Mad Money w/ Jim Cramer 4/23/26

Summary

Mad Money w/ Jim Cramer – April 23, 2026

Host: Jim Cramer
Producer: CNBC
Episode Overview:
Jim Cramer navigates a volatile market landscape, dissecting steep declines in tech and software stocks, exploring “unloved” value in health care, breaking down the impact of Middle East turmoil on the chemicals sector with Dow’s CEO, examining market overreactions to earnings from utility and science companies, and warning retail investors about the dangers of parabolic stock moves. Notable guests include Jim Fitterling (Dow), Mark Casper (Thermo Fisher), and Patty Poppe (PG&E). The episode also features the trademark Lightning Round with rapid-fire stock picks and takes.

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Episode Theme & Purpose

Main Theme:
Market volatility and sector rotation, with a focus on:

• The vulnerabilities of tech/software stocks in the AI era
• Opportunities in battered health care and value stocks
• The impact of geopolitical events on chemicals and utilities
• Investor discipline in the face of overheated stocks
• In-depth interviews with top CEOs across sectors

Cramer’s mission: Entertain, explain, and help everyday investors make informed decisions in turbulent times.

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Key Discussion Points & Insights

1. Market Volatility and the AI Overhang (01:01 – 09:30)

• Software Sector Rout: Cramer unpacks the staggering 17% drop in ServiceNow after a “perfectly good quarter,” linking it to broader fears that AI advancements (Anthropic, OpenAI) could disrupt enterprise software business models, generating a “stench” in the whole sector.
  • “The market’s changed, the buyers turned into sellers. Doesn’t mean ServiceNow isn’t a great company. But institutional money managers ... won’t pay up as much for that kind of greatness when it’s an enterprise software vulnerable to the great disruptors.” (Jim Cramer – 04:45)
• Microsoft and Meta Layoffs: Workforce reductions spooked markets, but Cramer insists, “That’s his [Zuckerberg’s] style. The pin action hurt a lot of stocks.”
• Tesla: Cramer is bullish, seeing Elon Musk’s robot ambitions as “revolutionary,” but notes that “selling the future” is currently out of favor with the Street.
• Intel Surprise: Celebrates Intel’s “magnificent” results as potentially signaling a reversal for some tech darlings.
• Investor Takeaway:
  • “Maybe you have to have like the super future. Let’s hope that Intel with magnificent surprise top and bottom line tonight can turn things around.” (Cramer – 07:10)

2. Seeking Shelter: The Case for Health Care Value Plays (09:30 – 11:59)

• Rotation to Health Care:
  With tech and software facing pressure, Cramer spotlights health care as the new “value” play—an industry marked down already, and now with “unbelievable” bargains.
• Specific Picks:
  • CVS Health: Trades at 7–11x earnings, benefits from consolidation in drugstore chains.
  • Cardinal Health: “Filling a gap” in services for independent medical orgs, down from $233 to $204.
  • Johnson & Johnson: “Best pipeline of potential blockbusters of any pharmaceutical,” less than 20x earnings.
  • UnitedHealth Group: Recently reported strong numbers, CEO Steve Hemsley returning—“the man is just getting started.”
• Investment Rationale:
  “If they come down further, you can just keep buying them...when they go down, they actually get cheaper. Cannot say the same thing about...tech stocks, particularly software.” (Cramer – 10:50)

Notable Quote:

“I think these quality health care names help to balance out your portfolio right now, giving you something that can’t be savaged by a displacement that I can’t tell.”
— Jim Cramer (10:58)

3. Viewer Questions: Home Depot in a Rate Cut Era (10:29 – 11:59)

• Nick (Connecticut): Asks about Home Depot.
  • Cramer’s take: Home Depot is a “template” stock to own when rates are being cut, has been a winner since 1987.
  • “You don’t buy Intel when you get rate cuts...You don’t want to get burned endlessly by Software Enterprise or SaaS.” (Cramer – 10:54)

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4. Dow Chemical CEO Jim Fitterling: Geopolitics and Chemicals Boom (13:58 – 22:27)

[Interview Segment: 13:58 – 22:27]

Key Points:

• Strait of Hormuz Closure Impact:
  • 20% of global oil capacity, 50% of global ethylene/polyethylene impacted.
  • “We haven’t seen this kind of uplift in prices for well more than a decade. This may be record territory.” (Jim Fitterling – 16:03)
• Price Spread Effects:
  • Naphtha price spike in Asia/Europe, U.S. ethane (key petrochemical feedstock) “essentially stayed flat.”
  • “Our ethane prices have essentially stayed flat. They’ve moved maybe a penny.” (Fitterling – 17:50)
• Disruption Timeline:
  • Even if straits reopen immediately, “just to clear the logistics logjam...is going to take 275 days, maybe more now.” (Fitterling – 16:30)
• Earnings Outlook:
  • “12 billion of revenue and 2 billion of EBITDA [Q2]. That really puts us on a trajectory for something like a $6 billion year, well above anything anybody’s got in the projections.” (Fitterling – 16:50)
• Succession Planning:
  • Karen Carter named incoming CEO (July 1), Fitterling to executive chairman.
• Environmental Initiatives:
  • On the “Path to Zero” project: “Alberta is going to be a low cost footprint. If we had Alberta running right now, it would be printing money...annuity every year to shareholders.” (Fitterling – 21:30)

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5. Thermo Fisher CEO Mark Casper: Earnings, Biotech, and the Golden Age of Biology (24:19 – 32:27)

[Interview Segment: 24:19 – 32:27]

• Earnings Miss Or Market Overreaction?
  • Despite top and bottom-line beats and a raised full-year outlook, “the stock got obliterated...down nearly 20%” due to slightly weak guidance and soft organic growth (1%).
• End Markets:
  • Strength in pharma/biotech, “mid single digit growth,” positive order trends.
  • “High conviction” in full-year guidance: 3-4% organic, 6-8% total revenue growth.
• China Headwinds:
  • Funding for Chinese healthcare/diagnostic spending is “very tight,” but “pharma and biotech in China really picking up.” (Casper – 29:48)
• Collaboration with Nvidia (AI & Autonomous Labs):
  • “We’re actually getting to the point you’re seeing autonomous labs...AI is driving which is the next experiment.” (Casper – 31:05)
  • AI accelerating biological discovery—potential for breakthrough innovation.
• Cramer’s Take:
  • “I think that the market has this wrong...the market’s right. I just did not think the reaction to your report today had anything to do with what your company’s doing.” (Cramer – 31:56)

