Mad Money w/ Jim Cramer 3/23/26

Summary

Mad Money w/ Jim Cramer – Episode Summary (March 23, 2026)

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Episode Overview

Jim Cramer brings his trademark intensity and insight to a pivotal Mad Money episode, breaking down one of Wall Street's wildest days in recent memory. This episode is dominated by market volatility driven by global news (notably an Iran-US ceasefire rumor), speculation over interest rates, and sector-specific opportunities. Cramer blends in-depth analysis, quick-fire stock picks during the Lightning Round, and candid interviews with industry leaders. Notably, the episode features an exclusive on-the-ground interview with Keisha Steelman, CEO of Ulta Beauty, and a revealing conversation with Bob Bugatta, CEO of Jacobs Solutions.

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Market Madness: World Events & Wild Swings

[00:59 – 08:00]

• Market Recap and Volatility:

  • Cramer sets the scene of a market in turmoil, opening with:

    “When things go crazy, everyone gets a vote. That's how the markets work. Right now at this moment things are about as crazy as they can get." (Jim Cramer, 00:59)

  • Initial pre-market gloom (rising crude, collapsing gold, equities down) reversed rapidly mid-morning after former President Trump posted about a possible 5-day bombing suspension and alleged Iran negotiations.
  • Oil instantly dropped, and equities soared – Dow up 631 points, S&P +1.15%, Nasdaq +1.38%.
  • Cramer notes:

    “It felt like someone had gotten to the leaderboard and moved some numbers around to fool the bears.” (Jim Cramer, 02:50)

  • Skepticism persisted, especially from the bond market. Later, a post from Iran’s Parliament called Trump’s comments “fake news,” adding more uncertainty.

• Asset-by-Asset Analysis:

  • Bonds: Initially unmoved, then yields dropped as the day wore on, suggesting the possibility of a rate cut returning.
  • Gold: Divided signals, plummeting overnight but rebounding after market news.
  • Cramer’s Bottom Line:

    “The bulls carried the popular vote, but somehow, unless Iran does nothing, no missiles, no drones — I expect a recount tomorrow." (Jim Cramer, 07:45)

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Lightning Round: Caller Q&A – Cramer's Rapid-Fire Stock Takes

[08:10 – 11:01 and 39:18 – 42:45]

• Boeing (BA) [08:34]:
  • “The narratives got negative, not the stock itself. I think the stock is a buy now.” (Jim Cramer)
• Rocket Companies (RKT) [09:16]:
  • "A vote on whether this could be a rate cut... At $14, I think it represents value."
• ServiceNow (NOW) [09:46]:
  • “Stock sells at 26 times earnings – incredibly cheap for a great growth stock… as much as I respect Bill McDermott, the stock’s going to be in for a little bit more turbulence.”
• Agnico Eagle (Gold) [39:41]:
  • “Gold is down 16% since the war began. That's very contrary. I would actually be a buyer... Agnico Eagle I like these prices right here, right now.”
• Soundhound (SOUN) [40:01]:
  • “It's just a continual money loser. And we don't recommend continual money losers on Jim Cramer's Mad Money.”
• FRT Fresh (Pat) [40:36]:
  • “Let's just leave it alone for a while… been too hot versus the cohort.”
• IEP (Icahn Enterprises) [41:08]:
  • “No, I don't want to touch that one. The bears have been so right on that one the whole way."
• Viavi Solutions (VIAV) [41:31]:
  • “That is the hot area… I think you're onto something with that stock.”
• Whirlpool (WHR) [42:13]:
  • “At every single point it goes down. I cannot be a part of a stock that at every single point goes down. So I'm gonna have to take a pass. That's painful.”

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Feature: Swarmer IPO – Hype vs. Reality

[12:26 – 19:58]

• Swarmer (SWMR):
  • Drone control software company for military; IPO exploded from $4.50 to $65; retreated to $26.
  • Key analysis: Cramer digs into the business and advises caution:

    “I cannot in good conscience endorse Swarmer up here after that white hot start… The numbers just aren't there yet.” (Jim Cramer, 15:53)

    • Revenue last year: ~$310k, loss: $8.5M.
    • “More of a business plan than an actual business… Let's keep an eye on Swarmer for now and see if those signed contracts result in meaningful revenue.” (Jim Cramer)
    • Watch for dilution and see how the stock trades as float increases.

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Exclusive: Ulta Beauty CEO Keisha Steelman Interview

[21:34 – 32:12]

• Turnaround Story & Strategy:

  • Ulta outperformed S&P (up 24% since 2025), despite a recent stock drop after an earnings miss.
  • Steelman on growth:

    “It's all about is the team... We’ve had a great strategy with the Ulta Beauty Unleash plan and we've got a little bit of our swagger back. We're really focused on driving top line revenue.” (Keisha Steelman, 22:47)

• Digital Innovation:

  • Launched live shopping on TikTok Shop (March 17).
  • “We're the first specialty beauty retailer that's on [TikTok Shop] right now and we're just working those algorithms and we love what we're seeing thus far." (Steelman, 23:57)
  • Bundles and direct shipping maintain margins.

• Customer Mix and Wellness:

  • “The way the consumer's shopping is they want to try all different kinds of things… makeup is collectively together. We're leading with prestige, but it flows into masstige and also into mass. And I think that's one of the things that makes Ulta Beauty just so unique.” (Steelman, 26:35)
  • Wellness four pillars: nutrition/supplements, intimate care, rest/renew, accessible therapies.

• GLP-1 Trend (Weight Loss & Skincare):

  • “It's not just GLP for skin, it's also for hair. Hair loss with GLP-1 is a real issue. So we're continuing to look for products that we can bring to help our guests as they're going through their weight loss journey.” (Steelman, 28:22)

• Economic Sensitivity:

  • Steelman sees Ulta as “recession resistant,” with no trade-down behavior yet.
  • “If they have to prioritize where they're going to spend their dollars, they're still going to spend it on themselves.” (Steelman, 29:23)

• Loyalty & Expansion:

  • “Can you get it to 50 million [loyalty members]?” (Cramer)
  • "I believe we can... We've grown 5% our loyalty program. We're in five more countries than we were when I started as CEO… the best is still yet to come." (Steelman, 31:28)

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Data Center Boom: Interview with Bob Bugatta, CEO of Jacobs Solutions

[32:34 – 38:21]

• Digital twin construction – working with Nvidia and others to create dynamic, simulation-driven data centers.
• “In the last year, our data center business has gone up 62.2%. The pipeline is up 500%. It's a real growth engine.” (Bob Bugatta, 35:10)
• Jacobs is involved at all stages: design, construction, and lifecycle management.
• On reshoring:

  “We're very early. And I'd say the reshoring effort has been more focused in, on kind of the higher end tech manufacturing. Chips, life sciences… that's being realized in the field right now.” (Bugatta, 36:41)

• Massive hiring needs:

  “We have 50,000 people globally. At any one time, we'll have 7 to 10,000 open requisitions for people.” (Bugatta, 37:25)

• Cramer calls Jacobs “a very inexpensive stock” and well-positioned across mega-trends.

