Mad Money w/ Jim Cramer 4/7/25

Summary

Mad Money with Jim Cramer – April 7, 2025 Episode Summary

Host: Jim Cramer
Podcast: Mad Money
Release Date: April 7, 2025
Format: Analyzing market trends, discussing investment strategies, and providing stock recommendations through interactive segments and expert interviews.

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1. Market Overview

[01:33] Jim Cramer:
Jim Cramer opens the episode by addressing the tumultuous market conditions experienced recently. He emphasizes his mission:

“My mission is simple. To make you money. I'm here to level the playing field for all investors.”
[01:33]

Cramer reflects on the day's trading, highlighting a rebound after nine consecutive lower openings. Despite the Dow Jones Industrial Average ending down 349 points, the Nasdaq managed a slight gain of 0.10%, and the S&P 500 slipped marginally by 0.23%.

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2. Jim Cramer's Perspective on Trading Strategies

Cramer urges investors to resist panic selling during market downturns, even when faced with significant losses. He warns against reacting impulsively to initial market drops:

“The panic is not a strategy. I make that point over and over again because I don't want you to sell when maybe you should be standing pat or even doing some buying.”
[03:25]

He argues that understanding the nature of market declines is crucial to making informed decisions, advocating for a disciplined approach to investing.

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3. The Impact of Tariffs on the Market

A significant portion of the episode is dedicated to analyzing the effects of President Trump's imposition of high tariffs on international trade, particularly focusing on their repercussions on the U.S. economy and stock market.

[05:50] Jim Cramer:
Cramer breaks down the potential for another global financial crisis, dismissing its likelihood due to strong financial institutions:

“We needed to take the financial crisis scenario off the table because our institutions are strong and we look, we don't believe that the whole economic system is in jeopardy.”
[05:50]

He discusses how these tariffs are a "one-off event" rather than a systemic issue, drawing parallels to past market downturns primarily caused by factors like Federal Reserve policy adjustments or isolated events.

[07:35] Jim Cramer:
Utilizing historical data, Cramer projects where the S&P 500 might stabilize based on earnings and price-to-earnings (P/E) ratios:

“At 24 times earnings, that would have taken the S&P to 7,200. Yes, that is very far from here.”
[07:35]

This analysis suggests a substantial potential downside if tariffs persist, though he remains optimistic about eventual market recovery.

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4. Analysis of the "Magnificent Seven"

Cramer delves into his critical assessment of the "Magnificent Seven" – a group of leading tech giants – and their performance amidst the current economic climate.

[10:07] Jim Cramer:
He categorizes the companies into tiers based on their resilience and potential:

• Top Tier: Amazon, Meta, and Microsoft – Despite significant declines, these companies possess strong fundamentals and strategic advantages.

  “Amazon is going to be willing to walk away if it has to before it's going to eat that cost of tariff.”
  [10:24]

• Second Tier: Nvidia and Apple – Facing challenges from tariffs but still holding substantial growth potential.

  “Apple is moving away from China for its phones, building them in India, and it makes accessories in Vietnam.”
  [19:53]

• Bottom Tier: Alphabet and Tesla – Struggling more due to their higher valuations and specific industry challenges.

  “Tesla's core auto business has collapsed and the tariffs will be terrible for them.”
  [10:26]

Cramer concludes that the "Magnificent Seven" framework is becoming obsolete as these companies diverge in their performance and resilience:

“The Magnificent Seven is no longer a useful framework because these stocks have much less in common when they're coming down.”
[32:34]

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5. Interview with Michelle Goss – CEO of Levi Strauss

One of the episode's highlights is an in-depth interview with Michelle Goss, President and CEO of Levi Strauss & Co., discussing the company's performance and strategic direction amidst tariff-induced uncertainties.

[16:32] Interview Segment with Michelle Goss:
Cramer addresses misconceptions about Levi Strauss's revenue performance:

“The little bit of maybe confusion is because we did move Dockers into discontinued operations. You have it absolutely right. We had a strong quarter.”
[16:57]

Goss elaborates on their Direct-to-Consumer (DTC) strategy, which has significantly boosted revenue:

“52% of our revenues this quarter were from our DTC. So that's in our stores. And an e-commerce up 12%. The 12th consecutive quarter of positive growth.”
[18:25]

She underscores the company's adaptability, highlighting their diversified global supply chain which remains agile despite tariff challenges:

“We have a very diversified supply chain, 28 suppliers manufacturing around the world... we are open to shifting production if available domestically.”
[23:32]

Cramer commends her leadership and the company's strategic foresight in navigating the complex trade environment.

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6. Viewer Call-ins and Stock Recommendations

Throughout the episode, Cramer engages with viewers, providing personalized stock advice and addressing concerns regarding specific investments.

• Paul from Texas inquires about Cleveland Cliffs (CLF), a steel company affected by tariffs.
  [10:07] Jim Cramer:

  “I think the stock's going to go to six, five.”
  [10:26]

• Trevor from Wisconsin asks about the potential growth of Bitcoin versus Coinbase.
  [11:10] Jim Cramer:

  “Not a bad idea. But why don’t you buy Bitcoin?”
  [11:29]

• Julio from Pennsylvania discusses Ticker (a possible typo), and Cramer emphasizes the importance of not panicking and being ready to buy on dips.

• Kenny from New Jersey seeks advice on Micron Technologies, to which Cramer responds positively, reiterating his disbandment of the "Magnificent Seven” framework.

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7. The Lightning Round

In the high-energy Lightning Round, Cramer offers rapid-fire opinions on various stocks, providing succinct buy, sell, or hold recommendations.

• Dave from Kansas on Corning (GLW):
  [42:14] Jim Cramer:

  “I like your call, like your style.”
  [42:28]

• Kelly from Arkansas inquires about Aurora Innovation (AUR), and Cramer advises against investing due to the company's non-profitable standing.

• Pierce from Texas discusses Copart, receiving a favorable response:

  “It's a very solid company.”
  [43:04]

• Ross from Alabama asks about LIT (Global X Lithium & Battery Tech ETF), and Cramer advises skipping it despite its recent bounce.

