a real preview of what being member of a club is really like. So here's what you should do. Stay with Kramer.

[E]

Don't miss a second of Mad Money. Follow imKramer on X. Have a question. Tweet Kramer. Hashtag madmentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com Comcast business helps retailers become seamlessly restocking frictionless paying favorite shopping destinations. It's how nationwide restaurants become touchscreen ordering, quick serving eateries and how hospitals become the patient scanning data, managing healthcare facilities that we all depend on. With leading networking and connectivity, advanced cybersecurity and expert partnership, Comcast business is powering the engine of modern business powering possibilities. Restrictions apply Building a portfolio with Fidelity Basket Portfolios is kind of like making a sandwich. It's as simple as picking your stocks and ETFs, sort of like your meats and other topics and managing it as one big juicy investment. Now that's pretty good. Learn [e-mail] baskets Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC member NYSE SIPC.

[C]

ABC's David Muir, the Most Trusted Anchor in America the most Watched anchor in America thank you for making World News Tonight with David Muir the number one newscast in America. Most trusted, Most Watched David Muir on ABC. All right, what the heck just happened to the stock of Capital what we own this one for the charitable trust because I'm a big fan of their merger with Discover, a deal that created a credit card powerhouse. Ever since we bought it for the trust early last year, Capital One has been one of the best performing stocks, our entire portfolio. But over the past couple of weeks, this one's pulled back sharply from its highs. First, Capital One got hit when President Trump started talking about putting a 10% cap on interest rates for credit cards. Something that would, I tell you, would indeed wreck the entire industry because if they can't charge extortionately high rates, then they'll just stop lending to most people. I never worry too much about this, though, because the president would need Congress to make it happen. And more important, it would indeed wreck the economy. Then today, the stock got clobber for a very different reason. Last night, Capital One Important also announced a $5 billion acquisition of a fintech company called Brex B R E X, and the Stock plunged almost 8% in response. At this point, it's down more than 16% from its highs a few weeks ago. And you know what? I think that you are now getting House of Pain a buy an opportunity because it's just down that much. Why? Let's take last night's developments, the quarter and the Brex acquisition, and let's do it one at a time. First yes, Capital One reported mixed quarter. I'm not denying that, with revenue coming in comfortably better than expected. But they earned $3.86. Wall street one at $4.11. There were two main drivers of the earnings, Ms. First, Capital One had larger than expected credit charges in the quarter due entirely to a $302 million reserve bill which the company said was driven by seasonal loan growth. They explained it pretty well in the conference call, but it could indicate a deterioration of credit quality. So it's not something to be dismissed and no one did dismiss it. But when you look at Capital One's credit metrics, I didn't see all that much to be worried about. The company's domestic card charge off rate was down over 100 basis points year over year. That's great. It's auto loan debt charge off were down 50 basis points. That was terrific. Those are not the numbers you'd see if people were defaulting left and right. Second problem. Second problem. Capital One's non interest expenses came in higher than expected. That's not ideal, especially after the big Discover acquisition. We want to see cost cuts right now, but again this issue looks like better when you check under the hood. The elevated expenses include a large number of one time items connected to the merger. I'm not worried about that. Marketing expenses did come in higher than expected to which I don't love. But some of the other expenses were related to tech investments and other efforts that are worth the money. Not a push. Not great though. Put it all together. While the quarter wasn't perfect, the core business is doing very well and the integration Discover is proceeding as planned. By the way, Trump's 10% credit card interest rate cap did come up on last night's conference call. There was nothing too revelatory. So we'll just say that CEO Richard Fairbank, the dean by the way of the credit card industry, thinks it's a bad idea that will quote, make credit much less available for consumers up and down the credit spectrum, end quote. I think he made a great argument. I am sure the President was listening. Finally, let's talk about this BREX acquisition which was the most important development from last night. Capital One described the privately held Brexit as quote, a modern AI native software platform offering intelligent finance finance solutions that make it easy for businesses to issue corporate cards, automate expense management and make secure real time payments, end quote. Brex also quote, leverages AI agents to help customers automate complex workflows to reduce manual review and control spend, end quote. In other words, it's a financial technology company that offers modern corporate credit card and expense management solutions. And what you need to know is that this is yet another move from Capital One to yes, take on American Express. This is basically Capital One trying to expand its corporate card business by offering more value than Amex. Under the terms of the deal, Capital One it pays out 5.15 billion to acquire Brex. That's going to be half cash, half stock. Brex last raised money at a $12.3 billion valuation that was back October 21, the heyday. So I'm tempted to say the capital is getting a steal by snapping up the company for less than half that amount. But I think previous valuations say much more about how crazy things got in private markets in 2021 deal makes sense strategically. I am worn down by it. I'm worn down by Capital One. It was such a great stock, but this is. Look, Richard's taking a long term view and I wanted the integration of Discover to go smoothly and now I'm worried about this. I trust Fairbanks to be able to integrate Brex while he turns Capital One into a full service financial company offering both consumers and businesses everything they might need in banking and credit cards. But I don't think many other people are like me and know his work and are willing to be patient. So if the Brex deals this good, why on earth the Capital Stop One stock get eviscerated? Well, they missed earnings expectations even as I'm not as concerned as other people. But really, I think it sold off thanks to high expectations. Capital wanted run up dramatically last year. Plus, some investors are in the stock because they love the Discover deal and they didn't want to see anything complicated coming out of the quarter today. From their perspective, they'd rather have Capital One just keep using its money to buy back its own stock hand over fist. So they decided to ring the register because it's not what they signed on for. But you know what? I'm still a believer. Capital One is using this unique period where mergers that would normally be blocked are not going to be blocked because of the Trump administration's laissez faire approach to antitrust. And they're building a very impressive, very formidable challenger in the finance financial services space, especially in credit cards. After today's slide, Capital One trades at less than 11 times this year's earnings estimates. That's so far below the average large bank trade. Around 21 times for market Best, which is now the closest competitor. Do not get me wrong, I love amex. I think it's going to serve a premium. They report next Friday. But even if Capital One closes that valuation gap by half, getting to a point where it sells for 16 times earnings, that would make this a$330 stock. It closed at 217 today. So that's why I'm sticking around in capital one for the travel Trust. But it's been a painful couple of days. Here's the bottom line. If you missed the stock's tremendous rally last year, I think it's finally going to come back down to where you can buy it again, probably on Monday. In fact, this afternoon, the Chapel Trust upgraded Capital One, taking it from a 2 rating, which means buy on weakness, to a 1 rating means it's the stock we buy. Now these last few weeks have been tough for the stock, but from my perspective, that just means you're going to be getting a better entry point. And as I'm telling club members, I'm probably going to buy back the stock for the trust that we sold much higher. Yes, the stock is down that much. To me, it's all bye, bye, bye. Man. Money's back here for the break.

