Mad Money w/ Jim Cramer 1/9/26

Summary

Mad Money w/ Jim Cramer – Episode Summary (Jan 10, 2026)

Overview

In this episode, Jim Cramer guides listeners through the latest moves in the stock market, with a sharp focus on the start of earnings season, upcoming catalysts like the J.P. Morgan Healthcare Conference, and in-depth analysis of consumer names Shark Ninja and Ulta Beauty. The episode is packed with Cramer’s trademark stock advice, detailed sector analysis, rapid-fire stock takes in the Lightning Round, and an expert preview of healthcare themes with JP Morgan’s Lisa Gill.

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Main Themes and Discussion Points

1. Stock Market Rally and Rotational Dynamics (01:42–04:00)

• Market Rally: Cramer discusses a broad rally driven by overlooked market sectors following an “unreadable” unemployment report.
  • “What’s happening is once again a broad-based rally … The Dow rallied 238 points. S&P gained 0.65%. The Nasdaq jumped 0.82%.” (01:42)
• Tech Stock Weakness: Apple and Nvidia, key “Magnificent Seven” stocks, are weak not due to company issues but manager “source of funds” rotation.
  • Cramer’s advice: “I say own Apple and own Nvidia. Don’t trade them. Nothing’s changed for me.” (03:47)

2. Setting the Stage: What to Watch Next Week (04:10–08:45)

Key Catalysts:

• J.P. Morgan Health Care Conference: Cramer previews interviewing CEOs, looking for market-moving M&A announcements. (04:10)
  • “Historically, this is a conference where people announce grand plans, including mergers and acquisitions.” (05:10)
• Inflation Data: December CPI may show continued consumer strength, influencing Fed rate decisions and market tone.
  • “Look for some tension between the President who’s trying to contain inflation and the consumer who’s born the brunt of it.” (06:10)
• Earnings Season Kickoff: Big banks like JP Morgan, Citigroup, Wells Fargo, and more to report.
  • Cramer expects cautious commentary from Jamie Dimon (JP Morgan CEO) could temporarily pressure the stock.
  • “Jamie’s cautious comments crushed his own stock last quarter. He could do it again. Remember I told you, buy it into that weakness.” (07:10)
• Sector Standouts: Tech hardware (data storage, semiconductors), airlines, and trucking companies could outperform.
  • “The winners in the Semi area so far though have been … data storage simple names like Western Digital, Sandisk and Seagate …” (08:45)

3. Call-In Q&A – Individual Stock Advice (09:24–12:21)

Notable Highlights:

• Cloudflare (10:20): Cramer says buy on weakness, praises CEO Matthew Prince, sees opportunity due to recent selloff.
• Cheesecake Factory (11:08): Still a buy, called a “seasoned practitioner,” undervalued at 13x earnings.
• Broad Takeaway: “A strong start to the season of earnings week could set the tone for not just the rest of the year but well, I shouldn’t say it could set the tone for a long time.” (11:19)

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Deep Dives: Featured Stock Analyses

4. Shark Ninja – Consumer Appliance Comeback (14:19–21:33)

Why Focus on Shark Ninja?

• Comeback Story: Returned from tariff and supply-chain worries to top performer.
  • “One of the greatest comeback stories in the second half of last year … stock has rallied from a low of $25 … to $120 and change.” (14:45)
• Operational Success: 9 straight quarters beating sales and earnings estimates.
  • “Reported nine times since it came public … and in each of those quarters, the company beat both sales and earnings estimates. That’s one reason the stock caught fire in 2024, rallying 90%.” (15:33)
• Tariff Overhang and Margin Management: Tariff pressures persist, but product demand and cost management are winning out.
  • “Tariffs are a problem for Shark Ninja. I don’t want to imply otherwise, but clearly they’ve been able to overcome that problem.” (18:44)
• Strong Category Growth: Cleaning appliances +12.4%, food prep appliances +11.9%, beauty/home environment products +56.7% in Q3. (17:18)

Cramer’s Conclusion:

• “At the end of the day, I like the story very much … if the Supreme [Court] strikes down these tariffs for being unconstitutional, Shark Ninja could have a lot more upside as it could recoup a lot of money … This thing is a steal.” (20:30)

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5. Ulta Beauty – Retailer in Resurgence (23:25–29:43)

Why Focus on Ulta?

• Consistent Momentum: New CEO Keisha Steelman has orchestrated a significant turnaround.
  • “Back in October, I told you that Ulta had finally gotten its act together … Over the past month or so, Ulta has come roaring back, climbing all the way to a new all time high of $675.” (23:28–24:00)
• Blowout Quarter: December quarter saw sales and earnings blow past expectations; double-digit e-commerce growth, upgraded full-year guidance.
  • “Net sales were up 12.9% year over year … same store sales up 6.3% … gross margin up to 40.4% … management raised their full year forecast across the board.” (24:38–25:24)
• Strategic Initiatives: Stronger US core, successful international expansion (Mexico, Middle East), and cost controls paying off.
  • “CEO Steelman explained … she had to improve the in store shopping experience, making sure more items people want are in stock … Ulta’s focus on expanding overseas, and recently launched its online marketplace … cost savings are coming through, hence the stronger margins.” (26:08–27:24)

Cramer’s Investing View:

• “If you didn’t listen to me last time, I still think you can buy Ulta here and get some exposure to this excellent story … with Ulta stock, white hot here. I mean white hot. You should be hoping for a market wide pullback that gives you a chance to load up … Ulta Beauty continues to look better and better and then better some more.” (28:33)

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Lightning Round – Stock Opinions Rapid Fire (38:58–43:55)

Stock Opinions:

• Lithium Americas: No, prefer Albemarle (ALB). (39:36)
• DBACs: Praised due to Sanofi deal. (40:10)
• Tallin Energy: Hold, could be a buy here despite recent weakness. (40:29)
• Sailpoint (SALIO): Avoid; Cramer dislikes most enterprise software now, with Salesforce as the only exception. (41:11)
• Radiant Logistics: Favors FedEx over truckload logistics. (41:44)
• First Solar: Likes company, but advises against buying on margin. (42:08)
• Amprius Technology: Calls it a “nice spec” and supports holding for now. (42:47)
• Arm Holdings (ARM): Likes CEO, recommends buying not selling after a 23% loss. (43:38)

