Mad Money w/ Jim Cramer 4/10/26

Summary

Mad Money w/ Jim Cramer – April 10, 2026: Episode Summary

Overview

This episode of Mad Money with Jim Cramer focuses on navigating a turbulent and “overconfident” bull market set against a tenuous ceasefire with Iran and its implications for oil, energy, defense, and banking stocks. Cramer combines his signature fiery analysis with a practical week-ahead "game plan," expert interviews (especially in energy), and the beloved “Lightning Round” for fast-paced stock advice. He stresses caution, diversification, and investor accountability in light of current geopolitical and market risks.

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Main Themes & Insights

Market Sentiment and Geopolitical Risk

• Current Market Overconfidence: Cramer warns investors that the market is “incredibly overconfident right now, given the tenuous nature of our ceasefire with Iran” (00:43-01:10).
• Lesson from History: He reminds listeners that even after major declines, markets typically recover—except for the 2007 crash, which took over five years to bounce back (02:15-03:10).
• Cautious Optimism: While he doesn’t see systemic collapse, he urges “the bulls need to pull in their horns a little bit,” especially with the risk that “negotiations go badly this weekend” (07:28-07:55).

Notable Quote

“If there's one thing I learned from Candide, it’s that Dr. Pangloss would have made a lousy investor.” (01:28)

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Week-Ahead Game Plan (Stocks & Sectors to Watch)

• Goldman Sachs (GS): Big position for Cramer’s trust; expects strong earnings, especially due to GS’s risk management expertise (04:16-04:40).
• Big Banks Reporting: JP Morgan, Wells Fargo, Citigroup are in focus. Citi most likely to “jump higher next week” (04:45-05:40).
• Johnson & Johnson (JNJ): Cramer’s favorite drug stock (after Eli Lilly); expects strong pipeline news and suggests listeners “try to get some” if shares are hit after earnings (05:50-06:28).
• Morgan Stanley & Bank of America: Looks for a solid quarter, especially from Morgan Stanley due to anticipated IPO activity (06:35-07:10).
• J.B. Hunt (JBHT): Undervalued logistics/trucking company set to rebound (07:10-07:25).
• PepsiCo & Abbott Labs: Pepsi is adapting well to health trends; Abbott skidded on weak results and litigation but could rebound if they deliver on their call (07:29-08:00).
• Netflix: Despite losing out to Warner Brothers Discovery, benefits from a $2.8B breakup fee and is poised to keep building out its content and studio business (08:05-08:35).
• Regional Banks: Fifth Third, Regions, and Truist are beneficiaries of loosened regulation and possible M&A; “fabulous for owning the smaller banks” (08:45-09:00).

Notable Quote

“This too shall pass. Although it sure feels like it doesn’t. Right. That it can’t.” (03:13)

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Oil Market Outlook: Interview with David Brazile, RBN Energy (13:54–21:54)

Key Insights

• US Oil Producers: Reaping rewards from higher prices but remain cautious and aren't ramping up production rapidly (14:53-15:09).
• Global Interconnectedness: Gasoline prices are affected globally due to imports/exports. US is “linked to those international markets” (16:04-16:25).
• Natural Gas Exports: US can’t fully capitalize on high global gas prices because export terminals are at capacity, and repairing bombed LNG capacity overseas will take years (17:03-18:44).
• Venezuela: Can incrementally boost oil exports in the short term via infrastructure improvements (18:44-19:26).
• Strategic Petroleum Reserve: Working as intended but “can’t go on forever” (19:57-20:22).
• Pipeline Constraints: Building new routes around the GCC takes years, not months (20:22-21:01).
• Pump Prices Could Rise: US remains vulnerable to global shocks; “anything’s possible,” especially if conflict escalates (21:01-21:37).

Notable Quotes

• “It's an international commodity … we export and import a lot.” – David Brazile (16:04)
• “If only it were that easy. But … we have to, the market is going to respond to those price signals.” – David Brazile (16:39)
• “There is just not enough slack capacity to make up for all the stranded cargoes that are out there in the Persian Gulf.” – David Brazile (19:36)

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Defense Sector Deep Dive (23:40–31:01)

Insights

• Past and Current Performance: Defense stocks boomed in anticipation of conflict but then sold off after war began; Cramer sees this as a classic “buy the rumor, sell the news” pattern (23:40-25:00).
• Future Outlook: Massive replenishment of depleted military stockpiles means years of strong business for defense contractors, regardless of a ceasefire (27:00-28:00).
• Top Picks:
  • Lockheed Martin (LMT) – Missile systems, jet sales.
  • RTX (formerly Raytheon) – Patriot, SM3, Tomahawk missiles.
  • L3Harris – Communications, counter-drone, propulsion systems.
  • Palantir (PLTR) – Defense data analytics, highlighted after a positive mention from President Trump.

Notable Quotes

"We never have enough missiles … we desperately need to make more of these interceptors." (27:40) "Orders for munition refills represent significant business for the defense contractors for many years into the future." (28:15) "I think the whole group is poised for a major multi-year run." (30:50)

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“Am I Diversified?” and Portfolio Q&A (31:01–39:50)

Caller Examples & Key Advice

• Importance of Sector Diversification: Cramer encourages balancing tech, financials, industrials, healthcare, retail, etc. (33:23, 35:14, 37:22, 38:58).
• Specific Portfolio Feedback:
  • Combinations heavy on tech (e.g., Amazon, Microsoft, Netflix, SAP, Sony) should diversify with healthcare and defense stocks (35:14-36:40).
  • Suggests swaps like SAP & Microsoft out, J&J and RTX in, or subbing Medtronic for J&J due to projected growth (35:14, 38:24).

Memorable Moment

• “Emergency surgery” on Jennifer’s portfolio: Cramer playfully breaks down, combines, and rebuilds her holdings for better diversification (35:14–36:40).

