Mad Money w/ Jim Cramer 4/14/26

Summary

Mad Money w/ Jim Cramer (4/14/2026) - Episode Summary

Overview

In this characteristically passionate episode of Mad Money, Jim Cramer dives into the psychology behind market rallies, the market’s resilience in the face of feared crises, and why investors often sell too soon or miss big opportunities. He unpacks the driving forces behind the most recent bull run, offers his “five favorite” growth stocks that are still bargains despite the market rebound, and sits down with Tor Hagen, CEO of Viking Holdings, for insight into the high-end cruise business. The episode is rounded out by technical and market analysis from Jessica Inskip, followed by the popular Lightning Round.

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1. The Main Theme: “It Just Didn’t Happen”

(Timestamp: 01:29–09:49)

Key Points:

• Cramer opens by addressing widespread investor skepticism, referencing the rally that many doubted would happen:

  “Those four words are the only excuse millions of people have for missing out on this unbelievable rally... It just didn’t happen.” (01:32)

• He challenges the tendency to fear catastrophes that don’t materialize, causing investors to miss gains.
• The market’s surge is attributed not to wishful thinking, but to fundamentals: bond yields have stayed tame, oil prices dropped, and major crises failed to materialize as expected.

Notable Quotes:

• Jim Cramer:

  “Now, it’s not too late. Although I think the easy money has been made. I would feel better if you waited for a couple of down days... We’re so overbought.” (02:07)

• On the Iran War & Inflation Fears:

  “Stocks are priced off the bond market... As long as rates are tame, I expect the new Fed chief will be able to get the open market committee to vote for a rate cut. Maybe even at the first meeting.” (03:24–03:58)

Key Psychological Insight:

• Investors are too easily swayed by predicted disasters. Recent fears—about war in Iran, oil spiking, private credit unraveling, or tech stock collapse—haven’t played out.

  “The market is rallying because most of the things we were worried about just didn’t happen.” (09:46)

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2. The Resilience of Key Market Segments

(Timestamp: 04:41–09:49)

Private Credit Pessimism:

• Cramer debunks the “private credit ticking time bomb,” explaining why the structure of private funds prevents systemic risk.

The “Magnificent Seven” Tech Stocks:

• He underscores how tech behemoths like Nvidia, Amazon, Alphabet, Apple, Meta, and Microsoft have withstood repeated doomsday predictions.
• Example:

  “Whatever bad that was supposed to happen to Nvidia, it just didn’t happen. And now Nvidia’s back up to 196.” (07:49)

• Amazon: The supposed disaster surrounding slowing AWS growth “just didn’t happen”—stock rebounded sharply after Jassy’s shareholder letter and satellite acquisition.

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3. Caller Q&A – European Banks

(Timestamp: 09:49–11:00)

• Caller (Steven, CA): Asks about Deutsche Bank's recovery.
• Cramer’s Take:

  “Europe’s tough. I think it’s going to come back but ... when it comes back, will you please do the logical thing and change it to Bank Santander (SAN)? That’s the one you want to be in. That’s the one that’s about to break out.” (10:15)

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4. CEO Spotlight: Tor Hagen of Viking Holdings

(Timestamp: 13:20–22:13)

Discussion Highlights:

• Quality Obsession:

  “We obsess about quality. We obsess about our guests. That’s a promise I made to the new shareholders... It is really number one and the rest should then take care of itself.” —Tor Hagen (14:07)

• Contrarian Leadership: Viking expanded during times of general industry caution (post-financial crisis, Egyptian revolution).
• Target Demographic: Affluent, curious, “not filthy rich” travelers who value culture and tranquility—contrasting with big cruise ships.
• COVID Response:

  “We did a big simulation model... and realized the only way people could be safe is if you tested everybody on board every day... We had PCR laboratories on board. We were the first one to stop but also the first one to start.” —Tor Hagen (17:57)

• Fuel Costs: Viking ships are fuel-efficient, well hedged against spikes.
• Open Disclosure: Willingness to discuss all business variables (fuel, competition, river levels) transparently.

Notable Moment:

• Cramer’s Praise:

  “You are the leader of the industry. Tor Hagen is the Chairman and CEO of Viking Holdings. Congratulations on the greatness you brought.” (22:13)

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5. Cramer’s Five Favorite Growth Bargains

(Timestamp: 23:59–32:13)

Criteria:

• S&P 500 stocks down 20%+ from highs, forecasting EPS growth over 16.8% (S&P average), trading at a below-market multiple (<21.5x).

Favorites & Reasons:

1. Uber Technologies (21.3x P/E):
   • Down 29%. Huge user base; undervalued after recent pullback.

     “Uber stock is finally cheap for the first time in years.” (24:40)

2. Vistra (Independent power producer, 19x P/E):
   • Down 25%. Strong earnings growth from electricity and data center demand.
3. Booking Holdings (Priceline, Kayak, OpenTable; 17x P/E):
   • Down 22%. Solid outlook, even with risks from European exposure and oil.
4. Southwest Airlines (15x P/E):
   • Down 25%. Activist pressure, turnaround underway. Takeover speculation adds intrigue.
5. First Solar (11x P/E):
   • Down nearly 30%. Domestic production, tariff advantages, oil spike = tailwind.

Notable Quotes:

• Jim Cramer:

  “There are still a bunch of high quality growth stocks that are down big from their highs and trading at what I consider to be bargain basement prices.” (30:28)

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6. Market Technicals with Jessica Inskip

(Timestamp: 33:05–41:26)

Technical Analysis Takeaways:

• Market is in a “bullish trading cycle” but faces overhead resistance.
• Breadth Look: Equal-weight S&P looks healthier than cap-weighted (Mag 7 dominance is lessened).
• Oil Correlation Fading:

  “The market is moving away from really caring about oil ... and it’s focusing ... on earnings.” —Jessica Inskip (37:01)

• Earnings vs. Price:
  • Recent rally has outpaced earnings, creating “uncertain growth.” The next move will depend on continued earnings strength.