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6. PG&E CEO Patty Poppe: Growth, Grid Hardening, & Clean Energy (32:52 – 40:05)

[Interview Segment: 32:52 – 40:05]

• Beating Expectations, Lowering Rates:
  • “We have reduced the rates for our most vulnerable 23% last two years, 13% for everybody else...by transforming our business and reducing operating costs, improving financing and growing demand.” (Patty Poppe – 34:04)
• Grid Hardening/Wildfire Prevention:
  • Over 1,200 miles of lines buried, aggressive plan for another 5,000 miles, reducing risk on 76% of high-risk lines.
  • “We’ve increased reliability by 19% in the last year. We’ve increased our wildfire safety. We’ve reduced our rates. The transformation is on track at PG&E.” (Poppe – 35:30)
• Powering Data Centers:
  • Enormous power demand from Silicon Valley; 4.5 GW in final engineering, 10 GW in pre-application phase.
  • “...Every gigawatt we add will reduce rates by 1% or more.” (Poppe – 37:00)
• Nuclear Extension:
  • Diablo Canyon nuclear plant life extended through 2030; license extended to 2045.
  • “If the legislature so decides, we will be ready to go.” (Poppe – 39:14)
• Key Roadblock: Wildfire liability reform pending in legislature; “single issue stock.”

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7. Lightning Round (40:25 – 43:15)

Highlights & Stock Takes:

• Critical Metals: Prefers MP Materials over Greenland rare earth play.
• SoundHound AI: “We don’t want to be in sexy. ...Elks cannot be in SoundHound.” (41:20)
• Dave (fintech): “I like Dave bars [energy bars] more than I like Dave [the stock].”
• Rivian: Surprised at good quarter, believes “they’re going to make it.”
• Tesla: Remains bullish; “Those who don’t like Tesla...come see me, and they’re probably short Intel.”
• Insulet: Too expensive, threatened existentially by weight-loss drugs (GLP-1s).

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8. Investor Discipline: Beware the Parabola (43:34 – End)

• Parabolic Moves = Danger:
  • “If you have a parabolic move on your hands ... you need to take profits because parabolas quite often lead to crashes.”
  • Uses Mega Fortune Co (up 2,000% in a month), Avis (from $100 to $800 to $229 in weeks), and others as cautionary tales.
• Sell at Least Cost Basis:
  • “You don’t make money until you ring the register.”
  • “If you own a stock that’s up more than 50% this month, do some selling tomorrow. Maybe take out your cost basis. Maybe cut the position size in half.”
• Timeless Cramerism:
  • “Remember, bears make money, bulls make money. But hogs? They get slaughtered.” (46:51)

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Notable Quotes & Memorable Moments

• “The stench of enterprise software...even the best kind of cologne or perfume can’t cover it.” (Cramer, 08:30)
• “We live in the golden age of biology.” (Mark Casper, Thermo Fisher CEO, 28:39)
• “We have reduced the rates for our most vulnerable 23% last two years, 13% for everybody else. ...I don’t know anybody else who’s lowering prices in California, but PG&E is.” (Patty Poppe, PG&E CEO, 34:04)
• “If they come down further, you can just keep buying them hand over fist. ...When they go down, they actually get cheaper. Cannot say the same thing about the vast majority of tech stocks.” (Cramer, on health care value stocks, 10:50)
• “If you have a stock that’s up so much in such a short time, please at least sell enough to recoup your cost basis ... because parabolas quite often lead to crashes.” (Cramer, 44:12)

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Important Timestamps

• Market Overview & ServiceNow Meltdown: 01:01 – 09:20
• Health Care Value Stocks, Portfolio Strategy: 09:30 – 11:59
• Home Depot, Rate Cuts Q&A: 10:29 – 11:59
• Dow Chemical (Jim Fitterling Interview): 13:58 – 22:27
• Thermo Fisher (Mark Casper Interview): 24:19 – 32:27
• PG&E (Patty Poppe Interview): 32:52 – 40:05
• Lightning Round: 40:25 – 43:15
• Investor Discipline & Parabola Lecture: 43:34 – 47:42

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Episode Summary

Jim Cramer dives into the heart of market turbulence in spring 2026, arguing that artificial intelligence is turning tech darlings into market pariahs, while health care value names present rare opportunities. Through candid CEO interviews with Dow, Thermo Fisher, and PG&E, he exposes the interplay between geopolitics, secular growth trends, and market misperceptions. Cramer’s signature energy, memorable metaphors (“stench of software,” “hog gets slaughtered”), and practical warnings on parabolic moves make this episode a classic guide for any investor seeking clarity amidst chaos.

Transcript

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[Jim Cramer]