  “I'm gonna have to say no to that one.”
  [43:27]

Cramer concludes the Lightning Round by encouraging listeners to remain calm and strategic amidst market volatility.

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8. Final Thoughts and Conclusion

In his closing remarks, Cramer synthesizes the episode's key themes, emphasizing resilience and strategic investment amidst ongoing trade tensions and market instability.

[44:19] Jim Cramer:
He articulates the real-world implications of tariffs, using hypothetical scenarios to illustrate the detrimental effects on both retailers and consumers:

“These tariffs are one-off even if they are enormous now all this will play out in earnings season which is fraught in itself.”
[44:19]

Cramer advises investors to brace for continued volatility, advocating for a balanced approach that includes selective stock picking and preparedness to capitalize on future opportunities:

“Get used to this. It's the new world order whether you like it or not.”
[47:35]

He concludes with a reaffirmation of his commitment to guiding listeners through turbulent times:

“Bull market somewhere. I promise to find it just for you right here. Made Money. I'm Jim Cramer and I'll see you tomorrow.”
[47:35]

---

Notable Quotes with Timestamps

• Mission Statement:
  “My mission is simple. To make you money. I'm here to level the playing field for all investors.”
  [01:33]

• Market Strategy:
  “The panic is not a strategy.”
  [01:50]

• On Tariffs:
  “If President Trump continues to press these tariffs, we got to keep that on the table.”
  [07:35]

• Magnificent Seven Framework:
  “The Magnificent Seven is no longer a useful framework because these stocks have much less in common when they're coming down.”
  [32:34]

• Final Outlook:
  “Bull market somewhere. I promise to find it just for you right here.”
  [47:35]

---

Conclusion

In this episode of "Mad Money," Jim Cramer provides a comprehensive analysis of the current market conditions dominated by high-impact tariffs and their cascading effects on major sectors and leading tech companies. Through thoughtful discussions, expert interviews, and interactive listener segments, Cramer emphasizes the importance of strategic investing and maintaining composure during market volatility. He dismantles traditional investment frameworks like the "Magnificent Seven," advocating for a more nuanced approach tailored to the evolving economic landscape. Listeners are encouraged to stay informed, remain patient, and seize opportunities amidst challenges, with Cramer pledging to be their steadfast guide toward financial success.

Transcript

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[Jim Cramer]

My mission is simple. To make you money. I'm here to level the playing field for all investors. There's always a mo market somewhere and I promise to help you find it. Mad Money starts now. Hey I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Let's be my friends. I'm just trying to save you some money. My job is not just to entertain but to explain. So call me. 173 CBC tweet Mitch Mcramer the panic is not a strategy. I make that point over and over again because I don't want you to sell when maybe you should be standing pat or even doing some buying. And today was a day that proves my point day where the average is opened down horribly right? The ninth straight lower opening only to rebound and The Dow finished down 349 points. SB slipped.23%. Nasdaq actually eked out a gain of 0.10%. Now this morning. Wouldn't it have felt great just to sell everything to Liberate yourself from your losses to pick up the pieces and go home. And you would have been dead wrong. Dead wrong. Which is why councils not to do it. Yet this morning when faced with a hideous opening with most indices down almost 5%, it sure looked like we're going to have another Black Monday in our hands, didn't it? That's one where stocks closed down more than 20%. Now if you thought we're headed for black money then you would have happily sold down 4% near the Open. But I didn't make that call. Why not? Let me walk you through it. Full disclosure, there's no certainty we won't face the same situation again. But you and I'll do it together. I'm certainly not going to bottom here, not with this trade team's ill advised strategies. I mean I don't even know if they know what they're doing. The endless down openings also can't last. I am saying it might be too late to sell though and you have to start thinking about what you might worth buying on the next dip as there will be one. I think there's plenty of bargains after the sell, especially the oscillator. Minus 8.7. So why didn't we panic this morning? Why did I say stay the course? First I assess what kind of sell off this is. Do we have a problem that's systemic meaning there's actual weakness in a rot in our institutions that can't easily be undone. Now my partner David Faber and I discussed this very point this morning. We agreed that we needed to take the financial crisis scenario off the table because our institutions are strong and we look, we don't believe that the whole economic system is in jeopardy. We don't believe that major banks will fail. We definitely don't like the situation, for heaven's sake. And it's likely we're headed for recession because of the President's ill advised plans. But we'll pull out of it one way or another. It's not going to be the global financial crisis number two. And that's important because if you look at the 15% downturns we've experienced the last four years, vast majority of times you had to buy not so normal. When we're down 15% we actually have seen the worst of it or the market becomes viable again. Unless it's systemic problems like the financial crisis, you have to assume that yes indeed the worst may indeed be behind us. Second, you had to assess the proximate cause of what happened in 2007. It was the massive leverage in the system affected a huge number of financial institutions now. But looking back at most 15% declines. Approximate causes were usually because the Federal Reserve tightened too much or there was a one off event that eventually resolved itself. Right now we're clearly looking at a one off event. The President's decision to enact shockingly high, perhaps let's just say even dangerous high tariffs. As long as the tariffs stick, our economy is in real trouble. But it looks like the President doesn't care. He should always care, both short and long term. That's part of his job. That said, the stock market almost always bottoms before the economic indicators like employment, industrial production, GDP growth before they start rebounding the market bottoms. I want to thank Michael Semblance, the unbelievably good strategist JP Morgan, who actually pointed that out in a remarkable talk that was also had some humor to it that he gave today. He noted that the administration lacked rationality in the way it went about this very suboptimal plan. And while it hurt the economy, it's not the beginning of a nuclear spring, thank heavens. Third, when you just look at things purely historically, you can figure out where we might eventually bottom if things go south from here. At one point, for instance, some companies in The S&P 500 could collectively earn $300 per share. That's what I thought. And it might have traded at 24 times earnings. And that would have taken the S and P to 7,200. Yes. When the market peaked on February 19, about 1,000 points below 7,200, it seemed perhaps that we could get there. So therefore we're sticking around for it. Why not? Wall street was very bullish on Trump's administration's plan for deregulation for lower taxes and pro growth policies. Well, it turns out we weren't paying enough attention to the actual words out of Trump's mouth. Now, this was a moment where the President decided to rearrange the entire world order, albeit in a very slapdash plan that I think could torpedo the economy. He decided we needed extremely high tariffs in order to stop our trading partners from ripping off America. I like that. Not this high. It was not thought through. And he blindsided our friends and our companies and yes, most importantly, you and me, the shareholders. And we count on this market for our retirement hopes. We bank on the stock market could be foolish, but we bank on it. So in the new regime, we have to factor in the unfathomable. Let's be clinical for a moment. Let's go over the Numbers, instead of 300 earnings per share, we have to give the S and p earnings a $60 haircut. My judgment shared by others. The street take it down to 240, keep that number in my for second to 14. Then we have to figure out where the price to earnings ratio, my bottom, that's usually at 14.5 times earnings. That's right. That's where they bought them. That would put the S&P 500 at 3480. That is very far from here. Now, at the ugliest day, we were at 4,835, closed back above 5,000. That means there could be considerable downside. Yes, it could be down 30%. I'm trying to give you the negatives. If President Trump continues to press these tariffs, we got to keep that on the table. You can't dismiss that 3480 figure because historically that's where stocks would go in this kind of worldwide trade war when it, by the way, exceeds the smooth holy tariffs that preceded the Great Depression. Depression. Then we get back to the proximate cause of decline. It's all man made. Wall Street's terrified by the tariffs, but we have an arbitrary, mercurial president who can declare victory, roll these tariffs back with a stroke of a pen, and then where we'd be would have what? Nothing. And at some point, the White House won't be able to tolerate a crashing stock market. I know this because if you're at all prominent, you mostly got called about the topic of the logic and the moves and how if you criticize them, you were wrong. For instance, I talked about Prince. What were the odds of a crash? People didn't like that administration. Now, I think the potential downside will come from a president who refuses to blink if Trump's not about negotiations or getting better deals, but just about bringing China to its knees worldwide, the market's got a problem. That's how you would see that low end number. Of course, if you really wanted to go after China, maybe this isn't the best way to do it. Let's say you believe that China's behind the success of the iPhone and you want that to end, as I believe key people in ministry think is the key case. President just placed huge tariffs on Vietnam and India besides a humongous tariff on China, in order, for example, to force an apple to build its iPhones here in the U.S. despite Tim Cook's pledge to spend more than $5 billion in the U.S. in other words, the job isn't Just to coerce China is to coerce US Manufacturers to come back here away from Vietnam. That's why Vietnam had that huge tariff. Those are two agenda items that, not just one. That's important. It means there's no possible negotiation because that would encourage companies not to come back here. Sure, the tariffs could raise some revenue or promote domestic manufacturing, but they can't reverse history. And Trump wants reverse history. It's a toll order. Ill advised. One wants to quickly. Which brings me to the last bullet point. There are many things that have to go right for Trump to successfully reorder the global economy in order to bring back domestic manufacturing and bring China to its knees. First, the high tariffs can't cause a spike in inflation or else the Fed won't be able to bail us out with rate cuts. Second, he has to negotiate new trade deals very quickly for congressional members who are supposed to control the tariffs. Wake up. The lower the market goes, the more likely the Republicans in Congress actually throw the President's agenda under the bus. Third, he has to do it without causing a big spike in unemployment. I think if he does get all three, he isn't going to press his bet with the SEIZE tariffs. Instead, he'll find some reason to declare victory and roll them back, which is why the market didn't collapse today. Bottom line. That's why you can't panic and sell the negativity. It's why you have to stay the course, maybe even do some buying. If the averages go appreciably lower than they did at the opening this morning, that's what we're going to do. That's what I intend to do for the charitable trust. Do some buying. You should be a member of the club. You'll find out. Heaven knows there are plenty of stocks that are down enough to do some buying after today's action. Paul in Texas. Paul.