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Cramer's Take: Retail's Surprising Strength & The Consumer

[43:54 – 47:26]

• Cramer delivers a passionate monologue on US retail resilience:

  • “All starts with retail. That's how everything works in this country… Our country's economy is based on service, not manufacturing.”

• Despite Middle East turmoil, “the consumer remains confident, paying up, defying the toxic political environment...”

• Ulta Beauty, discounters (TJX, Marshalls, Five Below, Target, Walmart, Costco) all called out for continued strength.

• Home-oriented retail lags, but potential if rates drop.

• On travel: perplexed by airline/cruise strength despite global shakiness.

• Quoting Cramer:

  “Every day we hear that the consumer is teetering. ...But the retailers show it's not true. Maybe it's bigger tax refunds, maybe it's low unemployment. Either way, it's contrary to what you can expect and what I think the media is reporting.” (Jim Cramer, 45:50)

• If Iran war truly winds down and rates come down, retail stocks could fly.

• Ending mantra:

  “As always, bull market somewhere, promise I’d find it just for you right here.”

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Notable Quotes & Memorable Moments

• “In the early morning, the bond market was screaming that there would be no rate cut; in the afternoon saying hey, listen, we might have a rate cut in front of us.” (Jim Cramer, 06:13)
• “The war in Ukraine has already proven that drones are the future of warfare... In terms of cost, Iran's lobbing Honda Accords at us. We're crashing Lamborghinis into them to knock them out of the sky.” (Jim Cramer, 16:50)
• “We're the first specialty beauty retailer that's on TikTok Shop right now and we're just working those algorithms and we love what we're seeing.” (Keisha Steelman, 23:57)
• “We have 50,000 people globally, at any one time we'll have 7 to 10,000 open requisitions. We live in a resource constraint world.” (Bob Bugatta, 37:25)
• “As always, bull market somewhere, promise I’d find it just for you right here.” (Jim Cramer, 47:14)

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Segment Timestamps

• Market Recap & Global News: 00:59 – 08:00
• Lightning Round #1: 08:10 – 11:01
• Swarmer IPO/Drone Theme: 12:26 – 19:58
• Ulta Beauty CEO Interview: 21:34 – 32:12
• Jacobs Solutions CEO Interview: 32:34 – 38:21
• Lightning Round #2: 39:18 – 42:45
• Cramer's Retail Analysis & Closing: 43:54 – 47:26

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Conclusion

This episode is classic Mad Money: high energy, sweeping market context, and specific takeaways on stocks and sectors. Global political shifts are front and center, but Cramer guides listeners to keep cool, stay skeptical of hype (like the young IPO Swarmer), and remain focused on fundamentals and strong management (as shown by guests Ulta Beauty and Jacobs Solutions). The US consumer, he argues, is surprisingly strong — and opportunity still abounds, if you know where to look.

Transcript

[Keith Lansford]

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] market update podcast or find Schwab Market Update wherever you get your podcasts.

[AT&T Business Wireless Advertiser]

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[Keith Lansford]

changes Everything

[Jim Cramer]

