Mad Money w/ Jim Cramer 5/13/25

Summary

Mad Money w/ Jim Cramer - Episode Summary (May 13, 2025)

Host: CNBC’s “Mad Money” with Jim Cramer offers an insightful dive into the financial markets, featuring expert analysis, stock recommendations, and exclusive interviews with industry leaders. In the May 13, 2025 episode, Cramer navigates complex market dynamics, discusses significant stock movements, and engages with callers to provide personalized investment advice. The episode culminates with an exclusive interview with Martin Hoffman, Co-Chair of Disney Entertainment, providing an inside look at Disney’s strategic initiatives and market positioning.

---

Market Overview: The Impact of Tariffs and Presidential Policies

Timestamp: [01:57]

Jim Cramer opens the episode by addressing the dramatic market fluctuations triggered by President Trump’s introduction of "Liberation Day" tariffs. Drawing parallels to the Smoot-Hawley tariffs of the Great Depression, Cramer emphasizes the severe initial market backlash:

“President Trump's Liberation Day tariffs were much higher than the disastrous Smoot-Hawley tariffs that helped contribute to the Great Depression. It crushed the market, trillions were lost, bulls were turned into bears...” ([02:15])

However, Cramer highlights the remarkable market recovery over the past six weeks:

“Six weeks later, it's like the whole thing ever happened. Stocks have been bouncing back ever since, including today where The Dow dipped 270 points but the S&P gained 0.72%. The Nasdaq jumped 1.61%. The S&P at one point, down almost 17% at one point this year, is now positive for the year. It is an astounding comeback.” ([03:00])

He attributes this resurgence to several factors, including cooler-than-expected consumer price increases and shifting investor expectations regarding Federal Reserve rate cuts.

Sector Analysis: Defense and Pharmaceuticals

Timestamp: [04:30]

Cramer delves into sector-specific movements, noting unexpected performances:

“Stocks that thrive when rates go higher, the defense stocks, well, they got bruised today, all right? I mean, the drug stocks took it on the chin and it was the exact opposite of what you would expect.” ([05:00])

He explains that the initial market reactions were a result of hedge funds and fast traders being caught "offside" by the sudden policy shift, leading to selling pressures that have since subsided as the market realigns.

Presidential Policy Shift: From Anti-Market to Market-Friendly

Timestamp: [06:45]

Cramer analyzes the sudden pivot in President Trump’s stance on tariffs, questioning the motivations behind this change:

“Was it the executives who met with Trump and told him that his tariff plans would cause a huge amount of inflation and empty shelves and stores making people absolutely miserable?... Did Trump simply realize that he wasn't going to accomplish what he wanted to do, so he switched sides because. Well, why not?” ([07:15])

He concludes that this policy reversal has significantly benefited the market and individual investors who held their positions, contrasting them with those who bet against stocks.

Caller Interactions: Stock Recommendations and Insights

UPS Inquiry

Timestamp: [08:18]

Mike from Colorado Springs seeks advice on UPS, expressing concern over the stock’s decline despite a solid dividend:

“I bought UPS three months ago at 114 for a 6% dividend. After listening to the CEO at their last conference call called, she explained their plan for profitability post Amazon. The stock is now 100. Should I buy more? Hold or find a better.” ([08:35])

Cramer responds with a firm recommendation to sell UPS:

“I think the FedEx is going to clean their clock. Frankly, I think that Raj Subramanian is a better operator and you're on the wrong horse. I'm sorry, I thank you for the kind words, but you are on the wrong horse. Don’t buy.” ([09:03])

AT&T Performance

Timestamp: [10:15]

Dylan from Pennsylvania inquires about AT&T’s potential to break above $30:

“With their enterprise partnerships and driving a wave of IoT device and connected vehicle activations, which scales well on top of their core wireless and fiber network I was wondering Jim, do you think that they're going to be able to break above that $30 mark?” ([09:37])

Cramer responds positively, endorsing AT&T as a buy:

“I think it is going in the right direction and I would be a buyer of AT&T.” ([10:15])

Interview: Martin Hoffman, Co-Chair of Disney Entertainment

Timestamp: [14:14]

In an exclusive segment, Cramer interviews Martin Hoffman, providing an in-depth analysis of Disney’s robust performance and strategic initiatives.

Disney’s Market Resurgence

Hoffman discusses Disney’s remarkable six-session stock rally:

“I am very proud of my colleagues. I feel like we're in great shape.” ([15:26])

Cramer acknowledges Disney’s turnaround from a losing division to a growth powerhouse:

“You have an amazing breadth and you have fabulous IP... the fact was you were in a business that was losing a billion a quarter... and now it's the reason why we love Disney and why the stock won't quite.” ([15:36])

Strategic Content and Streaming Success

Hoffman elaborates on Disney’s content strategy and streaming success:

“Our strategy is it's really working. And ultimately we're looking at a few different elements that make a huge difference for us, starting with amazing stories and a unique type of story that you can only find at Disney... the films are amazing... They stimulate subscriber acquisition, they drive engagement.” ([16:42])

He emphasizes the integration of linear channels with streaming platforms to cater to diverse audience preferences:

“We look at our linear channels... as an opportunity to program for audiences that are still watching on linear. And then that same content is windowed onto streaming where it's on demand and available for subscribers whenever they want it.” ([19:00])

Competitive Edge Over Netflix

Addressing comparisons with Netflix, Hoffman asserts Disney’s unique ecosystem:

“You think about Disney Plus, it is the portal for Disney fandom around the world and those iconic stories and characters are activated in our parks, on our cruise ships, in consumer products. There are so many ways that we're able to optimize and monetize that content that other companies are not able to do.” ([21:31])

ESPN and Sports Programming Innovations

Hoffman highlights ESPN’s growth and innovative programming:

“ESPN BET Fantasy, the personalization of the studio programming of SportsCenter... it is going to blow people away. It's going to be, no pun intended, a game changer.” ([23:18])

Natural Gas Sector Analysis: Opportunities and Recommendations

Timestamp: [27:35]