  • “If price is rising and earnings isn’t as well...then we worry that’s when it’s speculative, which happens here.” —Jessica Inskip (40:36)

Notable Exchange:

• Cramer:

  “At what point do you say you missed it, Jessica?”

• Inskip:

  “I don’t think yet, but ... when price gets far ahead of earnings, that’s where speculation comes in.” (40:24–40:36)

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7. Lightning Round—Buy, Sell, or Hold?

(Timestamp: 41:47–45:23)

• Giga Cloud Technology (GCT): Buy—management impressed Cramer; stock is inexpensive, keeps going higher.
• CCC Intelligence Solutions: Pass; prefers Berkshire Hathaway or possibly Lemonade for insurance/AI exposure.
• Asana: Sell—will be disrupted by AI, agrees with the sellers.
• Applovin: Let it bounce but trim; fears Google’s entry.

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8. Closing Remarks: “Long-Term Mindset”

• Recap of the episode's overriding message: don’t be paralyzed by fears that might never come true; focus on long-term wealth accumulation and keep an eye on fundamentals, technicals, and market psychology.

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Memorable Quotes

• Cramer:

  “There’s always a bull market somewhere, and I promise to help you find it.” (01:04)

• “The market is rallying because most of the things we were worried about just didn’t happen.” (09:46)

• Tor Hagen (Viking Holdings):

  “You should be curious, interested in the world around you. Don’t toss things around and be extravagant. Be thoughtful about how we spend our money.” (15:57)

• Jessica Inskip:

  “The market is moving away from really caring about oil ... it’s focusing on earnings.” (37:01)

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Episode Structure at a Glance

| Segment | Time | |------------------------------------------------|------------| | Opening Theme & Rally Analysis | 01:29–09:49| | Private Credit & Tech Stock Rallies | 04:41–09:49| | Caller Q&A (Deutsche Bank) | 09:49–11:00| | CEO Interview: Tor Hagen (Viking Holdings) | 13:20–22:13| | Cramer’s Bargain Growth Stocks | 23:59–32:13| | Technicals & Breadth w/ Jessica Inskip | 33:05–41:26| | Lightning Round | 41:47–45:23|

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For Listeners in a Hurry:

• Big takeaway: Don’t let media-driven market fears keep you on the sidelines. Missed crises = missed opportunities.
• Actionable opportunities: Cramer’s list of five growth bargains, Viking Holdings’ focus on quality and leadership, and lessons about the importance of a long-term view in both fundamentals and technicals.

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End of Summary

Transcript

[Jim Cramer]

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[Jim Cramer]

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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 Money. Welcome to Kramer.

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It just didn't happen.

Those four words are the only excuse millions of people have for missing out on this unbelievable rally and of course many other rallies going back years and years. Think about it. How many times have you been scared out of the stock market only to find out that the terrible, horrible event that flew right new

just didn't happen?

So it's still one more monstrously bullish

day where the Dow gained it points

as we jumped 1.18% in the NASDAQ. Shut out the light, shot the lights up 1.96%. House of Pleasure fueled by another big decline in oil. We need to have a serious discussion, you and me, about why so many of you left this market in the last month. We need to do it. Because now I'm sure many of you feel like it's too late and just going to sit this one out. Maybe you'll never buy stocks again. Now it's not too late. Although I think the easy money has been made. I would feel better if you waited for some couple of down days, do some buying, maybe the war will give us a couple. Frankly, we're so overbought that the only thing we're doing for my charitable trust, which is followed by the CNBC Investing club, is we're doing selling. Now we're going to go over the sales on the Thursday noon investing club meeting. Hope you join. But you know what? We're not. We don't want to put on new companies on our buy list. Right now we've got some stuff itching to buy, but we're unloading some of the stocks that have gone parabolic. That's a parabolic move. Just like we were buying what was most oversold two weeks ago. So now it's not like I'm here saying it. All clear. Give me a break. I just want to tell you about the truth, what happened here because at

some point it's going to happen again.

The journalist hedge fund community will always be there to oblige you. I know it. Try telling them about these four dangerous words. It just didn't happen. Believe me, they will be in total denial mode. It wasn't their fault. First, let's tackle what's going on Iran. Now, I want to make a tough call here. I'm not political. I think a lot of people that were fed up with President Trump, they read the media coverage and figured it had to be a disaster. They predicted oil would go to 150, that the US had lost already. They thought chaos was ahead. I think they let their feelings for the President interfere with their judgment about stocks. About stocks. Okay, not about the political situation, but about their stocks, their portfolio. But even though the war hasn't gone as well as our leaders were hoping. Hey, no kidding. Apparently that's just not a big deal in comparison to what really matters to the price of stocks. Stocks are priced off the bond market. Sure, it's terrible for the global economy that the strait of removes is closed, but long term bond yields peaked a little less than three weeks ago. If bond prices had gotten hit and rates had soared higher, believe me, the you and I wouldn't be talking like this. The market would be in real jam. We'd be down a lot. But you know what? It just didn't happen. Why are rates so important? Because they're the real fuel to the rally. As long as rates are tame, I expect the new Fed chief will be able to get the open market committee to vote for a rate cut. Maybe even at the first meeting. Why not? As Larry Fink, the founder and CEO of BlackRock, said to me this morning, oil could be cut in half when the war is over.

Where would the market be if that happened?

You and I both know exactly where it would be.

Much higher. Second, how many stories did we read

about how private credit remember that you had to learn all about that was the tick, tick, tick ticking hydrogen bomb that was going to go off right here. Okay. We extrapolated the problems of one firm, Blue Al to all the other firms. Apollo, Aries, kkr, Blackstone.

And we took everything down.