My mission is simple to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Cray America. I'll be my friends. I'm just trying to make you a little bit of money. My job is not just to entertain, but to educate. Do some teaching. So call me at 1-800-743-CNBC or tweet me imkramer. When things go crazy, everyone gets a vote. That's how the markets work. Right now at this moment things are about as crazy as they can get. So the voting booths are wide open. Let me show you how the voters are determining the outcome. With today the Dow gaining 631 points as it be jumping 1.15% and the NASDAQ climbing 1.38%. First let me set the table until this morning at 7:05am we look like we were going to be goners. Yeah, another hideous day coming our way. It almost seemed ordained when I get up at the despicable 4am time. Things were steamrolling toward ugly. At the time interest rates were looking up, West Texas crude was back above 100 bucks a barrel. Gold was cratering apparently a margin selling and stocks were their usual off awful with the NASDAQ as always the most awful looking to be down almost 1% again at that pre dawn moment the S&P 500 was down about 7.6% from the high. But then again I thought to myself, still plenty of room to fall and if you're shorting the market you feel like a Genius. I've seen this before. Shorting stocks feels like an annuity in this kind of environment. I call it fish in a bow. And if you're long, well, let's just say it's death by a thousand cuts. Like every morning I'm glued to this stuff all the way to the office and it just looked like another miserable day. I've been signing thousands of copies of how to Make Money in Any Market yesterday, dreading what I knew was going to happen today because everything is tit for tat, right? Anything we can say? Iran seems to be able to say better and a skeptical US press had us losing in a match that wasn't even close. Then it all seemed to change. It changed with a truth social post announcing the suspension of the bombing for five days that was supposed to start tonight at 7:44pm President Trump said he was speaking to an important person in Iran over the weekend and things look good. The talks were meant to end the war and that's when the votes started coming in. Oil instantly fell to 84 bucks before bouncing to the high 80s. It was like a straight line as if it never traded to the 90s at all. Resounding move the oil voters believed the President had a bunch of narratives about the talks, including one where the Iranians reached out to stop the war. Clearly the oil guys endorsed that story. Second of the polls equities. The Dow had been down several hundred points when the President's two social post appeared saying the talks were going well, we don't know but he said they were very positive. Immediately the Dow ripped the faces off the bears touching plus 1000 points although it finished day on only up 600 points. I felt like someone had gotten to the leaderboard and moved some numbers around a fool. The NAS have been down a percent now was up almost 1.4%. The S&P off about 0.5% shot up 1.15%. Stocks seem to believe that the President's emissaries Jared Kushner and Steve Wickoff were working behind the scenes magic. Let me tell you, I had to reach for tech in terms of what was really going on. They had a ton of mojo. But not everyone was all in. By 7:30am the skeptics went to work. I first saw them creep into the bond market. Longer rates 10, 20 years after being down about 15 ticks started to move toward even. I thought they might go higher. Didn't. One of the most important side effects of this war has been the dismantling of the bullish bond market which had been playing ball with President Trump going his way making the job of incoming Fed chief Kevin Marsh very easy. With long rates coming down heavy choose to cut short rates. That all ended when the war started. Since then there's been an inexorable endless slow walk. Higher bond yields, exactly the opposite of what the President needs to get housing movie again. But the natural trajectory when we get into a real war we look at the stock averages and notice they're going down. But we haven't paid enough attention to how the bond market's voting. Now look I'm a bond market addict for a long time and the movement the bonds have been like one long nasty 20 part Netflix series. You've gotten into it, you just can't extract yourself self from. Some days were worse than others but the direction was always true and always bad. That's why it didn't surprise me when the rates barely got back to even. They momentarily traded in the black but then backed off. Given how high rates have gone during the war, a rally only back to even. Well that meant that the bond buyers they weren't buying what the President was selling. The bonds seem to indicate that the President was bluffing. There was no Iranian contact, that it was a convenient self created off ramp. They thought it was all made up the bond guys. As it happens the Iranians later claimed there were no negotiations. Maybe the bond people were right. But then the strangest thing happened. Interest rates switched, their vote rates slid down for the first time what seemed like ages. Who knows what convinced the bond market to get back on board, the back channel was working or that there was even a back channel. Who can figure out what happened in the mid morning to make bonds go more than positive. But the move was palpable and gave stocks a second win. Making me feel that perhaps something really good is actually happening. Or to put it in a way that you understand, in the early morning the bond market was screaming that there would be no rate cut in the afternoon saying hey listen, we might have a rate cut in front of us. A possibility. Then there's gold's vote. And gold was crashing overnight dropping to 4096. That's an ounce, that's a 9% dropping. But then at 6am a little less than an hour and a half from two social posts, gold took off. Spent the whole day fighting get back even though it didn't. Did gold know something ahead of time or was gold just stupid? I don't know. Who can tell it was like gold didn't know what was on the ballot? Mentally, absentee stocks wavered on their positive vote midday. But perhaps because Iran denied the talks at 11:51. Right. Hold it just a second. Where do they deny it? A post on X of all things by the speaker of the Iranian Parliament. He called Trump's post fake news. Hey, wait a second. Isn't that our term? Who knew it was their term, too? Then again, the account isn't even verified, so who really knows? We got one more bounce in sync with the bond rally. It still counted as a vote, but call out a more skeptical one. The actual close seem pretty darn muted by the end of the day. Here's the way I look at it. I have to tell you, it felt like the whole rally reeked of fear. Fear by those who are underinvested and better take down some stock because they don't want the market to take off without them. Fear of the shorts that the precious year made during the month of March may go away with a real peace agreement instead of the bog of war. Let me give you the bottom line. There are some late returns, but nothing could change the overall tally. The bulls carried the popular vote, but somehow, unless Iran does nothing, no missiles, no drones. I expect a recount tomorrow. Hey, let's go to Lewis in New York. Louis. Booyah.

[Caller]

Jim, hey, longtime listener, first time caller. Thank you so much for taking my call. Jim, calling to ask you about a defense and aerospace stock that to be honest, the past couple of years has had to fly through some very turbulent skies. Now, with the recent management change and a surprise earnings beat, the stock appears to be flying in calmer skies. Jim, I'm calling to ask you about Boeing.

[Jim Cramer]

Oh, boy. Okay, so Boeing's a Chapel Trust name. Here's the deal with Boeing. The stock was just soaring. And then people start to think that because of the war, there won't be as many plain orders as people think. Now the there's like the lineup for planes is stretched as far as the eye can see. That's not going to be what happens. But the narratives got negative, not the stock itself. I think the stock is a buy now. We're going to Dan in Florida.

[Caller]

Dan, booyah. Jim, thank you so much for taking my call. I'm a call number six.

[Jim Cramer]

Excellent. Thanks a lot, buddy.

[Caller]

Thank you. My question is regarding rkt. They posted really good earnings last quarter, but the stock's been down ever since. I was wondering what your thoughts were on it.

[Jim Cramer]

Literally a vote. You can look at the chart. A vote on whether this could be A rate cut. People say that Today was the first time I heard that there might be a rate cut again. Remember, they kind of got dashed by the war. I would not give up on this stock. At $14, I think it represents value. Hey, why don't we go to Brad in Connecticut?

[Caller]

Brad, Jimmy, chill. How are you?

[Jim Cramer]

I'm chilling, my friend. How about you?

[Caller]

I'm good. I'm looking for a bull market somewhere with service now.

[Jim Cramer]

Okay, now what we're dealing with here, the Stock sells at 26 times earnings. That's incredibly cheap for a great growth stock. But we all know that there is turmoil when it comes to these software as a service. Stocks are so bearish. It's so painful for me to say this, but as much as I respect Bill McDermott, I think the stock's going to be in for a little bit more turbulence than it already has been because that particular SaaS business model is disliked intensely right now on Wall Street. All right, the bulls carried the popular vote today. We're just going to see if it holds tomorrow. Maybe a recounts in the offing on Matt tonight. Swarmer. Oh, you ask. We tell just the latest example of an IPO with a good story. It's caught investors attention the breakdown see if this new name should be bought at these levels. And can Ulta Beauty give you portfolio a much needed glow up? I'm glam in here hardly. But I am going to sit down with the CEO to see if the company's turnaround starts is still in place and Jacob's solution letter J as a hand. So many mega trends out there. So why has the stock been stuck in the mud lately? Why don't we find out by talking to the top brass? So stay with Kramer.

[Mad Money Announcer]

Don't miss a second of Mad Money. Follow imkramer on X. Have a question? Tweet Kramer 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

[Keith Lansford]

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.