Cramer transitions to the natural gas sector, noting a significant price rebound and its implications for investments. He outlines key stocks poised to benefit from this trend:

1. EQT Corporation (EQT)

   • Performance: Up nearly 22% year-to-date.
   • Cramer’s Take: “EQT is the Pittsburgh, Pennsylvania based operation that's the only large-scale integrated natural gas producer in the United States.” ([28:00])

2. One Oak (1Oak)

   • Performance: Despite a 14% yearly decline, remains undervalued with a 4.8% yield.
   • Cramer’s Take: “One Oak offers a unique value proposition if you believe in a major natural gas comeback.” ([29:00])

3. Enbridge

   • Performance: Up 18% over the past 12 months with a 6% yield.
   • Cramer’s Take: “Enbridge blocks in any shortlist of natural gas plays because they operate the continent's largest natural gas utility by volume.” ([30:00])

4. Cheniere Energy

   • Performance: Up more than 8% year-to-date.
   • Cramer’s Take: “Cheniere has many growth projects and I think you can keep building on its lead in this space.” ([31:00])

Cramer concludes with a bullish outlook on the natural gas sector, attributing the rebound to favorable presidential policies and increased demand for liquefied natural gas (LNG) exports.

Lightning Round: Rapid Stock Insights

Timestamp: [42:28]

In the high-energy Lightning Round, Cramer offers swift buy, sell, and hold recommendations based on caller inquiries:

1. Roku

   • Caller: Mike from Connecticut
   • Recommendation: Hold
   • Cramer’s Insight: “The stock has some upside because they are doing some pretty terrific things in streaming.” ([43:43])

2. GE Healthcare

   • Caller: Jim from Colorado
   • Recommendation: Don’t Buy
   • Cramer’s Insight: “I think the company has been a very big disappointment and I just have to say I don't need to be in stocks that have been disappointing.” ([44:18])

3. Constellation Brands

   • Caller: Henry from Missouri
   • Recommendation: Don’t Buy
   • Cramer’s Insight: “The beer business is soft. The spirits business is not so good and frankly I expected more from the company.” ([44:44])

Political Developments and Market Implications

Timestamp: [46:06]

Closing the episode, Cramer discusses President Trump’s strategic meeting with American CEOs and Saudi Arabia’s Crown Prince Mohammed B. Bin Salman (MBS). He examines the potential economic and geopolitical ramifications:

“President Trump's pushing some big moves in the Middle East... to get the Saudis to commit $1 trillion to invest in the United States... There's a virtuous circle going on here.” ([46:06])

Cramer reflects on the dual impact of these meetings, praising their potential to strengthen U.S. industrial capabilities while simultaneously courting foreign investments.

---

Notable Quotes:

• Jim Cramer: “Six weeks later, it's like the whole thing ever happened. Stocks have been bouncing back ever since...” ([03:00])

• Martin Hoffman: “Our strategy is it's really working... the films are amazing. They stimulate subscriber acquisition, they drive engagement.” ([16:42])

• Jim Cramer: “I think the FedEx is going to clean their clock. Frankly, I think that Raj Subramanian is a better operator and you're on the wrong horse. Don't buy.” ([09:03])

• Martin Hoffman: “We look at our linear channels... as an opportunity to program for audiences that are still watching on linear. And then that same content is windowed onto streaming...” ([19:00])

• Jim Cramer: “EQT is the Pittsburgh, Pennsylvania based operation that's the only large-scale integrated natural gas producer in the United States.” ([28:00])

---

Conclusion:

The May 13, 2025 episode of “Mad Money with Jim Cramer” provides a comprehensive analysis of recent market trends influenced by presidential policies, sector-specific performances, and strategic corporate moves. Cramer’s dynamic interactions with callers, coupled with his in-depth interview with Disney’s Martin Hoffman, offer viewers actionable insights and a deeper understanding of the evolving financial landscape. Additionally, the focused analysis on the natural gas sector underscores emerging investment opportunities amidst changing economic conditions.

---

For more detailed insights and daily market updates, tune in to “Mad Money with Jim Cramer” on CNBC.

Transcript

[Bank of America]

As America's leading business lender, bank of America is on your corner and in your corner. With $215 billion in business loans and over 3,700 business specialists across the nation, we help businesses thrive so communities prosper. What would you like the power to do? Learn [e-mail] LOCALBUSINESS bank of America Official bank of FIFA Club World Cup 2025 Copyright 2025 bank of America Corporation. All rights reserved. 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 Capcor 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 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 in index as compared with passive ETFs. Fidelity Brokerage Services LLC Member NYSE SIPCAT Hey, I'm Kramer.

[Jim Cramer]