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Healthcare Preview: JP Morgan’s Lisa Gill (32:35–38:55)

Conference Themes:

• Biotech Buzz: High expectations for dealmaking and innovation. Biotech has outperformed, with distributive middlemen still thriving despite policy skepticism.
  • “Biotech has been on fire as you well know. And I think there’s a lot of expectations around perhaps parties coming together.” – Lisa Gill (32:56)
• Policy Risks: Administration still focused on fraud, waste, and abuse in managed care.
  • Medicare Advantage could see changes, but remains popular public/private partnership.
• Retail Pharmacy Rebound: CVS (a “favorite” stock for 2026) seen as undervalued by Gill, benefiting from industry consolidation and cost-plus model.
• Biotech M&A Outlook: Administration now more open to deals; large pharma has ample capital to pursue acquisitions. (36:54)
• AI in Healthcare: Expect discussion of AI’s potential in pharmaceuticals and healthcare services, but real-world impact remains unproven.
  • “I think everybody’s going to be talking about can AI truly create more efficiency? Can they speed up the process around drug development?” (38:08)

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Energy Sector – Nuclear’s New Hope and Risks (44:26–48:03)

• Oil vs. Nuclear Dynamics: Venezuela oil revival seen as a threat to crude prices; US oil companies hesitant to invest.
• Nuclear Hype: Meta/Facebook’s commitment to new nuclear plants sparks debate.
  • “Meta Platforms is buying and building facilities that will generate enough power for the expansion of their infrastructure … the small nuclear reactors being built by Oclo …” (44:40)
• Cramer’s Warning: Skeptical about fast nuclear timelines given decades of delays and overruns in sector.
  • “If Mark Zuckerberg can somehow find a way to build a nuclear plant on time, give that man a Nobel prize. Sadly, I wouldn’t put money on it.” (47:23)

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Notable Quotes & Memorable Moments

• “Are [Apple/Nvidia] the House of Pain? Wrong address.” — Jim Cramer (03:59)
• “Jamie’s cautious comments crushed his own stock last quarter. He could do it again.” — Jim Cramer (07:13)
• “This company [Shark Ninja] started printing great quarters right out of the gate.” — Jim Cramer (15:50)
• “Ulta Beauty continues to look better and better and then better some more.” — Jim Cramer (28:41)
• “If the supreme [court] strikes down these tariffs for being unconstitutional, Shark Ninja could have a lot more upside as it could recoup a lot of money.” — Jim Cramer (20:30)
• “If Mark Zuckerberg can somehow find a way to build a nuclear plant on time, give that man a Nobel prize. Sadly, I wouldn’t put money on it.” — Jim Cramer (47:20)

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Section Timestamps

| Segment | Time (MM:SS) | |-------------------------------------------|---------------| | Opening Market Thoughts | 01:42–04:00 | | Upcoming Market Catalysts | 04:10–08:45 | | Call-In Q&A | 09:24–12:21 | | Shark Ninja Deep Dive | 14:19–21:33 | | Ulta Beauty Deep Dive | 23:25–29:43 | | Healthcare Preview (Lisa Gill) | 32:35–38:55 | | Lightning Round | 38:58–43:55 | | Energy/Nuclear Segment | 44:26–48:03 |

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Overall Tone

Cramer’s signature: energetic, conversational, and practical. The show mixes enthusiastic calls to action ("Buy on weakness!"), pragmatic skepticism (“Don’t buy on margin!”), and industry insight, with a healthy dose of humor and self-reference.

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Useful for Listeners Who Missed the Episode

If you missed this episode, you now know exactly how Jim Cramer is thinking about sector rotations, which stocks he’s bullish on right now (including under-the-radar growth stories like Shark Ninja and retail winners like Ulta), and which themes to watch going into earnings season and the crucial J.P. Morgan Healthcare Conference. The stock-specific insights and sector views, especially with engaging guest analysis from Lisa Gill, make this episode a practical roadmap for the week ahead in the markets.

Transcript

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[Jim Cramer]

All.

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[Jim Cramer]