Hedge funds and the media scared you every day arguing that this trillion dollar business was incredibly dangerous because a lot of software firms are going private financed by private credit. A lot of their debt was owned by the aforementioned firms. It is true that a lot of their investments will be under attack by artificial intelligence. I think many of these portfolio companies will have slowing sales. But since they're private, we won't hear about it. The bears talked about this like it would bring down the entire private credit edifice to turning the whole group into roadkill. It sounded so sophisticated, they were so smug. But guess what hasn't happened now do

I want to own Blue Owl? I mean someone might say hey Jim just said pull the trigger on Blue Al. They know nothing.

But so what that I don't like that. Oh yeah, they're cockroaches out there. Jamie Dimon, CEO of JP Morgan like to say many cockroaches are some of these private equity holdings. Some of their debt may go under. It might be my good is your I don't know. But these funds are gated. Only a small amount of money can be taken out at any given time. Usually get your money back after six to 10 years. That's why there can't be a run on private credit fund. No bankrupt, no systemic problem. I feel the same way about Wells Fargo. Surprised like so many others to see how much private credit they own. I didn't like it deck the stock they missed a quarter. But I think that stocks trying to bottom here. It's the worst of the major banks that we own it for the trust we're real disappointed. Stock can come back a little bit only because it's inexpensive and some of these private credit situations are better than others. BlackRock has good private credit. If you insist. Third example. How often do you read the collective obituary the Magnificent Seven and therefore for the entire market. You know we even joked on squawk on the street that we had replaced the Magnificent Seven with the Chem7 seven chemical companies they're doing great because the Iranians bombed the Gulf based competition and closest train of Hormuzzi. Could a real rally be mounted without these titans? Oh, we heard it can't, right?

No way.

Not only that they deserve to trade down to you. How many times have they deserved the trade down? What is deserves got to do with it? But now look at, look at him run in video which had become a real laggard came roaring back to life in the last couple of days. You know how many times I heard that Google was eating in videos lunch with its own chips? Or how about Amazon was tired of paying the price that you wanted? Or that Nvidia was investing in companies so they would buy goods from Nvidia so called circular deals. Or how about when it didn't get the China orders? The negativity never stopp. Just endless explanations for the demise of a stock that never should have been up. Remember they kept saying never should have been in the first place. It was the most overvalued stock in history. That's what people were saying. So down goes Nvidia.

Down goes Nvidia. Kind of like Frazier.

You know, not Jane Frazier but like the real Frazier.

And it just wouldn't stop until it

got down to 165 last. Last than a month ago at that level when it was selling for less than 17 times earnings for what I think will be the forward earnings. We got a crescendo sell off where everyone who wanted to sell everyone insisted that something bad was going to happen. Finally dumped the darn stock. Now maybe the pain just became too great for these sellers, many of whom didn't even know what in video was or did whatever bad that was supposed to happen to Nvidia, it just didn't happen. And now videos back up to 196. Look, I could play the same game with Amazon. With the stock to be left for dead at the end this one Bottom when we heard that web services was slowing, retail was weaker, Wal Mart was eating their lunch and Jassy just wasn't Jeff Bezos really. But then Jassy wrote a letter that explained how Amazon is doing. Exchange 25 points. What is that about? Then it buys a satellite company another 8 points. The big disaster of Amazon, whatever it was supposed to be, it didn't happen. Alphabet got ding last year. It's come all the way back. Apple never really went anywhere. I think it's ready to roll Metta. It just announced a new AI model. News Spark critics liked it. Meta had spent a fortune on talent. Didn't seem to be paying off then. Today the stocks surged 4.4% on top of some big move yesterday. Was the crisis averted? No, you see, there was no crisis. Just didn't happen. Of course Microsoft, they're behind it's software. It could get hurt by anthropic and open air, no doubt. Honestly, the business isn't growing the way I'd like it to. But I can tell you that Microsoft can make big changes once it has the balance sheet to make big changes in order to make big changes. Let's hope it does. Let's put all together what we have is a rally that appears to be based on nothing but reality. It's based on the fact that most of the things that we were worried about just didn't happen. Here's the bottom line. If you're really scared and can't sleep and need Xanax or Klonopin or maybe even Seroquel, you can sell tomorrow and get great prices. As they say on the trading desk, that's better than a sharp stick in the eye. Let's hope that's another thing that never happens too.

Oh, let's go to Stephen in California.

Steven.

[Caller]

Hey, Jim, how are you? Stephen from Sherman Oaks, California. How are you?

[Jim Cramer]

Oh man, I don't. Wait, I mean like hey, right? I mean like am I right? Okay, let's go.

[Caller]

Jim, I just. I want to ask you what your take on the Deutsche bank. I bought it 39 couple like a month and a half ago it went down to 28. Now it starts climbing up quite well.

[Jim Cramer]

Europe's tough. I think it's going to come back but I got to tell you, when it comes back, will you please do the logical thing and change it to Bank Santander San? That's the one you want to be in. That's the one that's about to break out. S A N and a boutique. Great golfer, by the way, went to the Master. I got offered to go to the Master.

Should I go?

My wife, though, she didn't want to go. She said, what's the Masters?

I said, well, that's perfect. Isn't it? Just like none other.

It's easy to say we've rall based

on nothing, but it's really due to the fact that our worst fears haven't transpired me. Tonight it's time for you to say

all aboard for biking holdings like it's some sort of railroad.

I'm sitting down with the cruise line CEO from one of the flagship vessels.

Learn more about the journey ahead then

the market's recent volatility has created some great opportunities to get into growth stocks at lower levels.

Turn to run through five of my

favorites and the market has seen me take its cue from the price of oil recently. But is that correlation breaking down? I'm going off the charts to find out.

So stay with Kramer.