Welcome to Edmoney. Welcome to Kramerica. I'll be with my friends. I'm just trying to make you money. My job is not just to entertain you, but to educate, to teach you about how days like today can happen. Call me 1-800-743-CBC. Tweet me jim Cramer. You can't blame anyone for being confused here. Little more than a month ago, the President declared Liberation Day, putting forward a tariff regime that was far more punitive than anyone could have imagined. President Trump's Liberation Day tariffs were much higher than the disastrous Smoot hauling tariffs that helped contribute to the Great Depression. It crushed the market, trillions were lost, bulls were turned into bears, bears returning to meat eating grizzlies, and money poured out of stocks. Six weeks later, it's like the whole thing ever happened. Stocks have been bouncing back ever since, including today where The Dow dipped 270 points but the S&P gained.72%. The Nasdaq jumped 1.61%. The S&P at one point, down almost 17% at one point this year, is now positive for the Year. It is an astounding comeback. All day. I heard that the market went higher because we had a cooler than expected consumer prices. Next number. Okay, through inflation, only increased by 2.3% less than expected. That's right where the Fed should be willing to cut rates if the economy softens. But long term interest rates actually went up today, not down. So clearly nobody's betting on rate cuts. Stocks that thrive when rates go higher, the defense stocks, well, they got bruised today, all right? I mean, the drug stocks took it on the chin and it was the exact opposite of what you would expect. So the cpi, it had nothing to do with this move? No. What happened today, what happened yesterday, and what's happened for the last few weeks is nothing other than a gigantic offsides call. In football, the big money, the hedge funds and the fast traders have been caught on the other side of the line of scrimmage, and it is costing them. Now. They've had to try to get back on sides before the ball snapped. And because they have so much money bet the wrong way, they just can't do it in time. They need sellers, natural sellers, to surface so they can avoid the penalties they're facing. But the sellers aren't showing up. Why should they? The game's now going their way. A president who had been, perhaps unwittingly, on the side of the bears has switched teams and become their worst enemy. How'd this happen? Honestly, it's not really clear. Was it the executives who met with Trump and told him that his tariff plans would cause a huge amount of inflation and empty shelves and stores making people absolutely miserable? Was he upset that his base would be hurt by rising prices? Did he fear that he'd cause a wave of inflation like we had under President Biden, which President Trump knows helped him retake the White House? Did he recognize that there was another way to extract wealth from other countries, like the wealth that he's attracting from the Saudis? Or did Trump simply realize that he wasn't going to accomplish what he wanted to do, so he switched sides because. Well, why not? Why be wedded to a strategy that might hurt the country and not help it? I mean, that's not his style. In other words, why not be arbitrary? Why not be mercurial? Because you don't like what you're hearing from business people who you trust? One thing's for certain. The market simply wasn't big enough for those who were betting against stocks to be able to bring in their shorts, short positions and simultaneously do some buying to participate in this rally, or to put it in a way that we understand, Trump, to the man who cared more about tariffs and progress, had taken a back seat that Trump won. Who still wants tariffs, but may be getting more for companies by threatening a hard line than by actually executing on the hard line and throwing us into recession. I think there was a practical element to Trump's change of mind. He wasn't going to get lower interest rates to combat the slowdown the tariffs had caused, because the tariffs would also produce inflation. But I think he didn't realize how so many hedge funds decided that he was willing to burn down the village in order to save it, so to speak, which is why they sided with arsonists. Then the arson disappeared and they had nothing to save them. How could this happen so quickly? First, as those who shorted the market now realized the President's pivot was wildly bullish for the very companies that had previously been hit the hardest. Take a video. On the one hand, Trump effectively forced Nvidia to take a $5.5 billion charge for chips it could no longer sell to China. Or on the other hand, he's now out there helping Nvidia sell chips to some of the biggest clients in the world, the Gulf monarchies. Nvidia stock has made a historic comeback. Second, we have almost no new supply in this market. No whatsoever. But we have some of the most voracious buybacks I've ever seen. I know it seems absurd, but without new supply from the IPOs and secondary offerings, if anything good happens, those quite offsides would have no choice but to pay up and up and up to get all the stock they needed. There just isn't enough supply for them to quickly turn bullish. And that's happening right now. Third, without huge tariffs, the possibility of runaway inflation is taking a back seat. That makes it much easier for the Fed ultimately to cut rates, creating a far more positive backdrop in the future. Fourth, the earnings simply failed to fall apart. We just went through a very good earnings season. There's no fundamental reason to sell. In short, our arbitrary, incompregious president fooled the smartest people in the world, while the retail investor, the home gamer, you didn't sell. Like it or not, President Trump too morphed into President TRUMP 1. And those who banked on him wrecking the stock market, well, they made a huge mistake. In retrospect, on April 9, when Trump posted on True Social quote, this is a great time to buy. End quote. He nailed the bottom because the last he created the bottom he created by Hiking the ball at the worst possible time for the Bears, April 9th ended up being the largest one day point gain in Dow Jones history. Just under 3,000 points. You just had to listen to very few Bears did. And you made a fortune if you listened to Trump. Because he decided to stop fighting the stock market started embracing the bottom line. The Bears are paying the price while the individual investors who held on are basking in the glory of one of the greatest rallies ever. As the President ultimately made the extremely rational decision to not destroy the entire stock market. Maybe more of us should have seen that coming. Especially when he told us it was a great time to buy. And indeed it was. What a call. Hey, why don't we go to Mike in Colorado? Mike.

[Mike]

Hey, Jim. Mike from Colorado Springs.

[Jim Cramer]

Mike, what's happening? We all. We went to Colorado Space. We loved it, Mike. Hugely fun place.

[Mike]

Hey, I want to say thank you for the help you've given us over the years, especially when the market is going crazy and you are the voice of reason.

[Jim Cramer]

Thank you. We did not want to. We did not want to put and leave this stock market. We had a feeling that things could get better. Thank you for recognizing that. How can I help you?

[Mike]

Jim? I'm 68 years old and retired. I bought UPS three months ago at 114 for a 6% dividend. After listening to the CEO at their last conference call called, she explained their plan for profitability post Amazon. The stock is now 100. Should I buy more? Hold on or find a better.

[Jim Cramer]

I think the FedEx is going to clean their clock. Frankly, I think that Raj Subramanian is a better operator and you're on the wrong horse. I'm sorry, I thank you for the kind words, but you are on the wrong horse. Don't buy.

[Dana Walt]

Don't buy.

[Jim Cramer]

How about we go to Dylan in Pennsylvania? Dylan. Hey, Jim. Hey, Dylan.

[Mike]

Booyah. See you. Thanks for taking my call so much. I'm a longtime listener. Thanks for all the education and like, experience that you've shared with us small guys out here. So really appreciate it.

[Jim Cramer]

Thanks, buddy. Thank you. Fantastic. How can I help?

[Mike]

So I was calling you today about a telecom company AT&T is firing on all cylinders. And after the WarnerMedia spinoff and years of stalling, stalling out around the $30 mark, the stock is up nearly 69% over the past 12 months and within striking distance of recent highs. So with their enterprise partnerships and driving a wave of IoT device and connected vehicle activations, which scales well on top of their core wireless and fiber network I was wondering Jim, do you think that they're going to be able to break above that $30 mark?

