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.

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.”

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.

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.”

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.”

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.”

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.”

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.”

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

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.”

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