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[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. I'm good with my friends. Hey, I'm just trying to make a little money. My job is not just entertain, but that's get to teach you show how it works. So call me at 1873 CNBC. Tweet me Jim Cramer. When you get an unemployment report that's basically unmedable. It allows you to focus on what's really happening in the market. And what's happening is once again a broad based rally that encompasses many different and often overlooked areas that didn't get much love last year. And that's how The Dow rallied 238points. S&P gained 0.65%. The Nasdaq jumped 0.82%. We've seen breathtaking rallies in the data storage stocks. We also have some stocks that simply can't lift. And I got to mention Apple and video. I know you want to know if it's over for these two members of the Magnificent Seven. I come at a totally different way. I think both Apple and Nvidia, the companies are humming along, making a lot of money. It's simply that money managers need to sell something old if they want to buy something new. So their stocks become what is known as a source of funds. You know, it's a time honored tradition. The beginning of the year. I've seen it happen in January repeatedly over the years. You just have to wait these two out. You'll know when the selling is done. It's truly not over yet or the stocks wouldn't start rolling over every day from the get go. And you see it as well as I do. I say own Apple and own Nvidia. Don't trade them. Nothing's changed for me, as members of the CNBC Investing Club know all too well. Are they the house of Pain? Wrong address. Okay, let's go to work here. Now, what are we doing next week? Well, first of all, we are headed at the beginning Sunday morning. I'm going up to a week at the beginning of the J.P. morgan Health Care Conference. Okay, now look, this is a really special event and it's way too important to miss. I'm going to interview a dozen CEOs to see what their plans are for the new year. Historically, this is a conference where people announce grand plans, including mergers and acquisitions. I've seen a bunch of stories break there over the years. I'm going to cover all the breaking news, especially the acquisitions. There could be a lot of them at this conference, maybe some big biotechs, too. One thing I can say about the J.P. morgan Health Care Conference, it's a market mover. You don't want to miss it. Some of these companies are going to announce things that are going to blow you away. Tuesday morning starts with the December Consumer Price Index. And it matters. Today we had an inconsequential set of Labor Department figures that didn't really impact the stock market. I don't think the CPI will be weak. We're getting some indication that the holiday shopping season was very strong, the strongest in years. Look for some tension between the president who's trying to contain inflation and the consumer who's born the brunt of it, with the Federal Reserve in the middle trying to figure out if it's safe to keep cutting interest rates in a rising inflation environment. Tuesday also marks the start of earnings season with none other than the quarterly report of, yes, JP Morgan. Now, I am worried about this conference call, not the quarter, the call. The stock's coming in red hot and I don't think the company will be as brilliant as the stock would indicate. You got to remember, CEO Jamie Dimon has a certain style. When things are good, he likes to talk about what could go wrong, not what could go right. Things are good. That orientation is what often terrifies people. Though I would emphasize I think JP Morgan's actual quarter will be amazing. But that's not the point. Jamie's cautious comments crushed his own stock last quarter. He could do it again. Remember I told you, buy it into that weakness. I hope I can be as Clearboy at this time. My suggestion is wait to see if Jamie's worried, cautious, even pessimistic. Watch the stock go down. If that happens, you can pounce on some of it at the end of the day and you buy some and then you may have to buy some the next day. That's what happened the last pattern. Delta reports too. And I got to tell you, the airlines are putting up some terrific numbers. I expect a fine quarter from Delta as it's arguably the best run airline. Wednesday morning we get not one but two key numbers. Okay, we get the retail sales and the producer price index. Now these numbers like the CPI on Tuesday, could give the Fed cover to bless us with rate cuts. Of course, there's a caveat here. Unlike the cpi, these numbers are on a delay. They're from November thanks to that backlog from the government shutdown. I think December was a strong month in the country with big holiday spending that will not be included. Wednesday also brings more bank earnings. The star most likely will be the one that's been the star for a while now. Citigroup. It's gone from ugly duckling to beautiful swan. But the analysts haven't caught up with the new numbers yet. So it just keeps surprising the upside. We get the upside estimate revisions and then the stock flies, you know. But it's not the only one. We also hear from Wells Fargo, which we own for the Travel Trust. Now this bank stock has been fabulous to us. And Charlie Scharf, the CEO of Wells, has pivoted the bank from a plain old banking company to a full corporate and individual bank which which includes a lucrative merger and acquisition practice. They're on the Netflix deal. Wells is constantly paring costs and surprising us with its efficiency. I am optimistic. Maybe he talks a little about how is helping them. He's a visionary. Charlie. Bank of America reports to it's been consistently good with very few surprises. I expect none this time. Just a solid growth quarter that will help drive up the stock over time. Thursday we'll get some fireworks. Two investment banks, Goldman Sachs and Morgan Stanley should both report excellent numbers. The amount of activity in Financial markets is unusually strong. The asset gathering Morgan Stanley has been extraordinary. Ted Pick good job there. Goldman's takeover business should be tremendous. David Solomon I expect both numbers. I expect number increases for both Goldman and Morgan Stanley. We also get to Hear results from BlackRock. Remember, they have the most money under management of any company on earth. These guys have been emphasizing all sorts of new kinds of funds. So in the large prosecutory of money reports, I think I'll be able to be over a pretty good number. Unfortunately, in a period when some banks are reporting extraordinary quarters that might not be good enough for this Travel Trust holding stocks within the same sector compete with each other for dollars and right now the banks are running circles around the rest of the financials. Taiwan Semi reports Yes, and that's the manufacturing partner of both AMD and Nvidia. It should be a monster quarter but I think everyone knows that. I want to point out that Nvidia stock has been incredibly weak despite a steady drumbeat of good news. Maybe a strong quarter from partner Taiwan Semi can help shake off some of the sellers. The winners in the Semi area so far though have been the opposite of the very complicated Nvidia. Their data storage simple names like Western Digital, Sandisk and Seagate. Also a little more complicated. Micron. These are the companies right now that are moving up along with the semiconductor capital equipment companies. To that I'm focused on Applied Materials and LAM Research. After the close we hear from truck giant JB Hunt probably seen their trucks on the road. I think this group is finally broken out of its doldrums the freight recession. I don't typically recommend truckers very hard business but a good number from JB Hunt emboldens me to keep pushing. Federal Express, FedEx what a winner that's been. Raj Submarines just done a fantastic job there. On Friday we get a big bank break when we can focus on just pnc, a regional bank that's been an up and down performer for years where it did nothing but go up. I prefer the other bank stocks. Now the beginning of earnings season sets the tone for bushel of quarters ahead. It makes sense. The banks always kick things off and it's reasonable to extrapolate all sorts of trends for consumers, right? Corporations for the financials. The bottom line, a strong start to earnings season could lead to a nice tone going forward. Yes, you can take your cue from the bank earnings and you know what? I bet they'll be darn good ones. I want to start with Gregory in California.

[Caller/Viewer]

Gregory, Happy New Year Jim. And happy 21st on Mad Money.

[Jim Cramer]

Thank you. Thank you very much. You're always very kind to me and our team. I really appreciate it.

[Caller/Viewer]

Not at all. I think you've lost it now longer than half the companies that we've talked about on the show. It's incredible.

[Jim Cramer]

Thank you.

[Caller/Viewer]

Speaking. Speaking of which, I need to help on something today.

[Jim Cramer]

Sure, I'm there for you.

[Caller/Viewer]

Halloween, last Halloween, this company blew away the numbers in that quarter on Every line including Q4 guidance and then they had an all time high of $260 and then started to sell off. So I started a small position and added as it continued to drop and Now I'm down 20%. So Jim, other than profit taking and scheduled insider selling, as long as they continue to execute, my thesis hasn't changed on Cloudflare as yours.

[Jim Cramer]

I just yesterday was speaking to a very large investor and he said what kind of companies are you looking at that you like I said we're trying to buy companies that are down a lot, you know, maybe you know, more than just a couple percent from their highs that are run very well, that do good things. And I'm very, I'm not worried about the quarters. You know what, that's Matthew Prince, that's Cloudflare symbol anytime. And Gregory, I think you buy a little more here and if it comes down because the chart is ugly, you buy some more after that. And thank you for the kind words as always. Let's go to Clay in Indiana. Clay.

[Caller/Viewer]

Hey Jim. Booyah.

[Jim Cramer]

Booyah Clay.