[Jim Cramer]

I will tell you this. I will tell you this. I think it is going in the right direction and I would be a buyer of ATT. Listen to me, like it or not, Trump 2.0 morphed back into Trump 1.0 and those who stayed the course through the tariff turmoil can now bask in the glory. The other guys, they're offsides. Could Disney stock head to Infinity and beyond after last week's post earnings pop? Don't miss my C Suite exclusive straight from the companies upfront. Then what? Natural gas stocks could see some energy ahead. I'm reviewing my list after the court's recent rally and later I'm bringing you my exclusive with Shoemaker on holding after today's remarkable run up. Stay with Kramer.

[Dana Walt]

Don't miss a single second of Mad Money. Follow imkramer on X. Have a question? Tweet Kramer Madmentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Missed something? Head to madmoney.cnbc.com.

[Bank of America]

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 Felcing before investing in any exchange traded fund, you should consider its investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus and offering circular 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 in index as compared with passive ETFs. Fidelity Brokerage Services LLC Member NYSE SIPC.

[Dana Walt]

How will you shape the future of energy with confidence? What does it mean to deliver affordable and reliable energy for all? From evolving supply and demand to pricing uncertainty, EY understands the disruptions energy companies face and how to drive the outcomes that matter. So whether it's in the plants, at the pipeline or on the grid, EY's full spectrum of services help energy companies maximize operations to drive profitability and performance. Ey Shape the future with confidence.

[Indeed]

You just realized your business needed to hire someone yesterday. How can you find amazing candidates fast? Easy. Just use Indeed when it comes to hiring, Indeed is all you need. Stop struggling to get your job post seen on other job sites. Indeed Sponsored Jobs help you stand out and hire fast. With Sponsored Jobs, your post jumps to the top of the page for your relevant candidates so you can reach the people you want faster. According to Indeed data, Sponsored Jobs posted directly on indeed have 45% more applications than non sponsored Jobs. There's no need to wait any longer. Speed up your hiring right now with Indeed and listeners of this show will get a $75 sponsored job credit to get your jobs more visibility@ Indeed.com madmoney just go to Indeed.com madmoney right now and support our show by saying you heard about Indeed on this podcast. Indeed.com madmoney Terms and conditions apply. Hiring Indeed is all you need.

[Jim Cramer]

Disney stock has now rallied for an astounding six straight sessions, up more than 20%, with most of that gain coming last Wednesday after the company reported a block quarter. As someone who owns the stock for the Chapel Trust, I love to see this kind of move, but can it keep running over Today we got the chance to speak with Dana Walt. She is the co chairman of Disney Entertainment at the company's Upfronts event for advertisers here in New York City. Take a look. People should know. I feel like I'm in the presence of greatness, but I want everyone to know who Dana is. There's not a better person to tell me who Dana is than you.

[Martin Hoffman]

Oh well thank you so much Jim for being here and I'm very excited to tell you who I am. I am the co chairman of Disney Entertainment and I oversee our global television business as well as Disney and Hulu, which I oversee together with my partner Alan Bergman who oversees the film side. Additionally, we oversee ad sales, technology and platform distribution.

[Jim Cramer]

Well, people should also know that one of the reasons I'm so excited to meet you with that resume is that you were also the reason why the court was so damn good.

[Martin Hoffman]

Oh well, thank you.

[Jim Cramer]

You were the Delta.

[Martin Hoffman]

I appreciate it. But can I tell you I think we had a great quarter across the board, every segment delivered. I'm very proud of my colleagues. I feel like we're in great shape.

[Jim Cramer]

You have an amazing breadth and you have fabulous ip. But again, I won't pressure on this beyond this, but the fact was you were in a business that was losing a billion A quarter. And we all hated Disney because of that business. And now it's the reason why we love Disney and why the stock won't quite. So how did you turn it?

[Martin Hoffman]

Well, our strategy is it's really working. And ultimately we're looking at a few different elements that make a huge difference for us, starting with amazing stories and a unique type of story that you can only find at Disney, which is Obviously our iconic IP, our branded series, our studio was number one at the box office this year and eight of the past 10 years. It is so reliable. The films are amazing. They, many of them are billion dollar plus performers at the box office. And then they go on to Disney plus where they stimulate subscriber acquisition, they drive engagement. And then when you put that together with our general entertainment, which not to brag, but last year we went, oh.

[Jim Cramer]

Brag, you deserve it. The streaming business is on fire.

[Martin Hoffman]

60 Primetime Emmy Awards, more than any other company. And then very exciting news this morning about ESPN and the ESPN app. And very soon you'll be able to bundle those three services together. Very simple interface. All of that content will be available through one app, which is Disney. So our bundling strategy is really paying off.

[Jim Cramer]

Well, I think also what's paying off is that you have brought an attitude to people want to work with you, stars want to work with you. Stars are still the key. Correct. To get to viewers.

[Martin Hoffman]

It's true. It's stars, it's our creative partners, it's the filmmakers, it's the writers. And you know, Disney is so special in this entertainment environment. It really serves as a magnet for the very best creators. And we try to put them in a position where they can win, where their work is going to be seen, celebrated, where it doesn't feel like it's just thrown onto a platform. You know, we take the time in many cases, you know, whether it's from our linear channels, it's windowed in theatrical, that content is windowed onto Disney and Hulu. We love storytelling. It's the core of our business and we take care of those stories.

[Jim Cramer]

You have the right people to do the storytelling. You introduced me to Martin Short. I was like sitting standing next to Martin Short up. These are people who are. They're lightning in a bottle. Okay. And he's telling me about how much he loves working with you.

[Martin Hoffman]

Yeah, he's a great partner. But again, partnerships matter. They matter. For today, we're obviously, we're at our upfront presentation for advertisers, and those partnerships are key. And we have an incredible Ad sales team and they nurture those relationships over decades. Their dependent, dependable, reliable. We deliver for our partners and we deliver for our creative partners and only murders in the building. We're about to release the fifth season with an all star cast and Martin's been amazing.

[Jim Cramer]

Now talk to me about why people think linear is dead and how it is anything but dead for you.