[E]

Coming up, could the new CEO of CSX be the cure for what ails the railroad company? Kramer's rolling through the fourth quarter results to find out next.

[C]

ABC's David Muir, the most trusted Anchor in America the most watched anchor in America. Thank you for making World News Tonight with David Muir the number one newscast in America. Most trusted, most watched David Muir on.

[E]

Abc this episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] MarketUpdatePodcast or find Schwab Market Update wherever you get your podcasts.

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Before we had ATT business wireless coverage.

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Our delivery GPS wasn't the most reliable.

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Once our driver had to do a 14 point turn to get back on route. A 14 point turn. An influencer even livestream the whole thing. Not good for business. Now with AT&T business wireless routes are updating on the fly and deliveries are on time. And the influencer did get us 53.

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New followers though at&t business Wireless connecting changes everything.

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Last night we got results from csx, one of the two major east coast railroads. And while the quarter looked disappointing, the guidance was strong enough to send the stock up more than 2% today on a down day for the transports. I want to walk you through the quarter, but first let me set the scene. The railroads all sold off incredibly hard last year when the President started ramping up his tariff rhetoric. But once the Worst of the liberation day. Tariffs started getting delayed, reduced or canceled. The entire group came roaring back, including csx. Oh, then the stock got a boost from merger mania. Last July, Union Pacific decided to acquire one of the two east coast railroads, either CSX or Norfolk Southern. Because the Trump administration is a pretty lazy fair approach to antitrust, they figured they could pull it off, creating the first transcontinental railroad, just as Jay Gould sought to do back in the early 1900s. In the end they went with Norfolk Southern. But that still got Wall street speculating on whether CSX could merge with someone else else like bnsf, which you may know as the old Burlington Northern and that's the subsidiary of Berkshire Hathaway. An activist firm called Ancora holdings even got involved with csx, pushing for a sale and really berating management for the stock's long term underperformance. That's in the stock soaring again. But a few days later it came right back down when BNSF shot down the idea of a merger. They set up a partnership with csx, but they didn't seem to if you were to buy it now. The activists were also calling for the head of CEO. Joe Henriks by the way, had to be the railroad man of the year right when they were doing this. And he ultimately got ousted last September. I think this guy got a real raw deal. He had to deal with job like series of rolling issues including the supply chain crisis, raging inflation, fed rate hikes that crushed the cool customers, a freight recession and then the Baltimore Bridge collapse, Hurricane Helene, multiple port strikes, some tricky labor disputes and most recently tariffs and a big snowstorm. Oh no, that's something else that's going to happen. So I have it in my head like everybody else. Sure, CSX had underperformed the S&P 500 from 2022 when he took over to last August when Ancor started trying to push him out. But that's true of all the railroads. In fact, during that period, CSX had the second best total return of any publicly traded Class 1 railroads behind only Norfolk Southern. Norfolk Southernly won because it got a takeover bit. Still, there was a silver lining here. When CSX got rid of Hendrix, they brought in this guy that we really like, a terrific replacement. His name is Steve Angel. Now he was formerly CEO of Praxair who sold his company to Lindy, the industrial gas giant in 2018. Then he ran Lindy until March of 2022. Don't get this. Under his leadership, Paxir gave you a total return of 257%. Lindy gave you a 219% return. We had that for the Travel Trust. Thank you. You, Steve? Well, we've had him on the show a bunch of times. He's a fabulous industrial, he's a great operator, but, you know, not a railroad guy, but great opera. The big question here is whether angel was brought in to put CSX up for sale like he did with Praxair, or if the board simply wants him to build a better company. His predecessor only got fired because he failed to sell the company, Union Pacific. When CSX reported in October, angel was asked that question point blank and he said he's open to strategic opportunities. But he also pointed out that he ran Praxair for a decade before he sold it to Lindy. His philosophy is that you should