Mad Money w/ Jim Cramer 5/1/26

Summary

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Mad Money w/ Jim Cramer — May 1, 2026

Episode Overview

On this episode of “Mad Money,” Jim Cramer guides listeners through the upcoming week in the stock market, breaking down key earnings, the impact of mega-IPOs, commodity trends, and expert interviews. Cramer’s signature segments—the Game Plan and Lightning Round—provide actionable insights and candid advice for investors navigating a volatile market as major tech, consumer, and industrial companies report results. Notable market risks, including the influx of new IPOs and shifting labor markets due to AI, are explored with urgency and Cramer’s trademark directness.

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Key Discussion Points & Insights

1. Recap and Market Sentiment

• Cramer reflects on a strong week for stocks, especially tech and data center-related firms, but warns the market’s optimism may not last. Geopolitical risk and potential disappointment loom, especially as the market digests more mixed, "eclectic" earnings (00:55–03:30).

“All the big techs did well, save Meta. Everything connected with the data center went bonkers… It doesn’t mean we’re out of the woods. This coming week is a little more eclectic, more prone to disappointment.”
— Jim Cramer [01:08]

2. Jim Cramer’s Game Plan: The Week Ahead

Saturday/Monday:

• Special on Berkshire Hathaway’s annual meeting and Q1 results, with attention on leadership transition to Greg Abel and key insights from Warren Buffett.
• Monday features a special “Mad Money” from Seattle with Amazon CEO Andy Jassy.

Earnings to Watch:

• Palantir (PLTR): Strong business, but market sentiment is cold on expensive software companies.

“Not even a fiery Alex Karp can change stock direction ... I would own it.” [02:30]

• Semiconductors: ON Semi, NXP seeing strong runs; ServiceNow faces AI-driven skepticism over SaaS models.

Tuesday–Friday Highlights:

• Shopify (SHOP): E-commerce bellwether for SMB trends.
• Pfizer (PFE): Needs catalysts—otherwise, "Buy a bond if you want yield."
• AMD (AMD): Cramer bullish ahead of the quarter; also likes Lumentum, Arista Networks, Astute Labs.
• MicroStrategy (MSTR): “Primarily just... buys bitcoin and nothing else.”
• Disney (DIS), CVS (CVS): Representing travel/retail spending trends; both potentially strong quarters.
• ARM Holdings (ARM), Dutch Bros (BROS), Corning (GLW): Focus on data center infrastructure and specialty growth.
• McDonald’s (MCD): Cramer calls it “worth buying,” sees competitors fading.
• Friday: Employment report — critical for Fed direction and market rate expectations.

“The most important event is the labor report on Friday.” — Jim Cramer [09:46]

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3. Mega-IPOs: SpaceX, OpenAI, Anthropic—Potential Market Impact

• Cramer raises alarm over upcoming colossal IPOs (SpaceX, OpenAI, Anthropic). The unprecedented capital required could “suck all the money out of the market,” leading to volatility and corrections.

Notable Valuation Figures:

• SpaceX (+X & Xai): Potential $2 trillion IPO
• OpenAI: Recent funding round values at $852 billion
• Anthropic: Recent round at $900 billion

“I always say that the stock market is at the end of the day just a market... and we’re about to see a surge in supply like we have never seen in our lives.”
— Jim Cramer [13:46]

IPO Lessons from History:

• Large IPOs often “pop and drop”—short-term gains, followed by corrections. Examples: Alibaba, Facebook, Visa, GM, Rivian.

“If there’s one thing that can really fail this market... it’s not gonna be the earnings, okay? It’s not gonna be the semis. It’s a flood of new stock.”
— Jim Cramer [21:26]

Cramer's Advice:

• Don’t rush to buy these IPOs on debut; better entry points likely after initial volatility.

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4. Commodity Watch: Natural Gas & Live Cattle Trends

With the ongoing war with Iran fueling commodity volatility, Cramer brings in technical analyst Carly Garner for chart-based insights.

Natural Gas:

• Drifting lower but approaching a bullish seasonal pattern (summer power demand).
• Technicals/Commitment of Traders: Many are net short, “soon we’ll run out of sellers... prices tend to rise.” [24:30]
• Cramer is skeptical but presents the bullish case.

Live Cattle:

• Prices at all-time highs, but seasonal pattern and technicals (“negative divergence” on RSI) signal a potential top and correction in May/June.
• Large speculative net long positions—often precede downturns.

“When trends get too extreme, they often reverse themselves.”
— Jim Cramer [29:07]

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5. Call-In Q&A (Selected Calls)

Merck (MRK):

“Merck reported a really good quarter... stock’s starting to come back. I think it makes its way all the way back to 120.”
— Jim Cramer [10:29]

LandBridge (LB):

• Admits lack of knowledge, promises to research before advising.

“I do not know enough to be able to opine on that. Got to do some homework before I opine.” [31:14]

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6. Exclusive Interview: Tim Boyle, CEO of Columbia Sportswear ([33:10–39:29])

Key Highlights:

• Return to irreverence and fun in marketing (Flat Earth Challenge, bear scat beer).
• Europe's growth: Younger buyers in France/UK lead expansion.
• U.S. challenges: Pushing direct-to-consumer, teaming with influencers.
• Product highlights: “Watertight II” jacket and “Dry Tortuga Boot” praised by Cramer.
• Tariff hit: Hoping for $80M refund, would reinforce “fortress” balance sheet.