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The Lightning Round (40:07–42:51)

Notable Picks and Pans

• Hold/Like:
  • Carpenter Technology (CRF), EquipmentShare, Chevron over ExxonMobil, Nucor, J.B. Hunt
• Avoid/Be Cautious:
  • SoundHound (needs profitability), offshore drilling companies (prefer Chevron over specific drillers)
• General Tip: If a company isn’t making money and that’s not expected to change, it’s usually a “no go.”

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Investor Accountability Segment (43:13–46:56)

Key Points

• Candid Self-Analysis: Cramer revisits recent interviews with CEOs, reflecting on his approach to asking tough questions, particularly on profitability and M&A deals (CoreWeave vs. McCormick/Hellmann's) (43:13–45:30).
• Personal Accountability: Admits he was “wrong, not early” about Nike, in the spirit of his late friend Mark Haines’ ethos that there are “no free passes” on Wall Street (45:50-46:15).

Notable Quote

“You deserve answers to tough questions, even if they don’t make you friends. After all, this business is not about making friends, it’s about making money.” (46:40)

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Key Quotes and Timestamps

• On Market Overconfidence:
  “The market's bold, the market's decisive. And frankly, I find it incredibly overconfident right now…”
  — Jim Cramer (00:43)
• On Defense Stocks:
  “Whether or not the cease fire holds, I think this group remains a winner.”
  — Jim Cramer (27:05)
• On Energy Market Pain:
  “No, there is just not enough slack capacity to make up for all the stranded cargoes…”
  — David Brazile, RBN Energy (19:36)
• On Diversification:
  “In order to be able to stay in the game, you need to be diversified. So that’s why we play Am I diversified?”
  — Jim Cramer (32:50)
• On Tough Questions:
  “You deserve answers to tough questions, even if they don’t make you friends.”
  — Jim Cramer (46:40)

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Summary Table: Important Segments & Timestamps

| Segment | Timestamp | |-----------------------------------------------|------------| | Market Introduction & Overconfidence | 00:43–03:30| | Next Week’s Stock Game Plan | 04:16–09:00| | Oil Market/Interview with RBN Energy | 13:54–21:54| | Defense Sector Analysis | 23:40–31:01| | “Am I Diversified?” Portfolio Section | 31:01–39:50| | The Lightning Round | 40:07–42:51| | Accountability & CEO Interview Reflections | 43:13–46:56|

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Closing Thoughts

Cramer’s closing advice summarizes his key message: Remain cautious amid geopolitical uncertainty and market euphoria, stay diversified, seek substantive company fundamentals (not hype), and demand tough questions and accountability—both from Wall Street leaders and from himself.

“I like to say there's always a market somewhere, I promise. Try to find it just for you.” (46:50)