run the company to do the best of your ability. So if there's a merger opportunity down the road, you're coming into it from a position of strength, common sense. Still, Steve angel is 70 years old. And while I happen to think that is like the best age in history to run a company, I don't think he was brought in to run CSX for a decade before selling him. After all, they've really only got three years left to merge with another major railroad. I don't see any other White House possibly letting that kind of deal through because this industry already has a high level of concentration. Plus, even the Union Pacific Norfolk Southern deal is run into some speed bumps, as you expect with pushbacks from the Union, a couple of competitors. Just last week, the Surface Transportation Board, the first organization that reviews these things, ruled that their merger application was incomplete. While probably won't be difficult for them to fix that, the fact is that even the merger friendly Trump administration is going to rubber stamp this. Then again, the most logical acquirer here, and this is what I think, if you own the stock you should hope for, is Berkshire Hathaway's bnsf. That deal was shot down by Warren Buffett last year. But now Buffett is retired and his successor, Greg Abel is making some changes. He seems ready to dump Kraft Heinz. It's chronically underperforming position that Buffett was very attached to. So maybe he's willing to consider buying csx. I got to tell you that while I like csx, I sure wouldn't buy purely for takeover speculation. I buy because I think the business is set to improve dramatically this year and a lot of the big problems are behind them. Which brings me to the quarter CSX reported last night. This was Steve Angel's first real chance to unveil his plans for the company. What do we learn? First, the headline numbers were not good. A modest top and bottom line miss. That's mainly because the broader rail freight market is not that good right now. See on the other hand, CSX reported very good operating metrics. That's things like train velocity, dwell time, trip plan compliance, safety stats. CSX also managed a 1% year over year increase in volumes despite the weak weakness in the industry. But the Rails don't have much pricing power these days which is why the sales and earnings disappointed. Of course you wouldn't realize that if you looked at the CSS's stock today which rallied rallied nicely, I mean terrifically mostly. That's because management gave us a pretty darn good full year forecast calling for low single digit revenue growth and 200 to 300 basis points of operating margin expansion versus last year. That would be unbelievable. Steve could pull that off. How do they plan to make it happen? Okay, CSX is coming off a year very elevated expenses. The company completed two major capital projects in 2025. Expanding a tunnel in Maryland, well that took forever. And rebuilding a line in North Carolina and Tennessee that was damaged by Hurricane Helene. These big. That's a major reason why they shelled out $2.9 billion in capital expenditures last year. Simply finishing these projects will result in major savings. Management's guiding for 2.4 billion in capital expenditures for 2026. Free cash flow growth of 50% could be a lot of money to buy back stock overall. CSX is also aiming to cut costs aggressively this year. Although I would argue that they've been doing that every year. Importantly, Steve said explicitly, and I'm going to quote, says csx, quote, does not anticipate any meaningful improvement in macroeconomic conditions, end quote. His call for low single digit revenue growth is based on flat industrial production and modest GDP growth. In other words, if the economy actually improves a little bit, that's pure upside for csx. Not in the numbers. We've had a long standing freight recession in this country and I think there's a chance the industry starts to bounce back this year. Although we clearly aren't there yet. With a freight recovery, these guys could print money. You would want to own it really badly. Put all together, you know what? I think CSX represents an excellent buying opportunity even after today's 2.4% run. This is a company is going to do a lot of self help and the numbers should improve dramatically just because they plan to spend a lot less than they did last year. But the bottom line, while the csx. CSX should do fine even in a fairly stagnant economy, I think it is going to be a big winner if the economy actually picks up steam and a humongous winner if they somehow manage to attract a takeover bid. Again, don't buy CSX for that takeover speculation alone because it's. Because the fundamentals are improving and there's an outside chance that another railroad might want to merge with them. Csx. I like Joe. I like Steve. I think it's going to work. Let's go to Leslie in California. Leslie.