“If we’re going to be different, we need to talk about how much fun the outdoors is ... that’s resonating.”
— Tim Boyle [33:41]

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7. The Lightning Round ([39:50–42:47])

Cramer gives rapid buy/sell calls:

• Aurora Innovations (AUR): “Worthy spec.”
• RTX (RTX): “Monster right here, I’ll buy it aggressively.”
• Amprius Technologies (AMPX): “Another spec...makes a lot of sense,” okay as a speculative slot.
• Reiterates: Only 1 in 5 portfolio positions should be speculative.

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8. Insights on Conference Calls and Shareholder Communication ([43:12–46:57])

Cramer’s advice to CEOs for engaging individual (retail) investors:

• Be forthright, especially after bad quarters.
• Explain divisions in plain language, provide context, and grade themselves.
• “Don’t try to fool us. If you slip, explain it—honesty attracts loyal holders.”

“There are no excuses for just owning an index fund anymore... You can own both.”
— Jim Cramer [44:21]

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Notable Quotes & Memorable Moments

• “There’s always a bull market somewhere, and I promise to help you find it.”
  — Jim Cramer’s signature opening [00:55]

• “You don’t need to feel compelled to buy SpaceX, OpenAir or Anthropic right out of the gate because you’ll probably get a better entry price down the road.”
  — Jim Cramer on mega-IPOs [21:26]

• “This is a market where we need to care about commodity prices—thanks largely to the war with Iran, we got an oil shock, and oil shocks tend to spread through the entire system.”
  — Jim Cramer [23:38]

• “Grade yourself CEOs. Grade yourself hard... If your stock’s down, own it. People will appreciate your candor.”
  — Jim Cramer [45:14]

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Important Timestamps

• 00:55 — Cramer’s weekly mission & recap
• 02:30–09:46 — The Game Plan: Upcoming earnings and events
• 13:46–21:26 — Deep dive: SpaceX, OpenAI, Anthropic IPO risks
• 23:38–30:50 — Commodity analysis: Natural Gas & Live Cattle
• 33:10–39:29 — Columbia Sportswear CEO interview
• 39:50–42:47 — Lightning Round: Buy/Sell rapid-fire
• 43:12–46:57 — Cramer’s memo to CEOs: Conference call best practices

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Summary

This episode provided a comprehensive overview of critical market drivers for the week ahead, balancing optimism over tech and data center strength with major caution on the risks of mega-IPOs and commodity disruptions. Interviews with industry leaders and chart analysis offer both strategic “big picture” thinking and hands-on stock picks for retail investors, all infused with Cramer’s unique blend of energy, candor, and humor. The episode concludes with practical guidance for both investors and corporate leaders on navigating earnings season and shareholder communication.

Transcript

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[Jim Cramer]