Transcript

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[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 Man. Hi, welcome to Cramer Friends. I'm just trying to make a little bit of money. My job. Not just entertain, but do some teaching. So call me 1-800-7-for3 CNBC tweet me at Jim Cramer. The market's bold, the market's decisive. And frankly, I find it incredibly overconfident right now, given the tenuous nature of our ceasefire with Iran and the fact that they can shut down the most important commercial waterway on earth in a heartbeat and we can't seem to be able to do anything about it. I start off tonight's show this way, not because I'm some military strategist. I am, however, a stock strategist, someone who can help you gauge the appropriate level of confidence in your stocks every day. Like today, where the Dow lost 269 points, the S&P dip point 11, and the Nasdaq advanced 0.35%, I believe that many investors have gotten ahead of themselves and maybe are too bullish considering these circumstances. Heck of a rum we've had here. The idea that everything will finally go right in the Middle east seems like a real stretch to me. The Iranians are totally intransigent, so the belief that the President can keep the Strait of Hormuz open feels almost Panglossian. If there's one thing I learned from candide, it's that Dr. Pangloss would have made a lousy investor. Two weeks ago, everyone was on tenorhooks, so we got oversold. And then we had a buying exposure when we got wind of a truce. Now, after gigantic gain, I see many people who are Suddenly sanguine about 20 stocks, which is not in keeping with the treacherous nature of the situation away from the market. Still, I don't think we're in a totally make or break moment. I'm not trying to tell you that there's no systemic risk here, that I can see something that could bring down the whole entire edifice. And remember, as I show in, how to make money in any market. There's only been one time in the last 42 years that we didn't make back our losses from a huge decline rather quickly. And that was in October of 2007, which took you over five years to get back to even and then the market swerved without you. If you didn't get back in though, it was mighty tough to pick that bottom. So it's almost better just to say, you know what? I'm standing no matter what. I bring up that stock market history. Not to make you feel overconfident or underconfident, but just to let you know ahead of time that this too shall pass. Although it sure feels like it doesn't. Right. That it can't. Having said that, there's a real possibility that the negotiations go badly this weekend, which will not be good for the market. I just wanted to have that in front of you. And with that somewhat somber preface, let's get to our game plan for next week. All right. My travel trust has a very big, long, very big position in Goldman Sachs. That's my alma mater. And when reports on Monday, barring some serious Iranian action that causes a spike in the price of oil this weekend, I think you'll see a solid set of numbers and a good reaction to the numbers that Goldman Sachs prints. Now I've got to tell you, this judgment does stem a little bit from my time at Goldman, which. Why? Because that's where I learned to manage and profit from risk. It's what the firm does best, is manage risk. And as volatile market like the one we are having, that's Goldman specialty. Tuesday is the first chock full day of earnings season. It's got three major banks, JP Morgan, Wells Fargo and Citigroup. Now they each have their own characteristics shaping Morgan's terrific bank. But it has a gazillion important inputs to its quarter. And its CEO loves to be really cautious. Wall street often finds things to quibble about even if they're not worth quibbling over. As for Wells Fargo, we own it. For the Chapel Trust, this is not an earnings story, it's a long term turnaround story. Or said by CEO Charlie Scharf, a fantastic bank exec who wants that stock price higher is willing to buy back a lot of stock to do so. Citi is now loved, love loved by everybody on Wall Street. And it's the stock that I think is probably the most likely to jump higher next week. It's like a. Yeah, it's, it's like a trained rabbit. It's a big jump, jump and it jumps. I don't know how that happens. It keeps happening. The estimates are always too low. People like the stock of Citi. Now my favorite drug stock reports next week doing that's not Lilly anymore. Johnson Johnson. We own this one for the Chapel Trust. And I think we hear that it has the most blockbusters and the best pipeline in the industry. This is a company transformed, shedding slower growing divisions, focusing on research that can produce life saving drugs. I eagerly await this one. Now, word to the wise, it's really important. JJ has a habit of getting hammered on the news release when it comes out in the morning. Okay. And then rallying once the conference call starts. If it gets blasted, try to get some. All right, now, more banks. Wednesday, Morgan Stanley and Bank of America. I think Morgan Stanley should have a good quarter. And given that I expect a great number of IPOs in the second half of the year, this investment bank should have a fabulous 2026. Ted Pick. I bet they have their traders fired up and they'll be instrumental in putting up a good quarter. Back of America. We solid. I like solid. You can do worse than solid. Now after the close, we're going to turn to one of the best companies in the truck industry that nobody listens to other than me. And that's J.B. hunt. Great conference call. After three down years, this industry is finally on fire. I expect JB Hunt's stock to be headed higher. Thursday we get results from the second best packaged food company in the world. That's PepsiCo. Second best because Coca Cola's first. I've been impressed by how well Pepsi is dealing with the travails of processed food in an era of GOP Dash 1, weight loss drugs and healthy diets for young, young adults. While CEO Raymond LaGuarda has had his missteps like the chips that he made that were too expensive, he's navigated both soft drinks and food. A lay in a way that demonstrates that he's listening to the customer. Thank heavens. Really makes you wonder what the heck the other guys are doing. I also want to hear from Abbott Labs. And this is tricky. Okay. It stocks down an astounding 20% for the year after that last just so, so quarter and a loss in a lawsuit about its special baby formula. But I don't know if this really, this stock really belongs on a 52 week low list. I, I mean, that said, if Abbott's going to go higher, it's going to have to give us a couple of reasons. On the call. Netflix reports Thursday and this company's a juggernaut. So many thought that they took their eye off the ball with the attempted purchase of Warner Brothers Discovery. I thought it'd be terrific either way. Okay, if they got it, be terrific if they didn't. Well, they get paid $2.8 billion breakup fee, walk away. I think they can just build a great studio on their own. But more importantly, think of this. Netflix came out of nowhere to build this incredible, the greatest entertainment company on earth. I bet they can just keep doing what they're doing. Let's give them the benefit of the doubt. Friday is a regional bank day. I like the regional banks. We had a better sense of how Main Street's doing. Now it's a trio of good ones and this is what's really important. Fifth, third, regions and truist. I am a huge believer that this year will be the year when the big banks like the ones that I covered down here, the big banks will because the regulatory regiment is so much looser. We will try to buy not necessarily these three, although I would really buy fifth, third, but they're going to try to let them buy these smaller banks and that's going to be fabulous for owning the smaller banks, not just the big ones. By the end of the week, we should know a ton about the state of the consumer and corporate America's appetite for acquisitions and IPOs. Here's the bottom line. Despite that tenuous cease fire with Iran, I bet there's a notion of opportunity. I just think the bulls need to pull in their horns a little bit. They need to have a little more fear to match the fear about what will happen with Iran over the next week. Otherwise, the overconfidence and the overbought nature of the market are just simply not conducive to us going that much higher. Why don't we go to Kyle, my home state of New Jersey.

[Caller]

Kyle, Mr. Jim Cramer, my best friend.

How are you, sir?

[Jim Cramer]

I am doing well, partner. How about you?

[Caller]

I have to tell you something. These people X are constantly killing you and I'm so mad about it because I at one time in my life, it was hard for me to wake up in the morning to go to a job that I could not stand. And you said the other day how your mom wanted you to become a teacher. And you taught me how to manage money, how to give me freedom. And now I have a business of my own that I just. Every day is a vacation because of you, Jim.

[Jim Cramer]

Thank you.

[Caller]

Vacation.

[Jim Cramer]

Okay. I have not seen any comments about me in the last seven years. Dylan Reebok, who works with me, said, stop reading them. And I haven't read a single one of their name. I guess. I guess they're paying 200 for Nvidia, but our people got in it, too. So you know what I say? Pound sand jokers, let's go to work.

[Caller]

That's right, man.

Okay, so listen, I saw. I sold this stock a couple of months ago at the top in September, and I'm looking to get back in it. I feel like they're buying bad. The company's buying so, so much of the stock. Like, I feel like they're going to buy back their own company. What do you think about me going back into Lyft?

[Jim Cramer]

The best one yet. We talked about this with the guys. The best one yet. And I have to tell you, I am. I'm an Uber guy. I'm an Uber guy. I love David Rich. We know that, but I think that Uber's very, very cheap right here. I broke that bottle. I'm sorry. Okay, let's go. At least it wasn't Gatorade or something. Imagine it was Gatorade, like Diet Coke. Let's go to Bill. I've been hydrating. Do you ever go to a doctor who says, you know, I don't want you to hydrate? No, they all want you to hydrate. What is it with the hydrate, by the way? My mom used to call it drinking a glass of water. Let's go to Bill in North Carolina. Bill.

[Caller]

Hey, Big Jim. How you doing?

[Jim Cramer]

I'm doing well, Bill. How about you?