[Caller]

Yes, Ski Daddy.

[Jim Cramer]

Yeah, go ahead, Paul. So.

[Caller]

So the tariffs President Trump imposed on steel should reduce foreign competition and boost demand for domestic producers being down 30% in the last month. Is the market getting it Wrong on ticker? CLF Cleveland Cliffs.

[Jim Cramer]

I think the problem Cleveland says, oh, 2.1 is the balance sheet is not that good. But two, there's got to be demand. I mean, if the auto companies are really cutting back and I think you're going to have to after initial spurt that is going to make it so the numbers have to go lower. If the numbers go lower, Cleveland Cliffs and the stock's going to go to six, five. That's what happens. Let's go to Trevor in Wisconsin. Trevor. Trevor. Hey, Trevor.

[Caller]

How's it going?

[Jim Cramer]

Hey, Trevor. All right, how are you?

[Caller]

I'm doing well. I just want to give a quick thanks to your staff. You got a really great group there.

[Jim Cramer]

No, we do have a great group and this is pressing times and I want to thank them myself. I have not done enough to do that. I've got my head in the sand here trying to get the show done. How can I help? Of course.

[Caller]

Well, obviously with all the uncertainty that's looming here, I know that's not good for markets and usually stocks, but I did want to ask you if there's a potential path for this to increase the momentum for Bitcoin and therefore maybe Coinbase. What do you think?

[Jim Cramer]

Not a bad idea. Bitcoin's down a lot. But why don't you do this? Why don't you buy bitcoin? Why buy Coinbase? You can just go buy Bitcoin and I think that's a good idea all the way down here. I prefer that to actually buying the stock of Coinbase. Let's go to Julio in Pennsylvania. Julio.

[Caller]

Hey.

[Jim Cramer]

Booyah Jim. Booyah my friend. What's happening?

[Caller]

Hey, my friend.

[American Express]

Hey.

[Caller]

We've been following you for 20 years now. My mother in law.

[Jim Cramer]

Thank you.

[Caller]

Oh yeah, Betty from Centralia, Pennsylvania first turned me on to you and just want to thank you for inviting me.

[Jim Cramer]

Centralia. Has the fire been put out yet in Centralia?

[Caller]

Oh, not yet. Still hot as.

[Jim Cramer]

All right, 100 year fire. I never heard anything like it. How can I help you?