[Caller/Viewer]

The stock is Cheesecake Factory. It's been up about 8% this past week. Is it still by?

[Jim Cramer]

Yes. They really know how to run. You know, they are just a seasoned practitioner. They know how to do it. I think it's going to make a run at all times time highs it sells at 13 times earnings. That's way too cheap for very high quality. Still growth company even though it's up 14% this year. I like it. Now I've got to tell you a strong start to the season of earnings week could set the tone for not just the rest of the year but well, I shouldn't say it could set the tone for a long time. Now you can take your cue from the banks. I bet they have good things to say. Well made money tonight. I'm digging into two consumer names that I know you like very much and are worth highlighting on a sleepy Friday. First is Shark Ninja. One of the big biggest comeback story is 2025. So if you continue to run higher, I'm taking a look at the appliance maker give you my take then Ulta Beauty has been sitting at the top of the New High list almost every day lately. What's working in this beauty name? I'm going to give you my analysis. And by the way, ahead of our trip out to JP Morgan Healthcare Conference this week, I'm getting a preview of the names and themes to watch with the top healthcare analysts at jpm. I want you to stay with Kramer Foreign.

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[Lewis Howes]

All.

[Wayfair Family Member]

As a growing family, my husband and I love game night, especially when it's Wayfair edition.

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Let's do it. You gotta name as many Wayfair furniture and decor categories as you can. Ready?

[Jim Cramer]

Go.

[Wayfair Family Member]

Sofas, bar stools, beds, ottomans, outdoor seating, bookshelves, kitchen tables, garden sheds, mid century modern lamps.

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Time.

[Jim Cramer]

Nice.

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[Jim Cramer]

This has been a crazy week in America, so let's talk about something fun for once. Shark Ninja. I know that name makes it sound like a very low budget horror film, but Shark Ninja makes trendy household appliances. It was one of the greatest comeback stories in the second half of last year. The Shark brand is for cleaning products like vacuums, home environment products like air purifiers, and some beauty and skin care stuff. The Ninja brand is mostly for the kitchen. Everything from small Appliances to food prepaids like their popular ice cream maker, the Ninja Cream Guys, come on. This thing came public two and a half years ago. If you're being spun out of a Hong Kong based private equity equity firm at the time, Shark Ninja caught a lot of flack for its Chinese ties. That private equity firm retained a slight controlling interest in the business. That's no longer true after secondary offering in August. That firm now has a 39% stake in Shark Ninja, but its leader, Chinese national, is still the chairman of the board. In retrospect, all of that focus on China obscured the fact that Shark Ninja is a fantastic growth story. This company started printing great quarters right out of the gate and its stock has rallied from a low of $25 and in the first its first week of trading to $120 and change as of today. Now this one first came my radar when I interviewed CEO Mark Barakas in April of 2024. Oh man, he's a sharp guy with a great set of products to sell in a powerful marketing machine. Shark Ninja is by the way, huge on TikTok. And look, the numbers have been incredible. Shark Ninja reported nine times since it came public in late September of 2023. And in each of those quarters, the company beat both sales and earnings estimates. And that's one reason the stock caught fire in 2024, rallying 90%. However, last year it did run into some turbulence because that simply. Well, you know what? Shark Ninja shares got ahead of themselves. This thing was trading at about 13 times forward earnings when it came public in 2023. By early 2025, it was trading at 23 times forward earnings. Remember, I tell you, the P is so crucial in how to make money any market. That's how you value a company both versus itself and the rest of the industry. When your stock is a higher price during small, you've got less room for error. On top of that, Shark Ninja got hit pretty hard by President Trump's tariffs. Because these guys are usually dependent on third party manufacturers in China to make the products right before Liberation Day. Management said they wanted to shift most of their US bound production outside of China, something they started gradually doing under Trump's first time. Still, they moved to Cambodia and Vietnam and Indonesia and those countries then got hit hard by the tariffs too. And that's why the stock sold off hard early last year, although eventually rebounded as many of those tariffs got rolled back. They're paying a minimum tariff of 20% on stock from China and Vietnam, only marginally higher than the 19% tariff on stuff from Indonesia, Thailand, Malaysia and Cambodia. But if you sold Shark Ninja on the tariff worries last spring, you know what you're probably kicking yourself now. Stocks basically doubled from its lows over its past nine months. Mostly that rallies happen the old fashioned way. Shark Ninja just kept reporting better results and better results and better results. These guys delivered three beats and raised quarter three beat and raised quarters in a row. May, August, November. Now the latest quarter port of November six was the thing of beauty. Shark Ninja sales increased 14.3% year over year, coming in higher than expected. Their gross margin was up 90 basis points from the year before. Coming in almost 200 basis points above what Wall street was looking for. Put it together and shark ninja an 18 cent earnings beat off a $32 earnings growth year over year. On top of that, management raised their full year forecast across the board. That's what moves the stock higher. So what is going right at Shark Ninja that others may not have going for them? Turns out a lot. Shark Ninja saw growth in all four of its product categories. Double digit growth for cleaning appliances up 12.4%. Food prep appliances up 11.9%. Especially beauty and home environment products which were up 56.7% in the third quarter. The latter is an area where the company's been making a big push. Management called out the strength in their carpet extractors, air purifiers, face masks, Ninja luxe cafe espresso machines and one that I bought, the slushy frozen drink machine. Whenever Wall street chooses to frown some external factor like tariffs, this is what they're losing sight of. Shark Ninja's got an incredible lineup of popular consumer products that keep selling very, very well, quite quarter after quarter. I see the lineup at Costco and I can't resist this stuff. Boy, it looks just like the other stuff that you can pay much more for. And I think it's just as good. Costco wouldn't be featuring Shark Ninjas wares if they weren't, let's say holding up. It's not easy to get on a Costco shelf. I owned a popcorn company at one time and sold product to Costco. They were incredibly discerning. It had to be perfect. Of course the tariffs are so they got an impactor. Management mentioned the margin pressure from tariffs repeatedly on the call. The third quarter had strong margins in part because of tariff timing, something they predicted would reverse in the fourth quarter. So tariffs are a problem for Shark Ninja. I don't want to imply otherwise, but clearly they've been able to overcome that problem. Some of that comes down to what we call self help initiatives or product cost optimization. I see that term a lot. That's efforts as management described to be able to lower the, you know, the impact. Some it's because they pay, they no longer need to pay a sourcing service fee to their former private equity parent company. That contract ended last July. And some of it's simply that they even even though the tariffs hurt, they clearly haven't blunted the demand for Shark Ninjas price I think because they're so inexpensive and yet they're as good as the expensive ones. At the end of the day I like the story very much. I want to just put it out there on a Friday where people are trying to figure out what's going to happen with Venezuela. I'm trying to figure out what's going to happen. Slushmaster here, look, it all could get better. There's some leaf on tariff wow. Hey, by the way, the Supreme Court this they might strike down the tariffs any day now. Trump administration should be rolling back more of the tariffs that they put in place. Real possibility. Hey listen, if we get more high level trade deals, this is the one. Really though, if the supreme strike down these tariffs for being unconstitutional, Shark Ninja could have a lot more upside as it could recoup a lot of money. But let's assume the tariffs remain in place because I wouldn't want to bet on a very conservative Supreme Court overruling the Trump administration even without any relief. Shark Tinge is a company with sales and earnings growth in the mid teens and a stock that's trading at just 20 times this year's earnings estimates. As far as I'm concerned, this thing is a steal. Here's the bottom line. Shark Ninja is a terrific consumer. A pull appliances company with a proven track record beating the estimates. So when you see the stock selling for 20 times this year's earnings estimates, I would bet that they'll beat those numbers and the stock ends up looking even cheaper in retrospect. That's why I'd be a buyer right here by the way. And hey, if the tariffs do get X, well that's just pure gravy for Shark Ninja. That money is back into the break.