My mission is simple to make you money. I'm here to level the playing field for all investors. There's always a bull market some and I promise to help you find it. Mad Money starts now. Kramer. Welcome to Mad Money. Welcome to CramerCA do big friends. I'm just trying to make you a little money. My job is not just entertaining you, but to educate. Hey, let's do some teaching tonight, right? Call me 1-800-743-CBC. Tweet me jim Cramer. All right. We just got through the most difficult week of earnings season with flying colors. All the big techs did well, save matter everything connected with the data center went bonkers and the rest weren't bad either, which is how we got through another solid session. Dow dipped 153 points, but S&P gained.29% and the Nasdaq jumped an astonishing.89%. Wow. Incredible. It doesn't mean we're out of the woods. So you know that this coming week is actually a little more eclectic, jam packed on some days and frankly more prone to disappointment. Plus, we must never forget there is a war going on. Let's check the game plan. All right. Usually I start with Monday's business, right? But we have a special on Saturday about Berkshire Hathaway in conjunction with their annual meeting where Becky Quick and Mike Santoli will be in Omaha. Jenners do formally to Greg Abel. He's the successor to Warren Buffett. Of course, no trip to Berkshire is complete without some wisdom from the Oracle himself. I know I'm going to be tuning in. What are you doing and how exactly is Berkshire do it? Well, we'll find out Saturday when the Company actually reports first quarter results. Stocks underperformed Delay. I think you know what that is. It's because there's no longer that Buffett premium thanks to his retirement. That could be very short sighted. The company built a tremendous properties super stocks in that portfolio on Monday. Please tune to me for a special mad money from Seattle where we'll be speaking to the man himself, Amazon CEO Andy Jassy. I can't wait to get out there. Have you seen the stock? It is a horse. What else? We get results from the most colorful company in the market, Palantir Technologies. I believe their business remains strong but this market has lost its taste for very expensive software and software like companies which is how people view Palantir even as it really is a one of a kind consulting firm. I don't think even a fiery Alex Karp can change stock direction. Although it was up nicely with some of the other software companies today. I wouldn't trade it as I think Palantir is an exact it is an excellent book of business. A lot of satisfied customers. I would own it. The semis are on fire of late, including on semi. Longview is a company that's tied just to the auto industry. Some would say to talk but so is NXP Semiconductors and to see that that stock went parabolic after reported this week that would cut to buying some on semi. I would say now. We have an analyst meeting Monday for service now. Okay. A stock that's been hammered relentlessly because of the displacement worries that have dragged down the entire software as a service space. These companies typically charge per user and that perception is that AI is wiping out too many jobs for that business model remain viable. I want to hear if customers are cutting the length of the contracts they've taken in preparation for agents reaching the point where they can take over from people and possibly do a better job in ServiceNow. The software as a service group caught fire today though. Maybe that bodes well for ServiceNow. I am sure that Bill McDermott will put on a good show. He's the CEO and he's a very good promoter of his company. Tuesday jammed. We've got the dilemma of the data centers identified by Eaton which provides electric hookups and air conditioners to keep things cool. We own it for the travel trust has had a big run. The ones that have had big runs they tend to sell off. I got to be careful. All right. I want to monitor Shopify when it ports Tuesday because the Universal Fulfillment company has a great read on small to medium sized businesses. I Always worry about them. This company is the chief e commerce enabler for these smaller companies. Stocks for meandering of late. I think it's going to have good numbers. We'll have to find out though. Hey, can Pfizer break out of its multi year rut now? A lot depends on the presentation because I haven't seen any needle movers in the portfolio. Primarily cheap. Good yield. But if I want good yield, I'll buy a bond. You want an upside surprise. Okay, I'm going to say that. I'm going to. I'm going to say it's going to come from AMD this week and I buy some Andy ahead of the quarter. Lisa Su is the best. You know what, let me give you two more. I would buy Lumentum. I would buy a wrist in networks. Yeah, I'm not bullish. On this day, two companies that help the machines in the data center talk to each other. I press my bet with Astute Labs, fabulous semiconductor company that also does connectivity. And when people ask me what is a stereo Labs do, I always say it goes up. There will be plenty of proselytizing when we hear from strategy. That is being a microstrategy. You know the firm, we call it Mr. MSTR. That's the name, the symbol. The firm run by Michael Saylor is primarily just. He just buys bitcoin and nothing else. You know what I say you want to own bitcoin, buy bitcoin. On Wednesday, Disney reports. All right. And I think it's a microcosm of the higher end travel markets. I see it. The consumers holding strong and the number could be a good one. Hey, fresh start for new CEO Josh tomorrow represents the institution. Well, I might be on a roll here and I want to press my bet by telling you that I think that C V S will give you a good quarter too. I wish the stock hadn't run so much. But CEO David Joyner, he's done a great job fixing up CVS while Rite Aid closed down and Walgreens is self immolating. Don't forget, I think it's going to have good numbers buried within cvs. Hey, after close we got a real good one. Arm Holdings, Rene Haas, you seen him on Right. We know the world is short of. He's a. He's a Las Vegas Raider fan. That's worrisome. We know. We heard from intel this week and we'll hear from AMD when it reports next Tuesday. ARM designs the same kind of chips. The underlying architecture for most of these chips as CPUs. But what people don't realize is making CPUs itself. I think that could be a stock that romps went up big today and then had a reversal later. They didn't like that. Oh, here's a small one that I just care about because sometimes I have one of these and I'm up for three days. It's called Dutch Bros. It's been a serial upside surpriser. That said, if you want a coffee stock, people tell me, Jim, you love the Starbucks. Why do it at Dutch Bros. But because they have a thing called the Annihilator. It's the best coffee I've ever had and it even has coffee in it. We've got an important analyst meeting on Wednesday. It's Corning the glass and fiber company. They could talk more about the multibillion dollar contracts that they've been winning in the. Do I even have to say anymore? Data center. Could. Could it move the stock? I sure hope so. We are for the Chapel Trust now. Thursday's McDonald's report. You know, this is. Here's a surprise in itself. It always surprises the upside. The competition has become less effective. I mean, Donald's has a value package that seems so popular, the stock's been drifting lower. I think it's definitely worth buying. I'm worried about Wendy's, by the way, because my wife has stopped eating the Baconator. She, she, she had an E replacement. Geez. There are a lot of possible upside surprises next week. I think the one that may be a big surprise is a stock that's heavily short. It's called Corey Michael Entrada. You see him? I like him. I put him on the show. Maybe. I'm concerned that there could be a financing though. Corey was pretty aggressive about continuing to build new data centers. I don't blame them. They're the best at it. We could get a real pop from the CEO, Michael Intrader, if he didn't offer stock, if they didn't do a deal. After he does convertibles. After the close, there's another consistent winner reporting Cloudflare. This company does a lot of things with content online, but what I like best is how Cloudflare keeps websites from being pilfered by the big hyperscalers. They're a terrific cyber defender. Friday, it's employment day. Now, if we get a slightly softer number, guess what's going to happen. We're going to immediately change that whole chatter about what's going to happen when. When Wash takes over. Okay, Suddenly every we talking about how a rate cut could be imminent with Wash taking over the Fed. Can you imagine we get that what the stock market will do. The labor report is the most important piece of data when it comes to predicting what the Fed's going to do next. I keep thinking that we could have a slowdown but not a recession from the lack of new hires now that the agentic era has arrived. See that's where we finally have machines that displace white collar jobs as well as blue collar ones. When I listen to all these tech companies reporting, it's clear that the shift has now begun. This earnings season is the first one where I found real evidence of the so called fourth industrial revolution impacting things outside of tech. Just as Jensen Huang, CEO of Nvidia told me would happen, there are fewer people being hired, more people doing much more with less. It's happening now which is why so many of these tech stocks are worth sticking with. Here's the bottom line. Next week's another big one but the most important event is the labor report on Friday. I I also think we've got a lot of good earnings coming but don't expect next week to be as good as this one was. Although I got to tell I think that Andy, I think about it, that could be really good Anyway, there's not enough data center to make this week happen. Sometimes you just think about good stocks is what happens to me. Usually between 2:30 and 3pm and then 3am 4am let's go to Mike in Louisiana. Mike.

[Caller]

Hey Jim, thanks for taking my call. This is Mike from Shreveport, Louisiana.

[Jim Cramer]

Shreveport. I love Shreveport.

[Caller]

Excellent. Come on down.

[Jim Cramer]

Oh man. I spent some time there in Jana too is another town I like down there. What's happening Kim?

[Caller]

I'm doing some homework on my pharma stock and comparing it to others. I like what I see but I want your opinion Jim on Merck.

