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

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.

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)

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.”

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.

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)

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.

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.”

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)

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

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.