[Caller]

I got a brain teaser for you.

[Jim Cramer]

Okay.

[Caller]

You remember last year? Last year, everybody was telling about Shake Shack. They had billions of dollars and they was building a burger joint on every corner. Best thing since sliced bread, right? So I bought it. $121 a share, okay? And as soon as started dropping, as soon as I bought it, I ended up dumping it at the end of the year to save on some capital gains. But I lost about $20,000. So here's my question. The question is that's supposed to be a good company, has good cash flows and fundamentals. How do you know whether to hold on or to sell or what to do? Because here's the problem. It has never come back. It's finally.

[Jim Cramer]

Okay. Okay, but bill. Bill lost 20 GS. I feel bad about that. But I've got to tell you. Here's what you're missing. Rob lynch run Shake Shack. Now Shake Shack was not run the way I would have like it. Rob lynch is a winner. So what? The reason why you would stay with it is because of a fundamental change at the company. And in this particular case, call me bullish. Despite the tenu stage of the cease fire, I think there's opportunity here for the markets. They get a little, you know, you guys got to lose the overconfidence for every second. Well, man, tonight oil prices are still up significantly since the war began. So where do oil producers in American consumers stand right now? Is anyone trying to cash in on it? I'm checking in with RBN Energy's top grass for take on the space. Then the defense stocks have been rallying as much as you'd expect this vibe, right? So what will it take to push them higher? I'm taking a closer look. I think you'll like it. And in volatile market like this, what's the best way to protect your portfolio? Of course. It's diversification. And that's why we're playing Kramer Fabe. Am I diversifying? I suggest you stay with Kramer.

[Show Announcer]

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[Jim Cramer]

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[Jim Cramer]

The stock market's roared ever since we learned about the ceasefire with Iran. But the price of oil still in the mid-90s. A lot of capacity been blown up. The end of the day, whether or not oil can come down is probably the most important question for the broader economy. So let's check in with RBN Energy, the research firm founded by the brilliant Rusty Brazil, who has some of the best data and some real time insights into this market. This is my go to research house for all things oil and gas. That's why I wanted to check in with David Brazile, Rusty Sutton and the current president and the CEO of RBN Energy to get a better read on oil. Mr. Brazil, welcome to Matt Money.

[David Brazile (RBN Energy)]

Jim, thanks so much for having us.

[Jim Cramer]

Well, first, David, I got to tell you, you have a, a terrific dad and I read your stuff and I know that you're carrying on the tradition now you've been thrown into a period where it's obvious that things are crazy and a lot of people I believe are looking to you to say, are the oil companies in our country taking advantage of this or are they just so stunned that they're not changing their plans?

[David Brazile (RBN Energy)]

Look, I mean they're definitely going to reap the rewards of these higher prices and longer term they're not going to be racing to increase their production. But that's because they've learned the hard way after Covid, not to lean out over their skis and try to overspend and try to chase production growth.

[Jim Cramer]

But don't you think it's possible this might be, given the fact there's so much capacity taken out, that maybe they are thinking longer term that maybe that whole area of the Gulf won't be as productive as it used to be?

[David Brazile (RBN Energy)]

Yeah. And to the extent that you start to see the back end of the forward curve or the, the future months in the forward curve start to increase, I think you will see them start to increase. Their production a little bit, but they've got to get those long term price signals.

[Jim Cramer]

All right. Now one of the things that your father taught me was that yes, we may be continental. He always said, Jim, never say domestic, Continentally self sufficient. Because of the way that oil versus gasoline travels all over the place, it would be entirely possible that gasoline would go up in price. That's exactly what happened. So can you tell the American people why, given the fact that we have so much more than we used to, gasoline went up a lot.

[David Brazile (RBN Energy)]

Yeah, it's, it's an international commodity and we export and import a lot of gasoline, diesel and jet fuel. And because we're so linked to those international markets, what happens in Europe and Asia and the Middle east is absolutely going to impact the US Even though domestically or continentally we do have enough domestic supply.

[Jim Cramer]

So why is that? I mean I think people would say if you have all this in the Permian that's domestic, why can't you just refine it and then go to the gas stations and make it so that we never have to worry about what the worldwide prices.

[David Brazile (RBN Energy)]

If only it were that easy. But again, because we're so interconnected with the rest of the world, we have to, the market is going to respond to those price signals. In other words, these other countries are still trying to bid away our, our domestic production and obviously that's going to be in the market's best interest to go to the highest price market where it's needed the most.

[Jim Cramer]

Now you also just did a piece that was excellent about how right now we're not part of the natural gas world price. One day we might be though. And what would make it so that sudden? Because the natural gas price overseas, how much higher is it than ours?

[David Brazile (RBN Energy)]

It's huge. So right now, Henry Hub, the benchmark natural gas price here in the US is about $2.67 per mmbtu. If I look internationally at the Asian price marker, which is the Japan Korea marker, JKM, it's about $20 per MMBtu. That's a $17 spread, Jim. So they are clamoring to get their hands on as much LNG as possible. The issue is we're exporting max capacity. Right now we're exporting about 17 and a half billion cubic feet per day of natural gas. That is all terminals running as hard as they can.

[Jim Cramer]

Now one thing that I read, look, I saw that Inca and Qatar, there's been capacity taken out natural gas. I don't think people realize you can't just bring A couple repair people down and fix it. These take, these are monumental projects, right. The biggest in the world and they can't be fixed overnight.

[David Brazile (RBN Energy)]

Yeah. So, you know, they declared force majeure in early March and took about 20% of global LNG export capacity offline. The trains that were actually hit at their Ross Lafont export capacity, it's far smaller than that. It was just two big trains, both which are JVs with ExxonMobil. And those two trains are going to take a while to take to receive repairs. It's going to be years before we see all of that capacity back.