[Jim Cramer]

Okay. I thought Merck got. You know what Merck reported a really good quarter and it just happened on a day when people didn't like pharma and they didn't like health care and Rob Davis did a good job. The stock starting to come back. It was up $3 today. I think manner its way all the way back to 120. I think you do good homework and you know what I press a button. But you know what? I think it's time for another segment. I think we got a lot of good earnings next week. I know I got some in my head. The arm, the amd, I don't know the court in trader with that core weave. I think he's got something going there. But the most important day is going to be Friday. The labor board. Oh man. Tonight we are due for some mega IPOs for the likes of Open Air and Space X. I'm sharing what the impact could be to your stocks and to your pocketbook. Then this is a tape. I'm okay, right? This is a tape where we not supposed to do that, where we need to focus. We'll cut that out when we do the show over to focus on commodity prices. So I'm turning the technicals to see where natural gas and cattle could be headed. And Columbia Sports were turning the top bottom might be for the first quarter. That's good. So could the wind finally be at our stock sales? I'm going to check the latest with Tim Boyle as CEO. So stay with Kramer.

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[Jim Cramer]

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[Jim Cramer]

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[Jim Cramer]

Did you leak the acquisition, River? No.

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[Jim Cramer]

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[Jim Cramer]

Things have been pretty great for stocks over the past month, haven't they? ESP and NASDAQ both hitting new all time highs again today. And the Dow almost there. But because things are so great, I feel responsibility to walk you through some things that might actually trip up this bull market. And right now my biggest worry is in video like I heard all day today, or that there's too much money in the data center. Now my biggest worry is that we've got multiple massive IPOs coming later this year, starting with SpaceX over the summer, probably followed by Anthropic and Open Air. These deals will be much, much bigger than any new listing in history. That's going to be a problem for the rest of the market. I don't know if the market can handle it. And that's what I'm worried about. I always say that the stock market is at the end of the day just a market, meaning it's subject to basic market forces like supply and demand. And if things play out as expected, we're about to see a surge in supply like we have never seen in our lives. And that's why I got to keep coming back this. So you've got it in front of you. Let's take one that I think is going to happen pretty soon, that Space X it's expected to come. I don't know, I think, well, definitely first, but maybe even the summer. At the end of 2024, Space X was valued at $350 billion in an employee tender offer, which itself was a big increase from the previous fundraising valuation up to 10 billion in June of 2024. In July of last year, another sale share sale value of the company at $400 billion. These are big numbers. Then there was a big jump to 800 billion in December. In February, as part of the merger between Space X and X, a Elon Musk AI lab which also includes X, the platform formerly known as Twitter. The combined company is valued at $1.25 trillion. And now the most recent reporting, Space x, which includes SpaceX, Starlink, Xai and X, could be seeking a valuation of over $2 trillion with its incredible IPO. And that again is going to happen very, very soon. Next there's open Air. Now this company went from $157 billion valuation October 2024 to $300 billion valuation in March of last year. Last October, OpenAI had a share sale that valued the business at $500 billion. And most recently, the company just completed an enormous $122 billion fundraiser funding round, the largest private fundraising round in history. And that that fundraising round valued the company at $852 billion. Finally, there's one that just works for the enterprise. You probably don't see it as much if you're using any of these bots. It's Anthropic. And we got some great. This is incredible news here. In late 2024, Anthropic raised 4 billion from Amazon. Keep in mind 2024. Then the company is reportedly seeking a $40 billion valuation. That Anthropics valuation went to 61.5 billion in a funding round back in March of last year. They did another fundraising round in September at 183 billion valuation and got a 380 billion valuation in the most recent funding round, which closed in February. Today though, we learn that even though anthropic raised 30 billion in that latest round, they're reportedly now working on another private fundraise which would value the company out of. You ready? $900 billion. Come on, that's staggering. Just a huge leap in the span of a few months. Okay, so let's talk about what these enormous private market valuations mean for the rest of the market once these IPOs start sucking all the money out of the room. When a company comes public via an IPO, it typically sells about 10 to 20% of the company to public. Although lately we've had a plenty of what's called sliver deals where they sell less than 10% out. If we take even the low end of that range, okay, 10% and apply it to the valuations here, we're talking about an insane amount of money, say $375 billion for SpaceX of an anthropic and Anthropic together. Now, to put that in perspective, the entire IPO market over the past five years combined has raised roughly 243 billion. That's right. That's right, 5. Isn't that incredible for the billion? And that includes the extremely busy year of 2021, where nearly 400 deals collectively raised $142.4 billion. So we're talking about seven or eight years worth of IPOs coming in the span of just a few months. Now, they probably won't sell that much. We've been hearing the Space X may only want to raise $75 billion, which would be a super sliver deal, because it'd be less than 4% of the share count and at a $2 trillion valuation, but that's still three times the size the largest IPO in market history. Alibaba. I've got good news and bad news about sliver deals. The good news give that to you first. Initially, when number of shares actually available to trade is artificially low, those stocks roar. But once all the supply becomes available, then stocks, they get hammered. That's what I'm worried about here. A big opening followed by painful correction about six months later. The house of pay, especially after the Nasdaq, which seemed likely to win a Space X IPO deal, changes rules to allow large companies to be added to the index. Get this immediately, which should cause even more forced buying by all the money. That is, that is basically leverage to that index. Unfortunately, you often see this kind of pop and drop action for large IPOs, especially large tech IPOs. So look, this is something I got to keep in of front running because I'm very concerned about it. All right, let me, let me take you through some examples. First, the largest American IPO of all time, Alibaba. After a mixed start, the stock started catching fire a few weeks after the IPO, with me running to a high of 120 in November 2014. But then the stock spent nearly a year going lower. That's a bottoming of $57 and change. September of 2015, nearly 12 years later, Alibaba's at $131, about 11 bucks above where the stock peaked shortly after the IPO. Bad work there. Pricing. You see similar charts in the first year for Visa and General Motors which had the second and fifth largest IPOs in US history. The fourth largest was then Facebook. Now Meta platforms. That one was Outright Flop. Getting more than cut in half in its first few months of trading. Well, they did have a problem switching from desktop to cell phone. Of course. Visa, GM and Facebook have all gone on to be incredible long term stocks. Visa starting in early 2009, less than a year after its IPO. Facebook started within a few months of its IPO. After the terrible start, GM took a while but eventually it did become a winner. But the first year was rough. A lot of the making winner was they did amazing. Mary boss done an amazing job and an amazing buyback too by the way. What I'm worried about with Space X open air anthropic is that they'll have, they'll have hot starts that sucks all the air out of the market. Then experienced major pullbacks that hurt home gamers who got too enthusiastic. That's my biggest fear. The nightmare scenario here is Rivian. Okay, that's the seventh largest IPO in American history came public at $78. November 2021 ran to a high of $179 and change within a week and then fell to below $20 by May of 2022. Today it sells at dollars. Wow. Really is the nightmare because ITS IPO never 2021 coincide with a top for the entire stock market. So here's the bottom line and this is something that we're going to come back to and back to Impact. I got to keep you in front and center when it comes to these IPOs, because if there's one thing that can really fail this market, it's not going to be the earnings. Okay? It's not going to be the semis. It's a flood of new stock. And if history is any guide, it might take a year of turbulent trading before for these large IPOs can become sustainable winners. In other words, you don't need to feel compelled to buy Space x, Open Air or Anthropic right out of the gate because you'll probably get a better entry price down the road. I just hope they don't take the rest of the market down with them. That money is back after the break.