[Caller]

Hey listen, Tarjay tgt I've been looking at the chart and it seems to be back where it was back in March 2020. Low PE ratio especially compared to its competitors like Walmart. It looks compelling value opportunity right now. Do you think it's a good time to start a position or is this market seem okay?

[Jim Cramer]

It's really interesting because it is a 10 times earnings and it does trade with a 4.75% yield. I think if you're ever going to buy it, you would probably have to buy it right here. Frankly it is. It is cheap historically. How about that? All right, now look, panicking is not a strategy. Sorry to go on so long about this but I'm glad that we both did this together. Got to stay the course right now and get ready to do some buying. If we do go lower then today's open. That's the game plan. Okay? Retest, maybe go down a little, do some buying, be a member of the club. You'll get the point. You'll get it before we do on Mad Money tonight, Levi's trials and company's on the move after earnings. I've got the CEO to break down the numbers in the state of consumer too and for the tariffs then could max 7 stocks stand strong in this market? I'm going over each one of them and yes, I will admit to being puzzled by Apple here. Then I'm taking calls from all across Pray America to hear what your eye in the days ahead. So don't miss don't miss my take on your very pressing questions and stay with Kramer.

[CNBC Announcer]

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[American Express]

Don'T just ride the index, seek to outperform it with FELC, the Fidelity Enhanced Large Cap Core ETF. Unlike passive ETFs, FELC is run by a team of experts to adapt to market conditions and pursue upside potential wherever it's hiding. And while you get the potential outperformance of an actively managed fund, you can still buy and sell it on your terms just like any other ETF. Discover FELC, the Fidelity Enhanced Large Cap Core ETF part of Fidelity's suite of active ETFs. Learn more at fidelity.com felc before investing in any exchange traded fund, you should consider its investment objectives, risks, charges and expenses. Contact Fidelity for prospectus and offering circular or or if available, a summary prospectus containing this information. Read it carefully. While active ETFs offer the potential to outperform an index, these products may more significantly trail an index as compared with passive ETFs. Fidelity Brokerage Services LLC Member NYSE SIPC.

[Michelle Goss]

Our state has changed a lot in.

[American Express]

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[CNBC Announcer]

Legendary investor Ray Dalio Global market meltdown, risk of recession, what it means for your investments and protecting your money. Squawk box tomorrow, 6am Eastern, CNBC.

[Jim Cramer]

After a bunch of insane sessions driven by tariff headlines, I can't wait for any season, if only because we'll be able to hear directly more for once when the companies themselves rather than speculating. Tonight, for example, Levi Strauss and company put it, I thought it's a darn good solid quarter. Denim Classics delivered solid results. Sales good paired with a big 10 cent earnings beat off a 28 cent basis thanks to much higher than expected margins. In terms of guidance, the US Basically kept its outlook unchanged. Fortunately, management, like everybody else, said specifically that the guidance does not reflect any impact from the not so reciprocal tariffs that were announced and they sourced from all over the place. At this point, the Stock's down roughly 45% from its high since last June, but it's starting to pick up after the close. So here's what we're going to do. Let's check in with Michelle. Gosh, she's the president CEO of Levi Strauss. Find out what the hell is going on. Scott, welcome back to bed Money.

[Michelle Goss]

Thanks, Jim. It's great to be here.

[Jim Cramer]

Okay. I've got to tell you, Michelle, I'm so glad we get to speak to you because there's such confusion going on. And I want to clear up one thing. First of all, there was this notion that your revenues were not as strong as the estimates. I think that's completely wrong. I think it has to do with a discontinued operation because your earnings are so strong. But let's clear up the revenue so people know why the stocks should trade up.

[Michelle Goss]

Yeah, no, that's exactly right, Jim. We guided the quarter to be up three and a half to four and a half and we ended up at plus 9%. So the little bit of maybe confusion is because we did move Dockers into discontinued operations. You have it absolutely right. We had a strong quarter. I mean, a big beat on the top line, record gross margins, and as I think you just said, a very strong beat on eps.

[Jim Cramer]

Now everyone's so gloomy and everyone's telling me that everything's so bad. Levi Strauss is a great American company that should not have been able to deliver such a great number of things are so bad. Tell me what's, what's differentiating you from the, let's say the media out there that is just doing okay?

[Michelle Goss]

Well, I'd say it goes back to our transformation. You know, we have a very strong strategy in place which is always leading with our brand and becoming a DTC first denim lifestyle operation. And those strategies are working. I mean, from a brand standpoint, we have never been as firmly placed in the center of culture as we are today. We're gaining market share, men's, women's, number one in the U.S. we are making this pivot to be DTC. First, 52% of our revenues this quarter were from our DTC. So that's in our stores. And an e comm up 12%. The 12th consecutive quarter of positive growth. All regions around the world and all categories were positive this quarter. And it is a testament and a proof point that these strategies are working.

[Jim Cramer]

So people want to own this stock. They know the brand, they like the brand. They hear you talk about dtc. I remember we have a lot of retail investors, but they don't know why that's better than dealing with say a department store. Can you explain the gross margins? How much more you make on DTC than if you sell it to a department store?

[Michelle Goss]

Well, what I'd say is from a gross margin standpoint, as we sell directly to our consumers, it does actually help the gross margin line. You know, our focus and our transformation is to continue to improve the productivity of our stores and our E Comm channel so that we will drive over time EBIT expansion. And you're seeing that if you remember last year Q4, we ended strong. Our EBIT was up for the year in the quarter and then this quarter again we expanded EBIT margin significantly. So that's coming off the leverage we're seeing in the top line largely from the DTC channel, which is driving the majority of the growth as well as all the initiatives to address the structural economics of the business. And we're making great progress. And then I would add in terms of direct to consumer, I mean that's where we get to touch and interact with that consumer directly and bring the simplest expression of Levi's to them. As you know, in addition to focusing more on dtc, we're also expanding what Levi's represents. Going from not only being the best pair of jeans in the world, but being head to toe denim lifestyle. And on all fronts, we're making great progress. And the proof is the quarter once again coming off of a Strong quarter last Q4 case.