[Podcast Host/Announcer]

Coming up, Ulta Beauty has been soaring since Kramer recommended it in October. Now he's revisiting it to let you know where it could be headed next.

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[Wayfair Style Tip Presenter]

We interrupt this program to bring you an important Wayfair message Wayfair's got Style Tips for Every Home this is Stiles Mackenzie helping you make those rooms sing. Today's Style Tip when it comes to making a statement, treat bolt patterns like neutrals. Go wild like an untamed animal. Print area rug under a rustic farmhouse table from wayfair.com fierce this has been your Wayfair style tip to keep those interiors superior.

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Wayfair Every Style, Every Home.

[Jim Cramer]

I always keep an eye on the new highway this to understand what's working for the past couple of weeks, one of my favorite companies has practically achieved permanent residency status, making a new high almost every day. And I'm talking about Ulta Beauty. The largest beauty retailer in the country also offers salon services at its 1400 stores. Now, back in October, I told you that Ulta had finally gotten its act together or grew back after spending a few years lost in the wilderness. Yes, new CEO Keeshan Steelman took over a year ago and boy, she's managed to orchestrate a pretty impressive turnaround. And that's why I recommended buying the stock into weakness just a few months ago. But it's time to revisit it because it's an even better story. At the time, the stock was trading at $523 and also remained mostly in the low 500s for the next few weeks, even touching the high 400s a couple of times in late October November, when sentiment towards consumer stocks was at its worst. But over the past month or so, Alt has come roaring back, climbing all the way to a new all time high of $675 and change today though, it later pulled back to the six 60s. That includes a terrific rally to start this year as the stock has gained ground each of the last six sessions before the new year began, climbing a quick 10% at this point, Alta's up 27% since I got behind it in October and I'm telling you people, it's not done. So what's got into this one? I know I recommend a few months ago, but even I didn't expect the stock to rally this far is what I first Something changed in late November when Wall street stopped worrying about the consumer discretionary stocks. Between the end of the government shutdown, the realization that the Fed would keep cutting interest rates in December, a strong earnings season for retail and a very strong post Thanksgiving Day post activity shopping season, all sorts of retail stocks caught caught fire. You kind of threw darts at them. In other words, we got much more benign. Okay, we had a good backdrop for the whole industry. But then When Ultra reported December 4, they shot the lights out. Just listen to some of these numbers. Net sales were up 12.9% year over year, substantially higher than expected. Same store sales were up 6.3%. You know the street was only expecting just 3.5% with positive comps across all of Alta's categories and channels, including double digit growth in E Commerce. Alta's gross margin was up 70 basis points year over year to 40.4% and that was well above the 39.3% number that the analysts were expecting. And they earned $5.14 per share. You know this fee was only looking for 461. Management also raised their full year forecast across the board, taking their same store sales guidance from 2.5 to 3.5% range up to the 4.4 to 4.7% range. That's gigantic. They also raised their earnings guidance by well over $1 per share at the midpoint. On top of that, Ulta's forecast for their fiscal fourth quarter, which ends this month, was much better than expected. So how they do it? On the conference call last month, CEO Keisha Steelman explained that ever since she took over, she's been trying to strengthen the core US business, scale up new business, including the international business, and streamline Alta's cost structure. Apparently those efforts are paying off. Let's take them one at a time to turn around the core U.S. business. Stillman said she had to improve the in store shopping experience, making sure more items people want are in stock and the stores are better staffed. Basic stuff, but clearly it's working. She also said that Ulta had big success with its seasonal promotions. Those avoid pretty good in terms of product categories. Stillman explained that all major categories exceeded managers expectations. Specifically, she called out real strength in fragrances and skin care, while makeup, hair care and services were all solid. Finally, still went into detail about how Ulta has been able to grow its online business. More personalization, more stores that can ship things directly to your home. So the core US business is definitely stronger. But what about scaling up new business? Right now Ulta is focused on expanding overseas. During the quarter they opened up several new stores in Mexico. Mexico is booming, by the way, while also opening the first Ulta in the Middle east and in Kuwait. And they're integrating space nk, that's a British beauty retailer they acquired just last July. At the same time Ulta recently launched its online marketplace. I mentioned this back in October. It's where they sell both their own their own merchandise and stuff from third parties. Apparently that's going very well. Finally, there was plenty of talk about the third strategic priority to cutting costs. Now I'm not going to bore you with too many of these details. Management talked about retrofitting distribution centers with more automation, new warehouse software. But the key point is that cost savings are coming through, hence the stronger margins and the rising earnings per share. Wall street loves that. Put it all together, you've got a retailer that is indeed firing on all cylinders. In fact, I go so far as to say that it's looking a lot like the Ulta of old, the innovative growth story that was run by Mary Dillon for so many years before she went to work at Foot Locker. Wall street loved the old Ulta for good reason. Now it's falling back in love with the new Ulta. Of course, at this point we're no longer early. Ulta's rallied a quick 27% in just two and a half months since I recommended it. The stock's not yet super expensive, selling for just over 23 times the year's earnings estimates, but it's certainly more expensive than it was before. 4 now trading at a bit of a premium to the overall market versus slight discount when I recommend it in October. But you know what? If you didn't listen to me last time, you know, I still think you can buy Ulta here and get some exposure to this excellent story, which is not quite a true turnaround story yet, but it's definitely a getting much better under new management story. Now if you took my word for it, in October you bought the stock, then it's a Hold. Oh, and congratulations on your quick gains though. Either way, with Ulta stock, white hot here. I mean white hot. You should be hoping for a market wide pullback that gives you a chance to load up on this one at a really good level. The bottom line is that Ulta Beauty continues to look better and better and then better some more. The stock certainly run a bit at this point, but I think it's got more upside as the company is starting this new year with more momentum than at any point in ages. Let's go to Buddy in Rhode Island. Buddy.