[Announcer]

Coming up, Live cattle are a well known source of gas. But did you know there is a pattern connecting live cattle futures to natural gas futures? Cramer is revealing it next.

[Keith Lansford]

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[AT&T Business Representative]

Not every sale happens at the register before AT&T business Wireless, checking out customers on our mobile POS systems took too long. Basically a staring contest where everyone loses. It's crazy what people say during an awkward silence. Now transactions are done before the silence takes hold. That means I can focus on the task at hand and make an extra sale or two. Sometimes I do miss the bonding time sometimes.

[Jim Cramer]

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[Jim Cramer]

This is a market where we need to care about commodity prices. Thanks largely to the war with Iran, we got an oil shock and oil shocks tend to spread through the entire system. They take a little while, but they do. Commodities are a strange beast and that's why today I want to walk you through two that seem headed in different directions. Natural gas and live cattle. To do that we have to go off the charts with Carly Garner. She's a brilliant technician, senior commodity market strategist and broker at the Carli Trading and author of the Carly Perspective newsletter as well as basically being our in house commodities expert here on track record as Garner season natural gas and live cattle have more in common than you might think and not just because they both produce greenhouse gas emissions. Instead, she sees them as powerful examples of seasonality. There are times of the year when they tend to be good and times of the year when they tend to be bad. Right now Garner sees both changing course. Natural gas has been dribbling lower, but the seasonal pattern has started to turn bullish. Cattle prices have been charging lessly higher but the seasonal patterns about turn bearish. At the same time, Garner thinks that the cattle bulls and the natural gas bears have both run out of ammunition. If you're taking pretty extreme positions that often signal reversal. So let's start with the weekly chart of the one fossil fuel that can't seem to get out of its own way in this country and that's the natural gas futures. Say what you will about U.S. economic policy, there's one thing our government's done very right over the past 25 years and that's embracing energy independence. Although we still rely on some oil imports, we're now a net exporter and more importantly, we have more more natural gas than we know what to do with. The rest of the world's in dire straits right now because the war with Iran has created natural gas storage. We're trying to supply them but it takes years to build new liquefied natural gas export terminals. Decide them to permanent end of and huge amount of money. Given the lack of export capacity. Natural gas prices in America have been dripping lower, lower, lower, lower, entering what Garner calls its value zone. You can see from the weekly chart never goes up. We could start that a long term pivot price near 360 is what we are going to be looking at. Okay, see this one? There's the 360 pivot right in that space. Prices tend to be bullish when we get above this line and be a bear see when we're below it. After a heart stopping rally in early January, Garner points out the natural gas futures failed to slip below their trend line. See it held. Okay. Marked in blue trend line that's currently around 240 down a few nickels and dimes from where the commodity currently trading. Now she thinks this poor sports will hold and could pave the way for higher prices in the coming months because the seasonal pattern here is about to turn. Next chart, take a look at this. Okay. This is the weekly chart of the NAT gas futures with the CFTC commitment of traders report report down at the bottom. The green line down here represents the net long or short positions of large speculators, many money managers and right now it's near historical extremes of negativity. The traders are basically net short by a very large margin betting against it. Garner thinks that means we'll soon run out of sellers. And when you've got no more sellers, well guess what happens. Prices tend to rise. Of course that doesn't mean that natural gas is done drifting lower. In the short run it could get hit again. But in the long run Garner believes we are headed for a rebound. Just take a look at the seasonal chart of cash market natural gas prices. This is they run through all the different pictures of multiple years of. This is multiple, multiple calendar years. Okay. That's what you're looking at. They tend to bottom in March or April for the year and we're coming off what's called the shoulder season. We where oversupply from winter gas work through. Then the summer arrives. We need more power to keep things cool. Remember this is what happens is historical pattern over and over again. Okay. And NAT gas prices tend to roar. This is air conditioner season. All right. That's why Garner's bullish on NAT gas. I don't share this but I have to point it out same time she's feeling more bearish on actual cattle. I don't share this but I got to put it out. Check out the weekly chart of the live cattle futures which have been roaring higher like that's what gas though Garner thinks cattle prices have reached extreme levels. It's just that they're extreme in their bullishness. She says this feels a lot like the runaway train that the cattle market put together in the fall of 2025 prior to coming to a hideous correction which didn't last long because my chapel trust on Texas Roadhouse and boy did we ever skedaddle when that. When. When cattle went down as seen in late 2025, the relative strength. Look at the RSI down here. Okay. A crucial momentum indicator is showing signs of diminishing momentum after reaching high levels. She thinks this is diminished momentum. Now we've, in the last latest run we've seen live cattle futures post new all time highs. That's what spooked me. Okay, but the relative strength index failed to make a new high. That would have had to go to here if she thought it was a real top. That's called a negative divergence. This type of technical. A technical signal. I'm sorry, but it goes. If this is going higher, she would be okay. She thinks that there's not a lot of strength to this last move. Right? That's what she said. Even if it's a sign of weakness, which generally is that weakness might take weeks or months to take hold. I agree with that. Still, it's a piece of the puzzle and it's not an encouraging one in her opinion. Plus the seasonal pattern is not in your favor if you own cattle. Right here, take a look. The price of steers tend to peak in April, then suffer and a nasty bout of selling in May and June. And that's why Garner thinks cattle prices are headed for a top. Of course the seasonal pattern again isn't a guarantee, but more often than not it's the way things play out. With 30 years of data considered, Garner says the most likely pattern is a cattle top in March or April followed by a weak May and June right now. So you would this where would be the equivalent of. And she says it's going to go like that. Now check out the weekly chart of the cattle futures with the CFTC commitments of traders we're looking or that report that I just mentioned. Remember we watch the green line for large speculators and after this remarkable rally in the cattle futures, these money measures have used net long position. Barr points out that since 2023 extreme long positions by speculators has merely triggered short term corrections rather than a prolonged downturn. Even so, this is one of the largest net long positions in history. On three of the last five occasions when we reach these levels and the cattle market was a better sell than a buy. Plus, don't forget the seasonal pattern is now going against you. Okay, so she thinks, I mean look, this is some run, huh? She's looking for something like this. I feel that it's just not going to go higher and not going to Go lower. So we're a little different on this. Here's the bottom line. The charts interpreted by Carly Garner suggest that both the tepid natural gas market and the red hot live cattle market could be headed for reversals. If history is any guide, natural gas tends to roar at this time of the year, while cattle prices tend to take a big hit. I think she makes a good point. When trends get too extreme, they often reverse themselves. However, I am concerned about both. There's a lot of natural gas and not enough cattle. Allen in Florida. Allen.