[Dr. Guy Winch]

Men are struggling with their mental health at some of the highest rates we've ever seen, but most aren't getting the support they need, and that needs to change. I'm Dr. Guy Winch, your host for season three of the Visibility Gap, presented by Cigna Healthcare. This season we're focusing on men's mental health, bringing together real stories and expert insight to explore the pressures men face every day and why opening up can feel so difficult. Join us for the new season. Wherever you stream your podcasts, does your

[Jim Cramer]

day move faster than you can keep up with New Gatorade Lower Sugar My family and I can stay at the top of our game. No artificial flavors, sweeteners or colors. 75% less sugar and all the electrolytes of regular Gatorade now available nationwide. Last week we got a teensy tiny IPO that came in very hot. It's called Swarmer SW M R, which makes drone control software for the military. Now this thing came out of nowhere. We heard nothing about the Swarmer deal before it happened, and the deal saw Underwriter at Lucid Capital Markets as an outfit I'd never heard of. The Swarmer IPO priced at 4.5dollars last Monday night. Then on Tuesday the stock opened for trading at $12.50. That's up 150%. It then proceeded to climb to $31 by the end of its first session. That's up 520% from the offer price. The next day rallied to $65 for pulling back and closing at 55. Then people started selling because, well, they could tell the stock was overheated, fell 4.5% on Thursday and then more than 30% on Friday for losing another 20. And now it's back down to 26 and change. That is down from where it closed on its first day, but it's still up from where it came public. Now at its offer price, Swarmer had a market capitalization of less than 62 million. That was making it too small to talk about on air, but at current levels the company's large enough for me to mention. That said, I cannot in good conscience endorse Smarmer up here after that white hot start for the stock last week. We took a look at the prospectus this week in checking the financials first and immediately saw that the company had revenue of just over under $310,000 last year. On the earnings front they lost more than 8.5 million, which is a much bigger hit than the year before. Now normally I tell you something like this is more of a business plan than an actual business, but clearly something about Swarmer resonated with the market. So I dug deeper. And the truth is this company's got a great story, even if it's still in its infancy. See, Swarmer was founded less than three years ago as part of Ukraine's war against Russia. They needed a way to control large quantities of drones at the same time to fight off the larger, better funded Russian military. Swarmer came up with this autonomous drone software to help make that happen. And look, this has been used in combat for nearly two years now. To date, it supported more than 100,000 real world missions flown by nearly 50 units in very tricky conditions. At the end of last year, Swammer brought in Eric Prince, the founder of the old Blackwater usa, the controversial private military contractor, to serve as its non executive chairman. Basically be the public face of the business. Now that's very helpful if you want to sell their software to the Pentagon, because Prince is tight with President Trump. But really, people got excited about this one because of the timing. The war in Ukraine has already proven that drones are the future of warfare. Their drone program is the only reason Ukraine's been able to fend off the Russians for over four years. But if that wasn't enough for you, the current war with Iran has really driven this point home. The Iranians have gotten a ton of mileage out of using cheap drones to soak up our expensive missile defense interceptors. In terms of cost, Iran's lobbing Honda Accords at us. We're crashing Lamborghinis in them to knock them out of the sky. Not really all that cost effective. And that's why the Pentagon, along with every other military in the world, is now desperate to come up with low cost drone and counter drone programs. And that's where Swarmer comes in. Their software is all about taking large numbers of cheap drones and, and deploying them like a little army. Even in situations where the enemy is trying to block your electronics. And that is why the Swarmer story caught on last week. The company seems to be right at the center of the hottest theme in the defense sector. At the same time, swarmer only offered 3 million shares this week, which meant there was very little supply going around. People didn't want to sell until they racked up huge gains. It's just that it only took a couple of days before they made enough money to happily ring the register. And again, even down here, with the stock down nearly 60% from its high set last Wednesday, I can't tell you to buy Swarmers in anything more than extremely speculative position, because the numbers just Aren't there yet again, Swarmers barely had any revenue to date, and it's losing millions of dollars a year now in its IPO perspectives. I always think you have to read them for these little guys. The company does cite signed contracts for new and existing customers manage to roughly $33 million over the next 12 to 24 months, with about 60% of the revenue expected to be recognized this year. But even if we run the numbers on that, make a wildly optimistic assumption that swarmer has almost 20 million in revenues this year, then the company still valued at more than 16 times sales, not earnings sales, which is very, very expensive. Plus, it's worth noting that there are a ton of shares set aside for employee stock plans and other things that are not being included in the company's official share count, but could result in significant dilution for shareholders. And that's in the not too distant future. And of course, given how well the stock's done to start, the company would be crazy not to issue more shares itself as soon as it'd be able to. Finally, I just don't love how Swarmers seem to come out of nowhere. There's no real institutional support of this one, given that it used just one boutique capital markets firm as its underwriter. I don't know. Doesn't seem right. The stock stays elevated, might pick up some coverage from larger firms, but we can't assume that. So here's the bottom line. Swarmer hit the markets with a bang last week, but after looking closely at the company, I think this one needs more time in the oven, maybe much more. It's still very, very early, even if it's got a terrific elevator pitch. My verdict. Why don't we do this? Let's keep an eye on Swarmer for now and see if those signed contracts result in some more meaningful revenue this year. And let's see how the stock trades when there's not the pinch of a very low float, like right now, because I expect there to be lots of dilution coming in the next year or two. For now, though, Swimmer. Let's call it a cool story, but not much more than that. I say we take calls. Let's go to Mara in Florida. Mara, hi.

[Caller]

Hi.

[Jim Cramer]

How are you?

[Caller]

Good. Loved your book, too. Here's my.

[Jim Cramer]

Oh, thank you.

[Caller]

Are you still high on Fortune Power Solutions?

[AT&T Business Wireless Advertiser]

Oh, yes.

[Jim Cramer]

Very, very much so. We just went over it. I think that. Look, electrical distribution equipment is so. I don't call it hot. That would be wrong because it's just so good. Not hot, because hot means that it's expensive. I think Fortune is a terrific company. I like it very much. Let's go to Phil in Kansas. Phil.

[Caller]

Jimmy, chill.

[Jim Cramer]

Booyah. Booyah. Phil, how are you? Good.

[Caller]

Thanks for taking my call. I'm a club member. I have your book and I love your show.

[Jim Cramer]

You're too terrific. This is why I'm looking at my executive producer, Regina Gilgan. And sometimes we get these calls. We get so excited. How can I help?

[Caller]

Well, I've got a position with Micron, and with the recent earnings report that just came out, I was wanting to add another position. Do you still think it has room to grow?