[Jim Cramer]

Now you have what we're all going to have to get used to. You source everywhere. I mean literally everywhere. Wow. And so you have to try to figure out and you have an excellent CFO what to guide. And it seems like it's just better just to guide. Here's our businesses then try to figure out, navigate this. You can't really navigate it. Correct. It's just not fathom right now.

[Michelle Goss]

Well, you know, this, this situation is just literally days old. And so, you know, we are obviously focused on the underlying health of our business, driving our strategies. But I'd say more than a week ago, as we looked at the big beat we had in the quarter, we were contempl. Actually increase our guidance. But on April 2, now we have a whole new level of uncertainty that's been introduced. So we're getting our arms around it. As you imagine, we're driving scenario planning and we have levers that we can pull as we better understand the current tariff situation.

[Jim Cramer]

So let's say you and your CFO Singh were to be in the White House right now and the President said to you, what do you really want? What would be bring? What would bring back American greatness? What would make it so the consumer does what? What would you say? What would you ask for?

[Michelle Goss]

Well, first I would say that, you know, the tariff, the tariff issue is an industry issue. And you talked about our suppliers. We do source. We have a very diversified supply chain, 28 suppliers manufacture around the world. But 98% of apparel manufacturing is happening overseas. So we're not in the manufacturing business. You know, if that was available here in the US we'd be open to it. It would, it would take years. But I think, you know, the number one thing that everybody's wrestling with right now, ourselves, the industry, and importantly the consumer. Everybody's wrestling with the uncertainty that's out there. We need some clarity and uncertainty and certainty.

[Jim Cramer]

Okay, so let's talk inflation. If I were to look at your pricing five years ago in your pricing now, how much you had to take it up?

[Michelle Goss]

We have actually taken up pricing over time. I think what's really powerful, Jim, is most of that has been driven by the consumer. So our average unit retail prices, AE as we call it, has increased over time and that's been about the consumer pivoting to elevated and higher price point goods. And that's great for the consumer and that's great for us and it's good for margins. We've also, and we, you know, we will reflect this in the quarter. You'll see this in the quarter is we're doing more full price selling. So we've actually been able to ease back on some of the promotions because as consumers are buying it, we don't need to promote it. We still do do promotions at times, of course, but we're seeing more full price selling on our business and a lot of that is coming through our direct to consumer channels right now.

[Jim Cramer]

Chip, your predecessor, Chip Berg is so terrific. He took me to a factory that was in San Francisco where you were making things. What happens If a trade representative, say someone like Peter Navarro comes to you and says, hey, you're making stuff in San Francisco, I want you to make it all in the United States or else what do you do to a trade dictator?

[Michelle Goss]

Yeah, well, first off, I think you're speaking to Eureka, which is a great innovation center that we have right nearby. And most of that is to help us innovate on product etc. And they're doing a great job as you can see from our very robust product pipeline these days. We have a great design and development team. But you know, as we were Talking about earlier, 98% of apparel manufacturing is happening overseas. So we would be open to it if it was available, if there was capacity and if it was economical. So, you know, what we really want is we want to be in the best interest of our consumers and our fans. And that's what we're focused on.

[Jim Cramer]

Okay, so if you looked at your tariff situation, can you quickly shift to some of the lower tariff countries? Is that possible?

[Michelle Goss]

I mean, quickly I guess is relative. We do have a lot of agility. I'd say we have a much stronger, more agile supply chain today than we did even a year ago. And we've got long tenured, I mean, decades old relationship with our suppliers who have factories over all over the world. So of course we've been doing this frankly throughout our history, is pivoting where we need to. So we will look at that. I mean, we're in it together as an industry. We're all in it together.

[Jim Cramer]

Excellent. Well, congratulations. Good quarter. Cleared up the revenue issue and I think we also try to get our best at clearing up the tariff issue. Michelle Goss, President CEO of Levi Strauss. Thank you Michelle for coming on the show.

[Michelle Goss]

Thank you, Jim.

[Jim Cramer]

Okay, Matt, Money's back after the break.

[CNBC Announcer]

Coming up, is the Magnificent seven still all that magnificent? Kramer's taking a look at whether there's still opportunity in big tech amid this volatile tape. Next.

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[Jim Cramer]