[Caller]

Jim, I just bought your book. Big fan, man. Thank you for what you've been doing for everyone.

[Jim Cramer]

Thank you. I mean, it's how to buy a stock. What can I say? Thank you so much.

[Caller]

Hey, listen, I'm looking at Landbridge. It looks like a baby tpl, but with a little bit stable revenue. Is it the next landlord play in the Permian Basin going on with all this oil stuff? Going on, man? Thanks for what you do, man.

[Jim Cramer]

And what's the stock? Land Bridge. Land Bridge. Lb, man. We got this. The old Limited. All right. Land Bridge is one that I'm going to tell you I do not know enough to be able to opine on. This is a We. We did Texas. We did Texas land. But I'm going to have to come back with Lambridge. I'm sorry, I do not know that stock. It happens. What can I say? Boy, there's a lot of oil and gas that have come back to life because of the price of oil. And I've got to do some homework before I pine on it. Right. The charts interpreted by Carly Garner suggest that natural gas or more suit while cattle prices will take a hit. I think she makes some good points, but I have to tell you, I think both of them are stubborn. And that means natural. Get a stubborn low and steer stubborn high. That's where I made money at, including my exclusive with Columbia Sportswear. Jumping after earnings. Is it time to try the stock on for size? I'm seeing if this could be the start of a move higher with the CEO. It's been kind of doing nothing for a while, but the stuff's pretty good. Dan, conference calls are an art, not a science. I'm sharing how you can interpret a call to your. Next time. We got a good quarter from Columbia Sportswear. The apparel company you know is Columbia Mountain Hardware, Sorel Prana, among other brands. Performance Fishing. My Faith. After spending years lost in the wilderness, I mean, the stocks kind of rebounded very, very nicely over the last few months. And you can see why Columbia reported a really good quarter. 30 cent earnings beat off 35 cent basis higher than expected revenues. And its gross margin only shrank by 20 basis points year over year despite absorbing a 310 basis point hit from tariffs, one of the hardest hit of all. Still, management actually raised their full year earnings forecast pretty substantially. The question now is whether they can turn around their American business. Let's check in with Tim Boyle is the Chairman CEO of Columbia Sportswear. Get a better read on the quarterback. Welcome back to Man Money.

[Tim Boyle]

Jim, it's great to be with you. Thanks for including us.

[Jim Cramer]

Of course. Now Tim, I gotta tell you, in your conference call, you said we're excited that the return to our irreverent roots is going to well and then say it's going to really start helping things. I felt the same way about your stuff. I think it's gotten, it was very good and I've always been a customer but it wasn't fun and it wasn't funny and that's back and I can tell it immediately. What's happened to make this change?