[Martin Hoffman]

Well, certainly it's not dead for sports, it's growing for sports and esports. Pan on ABC is growing and grew ratings and is delivering for those partners that are are in our sports programming. But you know, we have a very interesting strategy with linear which is it's been embedded in our streaming strategy for the past six years. We look at our linear channels, our core linear channels affects Disney Channel, Nat Geo and abc. And we look at it as an opportunity to program for audiences that are still watching on linear. And then that same content is windowed onto streaming where it's on demand and available for subscribers whenever they want it. And that enables us to speak to a very broad audience. 50% of our audience watches on linear of linear programming and 50% watch it on streaming. And it's a type of content that is foundational to streaming shows with deep libraries. 30 plus seasons like the Simpsons. Every time we have a new season, it activates the entire library. So we've made good sense of these two forms of distribution.

[Jim Cramer]

So why is there a misperception? For instance, I was reading today, well some companies know how to do take advantage of YouTube and you're not mentioned and yet you're. The company's probably taking the most, most advantage of YouTube, trying to pick the people that you, you've got the algorithm, you know what people watch. You've been able to select them, but you're not in the article.

[Martin Hoffman]

It's true. Well, I can't really explain that one, Jim. I can only say they've been a great partner YouTube and we actually partner with them on a variety, variety of different fronts. We have a number of YouTube channels, we produce, you know, several different forms of special content for them, whether it's trailers or short episodes. And all of the work that we do for them ultimately converts viewership back to our own platforms across Hulu and Disney.

[Jim Cramer]

Why do people think that if you have edgy programming, you don't get advertisers and yet you have edgy programming? As we know from the upfronts, you got plenty of advertisers.

[Martin Hoffman]

Yeah, we have premium programming. So high quality program programming is really a hallmark. It's A staple of what Disney does. And advertisers are not rigid. They want to be with trusted partners in programming that is premium, that feels like it is worth their investment and where they get reliable ROI on their investment.

[Jim Cramer]

Right. So comparisons are odious. Except on Wall Street. I want to know what Dana thinks about why there's such a disparity between the value of Netflix and the value of Disney, given the fact that there's this one division, your division, that is going to be putting out what Netflix is doing now in the future.

[Martin Hoffman]

Well, I think it's worth remembering that Disney plus is now five years old. It's still a very young service. And we're so pleased with the direction we're moving. We're growing in all of the important metrics. We grew and you just heard last week on our earnings call call, we grew subscribers, ARPU revenue, profits. We're moving in exactly the right direction and we're really not looking at the competition. We have a unique ecosystem. And you think about Disney plus, it is the portal for Disney fandom around the world and those iconic stories and characters are activated in our parks, on our cruise ships, in consumer products. There are so many ways that we're able to optimize and monetize that content that other companies are not able to do.

[Jim Cramer]

And yet instantly I heard from Wall street critics, well, it was all one off. It was just a one off turn. It can't be anything. It's got true momentum, doesn't it?

[Martin Hoffman]

Absolutely, yes. We're very pleased with the direction we're moving, as I said. And we do have momentum and we are moving towards those double digit margins and this is a growth business for our company.

[Jim Cramer]

Okay, I want to know what. I am going to be blown away by what the advertisers are telling you they're blown away by right now at upfronts.

[Martin Hoffman]

Well, clearly they are loving the sports and they're going to see our incredible partners. You just spent some time with Jason Kelce, which was a great experience for you because I know you're a fan.

[Jim Cramer]

Look, he was in my box at the Eagles and of course I was like, I think Thursday night. So he answers the phone and I'm like, jason K, you, you can't even speak to him because he's such a titan. You got to get choked up by him. He's, he's an amazing person.

[Martin Hoffman]

He really is. But I love Alien Earth. What we looked at at the very end of the presentation, it is a series based on the film franchise which again will have an interesting dynamic when we release the show on streaming. It's going to lift that entire library. People are going to go back and watch those six films. It's going to create engagement across the entire franchise. It's so well executed. Noah Hawley, who also did Fargo is the creator and I think people are going to love it.

[Jim Cramer]

I want to circle back to ESPN just because today is the big news and you've got a portfolio portfolio. But it's saying that you're a cooperative person. Obviously this could be big. I've noticed you even have daily fantasies going to be. But you know and I know Bob. Bob Iger recognizes that fantasy is important and that they watch all four quarters. The fourth quarter matters even if the game is not is blow a blowout. You've got the right people. Eli Manning is a big star for you. It just seems like that what you're doing doing with ESPN is something that no one could imagine you'll be able to do. Jackie, when I remember 100 million and then it was just nothing. It's really gone like this.

[Martin Hoffman]

That's right. I have so much respect for Jimmy Pitaro and his team at espn. They're doing a great job. He has a real vision for this product. It is pretty dazzling. And the way it does incorporate, as you just mentioned, ESPN BET Fantasy, the personalization of the studio programming of SportsCenter. Knowing who the fan is that's watching. I think it is going to blow people away. It's going to be, no pun intended, a game changer.

[Jim Cramer]

It will be. No. I got to tell you game I always think about Bob Iger in this and I know that Bob has got the bench. It's just finally been exposed for what it is. Some incredible titan people like you. Bob's got a pretty good crew, doesn't he?

[Martin Hoffman]

Well, Bob's pretty great. He deserves a good crew and we've all had the benefit of learning from him.

[Jim Cramer]

Well, last thing I do want to talk about when I look at what where you are, I want people to understand that a lot of things were going like this. But in this quarter which has driven the stock up beyond where anyone felt and I think it's still put a couple of multiple points on it was yours that went like this. You had been proud.

[Martin Hoffman]

Enormously proud. I'm so folks proud. My parents are proud. I think Bob's proud of our company which makes us all great. All feel great. Yeah. Thank you so much, Jim for recognizing that.

[Jim Cramer]

Dana Waltz CO CHAIR OF DISNEY ENTERTAINMENT Congratulations.

[Martin Hoffman]

Thank you so much.

[Dana Walt]

Coming up, the natural gas complex is rallying with the rest of the market. Could a play in the space be a natural investment? Kramer's drilling down next how will you shape the future of industrials with confidence? Whether you need to define your strategy, optimize your supply chain, or keep pace with data driven manufacturing, EY professionals understand industrials and the sectors they supply, bringing the insights that deliver real outcomes. With a full spectrum of services, EY helps strengthen your business from factory floor to product development and beyond. So when the global market shifts, your business is agile enough to adapt. EY shape the future with confidence.