[Jim Cramer]

It's just incredible. Now, Venezuela, you guys been writing some amazing stuff about it. Actually, I was kind of heartened in the last couple of pieces you've been doing. It sounds like the Venezuela actually can increase production within the next couple of years.

[David Brazile (RBN Energy)]

Absolutely. So what we said in those blogs, Jim, was that the Venezuelan crude oil is heavy. So the way that they need to modify their crude oil, crude oil, to be able to flow it is to upgrade it. And they have a couple of upgraders in country that have degraded operations right now, but that can be brought up just enough to be able to increase their exports in the short term. And that sure would be appreciated here on the Gulf coast where we can

[Jim Cramer]

run it right now. Is there any, any oil available in the world right now, including Venezuela, that could drive down prices regardless of what's happening with the war?

[David Brazile (RBN Energy)]

No, there is just not enough slack capacity to make up for all the stranded cargoes that are out there in the Persian Gulf.

[Jim Cramer]

So it's really just. We're stuck. Okay, well, how about what, what are you thinking about Strategic Petroleum Reserve? A lot of people feel this is big. I mean, for instance, Japan's got one, but I'm told that they're down almost to the tag ends of the reserve.

[David Brazile (RBN Energy)]

Yeah. And the, the Strategic Petroleum Reserve is working as intended. Right. So it helps to absorb price shocks. And the global response to this crisis has been really heartening to be able to see that they're able to coordinate and release that much crude oil. That said, like, like you mentioned, Jim, it can't go on forever, so something's got to give. Let's just hope that peace holds out this time.

[Jim Cramer]

And you guys have also been instrumental in explaining a lot of people that you can't just lay pipe very quickly. There are, I'm sure there are a lot of people feel like, you know what, why can't Saudi Arabia just lay pipe? How long does it take to do a giant pipe out of the strait to some other place that is safe to be able to load.

[David Brazile (RBN Energy)]

Gosh. From where at the strait could you, could you build a pipe? I mean, you're not going to build it west. You've got just as many problems in the Red Sea as you do, or not as many, but a lot of problems in the Red Sea also with the Houthis. So to where would you build that pipeline? Short answer is you're looking at a couple of years at best.

[Jim Cramer]

So what's I listen to and I think that it's possible we ourselves could have much higher price at the pump than we currently have and that maybe we should be expecting that to happen.

[Caller]

Well,

[David Brazile (RBN Energy)]

anything's possible. I think you saw a big sell off when there was the announcement of the cease fire a couple of days ago.

[Caller]

Go.

[David Brazile (RBN Energy)]

So that's, that's heartening. That said, if we were to put troops on the ground and things were to be worse, longer, I think you're right. You could see higher crude prices in that scenario like that.

[Jim Cramer]

Wow. All right. Well, look, it's, I'm glad that you gave us the unbiased view of what is happening and I wish it were a little more heartening, honestly, but it is what it is. I want to thank David Brazile, president CEO of RBN Energy. And Mad Money's back after the the break. Thank you.

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Coming up, can the defense stocks provide your portfolio with some protection in this turbulent market? Kramer's digging into the sector.

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[Jim Cramer]