[Tim Boyle]

Well, you know, we sort of recognize that at the end of the day we talk about we've got to be different and all of our competitors frankly take themselves very seriously, as probably they should. But if we're going to be different, we need to talk about how much fun the outdoors is and how much fun we can have talking about the outdoors. So that's why we, we had the, the Flat Earth chat challenge where we told the flat earthers if they could prove that the earth was flat, we'd give them the company. That was a tremendous amount of fun. I'm still getting emails today, people who want to enter the contest. And you know, we did this beer launch where we hijacked the big game in Santa Clara, California in January. And you know, we made beer with one of the components is bear scat. And you know, we, we're having a good time with this stuff. We've got more interesting things happening and that's how we make ourselves different. It's, it's resonating.

[Jim Cramer]

You know, I'll tell you how I work. I bought your that really terrific water tight two jacket. Okay. Why did I buy it? Well, I don't know. I fish a lot. This look good. I know your label. I went to Amazon. I wanted, I wanted something that exactly fit that and it pops up and I bought it and I just find your stuff's appearing more. I don't know why. Now I am an angler. But I just see your stuff appearing more, and I think it's because there's some whimsy to it and it matters.

[Tim Boyle]

I agree. You know, we have a big history, especially in fishing. You know, we. This year's the 30th anniversary of our Bahamas shirt, which is one of our biggest selling items. And we celebrated it. We brought some new colors back from the depths, and it's been a lot of fun. And at the end of the day, the outdoor merchandise that we make is for people to have fun. And we need to make sure that people know that.

[Jim Cramer]

Now, at the same time, numbers. The business over in Europe is extraordinary. Now, I knew you always said that would happen. It's been consistent, but it's really incredible. And I want to put that in context before we go to America. Who's doing the buying there?

[Tim Boyle]

Well, the buying of the product, it's generally a, generally a younger consumer. Our biggest market there is France. Our second biggest market is the uk. It probably should be Germany, frankly, but we do. We're doing great business across Europe. And it's, again, because we're different. We treat it a little bit differently than the typical European outdoor brands. And it's grown nicely. We've got way more opportunity there. You know, it's, it's colder than in the U.S. people live more north than in the U.S. and frankly, they walk and they're outdoors way more than the US So it should be really our biggest market by many measures.

[Jim Cramer]

Now, I know you're unhappy with the US what are you going to do to make it so it turns?

[Tim Boyle]

Well, we have to really focus on our business in the U.S. i mean, we've got a substantial business here. It's, it's more heavily weighted to wholesale than it is to our dtc, and we just need to lean into it much more. There's, there's been a lot of consolidation in the US Way more than in Europe, although we see that happening in Europe as well. But we just need to get the right product and the right emphasis on what we're doing in the US and one of the things we're doing is we're, we're teaming up with a guy who's fun. My, his picture is behind me. Mr. Irwin, who's big time Dancing with the Stars winner, and he's, he's an outdoors person. He actually, his mother's from Oregon, so we've known him for a long time. And we're going to work together to make the brand more accessible and more approachable. We're Also doing, we have a heavy emphasis on women's apparel, especially outerwear, where we've had a real success with our amaze garments for fall and we're extending that into. Into spring.

[Jim Cramer]

Well, another thing that caught my eye, that is the dry Tortuga boot. I've got it with me. You know, I like when I fish on a, when I fish in a place where I know there could be a quick storm on a boat. I fished off of Venezuela this year. I had the wrong kind of shoe. I should have had this. This has got to be selling incredibly well.

[Tim Boyle]

It's, it's been fabulous, you know, and that, that kind of boots been around for a while, but we put our own technologies in it. The Omni Max footwear cushioning system is in that and that's really comfortable boot and people are recognizing it and it's been selling like hotcakes.

[Jim Cramer]

So the last half to ask is that the tariff money? I mean, you guys got really banged by tariff probably more than most just because of the specialty way that you make things. We're going to annualize. It's going to be analyzing some pretty easy compare soon.

[Tim Boyle]

Yeah. So. Well, if we get the money back and we're hoping that the government gives us our money back, it's around $80 million we think is we're due from the US government and we have a portion of that smaller portion will go back to our vendors who gave us some help when we needed help because the pricing and the tariffs came out of nowhere. But we'll use sort of a number of different things, including sort of our own historical capital allocation format to decide what to do with that cash. But it'll help us continue to have a fortress balance sheet.

[Jim Cramer]

Well, look, you know, back a lot of stock too. This is a. I think this is a good time. I love the whimsical. It really matters. I want the fun and the funny because I know I already have the technology. You never ever compromise the technology. That's Tim Boyle, chairman CEO of Columbia Sportswear. Check out the new lines. The lines are quite exciting. Thank you, Tim.

[Tim Boyle]

Thanks.

[Jim Cramer]

Jim's back after the break.

[Announcer]

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

[Jim Cramer]

It is time. It's time for the lightning round. You say Mr. Bye Bye just because I do not pull note, of course. Stop question ahead of time. My staff prepares the peppers and fly in playing the sound. And then the lightning round is over. Are you ready, Ski? That's a lot I want to start with Jim Incal. Where you, Jim?

[Caller]

Oh, ya, Jim.

[Jim Cramer]

I'm good, Jim, how you doing?

[Caller]

Good. I'm second time caller club member and I read your book make money in any market.

[Jim Cramer]

Oh, that's so great. Thank you.

[Caller]

Yeah, I followed your guidelines. I got my portfolio diversified and it's doing well. Thank you.

[Jim Cramer]

Okay. All right, that's what we want. What do you got for me?

[Caller]

I did make some space for a few speculative stocks and I like the physical. I. I have been following this company some time and while the company is on the precipice of going commercial as of today, what do you think of Aurora Innovations?