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 what does running your business feel like with Avalara, the agentic AI platform for global tax and compliance? You don't hover over the submit button. You don't ask for a second opinion. You don't wake up thinking about a filing because Avalara's agentic AI handles it, calculating filing, validating with the accuracy and audit defensibility, your team can stand Behind Avalara, AgentIQ AI tax and compliance with confidence.

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[Jim Cramer]

What do you make of the cruise lines in this environment? Viking Holdings, a higher end cruise line, has been the best performer the group since it came public roughly two years ago. The stock's up a quick 10% since reported last month. Despite this being a very tricky environment for anything connected to consumer. Today I got to speak to this sensational Tor Hagen. He's the Chairman and CEO of Viking holdings aboard the Viking Octantis here in New York. Take a look. Tor, I have to tell you, we could start with the numbers or the 52 ekai, all those things, but I'd rather prefer to Start with something elevated by industry leading excellence. You've been number one for rivers, number one for oceans five years in a row. Conde Nast Traveler. How are you capable of doing that?

[Tor Hagen]

Well, we obsess about quality. We obsess about our guests. And that's a promise I made to the new shareholders when we went public. And you can say that is a lot of our mantra. We have a management team that meets every Thursday and top of the agenda is we go through the cruises of the previous week and we say, okay, what was the quality? Was there any problem whatsoever? It is really number one and the rest should then take care of itself.

[Jim Cramer]

Okay, so tell us about this ship and how it fits in with your mosaic of ships.

[Tor Hagen]

For many years we said we should be in Antarctica, so we need to build an expedition ship. So we decided we had a contract with Fincantieri and they. And one day I sat in the office in LA and we had had a brainwave saying there is this something called the Great Lakes and you mean

[Jim Cramer]

like the Great Lakes? Like we have.

[Tor Hagen]

Exactly.

[Jim Cramer]

Like Huron and.

[Tor Hagen]

No. And like Eire and.

[Jim Cramer]

Yeah, yeah.

[Tor Hagen]

And there's a canal which bypasses the. The. The. The falls. So is that what is a beam of the canal is two feet too wide. So we called up, the guy was on the design team, said you have to put it on a diet, you have to lose two feet. And hence we now have a ship that can fit into the. Fit through the well and can help. And the cruises we do in the Great Lakes are really phenomenal.

[Jim Cramer]

It is. I think people should realize that you go to seven continents, there isn't any place you won't go if it's exc. People.

[Tor Hagen]

Exactly.

[Jim Cramer]

And you personally get involved in deciding whether something could be explosive and interesting.

[Tor Hagen]

Yes, by not. And I feel, I feel I have a lot in common with most of our guests. I think our guests are probably well off. But you don't have to be filthy rich. You should be curious, interested in the world around you. And I feel even at my age, I continue to be interested in the world, world around me. There are people who made their money, they know the value of money. So we shouldn't toss the money around, toss things around and be extravagant. We should really be very thoughtful about how we spend our money.

[Jim Cramer]

But it's good business because every year you have grown at much greater levels than others.

[Tor Hagen]

What's wrong with that?

[Jim Cramer]

Nothing at all. I like it now obsess over our guests and continue to do what is right for the environment. Treat employees as part of our family, continue to be contrarian. What does that mean?

[Tor Hagen]

Well, I think if you're into. To accomplish some great things, you have to behave differently from the masses. So you can say when we started our Ocean business in 2015, 2012, then people so desperate from the previous financial crisis, nobody dared to order ships and said, okay, we go ahead, we ordered. Nobody thought it was possible to start an ocean cruise line from scratch at that time. And similarly, I must say, the way we got into Egypt after 2011 when they had the small revolution there, we went down there and we said, we are behind you. We'd like to be part of this. And now it ships there now last couple of months have been a little bit of.

[Jim Cramer]

You explain in your notes that people in the Jordan trip that you asked them how many people want to go home and only two people raised their hand. You said you have hearty, hearty patrons.

[Tor Hagen]

Exactly. And, and I think Covid we did differently from, from others. We saw early on what was the problem with COVID So we did a big simulation model with, with American universities. And we realized the only way people could be safe is if you tested everybody on board. Everybody meaning crew and passengers or guests every day. And we had a saliva test, which we had PCR laboratories on board. So we were the first one to stop, but we were also the first one to start. And people felt very comfortable about our ships. And I think that hopefully that's one thing I can, I hope people will say about us, that they trust us.

[Jim Cramer]

But you're kind and you're thoughtful in some of the traditional values that I hear from Amazon.

[Tor Hagen]

Yes, I hope so.

[Jim Cramer]

Jeff Bezos.

[Tor Hagen]

Yes, I hope so.

[Jim Cramer]

Because I know that these are so he shares some of these.

[Tor Hagen]

Well, there's nothing wrong in copying people's ambitions.

[Jim Cramer]

No, there isn't. Now, one of the things that I will not find on your ship, I've not. I looked for the casino. I, I looked for the screaming children. I did not see them.

[Tor Hagen]

Now in the old days, you could maybe get into the Chinese laundry and have a, and have a, have a game of cards with them. But you know, these trips are about, it's about being calm.

[Jim Cramer]

Right.

[Tor Hagen]

And I think that's why our guests come here. And when you look at where we source our guests from, I'm a little bit, you know, we now have a public company, so you can see where, where we get our guests from. But when you look at it, you see that we get them from the big cruise lines with big ships And I understand it well. Who wants to be on a ship with 5,000 passengers and a few screaming kids? So we are really sourcing from them. So there are many people who get to a certain age. If I want to go somewhere, I want to have some culture, I want to have some peace and quiet. They should come with us at the

[Jim Cramer]

same time, Leah, who's your CFO on your conference call, said, look, you are just a cruise. You're not just a cruise operator. You're also a marketing company. So you admit that you spend quite a bit on marketing.

[Tor Hagen]

Half of it is wasted. It was not over the ways of that. Of the money spent on marketing, half is wasted. If you only knew which half.