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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 Mad Money. Welcome to Kramer Market. Other people make friends just trying to save a little money over here. My job. Entertain, explain. Call me 1-800-743-CBC. Tweet me at Jim Cramer. Some like it Cold, right? That's a little twist on a famous movie, Some like it Hot. But it's also a formula for investing that's going way out of style. I think it could return soon, maybe sooner than you might expect. See, the averages got hit today. Dow dipping 180 points, S&P sliding point for 1%. Nasdaq losing 0.89%. But we know that certain parts of this market are. That is hot as a just fired pistol. Tonight, though, I want to praise the other parts of the market, the parts that have been marked down already, which makes them less vulnerable to surprises. And I'm talking about health care. A group that used to represent safety always has some growth but is now considered poison. These are now unbelievably. Health care is a value stock right now. And I like value, especially when it's attached to a growth industry like health care. We need growth because it seems like, well, it's slowing in some very unlikely places, at least historically. It's caused me to rethink some kinds of growth and gravitate towards others. Why? Let me explain. Especially if you watch the show, you know what I'm talking about. Last night we had Bill McDermott, CEO of Service. Now on the shelf for a perfectly good quarter, one that passed the August rule of 50 revenue growth rate plus profit margin equals more than 50 very good sign for a cloud software play. There were huge signups. Many clients embraced their AI controller model, letting them automate their workforce and more. But here's the problem. In an era where artificial intelligence can mimic very good software businesses, it's hard for ServiceNow stock to get a decent valuation. Too many on Wall street are terrified that this kind of company has no future. Hence today's staggering 17% decline for this stock. ServiceNow, this stock is now down a ghastly 44% for the year. 44% plus. Even though surface now stock has already been pummeled, that doesn't necessarily mean it's gotten cheap. As Ben writes it, Melius tells us, lots of their employees get stuck its compensation. If you were to treat that as real cash compensation, as you and I might then even after today's dramatic fall 103 to 84 and change, stock sells at 37 times earnings. Much more expensive than most of the S and P. Now, I've gone over everything that McDermott told us about a half dozen times. Here's my conclusion. ServiceNow is doing exactly what it's done for years, but it's no longer going to be given that same price during these multiple because artificial intelligence is cheaper. And even if it doesn't wipe them out, it can put pressure on pricing and you don't get a premium model multiple. If your company's pricing is under pressure, the markets change, the buyers turned into sellers. Doesn't mean ServiceNow isn't a great company. It is. But institutional money managers who determine the prices that you see won't pay up as much for that for that kind of greatness when it's an enterprise software vulnerable to the great disruptors we talk about all the time. The stunning decline in the stock rocked the software index, taking almost every one of these down as holders believe that their software stock could be the next victim of anthropic or open AI. Probably an exaggeration. Some groups, like cybersecurity, have a lot less AI displacement risk. Private equity groups got crushed too, as they own the debt of many cloud software companies that have gone private in the past. That debt's now under suspicion for the same reason ServiceNow got rocked. It could be unfair, but no one's going to let you get your money back from these things. These aren't vacuum cleaners, people. There's no warranty and certainty. Certainly no returns. How about this For a stock caveat empty. At the same time we got hit by big layoffs and matted. Today came midday. But I think Mark Zuckerberg is being efficient. When the market heard that it's firing 10% of its workforce, it read that is meaning that the business must be faltering. That's completely untrue. That's his style. But the pin action hurt a lot of stocks. They didn't overcover. He's sufficient. There's, he's efficient. It's like that. All right. Microsoft's offer also offered buyouts. All right, that stock got hit too. We can't presume anything anymore. But we do know the software stocks got wobbed not just by ServiceNow but by Microsoft. We're not used to seeing the sector get hurt like this. This sector has been charmed since 1985 and if these stocks have didn't have any fluff in them then. Fluff? Then it wouldn't be so hard now some of this markets just play negative. I mean look, Tesla reported, all right, I liked everything they said and I'm not, you know, I'm sound like you hang out with Elon Musk, but I will tell you that what he's going to do with robots is revolutionary. You want to sell that stock, you're selling robots, you're selling full self driving cars. You're selling the future. But go ahead, sell the future. I'm not a sell the future, I'm a buyer. The future. Now apparently, apparently that's no longer good enough. Maybe you have to have like the super future. Let's hope that intel with magnificent surprise top and bottom line tonight can turn things around. What an amazing quarter from Lip Bhutan has been there for one year and one month and it's almost a mirror. It is a miracle. It's a miracle. It's a miracle. I'm looking at my staff as helm. It's a miracle. They're talking about a miracle too over there. All right. Now it can't cover the stench of enterprise software though. I don't think anything can cover the stench of enterprise software. Even like the absolute best kind of cologne or perfume. Or like Chanel. I think Chanel is still good, right? I mean, what else people use these days? All right, anyway, so how. Chance. My wife likes chance. So how do you protect your portfolio from these kinds of brutal declines? I got an idea. Why not own some stocks that have already been polar pulverized, already been gaffed, already been filleted even as they represent very good companies. Why not some health care. Let me give you some examples. Let's start with a solid company with a stock that sells at 7/11 times earnings. CVS. I'm all buying it for the Chapel Trust, but we held off because we have too many positions. CBS owns Aetna, which I think is a pretty good. Well, it's not as maybe as good as UnitedHealth. A pretty darn good company. Reported tremendous quarter earlier this week. But UnitedHealth is certainly the ballpark. I think Aetna is good. CBS owns 8,932 drugstores. Not that long ago there were three big drugstore chains. Rite Aid, Walgreens and CVS. Rite a buy Walgreens got taken privates now pulling back from a huge number of stores. They may not even be a factor at this pace a few years from now because they're private that we don't really know what it is. But I know something. CBS CEO David Joyner gave you a terrific quarter last time. I think it's only going to get better as the competition disappears. I prefer CVS to service now. Okay, I'm out there. Next. I'm a huge believer in Cardinal Health with the stock that's just been annihilated or that I reason I think a vicious rotation out of health care. Cardinal is down from 233 to 204. Speed the quarterly estimates repeatedly shifts its model from being a pure middleman to be a drug and drug wholesaler to be a manager of services to its clients offer. Given the complexity of large independent medical organizations. Cardinals filling a gap in management for some specialty chains that really don't know how to run their own business. I think there's maybe many more to come. High growth that now trades at less than 20 times earnings to be Cardinals is steel. Although we've been buying for the travel Trust and admittedly I started early. Some would say wrong. Okay. Or how about a stock they talked about earlier in the week that's doing nothing? J and J Johnson Johnson triple a balance sheet one of only two. The other being Microsoft changes the best pipeline of potential blockbusters of any pharmaceutical company yet it sells a little less than 20 times earnings. These are just. These are discounts. Okay. Finally we're going to get to the one that you're going to buy tomorrow. Right? UnitedHealth Group. Here's a company that just reported its first solid beat and raised quarter in a very long time. Returning CEO Steve Hemsley, who turned UNH into a juggernaut before he retired in 2017, is back and he's doing the same thing he did for years the last time he was CEO. Produced the best earnings and biggest upside surprises. In the real they're not ty miracle, they're not made up. And none of that jack stuff. Yet after all that, after putting up the best managed care earnings I've seen in ages, stock still sells for just 19 times earnings. But this group is hated. The man is just getting started. The stock deserves to be much higher. Okay, here's a little clue. Unh. We do a little Cinema Verte here. You know, I like the Cinema Vertex. The UNH is at 354. This stock was at $600 last April. April of 2025. You know why I like these stocks so much? Because if they come down further, you can just keep buying them hand over fist. Because you know what? When they go down, they actually get cheaper. Cannot say the same thing about the vast majority of the tech stocks, particularly software. Bottom line, I think these quality health care names help to balance out your portfolio right now. Given you something that can't be savaged by a displacement that I can tell good balance. Something tells me you're going to need it. And the stench of software. I have to ask my executive producer. You got anything like a perfume? No, no. No perfume. All right. I tried. I tried to help the group. Don't have it. No perfume. All right. Let's go to Nick in Connecticut. Nick. Hey, Jim, it's Nick from Connecticut. How are you doing? I am doing well. How about you, Nick? Beautiful spring day here in Connecticut. Listen, I'm a longtime listener and club member.