[Caller/Viewer]

Hi, Jim. Happy New Year to you. Wishing you the best of success for 2026.

[Jim Cramer]

Oh, you're very kind, Buddy. Right back at you. I really hope that things go well for you this year.

[Caller/Viewer]

Thank you very much. Elf Beauty. I bought it about $77. It's now about $87. I hear about a big benefit with the tariff going up. Is this something to hold or should I take the profit or move on?

[Jim Cramer]

Okay. The stock's been troubled and a lot of that I think is because people are confused about the Chinese with the manufacturing. Let's do this. If you get a. If you have tariff overturned from Supreme Court, this stock's going to go up 25 points. Let's just hold on to it for now because I think it's actually reflecting some of the weakness that I don't even think is there anymore. I think Tarang mean is terrific. Let's go to Sam and my old state of Pennsylvania. Sam.

[Caller/Viewer]

Jim, how are you?

[Jim Cramer]

I'm good. Sam, how are you?

[Caller/Viewer]

I'm good. You know, Jim, I got an interesting question for my grandfather, Stuart Abbey. We were at a Hanukkah celebration and he mentioned he bought Kimberly Clark as almost a bond proxy, but he was concerned about the recent acquisition of Kimberly Clark and the stock's underperformance. So I'm curious what you think about Kimberly Clark. If it's worth holding on to or if it's worth selling and buying something else.

[Jim Cramer]

Okay. So I think a lot of the weakness is more involved with Ken View. But remember Proctor shown for the child trust also went down. But they're buying Cambium. People don't like that because it's got all this. It's got some issues. I'm not going to say liabilities. That's too mean. I mean it's too negative. But I will say that I think Michael Shue is doing a fantastic job with what the hand he's got. It's got a 5% yield. I think it Seems very intriguing to me to hear 13 times earnings. And thank you for the question. I think Alt has been looking better and better these days. Even though it's run up a bit, I still think there's some more gains ahead, much more money ahead. I always like to get a taste of the biggest themes to watch ahead of next week's JP Morgan Healthier Conference before I head out there myself in San Francisco. And that's why we sit down with JP Morgan's Lisa Gill who's so fabulous to hear about it all that a lot of attention is being paid to the oil stocks right now and rightly so. But I think another type of energy is being forgotten in all the excitement and not necessarily in a good way. I'm going to tell you what I am seeing and of course all your calls. Rapid fire in tonight's edition of the Lightning Round. So stay with Kramer. Next week I'm headed to San Francisco for J.P. morgan's 44th annual health care conference. It's a pilgrimage that's become an annual tradition for us here at Mad Money and for good reason. This is the industry's most important, important conference and we can't afford to miss it. So to get a sense of what it might look like, we're checking in with Lisa Gill, managing director JP Morgan and the head of their health care services equity research team has been a fantastic aid us and she's also a terrific host. Ms. Gill, welcome back to everybody.

[Wayfair Family Member]

Thanks Jim. It's great to see you as always ahead of the conference.

[Jim Cramer]

Well, I've got to tell you, I can't wait. Every year there seems to be different buzzes. I was once next to some people put a deal together. I was private companies, I was next to someone who where they pre announced a quarter, another person defended their right to be able to sell things. What is the buzz this year?

[Wayfair Family Member]

Yeah, I mean I would say it's probably away from MySpace and probably more towards pharma biotech. I mean biotech has been on fire as you well know. And I think there's a lot of expectations around perhaps parties coming together. As you know, a lot of times those are the first time the meetings happen at the conference. Not necessarily where the announcements come, but I think that's where the excitement is. I think for us drug distributors, you and I have talked about them for a number of years now, did incredibly well last year again all returning somewhere around 50% plus. So from our perspective, you know, we're looking forward to hearing what they have to say around their Managed services organization businesses, some of the acquisitions that they've made. So, you know, we're excited from that perspective.

[Jim Cramer]

Well, let me ask you, I was with the folks from JJ the other day, and they announced a very big deal and they're talking about Trump Rx and talking about lowering drug prices. And yet these middlemen, which the president seems to have a little bit of antagonistic feel toward, still did so well. How's it possible?

[Wayfair Family Member]

So I think drug distributors are incredibly important and save dollars to the overall health care system. Right. So they're very good logistics coordinators, getting products from point A to point B. And to be honest with you, MFN or other pricing doesn't have a direct impact on the drug distributor. I'll give you an example. If you remember a couple of Years ago, under IR, insulin, pricing went to $35. You would think that that would have had an impact on their margins. And it didn't because the manufacturers realized that they're really important around the logistics of getting that product, you know, in a very safe manner to the patient.

[Jim Cramer]

Okay, so then let's talk about what the president's impact may be. He seemed to be, I think, setting his sights on the health insurance company soon. That's what my sources say. Are, are people going to be the scuttlebutt of who he's going to go after next?