[Jim Cramer]

But who knows? We do have competition. There's. There's. They're moving into your river. They've seen that they want to be on the river. Or they just could be riverboat gamblers.

[Tor Hagen]

No, they're not gamblers. But I'm not so sure. If you need to see our filings with the FCC to figure out where. Where one's customers should be, then I think you're lacking something. Okay, so I'm not. I'm not. At least I believe that if a good disclosure is good for everybody.

[Jim Cramer]

I know you. You are completely open about everything. For instance, you talk about your fuel costs. You admit there's certain height you would list. I know that you did everything but mention the Danube not being deep this year.

[Tor Hagen]

We didn't have a problem on the Danube yet.

[Jim Cramer]

You said you're watching. But.

[Tor Hagen]

But even that we have a remedy against because we have a huge experience. So the ships are identical. So if there's a problem, we just start one ship in one end and the other and the other, and then they meet where the point is. Yeah. So we have. We have this down to. We are down to an arch. So.

[Jim Cramer]

Well, I mean, now were you ready for the spike in fuel? I mean, you seem. You're a person of the world. I know that. That you could expect anything.

[Tor Hagen]

Yeah. Fuel has occupied us.

[Jim Cramer]

Right.

[Tor Hagen]

I spent a lot of my time on it. I think Fuel, our fuel. Our ships are very fuel efficient from the get go. And. And it's only 5% of our revenue that goes through fuel. So it would. If it. If we are not hedged, then. Then it can hit our margin. But of course, we have been recently well hedged for this year too.

[Jim Cramer]

Well, I've got to tell you, it is just a great honor to be with you. You're the king of this industry and it is very deserving.

[Tor Hagen]

No, we don't. We don't like kings.

[Jim Cramer]

Well, that's. I said wrong choice. You're the cut, the commodore of this industry.

[Tor Hagen]

I don't like that either.

[Jim Cramer]

All right, give me something.

[Tor Hagen]

Leader.

[Jim Cramer]

You are the leader of the industry. Torhagen is the chairman and CEO of Viking Holdings. Congratulations on the greatness that you brought.

Coming up, looking for stocks set to grow this spring, Kramer's picking his five favorites. He expects soon to be in full bloom. Next

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[Jim Cramer]

Learn [e-mail] SapphireServe cards issued by JP Morgan Chase bank and a member FDIC

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[Jim Cramer]

We know the market's been surprisingly strong since long term interest rates peaked a little less than three weeks ago. Remember? I think that's the precipitant for this rally, leading the S&P 500 to bottom A few days later. But even after a tremendous rebound and boy, it has been amazing, there are still plenty of terrific growth stocks. They're down substantially from their highs. That's why I'm the hunt for growth names in the S and P that are still in bear market territory, meaning down 20% or more from their highs, yet still on track to deliver better earnings growth than the overall index. This year, The S&P 500 as a whole is expecting to have 16.8% earnings growth in 2026. That's pretty. That's a lot. At the same time, you Want stocks that are cheaper than the overall market, meaning they sell for less than 21.5 times this year's earnings estimates. See we're doing to put together a screen here. Within the S and P, There are currently 153 stocks that are down more than 20% or more from their highs. Within that group, 37 of them are expected to grow earnings per share faster than 16.8% this year. And of those 37 stocks, 17 of them trade at a discount to the s and P500. These are 17 stocks that offer discounted growth. And you know what? For the most part, the companies are pretty darn good. That's the objective part of this exercise. Now let's get subjective. I want to walk you through my five favorite companies. Those 17 five that I think are actual buys right here. Even after to the run from the bottom. Let's take them in descending order evaluation. First up, one that I wrote about and how to make money in any market that I can't believe is down this much. Uber Technologies. The rideshare kingpin with the big food delivery business. Uber is down 29% from its all time high set last September, despite the fact that the company's per share earnings per share to grow at a nearly 40% clip this year. This one barely made it onto our list though because its valuations just just below the S and P as a whole, trading at 21.3 times this year's earnings estimates. Now as I've told you before, I think Uber stock has been weighed down by overblown worries about Robo taxis from the likes of Tesla and Google's Waymo. Uber owns a network of 200 million monthly active users. The best way for the Robotaxi Alpha to grow is by partnering with them. Just yesterday we learned that Uber and the autonomous driving company Nuro plan to launch a premium Robotaxi service in San Francisco later this year. On top of that, thanks to the recent pullback, Uber stock is finally cheap for the first time in years. What's not to like? This sell is creating bargains. Next up there's Vistra, one of the America's largest independent power producers. With a Stock that's down 25% from its all time high in late September. Vista's earnings per share on track to more than double this year. Yet the stock sells for less than 19 times this year's numbers. Now there was a time when the stock was unstoppable because Vista got a huge nuclear power business. Over the past five years, it's up well over 800% thanks to surging electricity demand from, yes, of course, the data centers. But like most things connected, Data Center Vista shares got ahead of themselves last fall. It felt like there was no price too high for investors who wanted exposure to power generation, especially the nuclear kicker. It just kept being bought and bought and bought and bought. So I was actually happy to see these companies cool off a bit over the past few months, all at these levels. I think this was a buy again. Like I said to a caller we asked about this name last night, you're getting some of the best growth in the S&P 500 for under 19 times earnings. I know it's utility. Doesn't matter, it's a steal. Third, there's one that frankly was so hot for so many years, I don't believe that people could totally give it up. It's called Booking Holdings Seal. Priceline also owns booking.comkayak, openTable, a couple of other consumer travel entertainment brands. Okay, here's a Stock that's down 22% from its highs because of a displacement, right? I mean we think it's going to be disruptive because the online travel agents are basically aggregators, right? And anthropics.

Claude can aggregate too.