[Jim Fitterly]

And that's why pick your brain about Home Depot.

[Jim Cramer]

Bought it a few months ago. Home Depot is when I did the Home Depot work for the trust. Home Depot is a. It's a template, okay? It's a. It's an example. It's an analog. Home Depot is what you buy when you get rate cuts. It is time honored. I have studied it. I have studied since 2007. You get. Actually, I studied since it came to Elmont, Long Island, 1987. Go check me on that. This is the stock you own during when you get rate cuts. You don't buy intel when you get rate cuts. Although you should buy Intel. I can't believe I've been saying good things about Intel. I never told people just buy Intel. I look, you got some balance in your portfolio for days like today. You don't want to get burned endlessly by Software Enterprise or SaaS. We got an Action Pack lineup. I just want to always say that action pack is all the other anchors say that action pack action pack full. It's very full show. What does that mean? This powerhouse chemical producer Dow is going to be on critical role in supply change around the world. I'm learning more about the road ahead for the company's outgoing CEO. Shares of Thermo Fisher it tanked today at reporting top and bottom. I beat what the heck's going on. I'm going to go straight to the company's topics and PG is trying to power up its growth outlook. I'm going to get an update right from the bankable CEO. Chock full show. I mean like huge. I mean I can't believe it. Dynamic, gigantic show. Stable Kramer Foreign

[Fidelity Representative]

don't miss a second of Mad Money. Follow at Jim Kramer on X have a question? Tweet Kramer hashtag mad mentions. Send Jim an email to madmoneycnbc.com or give us a call at 1-800-743, CNBC. Miss something? Head to madmoney.cnbc.com

[Jim Cramer]

hey Fidelity, how can I remember to invest every month?

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[Jim Cramer]

Huh, that sounds easier than I thought.

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[Jim Cramer]

Yeah, I do. Now where did I put my keys?

[AT&T Business Wireless Representative]

You will find them where you left them.

[Mark Casper]

Investing involves risk, including risk of loss. Fidelity Brokerage Services LLC Member NYSE SIPC

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[Jim Cramer]

When Iran shut down this trade of Hormuz that was terrible for the global economy. We all know that, right? But it's also great for the price of oil and the price of petrochemicals for that matter. This has been tremendous for American chemical companies to get all the supplies they need domestically. And that's why Dow, the big chemical company has gone from being the sixth worst performers in the S&P 500 last year to one of the top 20 this year, up nearly 65% for 2026. What he's done for me lately, have a go up now this morning, Dow report a solid quarter. Healthy revenue beat paired with a smaller than expected loss. Even though this company doesn't give formal guidance. Management conference call commentary I thought was very upbeat. Unfortunately, maybe for today it wasn't enough. The stock slipped 0.7% because I think when you're up nearly 65% for the year, that means expectations went skyward. So let's check in with Jim Fitterly, the chairman and outgoing CEO of Dow. We'll talk about that in a second to get a better sense, of course. Finley, welcome back to money.

[Jim Fitterly]

Hey Jim, great to see you.

[Jim Cramer]

So, Jim, I think we had a great quarter, but tell people why. Tell people first about what the Middle east does to your chemicals and then about how, how that impacted your quarter.

[Jim Fitterly]

Yeah, well, when the Strait of Hormuz shut down, 20% of global oil capacity was shut in. But about 50% of global ethylene and polyethylene production was impacted. And I say that because 40% of the naphtha that is used to run crackers in Asia and in Europe comes through the Straits of Hormuz. So that put a real tight supply and a high price on naphtha that drove the Asian prices up. That created a pretty widespread to the U.S. gulf Coast Gas prices and our gas prices in Canada and Argentina and that really lifted margins quite a lot. So we saw 10 cent per pound increase in March and we've got another 20 cents, 30 cents a pound in April and another 20 cents out there in May. So when you, when you look at it, we haven't seen this kind of an uplift in prices for well, more than a decade. This may be record territory for uplift in prices.

[Jim Cramer]

Well, at the last time we've seen these prices, dow was at $60. Could we expect that to happen again?

[Jim Fitterly]

I think the thing that people are looking at is what is the duration of the closure of the straits. And everybody is tending to err on the side. This is going to be over sooner rather than longer. But some scenario planning that we did said that even if the straits were to reopen today, just to clear the logistics logjam to get the Crude carriers moving, the LNG carriers, the petrochemical ships moving again is going to take 275 days, maybe more now because there have been more attacks and more damage in the Middle east since that scenario was put together. And so I think that leads us through 2026 and into 2027. And we said today, you know, our guide for second quarter is 12 billion of revenue and 2 billion of EBITDA with more upside than downside in that number. And that really puts us on a trajectory for something like a $6 billion year, which is well above anything anybody's got in the projections.