Do you remember when President Trump took office again and the defense stocks all cratered because Wall street was worried about budget cuts at the Pentagon? In retrospect, that would have been a great time to buy nearly all the major players aside from Lockheed Martin, which was basically flat last year, Northrop Grumman, General Dynamics, RTX and L3Harris. They rallied anywhere from 21 to 58%. Turned out Elon Musk. Doge spending cuts were totally irrelevant to the Pentagon. What a fake out. And the administration has conducted foreign military operations in eight different countries, as well as the Caribbean and Eastern Pacific. A lot of people thought it was going to be in isolation, so that was a kind of a misdirection play. At the same time, Trump's been pretty successful about getting our European allies to pay more for military hardware. Now, some of that goes to their own defense contractors, but they don't really have that many. They're rattling over our saber. Rattling over. Greenland, though, still made it, so a lot of it didn't come here, but a lot of it has to. Of course, it's hard to get a read on the second Trump administration. One day he bars the defense contractors from dividends buybacks. Then a few hours later, he proposed raising the Pentagon's budget by 50%. Hey, by the way, we haven't heard much about the plan to restrict defense contractor buybacks and dividends since that initial post in early January that scared people so much. But the Trump administration has followed up on that $1.5 trillion defense budget. the very least, they've asked for Congress for that money. And of course, this year has been great for the defense contractors, thanks to the War of the Rim. Now that's what you'd expect, right? But when you look at the trajectory here, it's actually educational. See, the defense contractors screamed higher throughout most of January and February. Then they peaked right at the end of February. Before starting to go lower, we attacked Iran at the very end of February. And the defense stocks spent nearly the entire month of March drifting lower before stabilizing about two weeks, weeks ago. Since then they've had modest recoveries, but for the most part, well, they're all below where they were trading in early March when the war had started. So what do we make of this? Does it mean that they're finished? Honestly, no. See, this is how the stock market works. It's a prediction machine. As we sent more and more military hardware to the Middle east ahead of the war, it became increasingly clear that something was going to happen. This is fairly ordinary. We would call that the buy the rumor, sell the news action for the defense stocks. That's a common theme on Wall Street. But I bring this up now because even though there may be an extremely tenuous cease fire, you should absolutely not be giving up on the defense. No, please don't give up on these stocks. Whether or not the cease fire holds, I think this group remains a winner. Why? Because between the supplies that we've been giving Ukraine for over four years now, the supplies that we've been giving to Israel to defend itself against stepped up against attacks in recent years, and now the supplies that we've used ourselves, we're going to have to spend hundreds of billions, literally, if not trillions of dollars building back our weapons stockpiles because the United States is supply constraint for so many military hardware items from fighter jets to missiles. This is a process it's going to take for years. And the orders for munition refills represent significant business for the defense contractors for many years into the future. It's just too dangerous now not to do this stuff. So if you buy the seasons, what are the best defense stocks down? We give you three pretty straightforward ones ourselves and then let the President pick the last one first. We want anything and everything related to exposure to missiles. From the war in Ukraine to the perpetual defense of Israel. The latest war in Iran. The common thread has been that we never have enough missiles. There's an asymmetry here because we're using million dollar missiles to shoot down drones that might cost tens of thousands of of dollars or less. That's a long term problem for our military. But in the meantime, we desperately need to make more of these interceptors to keep our troops and our allies safe. That's why I like Lockheed Martin, which is behind some of the defense really some of the great defense missile programs like the thermal high altitude area defense, you might have seen that as Thaad thad that system We've used Middle east and then also the Aegis BMD system for ballistic missile defense. Lockheed does a ton of business selling missile some systems to everyone as well as selling previous generation fighter jets to allies. The other big name in the missile system is RTX which is behind some of the most popular missile programs. The Patriot missile is still the gold standard. The SM3 interceptors, if you have a rocket headed your way, that's the technology that's going to you really got to hope is defending you now. RTX also makes Tomahawk cruise missiles that our government reportedly is running low on. We had so many of them after shooting hundreds of them. I think it's probably more than that at Iran in the past few weeks. RTX actually had the biggest gains of any prime defense contractor last year. It's up 58% because the company benefits from both a hot defense market worldwide and an even hotter commercial aerospace market. I still like it here. The last idea I'll give you is a little less obvious, but it's one I've seen I've chambered for a long time. Is L3Harris Technologies. This has become one of the top defense companies over the last decade, scaling up to a series of acquisitions and mostly operates in pretty quiet, unassuming areas. Communication systems, space, electronic warfare products, intelligence, surveillance, reconnaissance programs. But I think L3Harris fits here because about three years ago in a really stunning move, they bought a company called Aerojet Rocketdyne. It's a major purveyor of propulsion systems and including for missiles obviously L3Harris, great company, they've got some counter drone products like Vampire system that's in high demand. But that airship Rocketdyne deal looks better and better now that we need to rebuild practically our entire missile stockpile. You see the theme here, we just don't have enough missiles. But they got one more courtesy of President Trump's post on True Social Today saying quote palantir Technologies has in these then he wrote pltr pot and print has proven to have great war fighting capabilities and equipment. Just ask our enemies. Even included the ticker to make things easy for you. Palantir of course is the software company specializes in taking data from various sources and combining that into a single platform to make crucial insights. They got their start doing surveillance and analytics for the Pentagon. Stocks gotten hammered lately, down nearly 40% from its highest October thanks to the same AI displacement will worries that have crushed the entire software cohort even though they shouldn't be lumped into it. I don't know if The President's post will be able to get a Palantir out of this rut. But it sure doesn't hurt, does it? I find it infuriating that this company keeps getting confused with regular old software companies. This company is a close advisor to CEOs at major companies about how to change their operations in major ways. I have talked to many of their clients and they are in awe of how Palantir has helped them. Did it get too expensive? Momentarily, yes, but I think it works its way back up time. Here's the bottom line. Even though the defense contractors haven't really been able to rally since the war with Iran got going, they met. That's mainly because they are already flying in the two months leading up to the conflict. At this point I think the whole group is poised for multi major multi year run. You should be thinking about these purely because we need to replenish most of our missile supplies but also a lot of other hardware and that especially beneficial Lockheed Martin RTX and L3Harris. And for what it's worth, Trump himself loves paltry even though it's gotten much harder to own thanks to those a displacement fears. Let's start with Jerry Michigan.

[Caller]

Jerry hi Jim, thanks for taking my call. Oracle is well off its 52 week high and I purchased some shares on 1/70s but given its continuous decline does it make sense right now to add to this position?

[Jim Cramer]

This is a very very tough one. It's one of the hardest stocks to value because we don't know exactly what their balance sheet is going to look like. They are they plunged into the data center build at a time when I think a lot of people are saying maybe it was not a great call. I want to see the quarter. I know it doesn't happen till June but I just don't like what I see developing away from Oracle. That makes me feel like that they are the guys I want to bank on. That's the problem. I mean I saw coreweave today. Those guys are so so good and even though that sucks up a lot, I actually like that one more than I like orweave. The defense contractors haven't really been able to rally since the war began. But I think the whole group is poised for a major multi year run that I want you to pick one and be in. I really do now much more man money including a round of Craig America's favorite game. That's course and my diversified then no one deserves a free pass on this network, not even me. I'm taking a look at some of my recent interviews and grading myself on how the conversations went, of course. All your calls. Rapid fire in tonight's edition of the Lightning Round. So stay with Kramer. All right. The market's been hard to get a grasp on lately, but I hope it's reminding you that the only way you can keep making money is to stay in the game. In order to be able to stay in the game, you need to be diversified. So that's why we play Am I diversified? You know what it is? You give me your top five holdings. I tell you, if you're diversified enough, maybe you need to mix it up. Remember, this is about diversification. We may grade the stocks, but it's really about whether you have too many eggs in one basket. Let's go to Johnny in Louisiana. Johnny, what do you have for me?

[Caller]

Call. My five stocks are Bundy Global, Freeport, McMoRan, Huntington Bank, Nvidia and Walmart. Jim, am I diversified?