I get that that's a threat. At the same time, we don't know really how the travel business will handle the war with Iran and the spike in oil prices. Booking also has more exposure to Europe than its main rival Expedia, which likely means they're in worse shape because Europe's feeling more of a squeeze economically thanks to the sky high natural gas prices over there and gasoline of course. But I think a lot of that's really kind of already baked into the stock. Plus, when Booking holdings reported mid February, management sounded pretty confident. They offered a strong full year forecast. Of course that was before the war, but at 17 times earnings, I think the price is right for this company that's expected to deliver 70.6% earnings growth. 76% earnings growth at 17 times earnings, that's good. At the same time, I'm betting people need a vacation after a harsh winter, a stressful few months. When the war ends, I think this is going to soar. Fourth discounted company, Southwest Air. Yes, this value oriented carrier has been making big changes under the watchful eye of the activist at Elliott Investment Management since the summer of 2024. Stocks done very well over this period before peaking in mid February as investors realized that a war might be be coming. But Southwest now fallen about 25% in less than two months and trading less than 15 times this year's earnings estimates, even though the company's earnings expected to be more than triple this year. The risk here is that Southwest won't be able to make the numbers thanks to much higher oil prices. Then again, the earnings estimates have already come down big, from over $4 per share when the war started to just $2.86 per share as of today. And that's still more than three times what they earned last year. Long story short, I think Southwest a terrific turnaround story and you're now getting a chance to buy it at bargain basement prices that I didn't think you should trade down to. And who knows, I was thinking all day about this. Did you hear this thing about United might want to merge with American Airlines? Okay, that seems very unlikely to me. Even if the Trump administration doesn't block it, states will sue. No judgment rule in that deal's favor. However, if the big airlines are eager to consolidate, I think they might want to own a small midsized airline. I think they might want to own Southwest buyers. First Solar, the solar panel maker is down nearly 30% from its peak set last December, even as the companies expect to post 27% earnings growth this year. Oh, and the stock trades at just over 11 times this year's numbers. Insanely cheap when you consider that First Solar still up huge from its post liberation day lows roughly a year ago. For what it's worth, Larry Fink, the CEO of BlackRock, the largest money manager in the world gold, told me this morning that solar could be huge for our country's big bull and solar. I think that's a clarion call to own the stock of her solar. I think this one's been hurt by some misconceptions that the Trump administration's attitude toward renewable energy is to dislike this. Look, we know Trump dislikes, okay, maybe because they're offshore wind turbines running in the view of his one of his golf courses in Scotland. I don't know. People don't like it off of Martin's event. They don't like it off of Dan talking either.

I know that, but he's got a

lot, no real animosity I've heard towards solar review. Even if he doesn't want to subsidize, it doesn't matter. Plus, First Solar is a national champion of sorts, with a significant advantage in a high tariff era because so much of its production is domestic. And there's a new catalyst, too. Spiking oil prices tend to be great news for Alternative energy stocks at 11 times earnings. This stock's just been overlooked. I think it's too cheap. So here's the bottom line. While the averages have rebounded like crazy over the the last two weeks and a lot of the bargains are no longer exist, there are still a bunch of high quality growth stocks that are down big from their highs and trading at what I consider to be bargain basement prices. When it comes to the P E multiple, my favorites are Uber Vista Booking Holdings, Southwest Air and First Solar. Now the market again is very overbought. But I think you put a starter position on any one of these and then buy them on the way down with tremendous confidence. Confidence. Let's take questions. Let's go to Jerry in Missouri. Jerry.

[Caller]

Hey Jim, thanks for taking my call. Of course Jim. I've grown to hate the term sass apocalypse. Last summer the word didn't exist. That's when I built a position in the stock and since then it has round tripped for me. I'm net positive and I trimmed someone that was much higher. But I want your opinion. Do you think I should sell out or hang on for better days and app love it.

[Jim Cramer]

Applovin was really not as much a sass story sas couple story and I appreciate that because a lot of these stocks are that have come down as much as we think that Google's going to come into their market.

If that's the case, the stock selling

27 times earnings, it can go lower.

It's bouncing right now. Why don't we let it bounce? I don't know.

It's a 433. It could probably bounce to 450, 460

but then I think think you got

to trim it because I do fear Google myself. Look, there's still a bunch of really really high quality stocks out there that are trading in bargain basement prices because of sell off. Hopefully this list will help you identify some of my favorites. Remember I did a screen pick the best of the 17. You got the 5 much more mid money. The S&P 500 has wiped out all of its losses since the start of the war in Iran. So could new all time highs be next? I'm checking the charts with the help of Jessica Inskip who will join me

right here on set next then.

It's not always easy to stay invested during turbulent times like these. But tonight I'm breaking down why a long term mindset is the key to accumulating wealth in the stock market. And all your calls. Rapid fire.

In tonight's edition of the Lightning round. So stay with Kramer.

You're going to love this block Is very tricky moment. If you care about the fundamentals, actual facts of the crowd about both the broader economy, how individual companies are doing. Sometimes it feels like pure chaos. If the state of the world is in flux, it's very difficult to come up with predictions of the future. But when we can't rally on or rely on the fundamentals, I always like to fall back on the technicals, meaning the charts. They'll explain more than the fundamentals ever can sometimes. That's why tonight we're checking in with Jessica Inskip. She's a brilliant technician. You've heard about the show. She's the first woman on the active trader desk of Fidelity, now director of investor [e-mail] as well as the co host and founder of her Market Maker podcast. Oh, she's got a great track record lately. For a long time, actually. Right now she sees a market that seems to care a lot more about earnings than oil. Ms. Inskip, welcome back to Mad Money. I'm going to give you the floor.

[Jessica Inskip]

So excited. Let's go into it. And I've got a surprise for you today. All right, I'll take some fundamentals, but let's look at price action. So last week where I left you, we actually, the week before, we were looking here. Now, we have blown through every ceiling of resistance. So, you know, I Look at the 13, 26 and 40 weekly moving averages which represent quarterly. So we look at 1/4, 2/4, 3/4 worth of pricing. We have hit my ceiling of resistance. Resistance, okay, but that's good for price action. That's put us in a bull market or that trading, bullish trading cycle. This is also very positive. This is our MACD crossover line. So once this crosses over.