[Jim Cramer]

Well, Jim, I think people have to understand world prices versus domestic. We know that natural gas prices set domestically and it's pretty darn low, lowest in the world. How does that impact these different grades of, of chemicals that you're talking about?

[Jim Fitterly]

Yeah, well, natural gas price is a global price. And obviously our ability to move gas out of the United States is limited by LNG export capability. But as we produce more oil, which we can readily move into this market, we produce associated gas. And the US has the richest amount of natural gas liquids in that associated gas. And what that means is there's more ethane and propane available here. And the only alternative use for the ethane is for petrochemicals. So while oil prices have gone up and that has really driven petrochemical price up, our ethane prices have essentially stayed flat. They've moved maybe a penny. And you've seen that natural gas has also been relatively stable here. Now, that's going to move around the world because other destinations were very dependent on the Straits. Japan was getting 90% of their LNG through the Straits of Hormuz. So they're going to see a very different picture on LNG prices. All of this has a ripple effect. And I said today on the call, the last very large crude carriers that left the Straits landed at refineries today. So when you think about that, that's two months. And so you've got to get empty ships back. We've got to clean out the Straits and the Arabian Gulf. We've got to get empty ships back in. We've got to get product offloaded so that we can restart assets. And this is not going to be in a month or two. This is going to be several quarters before you're going to see things return to normal.

[Jim Cramer]

People should readjust their numbers. That's amazing. I did not know that it was going to be that long. I'm one of those people, rather uninformed I just didn't know. I know there's a lot of damage and it was that bad. Now there's also some really big news here that we spoke last week about and I'm a little surprised, but that's because I think I'm now going through the full tenure people. Maybe it's I'm still here, I don't know. But Jim, you decided to retire. Now is that to go see a lot of Royals games? I mean, what are you doing?

[Jim Fitterly]

Well, on July 1st, Karen Carter will step into the CEO role and she's been the chief operating officer for some time now. She's a 30 year Dow veteran and she really has both hands on the wheel and running day to day activities. I'll move into the executive chair role and I'll still chair the board and I'll look after some strategic projects that I've been working on like restructuring the Sadara arrangement to get that into a better structure with the Saudis and give her some room to get herself in the CEO seat. Over the last six months we've done a lot of succession planning so we've actually moved all of Karen's team into their roles. And so when she starts on July 1, her team's all in place and ready to go. So Dow's always been long on leadership development and trying to promote from within. It's a complex global industry. It takes a lot of knowledge to be able to adapt and be agile in these situations. And it really helps if you understand the company very deeply when you're at the top.

[Jim Cramer]

Well Jim, I remember the day you got the job and you promised that you would try to leave the earth a better place. I thought that Path to Zero was one of the most clever things that I've ever seen in trying to make the environment good. Are you satisfied that you made a dent on things?

[Jim Fitterly]

Yes, I am. I think we've got a shot to get a plastics treaty through still. It's not as got as much momentum as it had before. The Alberta project Path to Zero project is still on track. It's going to start up in 2029 which is a little bit later, but that was moved out to line up more with the mid cycle and allow us to adjust through this three year down cycle that we've been through. But I would say Alberta is going to be a low cost footprint. If we had Alberta running right now, it would be printing money and it'll do that when we started up in 2029. It'll be an asset just like in the Gulf coast when we built Texas 9 project. It'll be an asset that provides annuities every year to shareholders and they'll be glad that we did it.

[Jim Cramer]

All right. Well look, I will miss you. I look forward to seeing Karen and congratulations all you've accomplished and Jim Fearling, chair and CEO of Dow. Great to see you sir.

[Jim Fitterly]

Great to see you Jim. Thanks for everything.

[Jim Cramer]

Thank you. May have Money's back into the question.

[Fidelity Representative]

Coming up, Thermo Fisher shares have been moving in the wrong direction after their report and now Kramer's investigating what's happening with the CEO. Next

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[Jim Cramer]

All right, what just happened to the stock of Thermo Fisher Scientific, the arms dealer to the life sciences industry that liked for so long? This morning, Thermo Fisher reported what looked like a very solid set of numbers. A modest revenue beat paired with a healthy 19 cent earnings beat off a $5.25 basis. Management also raised their full year forecast substantially, but their guidance for the current quarter came in light. In response, the stock got obliterated today, plunging $47.28 or 9.2% to the point where the stock's now down nearly 20%. So you get any buying opportunity or is there something generally wrong with the quarter? We got to find this out. Let's go straight to the source, Mark Casper, the straight shooting chairman sealed thermo Fisher Scientific. Mr. Casper, welcome back to Mad Money.

[Mark Casper]

Jim, thanks so much for having me today. It's a pleasure to be with you.

[Jim Cramer]

Well, I'm glad you're here, Mark. Look, we got to get to the bottom what happened today. I know that obviously some people didn't like the quarter, but I'm not going to pretend it was a terrible quarter. You had a top and bottom line beat, maybe organic growth, a little bit light, but not that bad. You raised your full year outlook several times in the conference, in the actual conference where you said, look, it's pretty much what everybody expected but a little bit better. I don't understand what happened.

[Jim Fitterly]

Yeah.

[Mark Casper]

So Jim, when I think about the quarter and the outlook, actually our team and I'm very grateful for our colleagues for their intensity in the quarter and delivered a strong quarter. You know, we did what we said we were going to do and it allowed us to be able to raise our outlook for the full year both in terms of our revenue growth as well as our earnings growth. And of course we'd like to have had a different reaction to the stock, but it's our job to just make sure we deliver a great Q2. And with continued execution, I'm confident that the market will recognize that over time.

[Jim Cramer]

Okay. I know that your organic growth was a little bit below what I'm used to from seeing from thermo, just 1%. But I mean that's the lowest result in four quarters. But you've got a lot of things cooking that made me think that you're going to have higher organic growth as the year progresses.