[Jim Cramer]

Well, I'll tell you, I got a place. Please go scrutiny. But first I want to say this is a portfolio that is doing so well that I am proud to have Johnny on the show. Nvidia finally breaking out. Great. This Freeport broke out for 20 points. The copper company broke out for 20 points. We got agricultural. We want that. Okay, that's good. Bungee. You also pronounce it right. That was good. Wal Mart. Okay, so Wal Mart has this incredible run, obviously retail and is consolidating terrifically. And I like to own a regional bank as a matter at the top of the show. I said the regionals may be where the action is in 2026 because of takeovers, but a bank attack, Copper, Ag, retail perfection. That's what I want to say. Okay, let's go. Why don't we go next to Jen, to Jennifer in Wisconsin. Jennifer.

[Caller]

Jim, thank you so much for taking my call. Huge fan. Such big fans. We record your show every day because we're central standards. We're at work when you're on. So thank you so much for all that you do.

[Jim Cramer]

Thank you, Jeff. Thank you. I really appreciate that. End of the week, shout out. I love it. Thank you. Let's go to work.

[Caller]

So thank you. Yeah, we watch you all the time. So my question is to add to my portfolio. Last year I dabbled in Nvidia. I bought that a year ago. It did well. So I started to look at more tech up tech stocks. I'm sorry, media, gaming. I wanted to know. And these are long term holds.

[Jim Cramer]

That's important for me.

[Caller]

Yep. So I did Amazon Microsoft, Netflix, SAP SE and Sony. And okay, I want to know, Jim, am I diversified?

[Jim Cramer]

All right, well, we're going to have to do a little switch up here. I know that a lot of people don't want to hear it, but you see, Microsoft. Look, I'm going to say that Microsoft's too close to SAP, all right? Because we're having a lot of problems with both these companies. And I'm going to do something that I actually is a little sacrilegious. I'm actually going to say we got. We got to get rid of both. They're just not trading the way I want them to. Microsoft doing terribly, SAP doing terribly. But the companies themselves aren't doing that bad. But I want to be able to preserve some capital. I want a health care in here. Okay. I want JNJ in this portfolio right now ahead of the quarter. And I want a defense company. And here I'm going to put in rtx. I think both are going to be better for you and be much more diversified that way. You'd have a pharma. You'd have the amazing conglomerate. Now that Amazon is because it's retail, but it's also a lot of tech. We're going to let Sony be in. And this is. Look, I'm not, you know, it's. It's tough because you could say Netflix and Sony are the same, but Sony got movies. Netflix. We're going to call the entertainment company and. But I would come to think of it, I would even have to swap out Sony. I'm sorry I have to do so much work, but I'm trying to get people into GE Vernova GeV, get a little data center. So I'm sorry to have to do such emergency surgery. My wife watches this show, the Pit. Is that like what that is, the Pit? People are nodding that that's the Pit. But, Jennifer, I'm thrilled that you watch the show. We do want to make some changes. All right, now we're going to go to Nico in Illinois. Nico.

[Caller]

Oh, Jimmy, Chill.

In our investing club. Jim, give a quick shout out to

to the Mad money and investing club teams. They're just for being awesome and for being more than magnificent. Yes.

[Jim Cramer]

Thank you for saying that. They work hard. They're like the hardest working people in showbiz. Let's go to work.

[Caller]

Let's go to work. All right, Jimmy. My stocks are symbiotic. It's automation, Salesforce. I figure Benioff is going to get a data center at some point. Verizon with A heavy dividend. Costco for rolling out more gasoline stations and GE Vernova exposure to energy and industrial.

[Jim Cramer]

I like this. Okay, so we got that automation. That's a great, tremendous theme. G. Vernova is the company that's actually powering all the. They have all the turbo turbines. They make the turbines that. When you see these nat Gas facilities for data center. That's them. Okay. That's just them. Verizon. I hear you. I'm not as, I'm not as convinced. I saw someone write this a piece this week. I'm not as convicted. If you're convicted, you go to jail. If you're convinced that means you like the adult way. I'm not as convinced that I need that yield. I like growth, but I'm willing to go with you on it. Costco, you so right. I mean it's cheap gas. Not so great for them. High gas people sign up, get the card. That's how we make our money. Salesforce. I don't know about whether Mark's going to be able to get it. Go in the data center. This is going to be a hard on. We know that the long knives are out for software and that software, software, automation, retail turbine for data center and just plain old telephone we call pot. Good job. I like it. Now we're going to go clear to. We're going to go to Eric in Texas.

[Caller]

Eric, Jim, Happy Masters Friday to you.

[Jim Cramer]

Okay, yeah, same, same.

[Caller]

Let's see, let's. Let's make some money. Jim here.

[Jim Cramer]

I like that. I like making money. I remember when I was living in my car, I always said, you know, I'm gonna do one day, I'm gonna make money. No one believed me. They all laughed. They all laughed, but they're not laughing now.

[Caller]

That's right. That's right. You ready? Alphabet, Apple, Medtronic, mplex and Raytheon.

Jim.

[Jim Cramer]

Whoa.

[Caller]

Diversified.

[Jim Cramer]

Okay. I'm liking what I see here. One of my absolute favorite oils. Okay, we got Alphabet that it's just crushing it. Don't mess with Alphabet. They're crushing it. Data center, you. They got the YouTube. They're everywhere. Okay. Medtronic health care company. I, I would actually at this point switch swap out Medtronic for jj. I think change is going to have better growth. Apple, where do we do we own it, don't trade it. And what did we. What have we even said about rtx? Maybe. Maybe the best defense company on earth. Save Lockheed. Good call. Good work. Thank you for that, man. Oh, come on. One more. Let's do a couple extra. Let bust the commercial. That's what they do when you're in trouble. You say let's bust a commercial. I'm not in trouble, but I gotta tell you something. How about those nice cars? Were they terrific? Their money's back after the break.

[Show Announcer]

Coming up, you've got questions. Kramer's got the answers. Get charged up for a fast fire lightning round. Next.

[Jim Cramer]

It is time. It's time for the white round. Cruise room is wrapping a little tinder. And then the lightning round is over. Are you ready, Ski? Dad, top of the light. We're going to start with Carolyn in Delaware.