[Wayfair Family Member]

Yeah. And so we're really excited. We have Dr. Oz on a panel on Tuesday morning, and we're hopeful that he's going to talk a little bit about how they're thinking about Medicare Advantage going forward. Now, there was a lot of chatter in the fall that perhaps they were going to go after the managed care organizations, and we didn't see that. We'll see the preliminary rates for Medicare Advantage in early February, and that could be an opportunity for them to make some changes, as you saw. Right. Department of Just justice having fraud, waste and abuse within health care. So I think that, you know, he clearly has his sight set on fraud, waste and abuse. But I think Medicare Advantage is a very popular program that's worked really well for a public private partnership. And I think many in the Trump administration really believe in that type of a partnership.

[Jim Cramer]

Okay, well, let me ask you along those lines. You introduced me to the the new team at CVS and I know Mr. Jordan is do anymore, but I think he's doing remarkable things. Do you think they can tell a good story?

[Wayfair Family Member]

So they're not presenting this year at the conference. They just had their analyst day in the middle of December. And so David said, hey look, we're going to absolutely be there next year. We're not going to make it this year. But I agree with you, I think I shared with you last year, Jim, that I've known David Joyner for more than 20 years. This stock returned nearly 80% last year, but it still trades at less than 12 times next year. So I really think that there's an opportunity here for them to continue to deliver. Their Medicare Advantage rates are well below what they have been historically. Believe it or not, retail pharmacy is doing incredibly well. I can't believe we think it's going to be like a, I know, a break even business, right? It's been down year after year. But look at, you've had Walgreens closed stores, you've had Rite Aid go bankrupt, they bought Bartels on the west coast. I think what you're starting to see is more normalization. The shift to a cost plus model in drug retail I think is helping them. So I really think that CVS, which is one of our favorite names going into 26, can continue to deliver and we would expect, you know, why can't they trade closer to a drug distributor multiple? Right? I mean the drug distributors trading at high teens and like I said, you've got CBS still trading at less than 12 times.

[Jim Cramer]

Just so cheap. I want to circle back to biotech for a second. We were got used to under Biden the idea that if a big, a big drug company wanted to buy a smaller biotech, they didn't like it, the FTC didn't like it. We've now had this huge deluge of biotechs. Do you expect us to stop? Do I need to start learning about a lot of new companies? Because they are very attractive to the old, the old dogs.

[Wayfair Family Member]

You know, listen, I don't follow biotech directly but from what I hear from my team, they are there's a lot of innovation going on in the marketplace and I feel that from my seat that the, this administration is much more open to transactions than what the Biden administration was open to. And clearly you see this with the large pharma companies and the amount of capital they have, right? And so I really think that there's probably some opportunities and I think we'll probably hear more about that speculation next week. More all in San Francisco.

[Jim Cramer]

Okay, last question. I always find that people don't understand that AI is still early in drugs. Are we going to hear anybody talking about how AI has sped things up, made things better? Because I have not been Impressed so far with what the drug companies have done with AI.

[Wayfair Family Member]

Yeah, I think that's going to be a tough question for everyone. Right. And my expectation is that every company, not just the pharmaceutical companies but also the health care services companies, you're going to have health care information technology companies. I think everybody's going to be talking about can I truly create more efficiency? Can they speed up the process around drug development? You know, we will have open. I talk about their health care initiative on one of the panels out at the conference this year. So I do think it'll be a big topic.

[Jim Cramer]

All right, that's very exciting. I can't wait to see out there. It is the one of the most exciting things I ever go to in my career. That's Lisa Gill. It is Lisa, head of JP Morgan's health care services team and someone who does an amazing job at a fantastic conference. Thank you for giving us slowdown ahead of it.

[Wayfair Family Member]

Thank you.

[Jim Cramer]

Good to talk to you.

[Wayfair Family Member]

Thanks for having me.

[Jim Cramer]

Of course.

[Wayfair Family Member]

Thanks for having me, Jim. Great to see you back.

[Jim Cramer]

Everybody. It is time. It's also my step versus grab your planet and then the lightning round is over. Are you ready? Ski dads on the light round, Chris. We'll start with Lori in Florida. Lori. Boo yah. Jim. Looking to expand my portfolio to include lithium.

[Wayfair Family Member]

I'm considering Lithium Americas.

[Jim Cramer]

No, no, no, Lori, wrong one. You went Albemarle. Even though it's up a lot, it's a much safer stock. The symbol is alb. Let's go for that one. I need to go to Scott in Indiana. Scott. Good evening, Jim.

[Caller/Viewer]

Thank you for taking my call.

[Jim Cramer]

My pleasure.

[Caller/Viewer]

Anyway, happy holidays to you and your team and your families and especially Josh and Dylan. They do a great job. You're a lucky man to have those guys on board.

[Jim Cramer]

So am I ever I'm looking at one of them is to say, hey man, good job. Okay, thank you.

[Caller/Viewer]

My, my question is about DBACs.

[Jim Cramer]

I bought D back three years ago.

[Caller/Viewer]

In February for 12.

[Jim Cramer]

Congratulations. You know that, that one's done. They got that nice bib from Sanofi. I'm gonna actually go out there and talk to them about that. It's a heavy shot. Well played, my friend. How about Maria in Florida? Maria. Hey Jim, how are you? I am good. Maria, how are you? Good. Thank you for empowering everyday investors like me. Oh, I sure try. You know, I'm underwater, Jim. For the last several months I've been suffering through a down with talent energy. I bought and sold this stock several times in 2025 and made a profit. However, on this last cycle, it's been challenging. I bought back. No, I think you're okay. Actually, Maria, I think you're okay. It's come down. I know it's come down a lot, but it's only down 1% for the year. I think you're fine. As a matter of fact, I actually would be inclined to buy some here. I don't want you to sell that stock. Let's go to Carter in Tennessee. Carter.

[Caller/Viewer]

Jim, tell me what you think about Sailpoint S A L I O.

[Jim Cramer]

You know, that's the kind of enterprise software that I just can't tolerate right now. I just do not want to be in anything like that. The only one that my travel trust is in is Salesforce. And even there, it's. They punish you every day on the darn thing. So let's, let's clear your step one. Why don't we go to Peter in Florida? Peter, a warm and sunny Booyah gym from Dr. Peter in Bonita Springs. I wish you a happy and healthy new year. I love Radiant Logistics. Interesting company. I look, I like logistics company. I like the truckload company. But I have to tell you, I come back, if you're going to be in that business, you want to be in FedEx. They got the logistics that you need. I'm not kidding. Fdx, Kevin in California. Kevin, hi, Jim calling you from warm.