After a rollercoaster of a session following The S&P's worst two day performance since the onset of COVID what the heck are we supposed to do with this market? Dow's fallen almost 16% for the highest S&P is off 18% NASDAQ bear market territory Right the center of the carnage of course is the magnificent set all which are now in bear market territory. All the best performer Microsoft has pulled back almost 24%. The worst former Tesla. Well that one has been cut in half. To me this looks like the end of the Magnificent Seven. Well, you know, keen eye for the obvious I guess. Remember when we watched the original movie though only three of them make it out alive. Yo Brenner, Steve McQueen the kid. There's no longer anything helpful about the grouping and President Trump's extremely high tariffs have made that even more obvious. However, these are still some of the best companies in the world. Great balance sheets, lots of flexibility, great scale and with 7 in bear market territory, I think it's worth considering which ones you start picking out on weakness. Of course some of the seven remain a lot more magnificent the others so I want to walk you through. Let's go best to worst. Right near the top of the list is Amazon. That's down roughly 28% from its early February high. Main knock is Amazon is that the tariffs will crush their core e commerce business. After all, most of this stuff is made overseas. It's about to get a lot more expensive. But I think they've become more of a consumer staples business like Wal Mart because they sell so many necessities at the best prices. Plus all retailers have to deal with tariff problem questions. Who has the scale to lean on the suppliers and force them to eat the cost of the tariffs? Nobody has more bargaining power than Amazon. I think you can pull a lot of its orders with China if Chinese manufacturers refuse to eat most of the tariffs. It has all the cars it can. I tell you it is tough enough to be able to get lower prices, but I expect a tug of war between suppliers in China and Amazon. But Amazon is going to be willing to walk away if it has to before it's going to eat that cost of tariff. Keep in mind this company has a lot going for it. From the sticky prime subscription business that engenders customer loyalty to the Amazon web Services business that is enough growth to offset any weakness in retail. With excellent margins, Amazon currently trades at around 25 times this year's earnings estimates, about half of its historical valuation. Oh, that makes it a steal frankly. Although and still get cheaper in this environment. I mean come on, this is a stock that's come down a lot right up there with Amazon's better platforms, which looks like a relative winner from tariffs because they sell advertising, there's little direct impact now that could change if matter becomes a target of European tariff retaliation always a possibility or if the trade war throws our economy into recession to another real possible but with metal stock now down more than 30% from its highs two months ago, I think many of these negatives, including a potentially soft advertising market, are already baked in. Plus Met is not getting enough credit for its growth opportunities. Stock sells for just under 20 times this year's earnings estimate. It sells below the average stock, not much of a discount to historical valuation, but one of the highest quality stores in the formerly made Divisive seven. Finally, yes, I would include Microsoft in the top tier, albeit somewhat grudgingly. Microsoft has one of the most durable businesses in the group. Its core office software remains essential in the workplace as large cloud business adds to the company's overall growth. And that's why Microsoft's only down about 24% from its highest best performance in the group. But on the negative side, the company seems to be a bit lost in this AI front that co pilot AI Tools I'm calling it somewhat of a bust and it's weird slow motion breakup with OpenAI what's that about? But at 2527 times this year's earnings I think is just by picking some Microsoft up here again you've got all the time in the world. No need to buy all at once. I do hope they stop shading down their forecasts. And the second tier behind those first three magnificent seven names I'm going to put my two own it, don't trade it names and they've heard me Nvidia and Apple. The mantra still holds even though Nvidia is down 36% from its high. Apple's up more than 30% and was down badly today. Think about that. However, even if I can admit that you're swimming upstream with these two stocks here it was just three weeks ago for instance that Nvidia event occurred where there was no sign at all. That is a theme to slow it but investors want to throw in the towel. So there's just been a freight train of selling in anything I trying to buy these names into weakness has gotten you steamrolled so far. So maybe you just have to step back and let the selling play out. For Nvidia, you stock. Look, let me give some good news. It sells for just 21 times this year's earnings. This is the highest quality company in the world. Sells for less than half its average valuation over the past five years. That's cold comfort in video bulls like me. Nvidia trades like there are cancellations of big orders out there. That's not the case. I think the stock will fly. Bye bye. All right. Apple for Apple Boy. I don't know. These tariffs are going to be a killer. According to analysis at the Wall Street Journal, Trump's tariffs will take the cost of an iPhone 16 Pro from 550 to around 850. And that's not counting the new tariffs he threatened to unleash on China today. I think the real costs are lower because of Apple's manufacturing shift to India. But even if it only goes up by half that amount, it's still a huge increase. Although hopefully the companies will eat a chunk of it. You know there I'm thinking about phone companies, the suppliers. Let's put it this way, there's a lot of stuff to spread around. Will Apple be able to pass that additional cost into customers, onto customers, make its products even more expensive? Will it eat the cost, crushing its margins? That's a lose lose scenario. Right now Apple's caught in a crossfire of a trade war between the US and China which is not a good place to be. It's probably the toughest one, toughest one to really figure out what to do with. Bottom tier magnificent seven names. Start with Alphabet stock that we just sold out of entirely for Chapel Trust. I feel good about that. We've owned since 2014. My main concern, I think generally I may pose an existential threat to their core search business. I think many younger people bypassing Google entirely, going straight to chat. CBT Google searches $208 billion a year business plus if the cars cause a recession, this is another advertising based business that will get crushed. I think it's more vulnerable than Metta now. There are still plenty of reasons to like Alphabet. YouTube's arguably the most important force in media at this point. The Google cloud platform is a top three or four offering in the cloud space and still growing nicely. Best of all, Alphabet now trades is just 16 times this year's earnings. That's a big discount to historical valuation. I just think it's Too risky. They all traded a big discount. Finally, there's Tesla, which has been cut in half from its highs at a very high level. The bull case here is that the president close relationship deal on Musk should give the company major advantages as it moves into self driving cars or humanoid robots. But man, Tesla's core auto business has collapsed and the tariffs will be terrible for them. Musk Persona is a big negative for a huge swath of customers or potential customers. Worse, Tesla still has the most expensive stock in the Magnificent Seven by a large margin, trading at 87 times this year's earnings estimates. And I'm not even sure we can trust those estimates because their auto business is in such bad shape. So here's the bottom line in this ugly tape. The Magnificent Seven is no longer a useful framework because these stocks have much less in common when they're coming down. For me, there's a top tier of Amazon, Mehta and Microsoft, followed by Nvidia and Apple, which face real issues for the time being. And a final group of Alphabet and Tesla, the latter of which doesn't even really belong with the Magnificent Seven anymore. Let's go to Kenny in New York, please. Kenny.

[Caller]

Hey Jim, thanks for taking my call.

[Jim Cramer]

Sure. Kenny, just a quick question.

[Caller]

Mu Micron Technologies.

[Jim Cramer]

Good time, bad time.

[Caller]

What do you think?

[Jim Cramer]

All right. It's great question because they have this high bandwidth business that is just on fire. The stock has come down to the point where it is selling at like a steel actually below a steel company. Even if they cut estimates big, I don't think there's a lot of downside and there will be upside. I'm a buyer of Micron here and thank you for calling. The Magnificent Seven has been disbanded as tough tape because it's clear now that they have a lot less in common when they're coming down down. Apple though is the one that I'm working on and confused right in front of you. I'm telling you, it's in my mind right now. Boom, boom, boom. Trying to think much more may have bunny hit. Including our latest edition of Voice of Great America featuring your calls about the turbulence in this tape. What do we need that? Or maybe you do. Or maybe I do. I don't know. Then as earnings season kicks off, I'm diving into the domino effect that these new tariffs could have on stocks in the broader economy. And oil calls rapid fire. Tonight's edition of the lightning round. So stay with framer. It's been a volatile few days here on Wall Street. Well, it can be tough to keep your head when the losses start piling up. This, as I know, from my charitable trust. But tonight I want to open up our phone lines to hear directly from you, from the people of Chamerica, so we get through this sell off together and to come out stronger, the other side of it. Remember, I have seen many crises in my time. It's good that little perspective. So with that, let's take some calls. Let's start with Patty in Illinois. Patty?