[Indeed]

Trading at Schwab is now powered by Ameritrade, bringing you an expanding library of education with even more ways to sharpen your trading skills. Access new online courses, insightful webcasts, articles, engaging videos, and more, all curated just for traders. Plus guided learning paths with content designed to fit your unique interests. And no sifting to find exactly what you need so you can spend your time learning to trade brilliantly. Learn [e-mail] trading.

[Jim Cramer]

All right, lately we've seen this really major rebound in the price of natural gas. It's up roughly 27% from its lows in under three weeks. It's not basically back to where it was in early January, before everyone freaked out of the President's now mostly rolled back tariff agenda. I got to say, this is pretty much what I was expecting when Trump won the election. Unlike oil, where the drill baby drill translates into more production and thus lower prices, natural gas is uniquely captive to the federal government. The rest of the world is desperate to get its hands on our natural gas, but we can't export it without liquefied natural gas terminals, and those can only get built with permission from the regulators. The Biden administration was pretty hostile to fossil fuels, but Trump's happy to greenlight new pipelines and new LNG export terminals. So now that we're no longer terrified that high tariffs will throw the economy into recession, how do we play this relentless rebound in natural gas? Well, first, I probably most obvious, frankly, if you watch the show, I like Equity. That's the Pittsburgh, Pennsylvania based operation that's the only large scale integrated natural gas producer in the United States. So far, this stock's up an astounding almost 22% for the year. It's trouncing the rest of the group. About three weeks ago, on the exact day that natural gas prices set their low for the year, we spoke to the company CEO, Toby Rice, and he explained that Equity Secret Sauce is Their ability to generate consistent cash flow growth even when the commodity is going in the wrong direction. Thanks to the low cost structure since then, this stock's up a quick 15% as natural gas started moving the right direction. I'd also love some natural gas pipeline exposure here in part because most of these pipeline stocks feature generous dividends. How about one O? Yeah one. That's 0, 1, 0 and E. Okay. It looks like one and okay. All right. It's one of my favorites. This is a major player in nat gas gathering, processing, storage and transportation with a big nat gas liquid system now one oak still down almost 14% for the year. Primarily because. Primarily because it got a obliterated in the wake of the Liberation Day tariff announcement. With only a modest recovery since then, the most recent quarter was also less than ideal. A revenue beat paired with an earnings miss and light cash flow numbers. Still, 1Oak offers a unique value proposition if you believe in a major natural gas comeback. Plus, even with the softer first first quarter results, management reaffirmed its full year forecast. That's a real sign of confidence to me down here. The stock sells for less than 16 times this year's earnings estimates. It's got a 4.8% yield backed by tons of cash flow. One oak it's a buy. What else? You know I'm a big fan of Enbridge, the Canadian pipeline colossus. Although the network also has lots of crude oil exposure. Still, I think Enbridge blocks in any short list of natural gas place because they operate the continent's largest natural gas utility by volume. These guys were always big in Canada. They run in the main gas run the main gas utility in Toronto. But last year they put what three American utilities, Utah, Ohio and North Carolina respectively from Dominion Energy and that's created North America's largest natural gas utility. Now Despite a solid 5% gain so far this year and a nearly 18% gain over the past 12 months, the stock's pretty cheap, trading just over 20 times this year's earnings estimates. Get this, the sports a juicy 6% yield. What is not to like about Enbridge? Finally, we want some exposure to the companies leading the way in the liquefied natural gas export space. But many of the LNG exporters have proven to be very tricky stocks. One of the biggest up and comers for instance in the space Venture Global came public in January. It's become a comedy of errors. Even after stabilizing recovery a bit over the past month or so, the Stock sits at 10 bucks and change. That's down at least 66% from its 25% IPO price. Sempra diversified energy company that we used to like very much for its LNG business has also become a bit of a disappointment. Point man, the LNG business is fine, but the regulated gas utilities in California struggling. So let's keep it simple and let's stick with the LNG OG and that's Near Energy, which became the first legitimate LNG export nearly a decade ago. We've truncated the. We've been with it the whole way and remains the largest exporter of liquefied natural gas in America. The stock's up more than 8% year to date after fully recouping all of its post Liberation Day losses. Cheniere has many growth projects and I think you can keep building on its lead in this space, which is why I like the stock. So here's the bottom line. This exciting sector with the natural gas trade coming alive again. I like EQ T for production One, Oak and Enbridge for pipelines and distribution and the OG Chenier Energy as a pure play on liquefied natural gas exports. I think they very much work here with a fossil friendly White House. And now I just have to rock with OG means and I am in fantastic shape. Let's go to Cliff in Missouri. Cliff, how are you doing? Jim? I'm telling you, Cliff, this is a great day. Thank you. Great day. What's going on? Great.

[Mike]

I just want to check on Boeing.

[Jim Cramer]

I continue to pound the table on Boeing ever since Kelly Ortberg got in and they raised the capital. It's going to be up again tomorrow, the month that we. I just listened to Phil LeBeau talk about the monthly deliveries. They're fantastic. You must stay long. Boeing. That's it. Okay. Anyway, now that the natural gas trade is back in fashion, I like games like EQT1 0, Enbridge and Cheniere. And they should all work in this environment as natural gas ain't going down. Now much more man money. I include my post earnings exclusive with footwear player on holding. Then how is Trump shaping the tech giants? I'm telling you where I stand. After the president oversees appearances today and oily calls rapid fire. Tonight's edition of the Lightning round. So stay with Kramer. This morning. We got an incredible quarter from over on holding, the running shoe company. That's the biggest thing to come out of Switzerland since the cuckoo clock. The numbers were so strong that the stock set up nearly 12% today. Can it keep climbing? Earlier today we spoke with Martin Hoffman. He's the co CEO and CFO of ON holding to get a better sense of what's driving this momentum. Take a look. Martin, you just delivered another great quarter and I'd like to know how you're capable of continuing to beat the sales estimates.