[Caller/Viewer]

And sunny Whittier, California. Longtime listeners. I just wish I listened to you and took your advice more often.

[Jim Cramer]

Otherwise I wouldn't be calling you right now. We're fine. We're fine.

[Caller/Viewer]

I own Amgen and with my own.

[Jim Cramer]

Cash and I've done good with First.

[Caller/Viewer]

Solar, but I bought it on Monday at 275 on margin and I was a big pig.

[Jim Cramer]

Oh, whoa, no, we don't want that. You don't live it. You know you can do it. Loan for a house you can live in as a present. Businesses, corporations don't live in. But First Solar is not good enough to be that it's 16 times earnings. But I like the company very much. But no, you're going to have to take. You got. You have to cut your losses. I will not. I can't tolerate by an margin. Let's go to Matthew in Texas. Matthew.

[Caller/Viewer]

Yes, sir. Thanks for taking my call.

[Jim Cramer]

Of course. All right, so I've got this company.

[Caller/Viewer]

I've been watching for a while. They make batteries for drones, satellites. They've had a nice pullback. What's your thoughts on Amprius Technology?

[Jim Cramer]

Interesting spec. I was thinking about them when Ford decided to no longer do its battery business. I think you have something there. It's a nice spec and it's come down. I am going to say that that's a good one. Let's go to Craig in Tennessee. Craig. Booyah.

[Caller/Viewer]

Jim from Nashville, Tennessee.

[Jim Cramer]

Oh, my God. Nashville. I mean, if one more person tells me to go to Nashville, what can I say? I'm going to Asheville. How can I help you?

[Caller/Viewer]

You need to do a show from here, Jim. That's for sure. Jim, I've had a stock for about a year now that I've lost 23% on. I need to know what to do with Ticker symbol.

[Jim Cramer]

Arm with armhole. That's Rene Haas. I think he's doing a real good job. I don't know why the stock keeps going down. I think I'm a buyer, not a seller. What can I say? I think Rene is doing a good job. And that. Ladies. Conclusion of the Lightning Round.

[Podcast Host/Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up with more companies considering nuclear energy to power their ventures, Cramer's tuning his microscope to see when or if it could happen next.

[Jim Cramer]

These days, there's an awful lot of attention being paid to all sorts of energy stories. Meanwhile, the oil stocks are roiling on the possibility of an oil revival in Venezuela. The President convened a meeting of the top oil executives to try to persuade them to invest, although they don't seem all that interested. Even he's put up a $100 billion oil revival roadmap. You know, though, the President can be very persuasive. Normally, when our country overthrows the Latin American government, big business is eager for piece of the action. This time, though, the oil companies aren't that thrilled because if Trump successful, Venezuela will start pumping a lot more oil and the price of crude will plummet. They don't want to sow the seeds of their own destruction. Far more interesting to me was the story that Metta Platforms is buying and building facilities that will generate enough power for the expansion of their infrastructure. That is buying electricity from three VISTA plants, nuclear power plants. But what caught my eye was their commitment to buy power from the small nuclear reactors being built by Oclo. Maddie gave 2030 as the date when these nuclear plants will be pumping out electricity. Oh, I wish they had said that. I wish they hadn't give us that time frame. Because almost every company that has tried to build nukes faster than we thought you could have had hideous delays and cost overruns. They have to hope that small firm nuclear reactors will take a lot less time. But this is a new technology, so I wouldn't bet on. Why not? Well, in 2009, Westinghouse got a contract to build two nuclear reactors. But big kind for 14 billion. This was for Southern Company. They were supposed to start producing power in 2016. In reality, they weren't up and running till 2024 and the final cost was closer to $35 billion. Almost wiped out the company. Don't get me wrong, if you want clean energy, nuclear is the best solution long term. But man, it takes a very, very, very long time to build these things. Even the small forms which are quite different from the southern overrun plants but are still novel and nuclear. Ooh, toxic combo. The tech execs embrace nukes because they hate fossil fuels. The problem is these CEOs don't know the hazards of getting into the nuclear business. They remind me of the confident, even smug executives in Southern company that used to tell me that don't worry about a thing. The ones who almost sunk their business with that nuclear project. Their confidence eventually dissipated. I know that in theory these new nukes are supposed to be much easier to build. This is a heavily regulated industry because nobody wants a nuclear meltdown. Plus, there are so many nuclear facilities being built at this moment right now, I wonder how these builders can find the workers needed to put up the plants or the materials. Or to put it another way, I wish Medda had given themselves more time instead of just making that promise for 2030. Right now the country is gripped with a terrible shortage of construction workers of all kinds. There are lots of material shortages all over the country. Frankly, in many cases the companies have promised to produce the power on time. Don't even know what they're dealing with. The industry's too crowded, too much demand, not enough supply from any certainty. The companies in nuclear food chain never want to admit that there could be mistakes in the construction process. They act like these are no different to building a natural gas turbine. I wish that were the case, but given the history, Chernobyl, Three Mile Island, Fukushima, you have to expect the unexpected, which means delays. That's why the utilities gave up on building these things years ago. And it's why I wish these nuclear neophytes like matter, would try not to over promise. Of course I'd love to be wrong. If Mark Zuckerberg can somehow find a way to build a nuclear plant on time, give that man a Nobel prize. Sadly, I wouldn't put money on it. I like to say, as always, more markets somewhere. I promise. Just for you, right here on Money. I'm Jim Cramer. See you Monday from the J.P. morgan Health Care Conference.

[Legal Disclaimer Narrator]

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. Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer we interrupt this.

[Wayfair Style Tip Presenter]

Program to bring you an important Wayfair message. Wayfair's Got Style Tips for Every Home this is Styles MacKenzie, helping you make those rooms sing. Today's Style Tip when it comes to making a statement, treat bold patterns like neutrals. Go wild like an untamed animal. Print area rug under a rustic farmhouse table. From wayfair.com fierce this has been your Wayfair style tip to keep those interiors superior.

[Wayfair Family Member]

Wayfair Every style, Every home.