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Jim, I'm back. Jim, I'm wondering what your weekend plans are, given the plan.

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Let's see. Well, my wife had a knee replaced, so I think I'll hold her hand because she's in a huge amount of pain. I'll do that, and then I'll move into a hotel that's nearby this place because everyone's so worried about the storm. And then I'll put under the. I'll take the under on 21 inches on Kalsheek. Okay.

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Dover Corp. Buy, sell, or hold.

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Oh, wow, that. You cut me to the quick with that one. All right. Dover reports next week. It's too close for me to determine. I said yesterday at our meeting that I liked over, but it had jumped five points a day before, and we took a little off the table. It went down today. At this point, we have to wait till the 29th for the quarter before we opine on it. I do think that Rich, Rich Tobin is doing a terrific job, but we don't have enough info. Let's wait for the quarter. And thank you. And thank you for asking me for my weekend plans. No one here cared at all what I'm doing. They're all talking, you know, and they never asked me. What's that about? Let's go to Greg in New Jersey. Greg.

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Hey, Jimmy, thank you so much for what you do for the investment club. And the book has been fantastic.

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How to Make Money in Any Market. I saw some people yesterday reading it. I was very excited, you know, still doing well. I'm thrilled you mentioned it. How can I help?

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Hey, listen, AI is all about the power play. And GE Venova has been like the centerpiece for everything. And I will never sell that, probably for a while. But the question for you is OCLO has been getting a lot of print, a lot of momentum, and buy, hold, or sell on oklo.