[Mark Casper]

Yeah, I agree, Jim. So if I think about our end markets, pharma and biotech, which is our largest end market, about 60% of our revenue actually performed very nicely mid single digit growth and actually strengthening orders were meaningfully stronger than that. So that bodes well for the acceleration as the year progresses. We know that we have some headwinds, you know, in academic and government and some of the China related headwinds. These are not new topics. They didn't get worse in the quarter and they played out actually as we thought. But the combination of that and then the simply we had less selling days in this particular quarter explains the phasing of the year. We actually have high conviction in our ability to deliver the 3 to 4% organic growth for the year and the 6 to 8% total revenue growth. So, you know, we're looking forward to

[Jim Cramer]

Q2 from my perch at the stock Exchange. I would say that if you had to have one plurality of a type of company that has rung the opening bell, it's going to be biotech. But until they get that money, do they have enough money to buy a lot of equipment from Thermo Fisher?

[Mark Casper]

So one of the interesting things is, as you know, there had been a period of time where funding to biotech was weak and there was a period of time when even M and A activity of acquiring companies was weak. And that really the sentiment changed about the midpoint of 2025. We heard it verbally, we started to see it in the numbers, and now we're actually seeing in our results. If I actually look at the activity with biotech customers, we're seeing funding flow. We're winning new authorizations in our clinical research work, which is very important to biotech because that effectively is determining the efficacy of a medicine that they're trying to develop. And so it's really trending in a good direction. And when I think about this year, we would anticipate that biotech continues to strengthen based on the performance that we delivered in the last couple of quarters and the orders that we have won as well.

[Jim Cramer]

How much does the FDA's attitude and also the head of the department matter? Because I think that the doctors I know and the companies I know that do orphan drugs are a little gun shy. They feel like that perhaps the FDA does not want to approve very small set drugs and therefore some of the highest equipment that you, that you would offer may not be needed.

[Mark Casper]

Yeah, so when I think about what we're seeing globally in pipelines, first of all, the understanding of biology, it's never been better. And you've heard me say in the past that we live in the golden age of biology. It's really quite spectacular, whether it's in cell therapies, whether it's in some of the work around peptides, you know, in the different areas, oncology. It really is an exciting time. When I think about the environment, you're seeing lots of innovation in China in terms of, you know, medicines, you know, showing to be efficacious in people. And I know from my own interactions with the FDA that they have a real passion about making the environment better so that more drugs can get to patients more quickly. And we're going through that process. Not everything is perfectly smooth, but I'm very confident that we're moving in the right direction. From a regulatory.

[Jim Cramer]

I did not sense the level of confidence about government spending in China. 7.5% of your business. I would have thought by this point China would be spending a lot of money on health care, but they're building a lot of power plants, are spending a lot of money on air, on cars that are self driving. It just doesn't seem like they ever went back to spending a lot of money on health.

[Mark Casper]

So when you think about what's going on in China, and I had the opportunity to spend a week there later in March, saw a number of customers actually came away for the first time in a few years much more positive about what the future is, not so much about the next quarter because the pharma and biotech customers see the value of working with western suppliers like us because they actually are competing for funding from the large pharma companies and they know if they work with a trusted partner like us, that puts them in a better position. So we're actually seeing pharma and biotech in China really picking up. And in the macro the government has actually been very tight on spending in health care and diagnostics. So that really is the, the headwind, if you will, in China. And you know, we'll navigate that to the best of our ability.

[Jim Cramer]

I notice you doing some work with Nvidia. I think that when I was out there, Jason mom was telling me about the work with Eli Lilly. I keep thinking that if anyone's going to have a big breakthrough, it's going to be you with Nvidia, because it's not going to be big Pharma. As much as I love big pharma. It has to come down to something revolutionary. Are you looking at some revolutionary areas that we had given up on because there just wasn't be able to comprehend all the data that's necessary?

[Mark Casper]

Yeah. So we're incredibly excited about the collaboration with Nvidia. You know, the way that I would think about it, we're the largest provider of the high end, cutting edge instruments to unlock biological discovery, whether it's a mass spectrometer, whether it's an electron microscope. And making these more AI enabled really accelerates the ability to generate and understand data. And we're actually getting to the point you're seeing autonomous labs, meaning that what that really means is that AI is driving, which is the next experiment. And you're seeing new demand for actually instrumentation and reagents simply to run experiments, to build biological models so that our pharma customers ultimately have a better understanding of which medicines they should be pursuing and which molecules are likely to be successful. So really quite early, but very encouraging

[Jim Cramer]

in terms of encouraged by talking with you.

[Mark Casper]

Perspective.

[Jim Cramer]

I'm encouraged by talking with you. I think that the market has this wrong. I usually don't say that. I usually say that. I'm sorry but the market's right. I just did not think the reaction to your report today had anything to do with what your company's doing. It may have something to do with some big holders who are just tired or something but made no sense. But I'm glad you came on. You gave them straight story and people said, listen, this is a great American company. I want to thank Mark Casper, Chairman CEO of Thermo Fisher Scientific for coming on what was a hard day for the stock but not for the company. Thank you, Mark.

[Mark Casper]

Thank you, Jim. Look forward to speaking soon.

[Jim Cramer]

I hope so that my back gets it.

[Fidelity Representative]

Coming up, has PG and E got the juice to succeed in the current market? Cramers going straight to the source to find out from the CEO next.

[Jim Cramer]

It is a great time to be an electric utility thanks to surging power demand from all these new data centers. But some of the utilities are not getting the respect some of these great growth utilities all around the country. We got to figure this thing out. Take PG&E which is based in northern and central California. This morning the company reported a sizable top bottom line beat while reaffirming its full year forecast and also reiterating its long term earnings growth targets. 9% annual growth through 2027 from 2027 to 2030. At the same time, they've been laying down lots of infrastructure to keep residential electric rates under control and be safe. I think he's a great growth story. But the stock market doesn't seem to agree with me as the stock actually got dinged today on these numbers. What is going on? Let's take a closer look at Patty Poppy, the CEO of PG and E Corp to find out what's, what's happening here. Ms. Poppy, welcome back to Man Money.