[Jim Cramer]

Okay, so Micron is digesting that huge move. That's what happens if you have just a gigantic increase in value to the company is almost $500 billion. I think you have to let it churn. I would not attempt to buy some Micron here until it fell more than just $18. Let's give it a rest. I think it'll prove to be a more meaningful position as it goes down than it is right here. And I think it can do that because it's had such a big run. Right. Look, this swarmer, what a story. But you should wait to see if it's actual business and back up itself. Yes, yes. Sky high valuation. Net money is back after the break.

[Mad Money Announcer]

Coming up, how is the turnaround going at Ulta Beauty? Kramer's on the ground and amongst the shelves with the CEO next.

[Keith Lansford]

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.

[Dr. Guy Winch]

Men are struggling with their mental health at some of the highest rates we've ever seen. But most aren't getting the support they need, and that needs to change. I'm Dr. Guy Winch, your host for season three of the Visibility Gap, presented by Cigna Healthcare. This season, we're focusing on men's mental health, bringing together real stories and expert insight to explore the pressures men face every day and why opening up can feel so difficult. Join us for the new season wherever you stream your podcasts, not every sale

[AT&T Business Wireless Advertiser]

happens at the register. Before AT&T business Wireless, checking out customers on our mobile POS systems took too long. Basically a staring contest where everyone loses. It's crazy what people will say during an awkward silence. Now transactions are done before the silence takes hold. That means I can focus on the task at hand and make an extra sail or two. Sometimes I do miss the bonding time. Sometimes.

[Jim Cramer]

AT&T business Wireless connecting changes everything. On a day when beauty conglomerate Estee Lauder Conf firm distance discussions to combine with Spanish cosmetics company Twig an announcement that caused Estee Lauder stock to fall 7.7%, we thought it might be a good time to check in with Ulta Beauty. That's long our favorite cosmetics retailer. About a week and a half ago, Ulta Beauty reported a mixed quarter with strong same store sales but also higher than expected costs. That translated into a legitimate earnings miss. The next day the stock tumbled 14% and it's now down almost 28% from its February all time highs. A perch it is rarely that far from. So could this be a great buying opportunity or do we need to get more cautious with this one? Earlier today I checked in with Keisha Steelman. She's the turnaround artist, president and CEO of Ulta Beauty at one of her stores right here in New York City. Take a look. It's been a great run since you started January of 2025. You're up 24% versus well, a fraction for the S and P. What are the challenges and how are you beating the market?

[Keisha Steelman]

Well, first off, I got to just say Jim, thank you for meeting with me here in the Chelsea location. And you know what I think it's all about is the team. The team has been focused this last year. We've had a great strategy with the Ulta Beauty unleash plan. We've worked the plan. I've said time and time again we've got a little bit of our swagger back and we're really focused on driving top line revenue. I think you can't be a retailer unless you're really focused on growth and sales. I've never seen anyone win at the end by cutting themselves to success. So, you know, we're really looking forward to what we can really Deliver now in 2026 after having a great first year in 2025.

[Jim Cramer]

One thing you're delivering that I think is quite exciting, you're going to where the customer is. Talk to me about TikTok Love Tick Tock.

[Keisha Steelman]

In fact, we just announced on March 17 that we are live on Tik Tok. The response has been just overwhelming. The amount of collaborators that are wanting to come on and be on our TikTok Shop. You know, this is where the younger consumer is. You know, we think back to our time of live shopping with hsn, you know, on tv. This is the new way of shopping. You've got to be where the guest is and this is where that younger consumer is wanting to shop.

[Jim Cramer]

All right, so for those who are not familiar, you have 46 million people, your loyalty, but they probably know it. What happens, you go to TikTok, you can buy direct. Are the margins good enough for you?

[Keisha Steelman]

Yeah, well the way that it works right now is we own the inventory, we're sending the product to the guest, so we really own that customer journey, which I think is really, really important. You mentioned our 46.7 million loyalty members. We want to know how they're shopping and who they're shopping with and what they're purchasing. The way this really works is we're not going to be overly discounted. It's going to be about bundles. So your aov, your average transaction is going to be a little bit higher but you're going to get a good value with it. So you know, we're early on, we're with exclusive only but we're going to be launching it to the broader assortment. But we're the first specialty beauty retailer that's on the site right now and we're just working those algorithms and we love what we're seeing thus far.

[Jim Cramer]

Now not abandoning the YouTube channel?

[Keisha Steelman]

No, no, YouTube is very important. YouTube, Instagram, you've got to be Snapchat, you've got to be everywhere where the guest is. The world has changed. You know, I've been in retail for over 30 years and boy, you know, you've got to be really top of mind and relevant with the consumer consumer when they're making their purchase pattern decisions. So you've got to be where they are and that's what we're focused on right now.

[Jim Cramer]

Let's talk about something you said that I could not agree with more that I think some of the shorter term analysts miss. If you have growth, profits will follow. If you have profits, growth might not. We want growth on Wall street because that signifies that you are going to have a multi year run. At what point do we not we overlook sgna or do you get SGA down a little bit so that the profits flow? What's the roadmap?

[Keisha Steelman]

Yeah, well, great question. And I will say that I do think you have to run a responsible business. You do want to drive your growth and your top line revenues but at the same time you've Got to drive profit to the bottom line. Last year was all about investments. With the go to market strategy for the previous three years, we were really focused on our foundational investments. It was time to pivot because we had lost share in 2024. I know we're back to gaining share all of 2025 in both brick and mortar and our digital channels. And it's working. So we did have to make those investments. And what I shared on guidance for 2026 is it's going to get back in line. So our SGA growth needs to not be any higher than our top line revenue growth. And I'm committed to that. The team's committed to that. We will deliver.

[Jim Cramer]

All right, tell us about the racetrack here because we know that things are a little pricey, but I'm glad to tell you it's what a lot of people want. And then there are areas like where my wife would go with this elf because she's a bargain shopper. What's the plan?

[Keisha Steelman]

Yeah, you know what? It's about how the consumer's makeup bag is put together. If you go into any consumer's makeup bag, you're not going to just see one brand particular that's in their makeup bag. So the way that the consumer shopping is they want to try all different kinds of things. So the way this store is set up that we're in today is really makeup is collectively together. We're leading with prestige, but it flows into masstige and also into mass. And I think that's one of the things that makes Ulta Beauty just so unique. This store also has the expanded wellness area in the store. So wellness and beauty is just really starting to collaborate and come together and that's the way that the customer is thinking about it. 73% of the beauty consumer shopping today thinks of beauty and wellness as self care. So we want to make sure that we're offering everything in the way that she's got it in her makeup bag and on her countertop today.