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Okay, oklo. I've been saying sell it. Knocking. It's been knocked down pretty bad. I think there's always these yahoos want to come in so I'm trying to 2% for the year who say well listen, it's going to be the next greatest thing ever. And their technology is unbelievable. This is nuclear power. And when we talk about nuclear power, you're right. Cheaper NOVA knows how to build a plant. Everybody else is just trying to learn and is not commercial, ok? Lo is not a commercial enterprise period. Thank you for the comments, very kind of you. I wouldn't buy csx. Don't take over speculation. I buy it because the fundamentals are actually improving. They got a new CEO, Steve angel that I really like much more may have money ahead including some very smart questions from members of the CNBC Investing club. Then most of the winning names in this tape have one thing in common. I'll reveal it. And lawyer calls Rapid Fire, tonight's edition of the Lightning Round. So stay with Kramer. It's been a dramatic short week for the markets. Do you believe on Tuesday the SB actually turned negative year to date? So we thought we ought to step back and address some of your concerns by taking some questions from our investing club members. Yesterday we held our Investing club monthly meeting. These are pretty intensive things, believe me. And Jeff Marks and I get together, walk club members through our decision making process for the portfolio, just our current holdings and then we take questions from club members. We always have a few left over. So I want to show you what you get from this part of the club meeting. Consider an inside look at what happens in the meetings we do. I want you to join the club. I also want to give you some much needed advice here. So if you like it, go scan this QR code and join the club please. Thank you very much. First up we have a question from James who asks Jim, the swings in the market happen in a matter of minutes or hours. With all the computer driven programs, how does an individual stay in the game? Okay, here's what you do. You use what I call limit orders, okay? Not market. You figure out what you want to pay for stock. You use that price. You don't give anybody else the price. You don't let the market take control of it. You decide what you think what the company is worth and then you play it your way. Don't let the market determine what you want. Decide how much you'll pay and nothing more. Next we have a question from Robert in Florida who asks, I purchased Netflix after the stock split and I've been in a world of hurry. Jim, do you think in 2026, Netflix will get back on track. Or should I take a loss and sell it? I have to tell you, Jim, I thought that the conferen call this week was a, it was a show of force. It was so good it made me think that Netflix completely is on its game. As always, you should be a buyer of Netflix here. Next up, Michelle in Colorado asked, do you have any thoughts on what type of business business would benefit from advancements beyond the producers of chips, energy and infrastructure? I'm thinking of businesses that implement the technology to enhance their efficiency. That's going to be the banks. The banks don't talk much about it.

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It.

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The one that I think has the best handle on it is Wells Fargo. It's a big reason why we own it for our Chapel Trust. WFC is the stock for you. Next, we have a question from Joseph who asks why is it best to reinvest dividends versus banking them for other opportunities? Never good to bank for other opportunities. We always reinvest. It has to be a very particular kind of situation. We don't reinvest typically something that you're stuck in and you don't want to have more of, which is a very rare thing. I'd like you to sell it. Some people can't sell stock because it's restricted invested. I'm in that situation and don't need to talk about it much beyond the fact that I would love to be able to sell and I can't. But otherwise reinvest, reinvest, reinvest. Next, Harry in my home state of New Jersey says, Jim, could you expand more on income generating strategies to prioritize capital preservation, particularly for older investors who are focused on living off a portfolio income because of you. I wrote a particular chapter in how to make money in any market. Really it is for you. It's a list of stocks that I would buy right now if I were allowed to own stocks. Not for the trust. These are not Travel Trust names. These are ones that I would use for income. They're all there for you and they're vetted by me and I spent about a year being sure that they're good. So let's go take a look at those. Next up, Gary asks what's happening with AutoZone stock lately. It has been a darling stock for years. As of the last six months, there's been a breakdown in price from a one steady up and right chart. Just a buy seller hold. All right. This one mystifies me. I have been a believer in this stock for some Time, Time. They have the best buyback. Take a look. They've shrunk the float by 50% just in the last few years. There's nothing. At first I thought it was tariff parts that could be a problem. Tariff parts. But at this point I just don't see a lot of downside. Yeah, I mean, we just had this nice pickup, but I think this is where you can get back in. It has been mystery because I've been recommending the stock for more than 10 years. Next up, we have a question from David who says small cap stocks seem to be all the rage lately. What do you think about them? There's too much, including our network, people who just say, oh, the Russell 2000 but don't know the individual stocks. As I look at the individual stocks, I see very little that I really, really like. Why? Because I like balance sheets, I like earnings, I like scale. I like companies that have a mode around them. Almost every one of those companies that I check when I. Every time I look, don't people buy the Russell? They buy the index. I'm stuck with buying individual companies. And you know, why do that? Because you outperform when you do it my way. Next we have a question from Richard who asks, based on the belief that chip and related stocks are cyclical, how do you know when to trim or get out? They are not cyclical. There are particular ones. NXPI is cyclical. On Semicircle, Texas Instruments is cyclical. Most of the others are not cyclical. Most of them are secular. Those big three are the three that I would say you can't possibly buy because you have to buy them and then sell them. And I don't like that. Next up, Bob asks, I was wondering if you have considered investing in any of the defense contractors. It would seem that they offer a reasonable dividend and be a good investment long. And you're right. I liked av, which is Aero Environment. I like Lockheed Martin. I've always been confused about whether to get into what I guard is the hornet's nest of the President saying that they can't buy back stock or they can't pay dividends. Too hard for me. But Those are the two that I think still work. Av. I've licensed 78 Lockheed Martin I'd like since James Takelik came there from American Tower. Next we have a question from Chris in North Carolina who asks, what do you think of Caterpillar? It seems to be richly valued as current price. How much would this stock have to fall to start a position? The stock was down really horrendous today. I didn't understand it. Reports next week. There are a lot of people who feel that this is a data center play and that the data centers are somehow going to stall out. You are coming in after a major, major move. I would like to see the stock lower. Once you start getting lower, what happens happens is people say, oh, it's going to be top. It's a head and shoulders. All that. I liked when Jim Appleby was CEO. He did a fantastic job. I believe it's worth a great deal. But I do prefer right here, Cummins cmi. I think it represents a better buy. I finally have a message from Jerry who says, longtime member, thank you for what you do. You have really changed our life. If Jesse James knew of Jim Cramer, he would have never robbed banks. Well, that's quite a nice thing. I pride myself Snook Club last night I had some dark thoughts about my wife. Didn't like the way the call came out. She thought I was too somber. And I said, no, wait a second. We've changed people's lives. That's all I've ever wanted to do on earth is change people's lives for the better. I have received a huge amount of criticism in my life. And you know what? I don't care. Thanks again to all our club members being mice. Back in for the break.