[Patty Poppy]

Hey Jim, great to be with you.

[Jim Cramer]

Thank you, Patty. You know I've got it. I'm trying to figure out. There's a lot of misperceptions about your company. The first one is in the deck. There's a radical page which talks about percent change in residential electricity prices by region. Middle Atlantic up 18, Eastern North Carolina 14, South Atlantic 10. Oh, look at this. PG&E residential bundle minus 23. How are you able to do that?

[Patty Poppy]

23%.

[Jim Cramer]

How are you able to do that?

[Patty Poppy]

We've reduced, we have reduced the rates for our most vulnerable. 23% last two years, 13% for everybody. Else, Jim, I don't know anybody else who's lowering prices in California, but PG and E is. And we're doing that by transforming our business and reducing, reducing operating costs, improving our financing and growing demand. So it's a winning combination for customers in California. We're proud to serve.

[Jim Cramer]

At the same time you're playing offense. I know that you're still making a lot of, a lot of your lines hardened, so to speak. So, so that one day we will not be talking about wildfires. This will be the same as the rest of the country, right?

[Patty Poppy]

That's correct. We've got over 1,200 miles buried. And later this year we'll be filing a plan for about another 5,000 miles. And combined with overhead hardening that will over the next 10 year period reduce the risk on 76% of our high risk lines. But more importantly, today on our call I talked about our continuous monitoring, the use of technology to monitor our system and take monitoring and managing the grid from a defensive posture and a responsive posture to a preventive posture preventing both ignitions but also outages. We, we've increased our reliability by 19% in the last year. We've increased our wildfire safety. We've reduced our rates. The transformation is on track at PG&E.

[Jim Cramer]

Do people. Sometimes I think that maybe I just got to get the story out better because I see American Electric Power going up like it's a growth stock. Maybe it is a little semper a little bit. So these Texas utilities, but you offer the same kind of thing. You would offer good power to data centers. And of course you're all the companies that are really in the data center business are within 100 miles of you.

[Patty Poppy]

Yeah, we serve Silicon Valley proudly. Look, we announced today that we've increased into our final engineering an additional 4.5 gigawatts of new demand. We have over 10 gigawatts just pre application phase. Word has gotten out we do have power in California. Some people thought that we were out of power. I'm here to report we added 33 gigawatts of capacity in California over the last five years. We've got 22 gigawatts more coming online in the next four years. There's an extraordinary availability of power in California and people are coming. And so that load growth we show every gigawatt we add will reduce rates by 1% or more. So we're going to be able to continue our load increase rate reducing strategy. Look, there's a single issue here in California and that's a wildfire liability reform. That issue is being taken up by our legislature this year. This is a single issue stock. We've got an incredible growth story to your point. 5th year on track for our 5th year of double digit earnings growth and lowering rates. Look, we, we have a winning combination. When we get this legislative liability issue resolved this year we're going to be in great shape to, to really ride the increase.

[Jim Cramer]

I think you're talking to the Amazon Web Services and you're talking to the Google cloud partners and you got to be talking to Microsoft. Are they ready or how many are in there already and how many are just that you're laying the groundwork once this legislation is done.

[Patty Poppy]

Yeah, look, we serve them today, we serve all of those customers today and they all have growth plans and in the Bay Area and now extending into the Central Valley. So we've got, as I said, 4.5 gigawatts. Let me just give you some perspective on that. The city of San Jose today, which is our largest city that we serve, is a one gigawatt city. We've got four and a half gigawatts of capacity in final engineering to add to the grid. We have additional 10 gigawatts in the pre application phase. So there's no doubt that we're adding significant, significant. We have significant opportunity to add to our denominator in the cents per kilowatt. You grow the kilowatts sold, you can reduce the rates. So we've been lowering rates and we can now add that new load. The grid is ready.

[Jim Cramer]

I hope people listen to you because the math that you just run through is, is somehow is not getting through to some different areas of our country. But those people are wrong. You know how to do math. Now Germany until March 2011 obtained 1/4 of its electricity from nuclear energy using 17 reactors. They've closed them all. How did you not, how come you didn't close Diablo Canyon?

[Patty Poppy]

Well a nod to Governor Gavin Newsom. He and the legislature here in California a couple years ago decided to extend the life of Diablo Canyon nuclear plant. It was scheduled to be closed and it is now extended through 2030. And the NRC just gave us our 20 year license extension that would take us to 2045. So now it's up to the legislature again to determine if they'll take advantage of that 20 year license.

[Jim Cramer]

Do you think an outfit like a GE Vernova, which is doing in the TVA might come in and just say, you know what, if you want us, we'll build A nuke again here, now that everyone knows that nukes are the cleanest and safest. Yeah.

[Patty Poppy]

I think a lot would have to change in California before we announce the building of a new nuclear plant. But the extension of an existing one feels like a good bet. And the MIT just published a study showing that it would save almost a billion dollars for customers to keep the plant open. So our team is so proud to serve. We love operating that plant. It's one of the safest operated nuclear plants in the world. And we are proud to be at service for California. And so if the legislature so decides, we will be ready to go.

[Jim Cramer]

Look, you're going to keep us posted on the legislature and what we need to hear about Wildfire so that we can have you on. So people realize this is a $25 stock, not a $17 stock. I totally agree. It's a single issue. You got that right. But you know more than I do, and of course you do. That's Patty poppy. She's the CEO of PG&E Symbols, PCG. Be patient, people. Thank you, Patty.

[Patty Poppy]

Thank you, Jim Cramer.

[Jim Cramer]

All right, may everybody speak back you after the break.