[Caller]

Hi, Jim. Thank you for taking my call. I've been watching you for years and I have fond memories of some very animated conversations you had with Marc Haines about the church of what's happening now.

[Jim Cramer]

Oh, I miss Mark. Yeah, that's how it all started when he used to come in. Reverend JIM Bob, I'm glad you remember that. Those were good times. How can I help you?

[Caller]

I do remember. Well, my question is, you know, given the tariff policy, the market volatility and all the trade disruption going on now, I've been an S and P index investor for a long time and that served me well. But I'd like your opinion on diversifying into a European or perhaps Brazilian S and P equivalent.

[Jim Cramer]

Look, I have to tell you that Europe is in better shape right now than we are, if only because they have a much more expansive policy right now, in part because Germany is finally let loose. I don't think that's wrong. I will say, though, they're much ahead of us in terms of their stock market. They've had big, big gains. I think that you should wait till we play a little bit, catch up and then do it, because I don't want you to get into a situation where you're buying their profit taking to come into our market. Let's wait on that. And thank you for the kind words. Perot in California. Perez.

[Caller]

Hey, Jim, thanks so much for taking my call. How's it going with these markets?

[Jim Cramer]

It's going well. How about you?

[Caller]

Pretty good. Just wanted to get your thoughts on this. So I know with the tariffs going on, it's a pretty difficult market and maybe we'll have another sell off tomorrow, but we'll see. I just wanted to see your thoughts on with the tariffs happening and people kind of dipping in their toes to get a better price. Do you think that the Russell 2000 with 81% of the revenues coming from domestic sources and 19 from international would be a better opportunity compared to the s and P500?

[Jim Cramer]

You know what? It would, it would be if that, if it weren't for the Fact that there's so many horrendous stocks in that Russell. Horrendous. That's why you've got to pick among things like an intuit, which is not. Russell, I know, but. Or Cintas paychecks. Those are domestic. The problem with that index, and everyone wants to do that, is because there's so much junk in it that you end up being hurt by the actual companies. Let's do individual stock selection and stay away from that index, which is so pathetic and horrible. Staying in the West Coast. Let's hear from Ruben in California.

[Caller]

Ruben, hey, how you doing? You know, I listened to you about two, three years ago and I made money from you, from Tesla. So I'm calling you again. I'm just a working guy, construction guy, you know, and I ran into some money. And if you can, if, yeah, if you can explain it to me, like if I'm a small child or a golden retriever. I want to know what to do here. I want to know, should I buy right now?

[Jim Cramer]

I want you to fetch some stocks. Okay? Fetch. All right. I mean, look, I don't want you. Have you met my friend in video? We, you know, have some fun together. This is a great time. If you are just now starting out because you've gotten your first real break in the market and that's what people waiting for. Don't layer in. In other words, don't buy all at once. The reason I say that is because if President Trump tomorrow says, listen, I'm done with China, no more trade with China, which he could do, because that is a completely lunatic thing, but he could do it, then I think we're down back to where I expect that we could go, which is all the way down a thousand points or more for the S and P. So I think you've got to buy some tomorrow. Expect the fact that the European is going to come out hard. Expect the fact that the president could do something that is, let's say, ill advised and leave plenty of money for the rest. So you had $1,000 invest. You invest $250 tomorrow. Okay. Wait till it's down. It's down every single morning. You have to worry about it. Then 250 on Wednesday, 250 on Thursday, layer in and then come in, wait on Friday because it tends to go down, and then come back Monday. You understand? What I'm saying is don't do it all at once. That's what I'm trying to make out. But I do think that this is the right time, provided that it is down tomorrow. If it's up, we're going to hold off. We're just going to hold off. All right, up next is Kyle, my home state of New Jersey.

[Caller]

Kyle, my best friend, Jim Cramer. How are you, sir?

[Jim Cramer]

I'm doing fine, partner. How about you?

[Caller]

I'm hanging in there. I'm a bit terrified right now, but.

[Jim Cramer]

No, don't be terrified. Do not be the wrong reaction. Okay, go ahead.

[Caller]

I want to thank you guys. Last night, you know, everybody on the whole network's coming on. You called in, like, taking time out of your weekend to help us. Guys, man, it's just. It's just.

[Jim Cramer]

Well, no, I work for you. I mean, you know, at this point, do I really work for anybody other than you? Honest to God, I mean, what am I going to say? No, I work for somebody in Philadelphia who's getting rid of me? No, that's not happening.

[Caller]

It's a privilege to be talking to you on a historic time. I think we'll be talking about this five years from now, you know, but that's fine.

[Jim Cramer]

That's me ringing the bell. We will be talking about this for a long time. And I think it's like you and I'll be talking about it. We're going to try to do it together.

[Caller]

Yeah. So here's my thoughts. I'm trying to have a contrarian view and I really think that possibly with the 10 year coming down, it was up today coming down, and people doing a little bit of maybe panic buying of maybe cars, right?

[Jim Cramer]

That's happening. It's definitely happening.

[Caller]

And I know there are more Eurov cars that are going to be terrorists, but, you know, I'm thinking we might get a little bit of a boom here. And I'm thinking about averaging into some, some steel companies, domestic steel companies.

[Jim Cramer]

Okay, now here's your problem with the domestic steel companies. The horrendous, the people who are against them right now around the world are going to be blunted. I think the president could do a very good job of stopping them. But I feel that the actual demand problem for Nucor, which is the one I look at, could be problematic. And for Cliffs, Cleveland Cliffs, the balance sheet's not that good. So you're running into a demand problem even as we stop or throttle back our horrible enemies. And if Nippon Steel Steel is allowed to get U S Steel, they are going to flood the world with their cheap steel. They'll have a back door, so we gotta hold off. But Nucor would be the one I want to buy because man, it should come down. All right, look, I want to thank everybody for bearing with us. Look, it's been a hard couple of days. I'm upset with some of the stocks that I've chosen to own and you are too. But we're going to get through this together. I mean, this is like the, this is the seventh big downturn of my career. And frankly, you know, I just say at this point, bring it on. Thank you for all your calls, man. Money's back here for the break.