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

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It is time. It's time for the white ramp. And then the lighting round is over. Are you ready, Ski? Dad's on the light round. Let's start with Chuck in Florida.

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Chuck, hey, Jim calling from Valencia Sound in Boynton Beach.

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How are you? Oh, fantastic. How are you, Chuck? Good to have you on the show.

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Thanks. I just wanted to ask you, Jim, before I ask you about my stock, a quick question. Why do analysts raise their price targets to an amount that has already been surpassed?

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That's usually because they've been left behind by the stock and didn't foresee the big move ahead. It's always very embarrassing to me, frankly. They should just, just frankly admit that they missed it, but they never do. How can I help you on a stock? What's up? All right.

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I wanted to ask you Jim about a digital bank. They operate in Latin America mainly in Brazil, Mexico and Colombia. They received approval, I believe for US bank charter and they also received multiple upgrades from Goldman Sachs, Morgan Stanley, bank of America. The stock gym is new holdings symbol, I think.

[C]

Look, I like New from when it came public. I think it's okay. It's a little to me. I don't know. I don't like a bank that has that bigger price earnings multiple, even if they are very forward looking back. And by the way, you want an international bank, let's not forget it's Santander. Let's go to Scott, Minnesota. Scott.

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Ms. Kramer, as the club member.

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And I want to thank you for helping me and all my grandchildren. Yes, thank you.

[D]

What are your thoughts on buying more ARM holdings?

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Okay. Arm's very interesting here because they did see the big shortage coming. Renee, Rene Haas got it right. I think you do buy the stock and I think it's a great call and I want to thank you for those kind words. Let's go to Doris in Indiana.

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Doris, hey, Jim Cramer, thank you so.

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Much for everything that you do.

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I may have overbought Celestica and I'm a little concerned about what I'm hearing.

[C]

About Google maybe backing out of it. Yeah, I saw that too and was thinking, boy, Celestica is really too high. If that happens, why don't you trim some on Monday? I don't know what's going to happen, but the stock has been run. You'll certainly feel better about it if you take that action and that, ladies and gentlemen, conclusion of the Lightning Round.

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The Lightning Round is sponsored by Charles Schwab. Coming up, looking to capitalize on the current shortage in the memory semiconductor market. Cramer's pointing you to the gold standard for success right now.