[Jim Cramer]

Right, okay, right there, yeah. Crossover.

[Jessica Inskip]

That's a positive signal that could give us more momentum. However, this requires a catalyst. There is so many touch points here. When there are touch points, it becomes psychological. So for example, if you bought here, you bought here, you bought here. The second we go up here, you might say, okay, I'm break even, Lord,

[Jim Cramer]

get me back to even. And then you got there and you go, exactly. But that's foolish. Sometimes it is.

[Jessica Inskip]

I agree. It's an area of supply, is what we call it. So we need to know, will demand overcome supply? In which case I need to look at breadth, which is where we look at the equal weight.

[Jim Cramer]

All right, let's do that. Let's go to breadth of the second chart.

[Jessica Inskip]

We shall. All right, so equal weight. Now this is interesting.

[Jim Cramer]

Equal weight is not the Mag 7 as big. Right. We've got to do that. Okay.

[Jessica Inskip]

Yeah, because it's. The technology is dominating the market, dominating the theme, dominating the index. So we are giving equal weight to each security. What is interesting here, we really did retain mostly the bullish trading cycle. This is a much better chart to

[Jim Cramer]

me than the previous. Okay.

[Jessica Inskip]

Yes.

[Jim Cramer]

Okay.

[Jessica Inskip]

Because this is my strong zone. Very similar to what I'm saying before, where there's this large area of supply, that psychological level. We've overcome that psychological level. Now this right here is our area of support, which is our 13 weekly moving average. It's on the top.

[Jim Cramer]

Okay.

[Jessica Inskip]

We have a lot more momentum to go.

[Jim Cramer]

But now someone might say, yeah, but so what? I mean, Nvidia is really big and Microsoft's really big and Apple's really big.

Why should we.

We use that?

[Jessica Inskip]

Well, because then something could come in and break that thesis very, very quickly. And that's not diversification, it's not healthy.

[Jim Cramer]

True.

[Jessica Inskip]

It's like a group project when the one person's leading the way. We.

[Jim Cramer]

True.

[Jessica Inskip]

But what I think is interesting is I wanted to look at oil and the correlation of oil. So I built a index, if you will. So what I've done is I've taken the S&P 500.

[Jim Cramer]

Okay.

[Jessica Inskip]

And WTI is oil. This is our proxy. I indexed it to 100, so I'm normalized.

[Jim Cramer]

You use quad or you.

[Jessica Inskip]

I did use Claude.

[Jim Cramer]

Yeah, everyone uses. It's like ridiculous.

Everyone uses quad. Who are those other guys?

[Jessica Inskip]

What's important is I indexed it to 100 on 3:2, which is the first trading day post Iran conflict.

[Jim Cramer]

Okay.

[Jessica Inskip]

So what I'm looking for is something to come back to this 300 level. Now, I wish I could make this a logarithm chart, but unfortunately I could not. But what we see is all of a sudden the divergence.

[Jim Cramer]

Right?

[Jessica Inskip]

So this tells me that the market is very dependent on oil. Oil is up, market is down. That's what's happening now, what I'm looking for. And I know this is a small line, but the fact that this has gone all the way back up to 100 mm, but oil, the correlation is diminishing, which means it doesn't matter. Even though it happened today. Oil was down when got a very strong rally, but it doesn't matter as much. The market is moving away from really caring about oil. And it's seeing through that and it's focusing on the season that we're in

[Jim Cramer]

earnings which is now where does the bond market figure into this?

[Jessica Inskip]

So I think that's an important component of it and I actually like to look at the two year for this.

[Jim Cramer]

Okay.

[Jessica Inskip]

Because the two year moved more than the ten year true post.

[Jim Cramer]

Which is.

[Jessica Inskip]

Yes, well, I think it had to do with short term inflation expectations.

[Jim Cramer]

Yes, that.

[Jessica Inskip]

Because those went up more than long run inflation expectations. And I think that was reflected in the bond market and we saw every bit of that reverse though the dollar started weakening, we saw gold rally and that gives me another indication. We probably build a whole model on this. Jim, it'd be so fun to pick your brain.

[Jim Cramer]

Well, I mean truth, I mean I'm,

I'm bullish about earnings and I factor them in and I like the fact that the, that interest rates didn't go sky high. So we're pretty much in sync because as a fundamentalist I could tell the earnings I think very, very good.

[Jessica Inskip]

Yeah, well they held the line and so that's where I'm really excited to show you the next chart where we're going to bring in some earnings.

[Jim Cramer]

So there you go.

[Jessica Inskip]

All right. So what I've done here on this axis here we have earnings. On the X axis we've got prices. So what I'm looking at, I know in your book how to make money in any market.

[Jim Cramer]

Thank you.

[Jessica Inskip]

Is you like to look at ratios. Yes, I do as well. But as a technician.

[Jim Cramer]

Right.

[Jessica Inskip]

I like to layer on more technical.

[Jim Cramer]

That's what you're great about. You just, you, you, you aren't just you don't disparage the fundamentals, you embrace them. So great.

[Jessica Inskip]

Thank you. So what I'm looking at is instead of just purely the ratio and this is the forward earnings looking for 12 months and it is quarterly. So it is going to include the rollover. So keep that in mind is what is the percentage increase of prices versus the percentage increase of EPS expectations?

[Jim Cramer]

Okay.

[Jessica Inskip]

So if price is falling. So right here is where we were. This is the great my call it my undervalued opportunity box. And so is this. We probably moved a little more over here today. But price was falling, but earnings were maintained. Actually went slightly higher. Which put us into an undervalued opportunity.