[Martin Hoffman]

Jim, thanks for having us. It really all started in summer last year, where we started to really elevate our brand awareness globally. First by the Olympics, by having 70 athletes there on the biggest stage of sport. With our partnership with Zendaya, we brought ourselves in front of many younger customers. And then just this February, we had an amazing super bowl commercial with Roger Federer and Elmo discussing what the ON logo stands for. Then our team has done a really good job in elevating our operational capabilities. We remember the beginning of last year. We had disruptions in our supply chain. Now we have the right product at the right time at the right place. And then we created a lot of exciting products that came to market. Just this quarter, we launched a new Cloud 6, our biggest franchise, the new Cloud Surfer 2, which is amongst our top three franchises in the running category. And then a new, totally new franchise, the Cloud Zone, which is also here on the table, which had a really strong start. So with that, we achieved a record quarter, 40% growth on a constant currency basis. And it also brought us in a position to elevate and increase our outlook for the full year to 28% gross constant currency.

[Jim Cramer]

So one of the things that happens with your new iterations is that those of us who love your shoes feel compelled to buy all three. I mean, I've never seen a brand loyalty at one time. Nike had something like it. Do you expect that each one of these will be picked up by people who already have your shoes?

[Martin Hoffman]

Yeah, you always need one more. I think this is, this is important now. At the same time, we want to, to stand for performance. So for us, it's important that people who move are moving in our products, not just in the shoes, but also in our apparel. And if a runner only needs a new pair every 400km, then this is also fine for us. But I think it's what the brand stands for. It's for performance, design, sustainability. And I think this creates a very unique value proposition.

[Jim Cramer]

But how is it possible that your performance shoes are so loved by people in their 30s, 40s, 50s, 6070s who just want to wear them to places that you would not expect people want to wear a sneaker to?

[Martin Hoffman]

Yeah, it's about the engineering of the, of the product, really. The unique technology in the, in the outsole, which makes the fast runner faster and makes the one who walks in our product more comfortable, more pleasant. Really enjoying the time being out there on the walk. And all our products look good because we really love design. And it's a premium product which also shows that you care about how you show up.

[Jim Cramer]

So let's talk about premium products and market share. We know that the. There's only one company that we used to think was premium. Now I've got a couple of others. Do you see yourself taking share both direct to consumer and in brick and mortar from Nike?

[Martin Hoffman]

Yeah, we see it in the, in the results of the first quarter. Our D2C channel has grown stronger than our wholesale channel. Both E. Com and retail are very strong. So we, we have now 53 stores globally where the consumer can reach really expand experience. The full breadth of the brand. Apparel is extremely strong in our retail stores and it's very strongly growing. The whole apparel category almost doubled in the, in the first quarter. Yeah, I think there are a lot of values in a premium brand that are super important for us. Quality, innovation, sustainability, the experience to our customer, social impact. That's what we are standing for.

[Jim Cramer]

All right, so I know you put some language in your quarter that talked about tariffs, talked about some uncertainty, but you really didn't cut your earnings that much. Is this because you see great momentum? You're not so worried about China. You source in Vietnam, maybe the currency that you're not in, the dollar, I don't know. But even though you, you certainly pointed it out, it doesn't seem like you really think it's going to stop your momentum.

[Martin Hoffman]

I think the brand is in a really strong position. We have done a lot of work to, to earn the pricing power and we will make use of the pricing power also in the market. At the same time, all our products come from Vietnam and Indonesia, so we don't have China exposure. There are couple of other measures that we are taking to, to, to just navigate the situation. But again, it's about focusing on the core values that we have and this is the premium position. So we want to invest into our product, we want to invest into the brand, into the customer experience. That's super important for us. We had our strongest months ever in the history of the company in April where there's a lot of talk about the uncertainty. But the on brand is very, very strong.

[Jim Cramer]

All right, now I want to talk about United States. The super bowl app was fantastic. You've got big presence in New York. Are you taking some of our biggest cities by storm?

[Martin Hoffman]

It Seems like, yeah, it's, it's growing all over the continent and wherever we are, we see more people in the, in the shoes. Our stores in, in Miami, in Aborkini, in, in New York are growing very strongly even on the same store base. But I think this is credit to all the work that we did by giving the brand the credibility, making it younger, while also caring about all demographics. So I think the US Is the poster child for many regions at the same time. Asia Pacific is extremely strong. Almost every country in Asia Pacific more than doubled the business in the first quarter. I've just been to China. You see more and more people in our product there. We opened our biggest mall or our biggest flagship store in China so far in Chengdu. So the customers there can now experience the brand in a new way. So it's really the global momentum that we are having.

[Jim Cramer]

In April, were they lining up for shoes in China? I imagine that you have shown a. The new style, the new look. The others have grown tired.

[Martin Hoffman]

Yeah, we always say we are a Swiss brand with a Chinese heart. So I think this is, this is important that the product really resonates strongly with the Vista China customer. But also Japan, one of the biggest running markets is seeing incredible momentum. Australia. We are about to open our first story in Singapore. So it's really the whole region.

[Jim Cramer]

I know April was really strong. I have come to think of your shoe as a must for the summer. You can't go to the club, play tennis, run, be seen without your shoe in the summer. You really have a huge seasonal burst, don't you?

[Martin Hoffman]

I can only agree, yes. I think there are a lot of great products for any kind of activity. I feel in today's world, movement is. Is super important just to clean your mind from all the, the uncertainty and the stories that are out there. So that's what, what we want to provide a unique experience to go out and move and ignite that human spirit. But yeah, I think we have a lot of fresh colors, a lot of fresh products for, for summer in tennis, in training and outdoor and running. Yes.

[Jim Cramer]

Well, I don't want to ruin your age demographic, but my wife will have bought every single thing that you put out because she has a closet that's just filled with on sneakers. I wish you'd join us someday. We would have a blast, a great time. I want to thank on holding co CEO CFO Martin Hoffman. Martin, congratulations. Just great work.

[Martin Hoffman]

Thank you very much.

[Jim Cramer]

Back in a moment.