[Caller]

Carolyn, hi. I have a question. In 2013, I lost my father and he passed the stock on to me which was CRF Carpenter Technology.

[Jim Cramer]

I have to tell you, dad did well. It's an amazingly. It's an amazing company Car tech. And I think that you should just hold on to it. I always think of Nucor and then I think of car tech. Car tech. Of course. Philadelphia. So let's go to Roz in Texas. Roz, hey, Booyah. Jim, love your book.

[Caller]

I'm a huge fan of the show.

[Jim Cramer]

Oh, thank you man. Thank you very much.

[Caller]

Yes, yes.

[Jim Cramer]

I miss times when you use these

[Caller]

store chairs, you know. But let's get dad's business right here.

[Jim Cramer]

Equipment chair. So yeah, I misjudged. This one is not, you know, I honest to God. I mean it's a profitable company. It's down low. It hasn't done anything in the last few months. I have to say I still like it. I know that it seems gutsy to do that, but I still like the stock. I would actually buy more here. I want to go to get Gabe in Nebraska.

[Caller]

Gabe, Jim, huge fan here.

[Jim Cramer]

You look like my our safety manager. So my money feels safe with you.

[Caller]

I'm a 30 to 90 day swing trader who loves to find those golden nuggets at a 52 week low.

[Jim Cramer]

IS S O u n soundhound. See, I. I don't know. Still made no made money. And it was. Look, there was a time at one point when Nvidia had a position and everyone got all excited about it and now I just think make some money and I'll talk about you. But they ain't making money. So I'm a no go on that one, partner. Let's go to Sean in Rhode Island. Sean, thank you for taking my call. Jim, are we in the early innings of another offshore drilling super cycle with. I don't think we are. If you do want offshore drilling Just go buy Chevron because no one draws drills offshore like Mike Worth. And I know that's the oil company, not the drillers. You'd say, well, maybe you used to be in Slumberger. I say, just go be with Mike Worth. Now I want to go to Jim in California. Jim.

[Caller]

Hey, Jim. Thank you for all your hard work.

[Jim Cramer]

How you doing? Question on Exxon Mobil. ExxonMobil's fine, but Chevron's a better company. I mean, you know, I think about this all the time, honestly. And I just decided just go with, go with Worth. And it's been the right core. I'm sticking with it. And that, ladies and gentlemen, conclusion of the Lightning Round.

[Show Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, there's no free passes on Wall Street.

[Jim Cramer]

And Kramer's revisiting some of his recent

[Show Announcer]

sit downs with CEOs to explain why.

[Jim Cramer]

My late friend Mark Haynes, the legendary CNBC anchor, almost always said during the break, Reverend Jim Bob of the church of what's happening now, there are no free passes on this show. First thing first, he actually did call me that I used to be a hedge fund manager and a very active trader. So he point out that I would like to stock one week and dislike it the next. I talk about price and events and how a stock had gone up high or a catalyst had come on gone so you had to move. But the free passes. Mark hated it when someone was interviewed and there were no tough questions asked because he always said the audience deserved better. I bring this up because of our interview this morning. Let's walk on the street with Michael Intrader, the man behind Core Weave company that manages data centers. He just won a huge order from Anthropic, which we know is the be all and end all of these these days of AI. After congratulating him, I asked him when his company was going to start making money. They lose a ton. He gave me an answer that I thought wasn't on point, talking about how there's so much growth to be had he couldn't afford to focus on profitability. So later in the interview, I went right back at him on profitability. He said Corey could be profitable in three months, but the opportunity was too great so he planned to keep investing the business. Actually, I found that answer satisfactory. I think it contributed to the immense run the stock enjoyed today, up 11% as people maybe felt better about the balance sheet because I pushed Michael hard on profitability and he said, hey listen, we could be profitable, but we're not. I Want to contrast that with how I handle myself the previous day with Brendan Foley, the CEO of McCormick, the spice company. Brennan just done a gigantic deal with Unilever to buy Hellman's Mayonnaise from them, among other brands. Wall street clearly thought he paid too much because the stock cratered. Now, I disagreed. I thought it looked like a good deal. But looking back, I think I gave Brendan a free pass because I didn't press him on the costs, which was pretty high, some would say outrageously high during an era where the packaged food space is under siege. I could hear Mark in my brain saying, how could you run those brands better than Unilever? Why did you give away so much the company? I mean, these are the questions he would have asked with immediate follow up. The questions weren't satisfactory. He wasn't there to make friends. He was there to see if the CEO knew what he was doing. I'd like to think that if Mark were alive, he'd look favorably on what we're doing with the CNBC investing club this morning. In our morning meeting that we do at 10:20, we talked about how wrong we've been when the stock of Nike. There was a cogent downgrade this morning from Piper which talked about a lack of innovation. And perhaps that was because the new CEO, Elliot Hill, an old man who left Nike after 30 years, is basically reassembling the band at a time when what matters is newness. Now. Jeff Marks, my director of portfolio analysis, asked me about my stand on Nike, a stock I pressed to own because I thought it was incredibly cheap and Hill could bring back the glory days. I said I was going to give him until October when it would be two years in her company with many more problems than anyone realized. And the turn is difficult to put pull off. But I haven't been early on Nike. I've been wrong. I don't deserve a free pass either. In the end, market was all about accountability. When I look at all the changes, the media and all the ways people get their news, I realize that many things have become a commodity these days. But you deserve more than a commodity. You deserve answers to tough questions, even if they don't make you friends. After all, this business is not about making friends, it's about making money. I like to say there's always a market somewhere, I promise. Try to find it just for you. Right here on Mad Money. I'm Jim Cramer. See you Monday.

[Commercial 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 trading@schwab is powered

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