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Now. This park's being driven by shortages. If your product's in short supply, your stock goes higher. It's knee jerk. You may disagree with it, but Wall street doesn't care about your opinion. Billion. We've witnessed endless buying in the memory and storage stocks in the last year. Think Micron, Seagate, Western Digital and SanDisk. That strength is extended to the semiconductor capital equipment makers like Applied Materials, Lamb Research and kla. These groups got hit today off the pin action from Intel's disappointment. But I think that's mistaken pin action and I will explain that in a moment. We have a huge aircraft shortage that's behind the resurgence in Boeing. The travel boom has fed endless plane orders to Boeing stock because it's one of the only two companies that can make huge commercial aircraft in scale. There's a reason Boeing's Boeing stock just took out the level where it was trading before the Alaska Airlines accident two years ago. Aircraft shortage by Boeing. All that said, if your stock's been rallying as A shortage play. This market will turn against you in a heartbeat if you somehow manage to drop the ball. Last night intel reported a decent enough quarter quarter. But offered distinctly suboptimal guidance for the current quarter, which it said was totally because of the CPU shortage. Remember, anything that goes into a PC or server is in short supply thanks to the datacenter boom. So intel can't make enough CPUs to truly profit from the shortage. They planned wrong. They were caught unawares. It happens. But that's why the stock got obliterated today, down 17%. They didn't factor in the storage correctly. There was just too much shortage shortage. Just way more than they thought. Of course that's great news for the main competitor amd which rallied nicely today because they did factor in the shortage. We wish we had not sold AMD for the Chapel Trust, but that's what it should have could have. Intel's slide was so bad that it dragged down the memory chip makers. Pure guilt by association. But that's ridiculous. Intel doesn't have a problem with demand. They simply can't produce enough supply. The industry is in great shape. This is just one company with lackluster execution and no more than that. I think intel still a great company. It's come back under Lip Bhutan. I think it's going to take advantage of the CPU shortage. And I do believe that Lip Bull can fix what's ailing the company. It was a very broken company when he came in. Now last night I told you that the intel breakage would reverse the huge flow of money out of Magnificent seven into the shortest place. And to some extent that happened. The money flowed out of the shortest place right in the Mag 7. We got some lifted Meta and Microsoft responding to positive research notes. Amazon rallied in the news. They planned some big layoffs. Nvidia eventually rallied in rumor the Chinese government will allow them to sell their H200 chips to ByteDance Tencent Alibaba. Although it took a while for that stock to gain traction and I'm still not sure that story is true. These are all jumping because the money flew back from storage into Mag 7. It just goes back and forth and back and forth forth and it doesn't impact them all. Apple saw its stock fall for the eighth week in a row because anyone who makes phones or computers is a victim of the memory shortage. They have to buy a lot of these sky high shortage devices. People say sell Apple often. I'm not, I'm not a believer but I recognize that's what's happening. Of course, not just tech. We've got some real shortages in metals. Gold, silver and copper are climbing relentlessly. The world is a lot of copper, so even though it's used in the data center, I'd be circumspect about chasing it market. But man, silver's up 46% since the beginning of the year and gold's up 15% now. A lot of that's because the dollar's weak. It's a store hold of value. But we do have a permanent shortage in gold. Not in silver, but in gold. Each year we Only replace about 1% of the world's holdings. Between all the geopolitical uncertainty and the weakness of the dollar, there's huge demand here. I would buy Agrico Eagle if I want to participate in it because they're the best miner. The CEOs of the best gold companies have always told me that one day we'd all learned that crypto simply doesn't hold its inflate its value as an inflation hedge. Only gold could. I like crypto, but I think that the gold miners are turning out to be perhaps right. Crypto turns out to not be a great inflation hedge. The moves we've seen in the last year show you that crypto seems to lack something that gold and silver have. And I think it's the shortage factor. There's just not enough being made. My advice, own gold, don't trade it. I like to say there's always bull market somewhere. I'm sure just for you, right here, made money. I'm Jim Cramer. See you Monday.

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All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Kramer 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 hey, this is.

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Jeff Lewis from Radio Andy Live and uncensored. Catch me talking with my friends about my latest obsessions, relationship issues and bodily ailments. With that kind of drama that seems to follow me, you never know what's going to happen.

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You can listen to Jeff Lewis and.

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