[Dana Walt]

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

[Jim Cramer]

It is time to sh the light gox of course operating my separate and then the lightning round is over. Are you ready? Ski d on the lightning round Crazy. Everybody I'm starting with Khalid in Georgia. Khalid. Yeah. Hey Jim, thanks for calling my call. Big fan of your show. Thanks for calling in buddy. What's going on? Hey, I'm calling you about a company that has a record record record number of members record record revenue deposit all time high the company so by and I like so far we've been back you know Anthony knows we have been behind this thing the whole way and you know what? It gets thrown back at this level I am not concerned. I think it goes to new highs. I think it takes out 18 now we're going to Larry in New Jersey. Larry.

[Mike]

New Jersey.

[Jim Cramer]

Hey man, are you kidding me? I'm not even old enough to remember that. Okay, what's up?

[Mike]

Calling about a company just reported May 2nd a little light on earnings of 56 million for the reaffirmed fiscal year Roku.

[Jim Cramer]

All right. You know there's been a bunch of people who don't like Roku. I'm not going to join that gaggle. I think the stock has some upside because they are doing some pretty terrific things in streaming. So I'm okay with it. Let's go to Jim in Connecticut. Jim. Jim. Yeah.

[Mike]

I'm a club member past one and present one with the news of a new imaging system and the tariff on.

[Jim Cramer]

A 90 day suspension is GE Healthcare.

[Mike]

Worth the netherwalk e.

[Martin Hoffman]

Now?

[Jim Cramer]

You know you're a club member. You know I sold a lot in the high 80s and then gave up on the rest. The reason I did was because it's inconsistent too controlled by China, not America. So I am not going to be a backer. I am going to say the fable don't buy, don't buy. Now we're going to go to Henry in Colorado. Henry.

[Martin Hoffman]

Mr. Kramer, how you doing sir?

[Jim Cramer]

I'm doing well, how about you?

[Martin Hoffman]

I'm doing well as well.

[Mike]

I wanted to get get your opinion on Constellation brands.

[Jim Cramer]

I know it's trying to bottom but you know what? The beer business is soft. The spirits business is not so good and frankly I expected more from the company. I think the company has been a very big disappointment and I just have to say I don't need to be in stocks that have been disappointing. I'm sorry. I wish it were doing better. For certain my wife's in that business herself but I don't see it and that, ladies and gentlemen, conclusion of the Lightning Round.

[Dana Walt]

The Lightning round is sponsored by Charles Schwab. Coming up, President Trump is making a big push in the Middle East. Along with some familiar CEOs, Kramer breaks down what it means for your money.

[Jim Cramer]

Next.

[Mike]

Boo yah for the emperor of Cramerica. Finally, James J. Kramer.

[Dana Walt]

You got me jumping around my office right now.

[Mike]

Thank you so much for all you do for us. I enjoy your show and you're very entertaining and informative.

[Jim Cramer]

I watched your first ever episode of Mad money back in 2005, and I've been watching every single episode ever since.

[Dana Walt]

Don't miss Mad Money every night at 6pm Eastern. Plus, join the CNBC investing club and stick with Kramer around the clock.

[Jim Cramer]

Wow, there's Jensen Huang. Holy cow. There's Lisa Su. How about Larry Fink? Oh, man, there's Alex Karp. Is that really Andy Jassy? And on and on and on. I'm talking about the footage of President Trump meeting with American business leaders whom he summoned to meet with major figures in Saudi Arabia, including Saudi Crown Prince Mohammed B. Bin Salman, MBS for short. The president's been able to wrangle some of America's biggest executives, all a part of getting the Saudis to commit $1 trillion to invest in the United States. I find this whole exercise kind of otherworldly. On the one hand, you have China anxious to give away money to mendicate countries, desperately need their support and they're giving it. On the other hand, you have our president soliciting money to re industrialize America and he's getting it. There's a virtuous circle going on here. The president brings along Jensen Huang, CEO of the Nvidia, to help the company sell its best chips, creating a powerhouse customer for the ages. It's a big deal for the Saudis because they went on the arbitrary capricious list of 18 friendly countries that President Biden approved to buy in videos. Best technology. Now, instead of 18 friends, we got a whole bunch of friends that can buy in videos. Top chips. I see many new midi, hyperscale or sovereign AI countries developing. There are plenty of people who want to write off this whole thing as one big charade. But man, we've been defending the Saudis for decades in return for nothing. They wouldn't even help drive down the price of oil. Now President Trump's giving them a chance to pay us back. Call it extortion if you want. I don't care. The king of Saudi Arabia has it coming. All this seems strange because it's never dawned on any of these executives that this kind of showcase could happen. To see this procession of executives being embraced by the President shown off the Saudis is a little hard to get your head around, especially when the previous administration treated CEOs like pariahs. It works in part because these executives seem genuinely, genuinely thrilled to be a part of what amounts to a wholesale shift in the United States foreign policy. I myself am torn by the meetings. I love the impact of what's happening to the stocks of these companies. I'm happy to lure in foreign direct investment from our nominal allies. So am I torn because a month and a half ago the President seemed completely incapable of helping these companies as they pursued a tariff in agenda that was going to crush profits and perhaps bring us to a recession. Under this President, many of the stocks that are now soaring collapsed because of tariffs. It's almost too good to be true. Maybe we need to look at it like this. Whatever made the President change his mind, it's terrific for the market and projects a bizarre level of power that would make Henry kissinger, not President McKinley, proud. As for the fact that the the change came about in six weeks, I say don't look a gift horse in the mouth. I like to say, as always, Marcus Summer, I promise I find it just for you. Radio Mad Money I'm Drew Kramer and I'll see you tomorrow.

[Bank of America]

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

[Indeed]

Powered by Ameritrade, bringing you an expanding library of education with even more ways to sharpen your trading skills. Access new online courses, insightful webcasts, articles, engaging videos and more, all curated just for traders. Plus guided learning paths with content designed to fit your unique interests and no sifting to find exactly what you need so you can spend your time learning to trade brilliantly. Learn [e-mail] trading.