[CNBC Announcer]

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

[Jim Cramer]

Next, before we get into the lighting round, I want you to scan this code here. This big news from the Investing Club. Our third annual meeting is happening soon, May 2nd in Orlando. And it is open to everyone, members and CNBC fans alike. I want to see you there. Get your tickets now. And now it is time for the lighting around crazy bathroom by my bicep. So don't just be around the core stock with that time my step there's grabbers of the fly we plan to sound. And then the lightning round is over. Are you ready, ski daddy? Time for the lightning round. Crazy my letbu go with Dave in Kansas. Dave.

[Caller]

Mr. Kramer, it's double diamond Dave from Overland Park, Kansas.

[Jim Cramer]

How you been, partner? I like it. Go ahead.

[Caller]

Excellent. I have an equity that's down almost 30% from its recent highs.

[Jim Cramer]

Wow.

[Caller]

Gap below its 233 day moving average has an RSI of about 24. What do you think of GLW Corning?

[Jim Cramer]

That's called Glowworm where I'm from. And Wendell Weeks was on tv. I thought he was excellent. I know everyone hates the data center. I'm back in the Corning right here, right now. I like your call, like your style. Go to Kelly in Arkansas. Kelly.

[Caller]

Hi, Jim. I'm on Aurora. Innovation aur.

[Jim Cramer]

You know, it's not making money. And if we have recession, all those companies don't make money, they lose you money. So I'm not gonna let you be in that one. Let's go to Pierce in Texas. Pierce.

[Caller]

Jim, during the COVID dip, a wise friend from Houston turned me on to a great Dallas company called Copart.

[Jim Cramer]

It's been a. Oh my God, I love that. Salvage vehicles. Oh, no, I'm not kidding. This is a very solid company. But look, it's got a carvana aspect to it. I like that too. Let's go to Ross in Alabama. Ross.

[Caller]

Hey, Jim. How's it going, bud?

[Jim Cramer]

Not bad, Ross. How about You.

[Caller]

Oh, hey, bud. I mean every day is a good day.

[Jim Cramer]

I like that attitude. What's happening?

[Caller]

Oh, man. Hey, looking, trying to look forward through all the chaos going on and trying to see maybe if some of these industrial may have limelight.

[Jim Cramer]

All right.

[Caller]

Question I'm asking is L, I, T.

[Jim Cramer]

E. No, no, that's that they've missed too many times. I'm gonna have to say no to that one. Even though it's come down a lot. It had a nice bounce today. I'm gonna say forget about it. And that. Ladies and gentlemen, conclusion of the Lightning Round.

[CNBC Announcer]

The Lightning round is sponsored by Charles Schwab. Coming up, what actually happened happens to a company when it has to absorb a new tariff. Kramer is breaking it down and what it means for your stocks. Next.

[Jim Cramer]

What happens in the real world that can justify such horrific multi day decline in the stock market? Okay, let's say you're a buyer of goods in China for a major American retail chain. President Trump has cumulatively raised tariffs to 70, 79%. It hold a lot of cars, but the manufacturer in China know you have no other place to go for the vast majority of the things you need because nobody else can make this stuff as cheap in its scale. Chinese manufacturers might say, you know, we're not playing ball. We aren't paying for those Trump tariffs. It's on you. So in response, the retailership cancels all the orders. They can't afford the 79% either. The chain decides it'll just declare itself out of stock on those items. Ideally, the Chinese companies teeter, then give in. They eat the tariff after realizing the retailer meets business. Of course, the retailer has to cut numbers and pull its guidance though, because it doesn't have the merchandise to sell. You don't want to own that retailer stock, do you? Now, let's say a different retailer is faced with the same set of circumstances but doesn't want to play hardball. That chain splits the tariffs 5050 and then chooses to raise its prices to you to offset most of the damage. Sales go down, inflation goes up. You don't want to own that retail stock either, do you? In fact, who wants to own any stocks when these situations are occurring all over the globe? Up when the earnings come out, you'll see lots of numbers being lowered, lots of forecasts being pulled and lots of buys going to holds. These are the kinds of reverberations that we're all going to have to get used to. If you can't handle the missed quarters, the inflation attention, well, you're now getting a bounce. You'd be able to do some selling tomorrow if you want to. Especially if you need let's say you need the money in the next year. But I believe you can ride through the inflation and the incessant talk about a stagflation because these tariffs are one off even if they are enormous now all this will play out in earnings season which is fraught in itself. The banks start we know there hasn't been a lot of Capital Markets activity. IPOs, M&A. What can we what can they say about the future? Nothing good. Then we have the capital goods companies like Caterpillar, Cummings United, Reynolds. What are they going to say? They can't be bullish about the consumer product stores too much China. We keep hearing the homebuilders or something good to say because the dramatic decline in rates except rates actually went up a lot. Then there's tech. We could have a very similar situation to what I described with retail. President accepted various chips for the from the tariffs. That's because of defense issues. But if those chips are in a server made in China or a package made in Vietnam or Taiwan, well that's not exempt. Anyone who's buying that stuff will see their earnings go down. Maybe the customers pull their orders. How about Apple? It's moving away from China for its phones, building them in India and it makes accessories to Vietnam. We know that President Trump doesn't like Vietnam though, because he thinks it's a backdoor for Chinese exports. The White House isn't appeased by India either. Either they want everything built here in America and they will not relent. Which then raises the cost of an iPhone to potentially astronomical levels. Unfair to Apple, a great American company. But this trade team just doesn't care and Apple loses sales and it makes less money on the sales it has. Do you really want to own Apple knowing that? Hence, Wallace has shed so many points. In the end, we need to know how much of this negativity is already baked into the price of Apple and so many other stocks. I think you'll see many more days like today where we're going to have to wait and see for weeks as things play out. The averages are way down. That's positive. The inability to know that the reaction of your fellow shareholders, well that is the problem. All I can say is get used to this. It's the new world order whether you like it or not. And I got to say it, it's awfully hard to like. Like I said, as always, bull market somewhere. I promise to find it just for you right here. Made Money. I'm Jim Cramer and I'll see you tomorrow.

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All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of cnbc, NBC Universal 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 Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer trading@schwab is now.

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