[Jim Cramer]

Now this is more than just traditional skincare. You're talking about something deeper.

[Keisha Steelman]

Yes, absolutely. So in wellness we're thinking about there's really four, four key pillars to wellness. It's nutrition and supplements. It's intimate care for women. Specifically, it's rest and renew. So sleeping really, really important for all of us. If you don't get sleep, it's hard to look good at the same time. And then the last one is really about accessible awareness. So like think about red light therapy, the mask that you wear, et Cetera. So those are four, four key pillars that we're leaning into. We're really leaning into Marketplace and also into our stores to really broaden that assortment.

[Jim Cramer]

Now, I saw something in the Lancome aisle, GOP Dash 1 cream. A recognition that perhaps those who are too gaunt, maybe wrinkles. That can come better than taking Botox, I imagine.

[Keisha Steelman]

Well, you know, one could ask the question on Botox or not. But what I would say is that we are, are seeing that being one of the trends. And it's not just GLP for skin, it's also for hair. Hair loss with GLP1 is a real issue. So we're continuing to look for products that we can bring to help our guests as they're going through their weight loss journey. And you know, it's not just the GLP1 users that are really leaning into these categories, Jim. It's also those that are aging gracefully. I'm going to say that I one of them. The 30 is the or 50 is the new 30. You know, six is the new 40. We want to look better as we're aging. And a lot of these, you know, filler type lotions are helping your skin retain that, that youthfulness too.

[Jim Cramer]

All right, so let's talk about the consumer you mentioned on your conference call. Look, the consumer is feeling it and you mentioned geopolitical. Do you see it in the basket? How does it come out?

[Keisha Steelman]

Yeah, well, it's a little too early to say. What we were pleased with our February results. I did share that on the earnings call.

[Jim Cramer]

Yes.

[Keisha Steelman]

We aren't seeing any trade down yet. You know, beauty and wellness, especially if they're viewing it as self care, is a category that don't always call it recession proof. I call it more recession resistant. That if they have to prioritize where they're going to spend their dollars, they're still going to spend it on themselves. We saw that a little bit even through Covid that that self care, the regimens, they really stuck. So I do think that, you know, we are well positioned, especially here at Ulta Beauty because we're one of the only places that have, you know, from the everyday starting price of mass all the way to luxury and everything in between. So, you know, if you need to buy a $5 lip gloss or a $300 fragrance, you can come here and we can take care of your needs.

[Jim Cramer]

Listen, I think that, I think Space NK is very exciting. I want to know how big you want to take it. I mean, obviously dominant brand in Britain, but it's Here it's in bloomies. I mean can there be something going on that is higher price but the things here are the same price that you have. There's nothing here that's different. But it seems exciting to me. But I got to know what your plan.

[Keisha Steelman]

Yeah, well, I was just in London last week with the Space NK team, so I just got back on Sunday and what I will say it's one of these situation that one plus one I believe equals three. There are predominantly prestige and luxury in their retail. They're fantastic storytellers. They're excited, exceptional client telling. They're a really data driven company. And while we have a big database, how they're looking at their data insights and the consumer is a little different than how we look at it at Ultimate Beauty. So I'm bringing some of that knowledge into Ulta Beauty to make us even stronger. At the same time for them, what they can learn from us is, you know, just leveraging operations from DC operations, store operations, etc. So I think that we're going to be able to continue, continue to learn from each other. We're different but we've got so much connectivity from culture, etc. That I'm really looking forward to seeing what we can do with the brand.

[Jim Cramer]

Look, I want to thank you for letting us come into your beautiful store. I know that everyone still will want to know about this loyalty plan and how you intend can you get it to 50 million?

[Keisha Steelman]

I believe we can. You know we are. There's $100 billion in beauty retail sales in the US and we just grew by $1 billion this last year. We've grown 5% our loyalty program. We're in five more countries than we were when I started as CEO. I feel like we've got a great strategy, a great plan and we've got a fantastic team. And what I would say is I believe the best is still yet to come.

[Jim Cramer]

Well, I believe that too. And we've been, as you know, youth supporters since it was under $100. And I think that the record already shows what you've accomplished and there's much more ahead. I want to thank Keisha Steelman. She's the president CEO of Ulta Beauty. That's Ulta. And yes, we think it is a very good price. Thank you.

[Keisha Steelman]

Thank you.

[Mad Money Announcer]

Coming up, Kramer's diving deeper into one of the most important players in the data center build out. Don't miss his exclusive with Jacobs Solutions next.

[Jim Cramer]

Keep saying the markets overvalued. I know a lot of high quality stocks have come down from their highs in the last month and a half. Take one that we've like for a long time. Jacob Solutions, the engineering construction firm that got some tremendous data center exposure. They're put in an excellent quarter early February. I mean, beat, raised, beaten race. Beaten race. But the stock's now down about 2% year to date. Makes no sense to me. Let's take a close look with Bob. He's the chair and CEO of Jacob Solutions. You rang the bell today, Mr. Bugatta. Welcome back to Money, Jim.

[Bob Bugatta]

It's always fantastic to be here.

[Jim Cramer]

Well, thank you for being on here. Congratulations on ring the closing bell.

[Bob Bugatta]

That was. That was epic. It was great.

[Jim Cramer]

Terrific. Now, I have to tell you, there are a lot of people who listen to what Jensen Wong says. And so Digital twin construction. So that sounds good. You live it. You were a big star out there last week at gtc. Can you explain to people why what Jensen wants to do and what you want to do is going to save us money and keep waste down and you want to. Want to build stuff with you.

[Bob Bugatta]

So right now what Jensen and Nvidia's whole vision is, is to not just sell the chip, but to sell the solution, the AI factory. Part of that is the factories are changing at the same pace as the chips are changing. You remember at the keynote. Sure. We talked about going from gameworld to Vera Rubin and then onward. And so everything is changing so quickly in the actual data center and all of the kits, whether it be the electrical kit, the communications, the networking, the applications, everything's changing all at one time. And so what we did back during the gameworld days, which is still current, is we created that, the reference design and the digital twin so that we could do simulations. What's happened now is that we've added agents inside of the digital twin. And with these changes that are happening to the chip with regards to the effects on power, the effects on cooling, it's creating the reference design. So we flipped it.