[Fidelity Representative]

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 to talk. The lightning round tells, of course, presenter, my staff here. We plan the sound and then the lighting round is over. Are you ready, Ski deck lightroom? Because let's start with Jonas in Tennessee. Jonas. Hey, Jim, I'd love to hear your take on this rare earth stock tied to Greenland that's showing great mining test results and will reduce our dependence on China. The stock is critical metals. No, look, I look at the spec and I get that. But if you really want to be in that industry, you have to buy MP materials. They're for real. Let's go to Tom in Florida. Tom. Booyah. Jim, you got a lot of fans here at the Elks Lodge in Englewood, Florida, and we want to know your thoughts on soundhound. AI. Hey, let me tell you. I'll let you know a secret. The Escambia Bay Elk Lodge may be the best in the country song and Summit's number two. Wait, what was this? Dog? I'm sorry. I got a little soundhound. No, no, no. We don't want to be in sexy. It doesn't. We can't. We Elks cannot be in soundhound. We're better than that. And we like to give to charity, you and me, so we won't let. That'll Cut our number, amount of charity that we can give. Let's go to Quasi in Minnesota. Quasi. Hey, Jim, this is Quasi from Minnesota. All right. How's it going? Not bad. How about you? Good. I'm calling about Dave. Dav. I've been holding the I like. I like Dave. The can't. The bar I like Dave that is really packed. Energy bars more than I like Dave. This kind of pseudo fintech. We're gonna sell fintech and we're gonna have some Dave bars when we get home after work. Let's go to dawn in Connecticut. What is that accent? Dawn? How did I get that accent? Where'd that come from? Dawn. Hi. Can you tell. Hey, what's up? Greetings from Farmington, Connecticut. Okay, my stock is really. And I was wondering if you're warming up to it. That last quarter was good. That last quarter was good. I was surprised. You know, my wife is thinking about buying a Rivian, so. I know, but it looks like they're going to make it. And if they're going to make it, then the stock goes higher. By the way, I'll give you a two for I like Tesla today. Okay. Those who don't like Tesla, they can some they can come see me and they're probably short intel. Those same people probably short intel. Let's go to Isabel in Florida. Isabel. Hi, Jim. Thank you for taking the call.

[Patty Poppy]

I love your show.

[Jim Cramer]

Oh, thank you. I'm looking for some feedback on Insulate. Po. Insulate is the stock in the Healthcare group. It's the most declined. It is the biggest decline of any stock in the Healthcare group. And I looked at it today to see if I could recommend it. It's still too expensive because the GOP one threat existential. And that, ladies and gentlemen, conclusion of the Lightning round.

[Fidelity Representative]

The Lightning round is sponsored by Charles Schwab. Coming up, a lot of stocks have gone parabolic this year. And if you own one, you better listen up. Kramer is giving you an important lesson. Next.

[Jim Cramer]

Jim Cramer. I'm a first time caller, a happy club member. I want to thank you for being the people's champion of investing. Thank you for helping me become a millionaire. You need to be able to recognize when you're flying too close to the sun. Today I looked at a list of stocks that have rallied more than 50% this month. Yes, just this month. And in almost every case, their charts had formed a parabola. What's a parabola? If you don't remember algebra class, this is when a stock goes practically straight up. No breaks. If you Have a parabolic move on your hands in one of your stocks. You need to take profits because parabolas quite often lead to crashes. That's right, crash. Not sell off crashes. I don't care if the underlying company is better than intel or Nvidia. When you have a stock that's up so much in such a short time, please at least sell enough to be able to recoup your cost basis. Sell, sell, sell. So that you're playing with the house's money. Last night I talked about 16 stocks that got away from me. Most of these are very good companies, which is why I keep kicking myself from missing moves. But I can't say the same for some of the stocks that have more than doubled this month. Let's say, for example, you bought Mega Fortune Co, which is up over 2000% this month. Yes, you heard me. 2000% in April. Mega Fortune is a Hong Kong based Internet of things solutions provider. Wherever the heck that is. It's not a lottery ticket. Even short trades, that one. Or slobbering, as there is actually one called Mega Fortune. Hey, give it a Gemini. Mega Fortune, a nearly $2 billion company, has $11 million in revenue. It's become a modern day meme stock. It was at $6 and change at the end of March. Now it's at 120 40. Look, parabolic moves like this are unsustainable. You simply have to take some profits or else. Next up, the other day David Faber pointed out that Avis, the rental car company, has seen its Stock soar from $100 to $700 in less than a month. Avis happened to be way over, shorted at the lows, with many more shares sold short than actually existed. That's a recipe for the mother of all short squeezes. And we got it. But how about the longs? Did they do anything? If they didn't sell Avis into strength, well, they're fools. After peaking at about $800 a couple of days ago, the stocks now plunged at $229. And many who bought it in the parabola a few days ago have been wiped out. That's why you need to be disciplined and sell these things while they're still on fire. Don't buy the parabola. We get a lot of calls about stocks that have gone parabolic here. The other day I got a call about lightweight logic. Develops polymers for networking equipment. Everybody does that these days. Stocks going from $4 to $13 in just over six weeks. This company has almost no revenues. It's up over 93% this month. Perfect candidate for selling half your stock tomorrow morning. Then there's Poet, Navitas and Credo. These are all semiconductor networking stocks that have gone parabolic, each up around 100% this month. We profile Poet earlier this week. Sounds interesting, but not 100% up. Interesting. Sell some. If you're sitting on one of these thinking that you've made money. No, you haven't. You don't make money until you ring the register. These stocks are crying out to be sold. Will you listen to them? So promise me this. If you own a stock that's up more than 50% this month, do some selling tomorrow. Maybe take out your cost basis. Maybe cut the position size in half. You don't know if Anthropic can come in and crush your stock like we saw today with ServiceNow. You don't know if Marvell Tech is about to move in or AMD or maybe even applied up Optical Electronics or Astero Labs. All now risky value themselves. Maybe somewhere in the bowels of Google or someone who's working to take away your dinner. We do know this one day interest rates will go higher and the new year of magical investing. Magical investing too, which is where we are right now. Leave a lot of people crying. You don't want to be one of those people. Remember, bears make money, bulls make money. But hogs? They get slaughtered. I like to say there's always a bull market somewhere. I promise. I find it just for you right here, man. Money. I'm Drew Paper. See you tomorrow.

[Podcast 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 Anders have seen 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 a

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