[Jim Cramer]

Right. Okay. Price falls.

This stuff didn't get adjusted because they're not, you're. We're bullish on these.

[Jessica Inskip]

Yep.

[Jim Cramer]

And if you got a great quadrant there.

[Jessica Inskip]

Exactly.

[Jim Cramer]

Okay.

[Jessica Inskip]

Price fell, earnings were maintained.

[Jim Cramer]

And that's a great opportunity.

[Jessica Inskip]

Yes. But this is a great way to visualize that rather than just looking at this number and trying to understand the numerator and the denominator. So now this was. This was March. This puts us into yesterday. We had a huge rally which pushed us over to uncertain growth. The reason why I call it uncertain growth is we are rallying more than the earnings are, which means we must have earnings follow through in order for the rally.

[Jim Cramer]

Or else. Or else.

[Jessica Inskip]

Or else. And that's the concern. But now we know what we have to focus on, right? Which is earnings.

[Jim Cramer]

Wow. I got to tell you, I am. Let's just talk about this for a second, okay? At what point do you say you missed it, Jessica?

[Jessica Inskip]

So I don't think yet, but it happens around here. This is speculation. So healthy.

[Jim Cramer]

Okay, that. So that's what I'm so worried about. Speculative juices were back. You're starting to see it again.

[Jessica Inskip]

They are bites. If the speculative juices, if price is rising and earnings isn't as well, at least according to this model, which has been back tested, of course, then we worry that's when it's speculative, which happens here. Which price rising. And if earnings aren't moving at all, that is speculation because the market's getting ahead of itself.

[Jim Cramer]

Okay, so we often talk about volume and that it's a polygraph. What are you seeing for volume to back up all your stuff? Is it. Is it strong enough for you to feel that the prices you're seeing are trustworthy?

[Jessica Inskip]

Yeah, absolutely. I think there's a lot of volume. Now, the one thing that does concern me as I do see a little narrowness.

[Jim Cramer]

You.

[Jessica Inskip]

I'm sorry, Narrowness?

[Jim Cramer]

Yes.

Okay. I'm worried about low speculation about narrow.

[Jessica Inskip]

Yes.

[Jim Cramer]

Well, what we'll do is we'll just watch.

[Jessica Inskip]

That's what we watch.

[Jim Cramer]

Look, I can't thank you enough, Jessica, director of investor [e-mail]. i could have gone on for. I mean, it's just.

It's a delight to have you.

What can I say? Bad money is back after the break.

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

It is time to cover the light rail coach. And then the lightning round is over. Are you ready? Steve Dacktown Lightroom. Let's start with Mike in Illinois. Mike.

[Caller]

Hey, Jim. This young and profitable debt free B2B E commerce company. What do you think? Buy, sell or hold? GCT Giga Cloud Technology.

[Jim Cramer]

I met the guy who runs the company and I've got to tell you, I was so Impressed? I said, I look at it and you know what happened? I never did. And all that, all it's happened is the stock keeps going higher and higher and it's very inexpensive. I'm glad you brought it to our attention. Let's go to John in New York. John, how are you doing? I'm doing well, how are you? I'm doing all right, thanks Jim.

So I own CCC Intelligence Solutions. Yeah, no, no, it's a cloud based for insurance.

I mean, you know, I'd rather, I'd rather see a own. Well, I'll tell you, I mean how about owning some Berkshire Hathaway? I think there's a good insurance company that's better. I don't. You can buy lemonade if you want to do something.

It's like it's got a little AI in it.

Let's go to Ryan in Illinois. Ryan, Booyah.

[Caller]

Jam. First time caller, long time listener. Okay, my stock today is Asana.

[Jim Cramer]

Yeah, this is another one that's going to be disrupted by AI and I have to agree with the people who are selling it.

I think it's going to be actually hurt by that.

And that, ladies and gentlemen is the conclusion of the Lightning Round.

The Lightning Round is sponsored by Charles Schwab. Coming up, Kramer's recapping his conversation with BlackRock CEO Larry Fink to show you what can be gained by following this one simple principle.

Next,

It is time to cover the light mount click my staff, put them

in by your planet sale and then

the Lightning Round is over. Are you ready, Steve? Dad lighting up. Let me start with Mike in Illinois.

Mike.

[Caller]

Hey Jim. This young and profitable debt free B2B E commerce company. What do you think? Buy, sell or hold GCT GigaCloud technology?

[Jim Cramer]

I met the guy who runs the company and I've got to tell you I was so impressed. I said I look at it. Do you know what happened? I never did. And all I've done, all that's happened is the stock keeps going higher and higher and it's very inexpensive. I'm glad you brought it to our attention. Let's go to John in New York. John, how are you doing? I'm doing well, how about you? I'm doing all right, thanks Jim.

So I own CCC Intelligence Solutions. Yeah, no, no, it's a cloud based for insurance.

I mean, you know, I rather rather, I'd rather see a own. Well, I'll tell you, I mean how

about owning some Berkshire Hathaway?

I think there's a good insurance company that's better. I I don't. You can buy lemonade if you want

to do something that's like, that's got a little AI in it.

Let's go to Ryan in Illinois.

Ryan, booyah Jam.

[Caller]

First time caller, long time listener.

[Jim Cramer]

Okay.

[Caller]

Is Asana.

[Jim Cramer]

Yeah.

This is another one that's going to

be disrupted by AI and I. I have to agree with the people who are selling it.

I think it's going to be actually

hurt by that and that. Ladies and gentlemen, conclusion of the Lightning Round.

The Lightning Round is sponsored by Charles schwab. Coming up, Kramer's recapping his conversation with BlackRock CEO Larry Fink to show you what can be gained by following this one simple principle. Next,

[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 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. Kramer'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]

Learn [e-mail] Sapphire Reserve cards issued by JPMorgan Chase bank and a member FDIC subject to credit approval.