[Jim Cramer]

Yeah. Okay. I'm going to do this. I'm going to say that that's a worthy spec. I know that's the Pittsburgh guys. I think that real smart guys. I'm not sure when they can ever make any money. But I'm going to go with you because I like the specific spec nature of it. I think it's got something going for it. Now I'm going to Gregory in California. Gregory, how you doing, buddy? Good, Jim.

[Caller]

It's been a long week. It's Friday and I'm ready for a glass of panka over ice.

[Jim Cramer]

Oh, my God. Try our new tequila, man. You won't believe it. Plus four tequila comes out this week. Stop drinking pounding in here. Jesus, guys, come on. All right. Bear up of good news, Jim. You want to try? I sure try. What's up?

[Caller]

The earnings season. This company had a solid beat across the board. They can't keep up with the demand. Stock cuts, 12% question, Jeff. Be silly to take a swing trade on RTX right here.

[Jim Cramer]

Oh, I got it. Rtx. Well, I mean, hey, RTX is down very big. Gregory. Once again, I think Gregory is like 6 for 6. RTX is a monster right here and I'll buy it aggressively. It's down a lot. It makes no sense. It's because there's not enough aircraft servicing because people feel that people aren't going to fly anymore.

[The Hartford Representative]

Wrong.

[Jim Cramer]

Let's go to Bobby in Georgia, please. Bobby.

[Caller]

Mr. Kramer, I want to do another. I want to thank you for being such a passionate, wonderful teacher over the years.

[Jim Cramer]

Hey, thanks, man. That makes you feel good.

[Caller]

I want to know about amprius Technologies ticker symbol ampx.

[Jim Cramer]

You know, okay, this is, this is another spec. It's a storage spec and it's got. It makes a lot of sense. Once again, two specs that I'm willing to go with. You're allowed to have one stack your Portfolio five. So everybody who bought the book and buys the book knows. And that let's, ladies and gentlemen, is the conclusion of the Lightning Round.

[Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up. Conference calls often adopt a language of their own. And Kramer's had enough. He's letting all the executives out there hear it from him. Next.

[Jim Cramer]

Conference calls are an art, not a science. If you have a great quarter, you need to tell people why it's a great quarter. You have to shout it from the rooftops. Because when you have a bad quarter, you have to wear the darn hair suit or at least should. I think that many CEOs and CFOs who run these calls are making a big mistake. Their entire calls are meant just for a handful of analysts or who are trying to work on their financial models so they can tell big accounts what they think the company can earn in the future. As a result, the calls are anodyne. I think that things are changing in America. Individual stocks are making a comeback. And that makes so much sense. There are a host of stocks that have given you such fantastic performance that it's not. Not to take your inspiration from it. Consider the one year returns of. Of stocks that we watch higher endlessly here on the Network. Western Digital, up 882%. Seagate, up 7 or 8%. Micron, up 597%. Intel, up 303 99%. Sanders, up 3542%. The S&P 500 during that period, up 29%. That's a tremendous run by historical standards, 29%. But compared to those individual stocks, it's nothing. You could have made money or you could have. You could have gotten rich. I would say the latter should at least be over on the table when you invest. Why not? Why settle for mediocrity? These kinds of returns can be had, but had by you. You just need to own a couple of stocks. Look, I've written a whole book. Teach you how to do it, how to make money in any market. It's. It's not a shyster book. It's a heavyweight book. When you get to the part about, believe me, about balance sheet, you'll know there are no excuses for just owning an index fund anymore. You can own both. In the book, I show you how to read a conference call. I had to give you that walkthrough because I think these calls are impenetrable. So for the executives who run these calls, listen up. Here's what they need to do. Instead of what they're currently doing. Because now they must expect individuals are reading or are listening to their calls. It's not just the analysts on these calls anymore. It's real people, CEOs. First, while there are a lot of details that the analysts need to know to come up with the projections, you also need to have a narrative that explains the quarter and stick buy it. I know this can be done because Netflix has done it. They'll be in a bit of a scattershot way. Second, as I said at the top, you need to address not just your company, but your stock right now. Whether stocks been cut in half or three quarters or just unchanged, CEOs still say everything's rosy. That's just plain unfair. If your stock's down, own it. If it's down big, address your fall immediately. You have to. You can explain why the stock's wrong, but you have to address the reality situation. Don't pretend it's not down. Your credibility will go through the roof and you'll actually attract a flock of retail buyers who'll stick with you through thick and thin if you're honest. Third, stop presuming we know everything about all the different divisions. They're doing well. Poorly. Don't default to abbreviations. That's hard. Tell us whether a department is doing well and why. Tell us what's lagging. It's important. Fourth, context matters.

[Caller]

People.

[Jim Cramer]

Compare your work to pass work. We need to know if your business is actually making progress. Finally, grade yourself. Grade yourself CEOs. Grade yourself hard. I know some companies talk like they've earned an A every quarter. Well, that's worthless. Don't try to fool us. If your business slipped in Q2 and the stock's down, just patiently explain why that is and either convince us why the stock is wrong or why we can expect something to change at the underlying company. Believe me, people will appreciate your candor. Your stock will be known as one that caters not just institutions, but to our viewers. And our viewers are the smartest stock owners in the land. I'd like to say this is always a bull market summer. I promise. I've had it just for you. Right here on Man Money. I'm Jim Cramer. See you Monday from Seattle.

[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 discussed by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Kramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer this episode is

[Keith Lansford]

brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview, delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and [e-mail] market update podcast or find Schwab Market Update. Wherever you get your podcasts.