[Jim Cramer]

Okay. We'll explain to people if you didn't have that. We just get a lot of things wrong. Even if you were diligent, Right?

[Bob Bugatta]

Absolutely. And so this is now solving it in the virtual world, in the simulation world, and allowing us to. Because even, even as he also demonstrated last week, is that even within the rack you're serving, you're changing out even trays within the rack, as there's been innovation within the, the chipset. So it's, it's exciting time. And the tool is the ultimate integrator for the Deus ex omniverse.

[Jim Cramer]

Well, it's important to point out that you have more than your fair share of these giant construction contracts for the data centers. This has been a great business for you.

[Bob Bugatta]

It has, Jim. In the last year, our data center business has gone up 62.2%. It has. The pipeline is up 500%. It is, it's a real growth engine. But it's even, it's even beyond that because we're, we're across that entire life cycle. You talked about the five layer stacks.

[Jim Cramer]

Sure.

[Bob Bugatta]

You know, we're in with the biggest high bandwidth memory manufacturer who's American.

[Jim Cramer]

Right.

[Bob Bugatta]

As they expand, delivering the chips.

[Jim Cramer]

Right.

[Bob Bugatta]

We're working with the public utilities and the water agencies with the utility requirements that are required for the data center. And then we're in the data center. So it's, it's got it all. Are. Absolutely.

[Jim Cramer]

Let me ask you, because you work in the public utility company, do you think that these, that the data centers raise the electric rates for people in certain areas?

[Bob Bugatta]

Jim?

[Jim Cramer]

Right, certain areas. But that may be more involved with the regulators than actually the companies that

[Bob Bugatta]

are building and in areas that have higher population density. You know, there's, there's a strain on the grid.

[Jim Cramer]

Yes.

[Bob Bugatta]

Talking about West Texas, Wyoming, you know, some of the Midwest states, the strain is not.

[Jim Cramer]

But you build that too. You build every aspect if they want you to. Right.

[Bob Bugatta]

We would, we would, we would, we would be the, the engineer. We would program manage in a lot of cases. But we can be across what we call across the entirety of the asset lifecycle. That was the acquisition that we were celebrating with the closing bell.

[Jim Cramer]

That's fantastic. I thought that was a great move. Now reshoring again, something that you know more about than most. A lot of people say, wait a second, we haven't seen all these new jobs, but aren't we early and reshoring?

[Bob Bugatta]

We're very early. And I'd say the reshoring effort has been more focused in, on kind of the higher end tech manufacturing.

[Jim Cramer]

Okay.

[Bob Bugatta]

So Chips Life Sciences has been the biggest piece.

[Jim Cramer]

Right.

[Bob Bugatta]

What you see in the headline news with regards to the big life sciences players, the big biopharmaceutical players, that's, that's being realized in the field right now. So does that continue on with industrial manufacturing? I think we'll see. But in those areas that have had an install base in the US we're seeing a lot of activity.

[Jim Cramer]

So I mean, when we look at things, I have to believe that what we're building, people are Worried about the economy now, Bob, but the jobs that you are create. I mean you must be trying to hire everybody everywhere, right? I mean anybody who's got great skills, we've got.

[Bob Bugatta]

So Jim, we have 50,000 people globally at any one time we'll have 7 to 10,000 open requisitions for people. And so we live in a resource constraint world. And so things like AI enablement, AI technologies, they're doing nothing but helping us deliver to a demand. Good point. That's, that's there. So that's where you talked a little bit about the stock. That kind of that AI dislocation. We're actually, we feel AI enabled, AI augmented.

[Jim Cramer]

Oh, that's a good point. You know how to do. And I do want to point out that Life Sciences is not those boutique, just boutique biotech. You're the builder for the big guys.

[Bob Bugatta]

The big, the biggest right now that's, that's out there. So.

[Jim Cramer]

And I know Lilly wants to be here. They all want to be here. They know that the president wants them to make stuff here now in a,

[Bob Bugatta]

in a big way. And so all the announcements that, that, that the Indianapolis firm has made is those are happening all in real time.

[Jim Cramer]

Well, I got to tell you I think you're well positioned. I did before you came out look at where the stock was. And I said frankly Bob, that makes no sense to me. I mean you're having the year. This is the year that we always want. When you separate the two, it's happening with this acquisition. Look, I just think it's a very inexpensive stock. Bob. All I noticed call it right and I've known you for a long time. I know there have been times when I felt these beds and size. I thought it was cheap. This is when it is really cheap. We agree to thank excellent Bob regard as the chair and CEO of Jacob Solutions letter J. Look at this because all the trends that we talk about encompass this company. That money's back everybody.

[Mad Money Announcer]

Coming up Kramer takes your calls and the sky's the limit. It's a fast fire lightning round Next.

[Jim Cramer]

It is time for the light round towards the stock center by sells the cel just down my step the graphics on the fly and we pen sound and then the lightning round is over. Are you ready? Ski dead to the light. Start with Dennis in California. Dennis Dr. Kramer. Yes.

[Caller]

Mining house of pain what say ye?

[Jim Cramer]

Okay. Gold is down 16% since the war began. That's very contrary. I would actually be a buyer. But it's going to be a bag Nico Eagle I Like these prices right here, right now. Let's go to Fred in Florida. Fred.

[Caller]

Jim, how are you, man? Jim, I'm calling up Sound House calling about Soundhound today. It's been getting annihilated.

[Jim Cramer]

It was up today, but. Well, I have to tell you, the stock, the stock only got to where it was because Nvidia for a moment had a cup of coffee with that stock. And I've got to tell you, I have always felt that it's just a continual money loser. And we don't recommend continual money losers on Jim Cramer's Mad Money. Let's go to Sam in Puerto rico. Sam?

[Caller]

Hey, Mr. Kramer, first time caller here.

[Jim Cramer]

All right.

[Caller]

Our product and operating and profit margins have improved substantially. Your thoughts about FRT Fresh, Pat?

[Jim Cramer]

Yeah, you know what? People didn't like the margins this time. It's been a big winner. You know what? Let's just leave it alone for a while. I think that this stock has been too hot versus the cohort. Let's go. It's going to Andrew in California. Andrew, how's it going?

[Bob Bugatta]

Jim?

[Jim Cramer]

I'm doing well, Andrew, how about you? Oh, doing just fine. Hey, I wanted to talk to you about IEP with 80% ownership of CBI and that stock's going up.

[Caller]

Do you think it could be bullish?

[Jim Cramer]

No, I don't want to touch that one. The bears have been so right on that one the whole way. I think they're going to continue to be right. It's one of the great bear calls I have seen seen in my life. Let's go to Tony in California. Tony.

[Caller]

Hey. Hey, Jimbo. Thanks for taking my call.

[Jim Cramer]

Absolutely. Tony, what's up?

[Caller]

Hey, I got a good one for you.

[Jim Cramer]

This is Viavi Solutions.

[Caller]

They make test equipment for the fiber optic net.

[Jim Cramer]

No, I gotta tell you, you're right. You're right. I mean, I know it's expensive, but I'll tell you, that is the hot area and I'm not going to disagree with it. Let the stock cool.

[Keisha Steelman]

Little.

[Jim Cramer]

I would because the stock was up a couple bucks today, but yeah, I think you're on to something with that stock. Let's go to Joe in New York. Joe.

[Caller]

Hey, Jim. Big hello from Staten island, the Rock.

[Jim Cramer]

Hey, good to have you, Jim.

[Caller]

I love your book. Love your book, Jim. Already making money off a number of pieces of advice you gave. So thank you so much for that.

[Jim Cramer]

I appreciate it. Thank you.

[Caller]

Oh, my God, it's the best. So. So, Jim, last year I dove deep into the whirlpool, you know, the price was discounted, it was dropping.

[Jim Cramer]

I got to tell you, you know Joe, this one is just Mystifies me down 25%. The President's done everything can to try to make it so that they're not. They lose by by imports. I don't know what to say other than the fact that I wish I could recommend it but I just feel like at every single point it goes goes down. I cannot be a part of a stock that at every single point goes down. So I'm gonna have to take a pass. That's painful. And that led to the conclusion of the Lightning Round.

[Mad Money Announcer]

The Lightning round is sponsored by Charles Schwab. Coming up amid a tough tape retail names have been a surprising bright spot. Kramer surveying the space max. Tomorrow. Kick off the trading day with Squawk on the street live from post nine at the nyse.

[Jim Cramer]

And I know we should talk about maybe at some point you and I just who's really been funding this expansion.

[Caller]

Well, it's been a lot of different

[Jim Cramer]

things but private credit certified and part of it private credit.

[Dr. Guy Winch]

He's Mr.

[Caller]

Private Credit now.

[Mad Money Announcer]

It all starts at 9:00am Eastern.

[Caller]

Jim Kramer, the die hard of the doll. Hey Jimmy, love the show.

[Keisha Steelman]

My five year old grandson loves to watch your show.

[Caller]

I have to thank you for making us money when it's there to be made. Our world is a better place with you in.

[Jim Cramer]

All starts with retail. That's how everything works in this country. We see the strengths and weaknesses the consumer at the register and we make judgments because our country's economy is based on service, not manufacturing. And all I can say is so far so good. No recession yet in sight, at least not here. We may be traumatized by the events in the Middle east, but so far they haven't impacted consumer spending. The consumer apparently remains confident paying up defying the toxic political environment in the country. I keep thinking she'll hit a wall as the price of gasoline goes higher. But maybe not. Given that cars are a lot more fuel efficient than they were the last time we had an oil shock and gasoline seems cheap. It hasn't been hit by the inflation stick like so many other commodities. Consider today's trip to Ulta beauty. Keisha Steelman, 35 year veteran of retail told us a tale of non promotion of a consumer that's spending upfront where the more expensive goods are and also on the sides in the back where you can find bargains. I was surprised that high price point merchandise up front was moving well. Good gross margins still is not alone in seeing strength. The discounters are cleaning up. Your TJX has put up some extraordinary numbers at all their brands from tjx, TJ Maxx to Marshalls Home Goods. These guys are making a killing by scooping up excess inventory from trouble retailers that desperately need cash. I've been blown away by RAW stores. That last quarter showed more strength than I've seen from that company in ages. 5 below. The uber discretionary play has triumphed over all the other inexpensive shops. I highlighted it last week. I think it's staying strong. Target has been a standout. I was concerned that it might give up the ghosts since the war with Iran started, but the stocks really hung in there. It's up nearly 18% for the year. A nice beginning for new CEO Michael Fidelke. There are bargains to be had all over retail. They just don't look like it. WAL Mart, okay, it stocks up 8% year to date. Cost go up 12% year to date. Both have high price earnings multiples. I get that. But they do well if you think that we're headed toward a slowdown because of oil prices. The only misses the home related stores and their dollar imprints. The housing related retail stocks are simply unable to move up because they're tied to home sales and the housing market's frozen until interest rates come down. I don't expect anything to bail out the stocks of Home Depot, RH or Best Buy for that matter. That said, if the war really winds down, Fed Chief in waiting Kevin Marshall genuinely tries to cut interest rates. It could be winners. That's why we hold on to Home Depot for the Channel Trust, the dollar stores, Dollar General, Dollar Tree. They seem off their game right now. I wouldn't bet against them though. They always seem to pull a bull out of a hat. The one area that does mystify me is travel. The airlines are so strong, but the TSA debacle makes me wonder how anyone could feel like they should go to the airport. Airbnb and Marriott are strong, but booking holdings has been weak. That's highly unusual. Cruise lines are strong now. Next year we're hearing of canceled trips, but you have to expect that now that the war's mess with ocean travel, the ship and taking ships and put them in other places. We'll get some more insight on this group on Carnival Reports Friday morning. By the way, the group had a huge move today. Well, let's back up for a second. Every day we hear that the consumer is teetering. You hear it, I hear it. We hear that health care costs are going up, that Energy is up 32%, the car loans are stressed, but the retailers show it's not true. Maybe it's bigger tax refunds, maybe it's low unemployment. Either way, it's contrary to what you can expect and what I think the media is reporting. And if President Trump can really deliver an end to the war, you can rest assured this group is to buy. I just don't know if the Revolutionary Guard will cooperate. From what they're saying, it seems a little unlikely. Like I said, as always, bull market summer promise. I'd find it just for you right here. Money I'm Drew Pamela Cumar

[Jim Cramer 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 discussed 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 this is the

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[Jim Cramer]

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