Mad Money w/ Jim Cramer 6/11/26

Summary

Mad Money w/ Jim Cramer – June 11, 2026
Summary & Highlights

Episode Overview
In this episode, Jim Cramer prepares investors for a pivotal moment in market history: the impending SpaceX IPO, which could dramatically shift the global market cap leaderboard. The episode spans Cramer’s signature blend of fiery market commentary, practical investment guidance (including the popular “Lightning Round”), an in-depth interview with Honeywell CEO Vimal Kapoor about the company’s transformative automation strategy, and technical market analysis with Jessica Inskip. Geopolitical tension, IPO mechanics, and sector-specific plays dominate the conversation.

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Key Segments & Insights

1. SpaceX IPO Mania: Market Impact & Risks

[00:56 – 08:04]

• Cramer’s Take on the SpaceX IPO:
  • He lays out the excitement—and potential hazards—of the long-awaited SpaceX IPO, noting its staggering $1.75 trillion valuation—and the real potential it closes well above that if syndicate desks lose control.
  • IPO Mechanics Explained:
    • Institutions receive allocations, often “wink and nod” pledged to buy more in the open market.
    • Retail investors received ~20%—controlled via broker oversight—but “wildcards” using discount brokers will drive volatility.
    • If underwriters at Goldman Sachs (institutional) and Morgan Stanley (retail) lose control, “the stock could soar to unsustainable levels, only for a sharp correction to follow.”
    • IPOs should be “just right”—a stable, modest pop; a runaway rally is a recipe for pain.
  • Cramer warns of potential chaos:
    • “There is a little-known fourth bear not in the story. So hot, this bear, it burns your face off.” (02:03)
    • “An unprofitable company could end up being the biggest stock on earth. That's a mistake.” (05:23)
    • Draws an analogy to the dot-com boom and his personal experience with TheStreet.com IPO, where manipulation and uncontrolled demand led to a dramatic price spike, then collapse.
  • Quote:
    • “Can a $4 to $5 trillion stock really be at hand for a few minutes? … Perhaps just as long as it takes to gaff a Marlin. The bottom line: oh, gaffing, that's a terrific catch—but if it isn't stuffed and mounted fast, guess what? It ends up stinking to high heaven.” (07:42)
  • Advice:
    • Stay cautious—“There's a real risk that SpaceX blows past its opening price tomorrow, and you need to stay cautious in case that happens.” (09:03)

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2. Caller Q&A: “Lightning Round” Warmup

[08:04 – 10:09]

• Caller Mike asks about Krispy Kreme (DNUT) and rumors of a Berkshire Hathaway buyout.
  • Cramer praises recent insider buying and believes the company is undervalued but shuts down speculation over potential acquirers on ethical grounds.
• Quote:
  • “We're not going to speculate on who's going to buy what on this show because we have some—we have honor.” (09:03)
• Stocks Mentioned: Carvana, Hertz, Avis (past winners), and Krispy Kreme.

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3. CEO Interview: Honeywell’s Bold Automation Pivot

[12:03 – 22:23 & 24:08 – 34:27]
(Note: The Honeywell interview appears twice in the episode due to a likely rebroadcast segment)

• Jim Cramer sits down with Vimal Kapoor, Chairman & CEO of Honeywell:
  • Spin Offs & Refocusing:
    • Honeywell spun off its specialty chemicals (2025) and is spinning off aerospace to become a pure-play automation company focused on three end markets: complex buildings, process industry, and industrial automation.
  • Mission Critical Automation:
    • “Everything we do is mission critical, means our stuff has to work 24/7 because the customer can't afford any downtime… That life cycle value really becomes our business model right now.” (12:51 / 24:56)
  • Verticals Beyond Offices:
    • Data centers, hotels (major clients: Hilton, Marriott), hospitals (“hospital is a complex system... automation in mission critical segment is that where our punchline mission criticality...”). (15:06 / 27:11)
    • Automation in healthcare and hospitality is a clear growth area.
  • Dominating LNG Infrastructure:
    • “Two thirds of the LNG in the world, two thirds of it is produced with our technology... Demand remains very strong—we are booked for three years.” (17:16 / 29:19)
  • War in the Middle East – Impact and Opportunity:
    • Kapoor sees the war driving up end-product prices (diesel, jet fuel), increasing customer cash flows—and thus Honeywell demand.
    • “Some of the facilities in the Middle East have got destroyed. They need to be repaired. So we are going to get part of that business, which is unfortunate reality, but that's a business for us.” (18:51 / 30:56)
    • Cramer confirms: “That might be you.”
  • AI as the Next Growth Driver:
    • Kapoor frames the new Honeywell as a “pure play automation company” uniquely positioned for the AI era.
    • “The power of AI is going to redefine automation... our customers are not having skilled people... so they're looking for ways and means to make younger people more productive using AI tools… they're looking at it as a revenue generation opportunity.” (21:13 / 33:17)
    • Cramer lauds them as “the only company I know that is basically a pure physical AI play. I didn't want to mention that because it's too sizzle and I like the steak that you bring.” (21:04 / 33:06)
  • Investment Thesis:
    • “This is the kind of company that is not expensive, that has a great growth path.” (22:06 / 34:11)

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4. Market Technicals: Volatility, Liquidity, and the Macro Backdrop

[34:50 – 44:12]

• Cramer introduces Jessica Inskip, Director of Investor Research at Stockbrokers.com:
  • Market Structure:
    • S&P 500 and moving averages staying bullish as long as support holds (13, 26, 40-week MAs).
    • Equal-weight S&P 500 index shows breadth is solid—not just driven by mega caps like Nvidia.
    • “Equal weight… is more honest, a better representation.” (37:59)
  • Liquidity Crunch Risks:
    • SpaceX IPO, Treasury settlements, and quarterly tax payments are all hitting at once—potentially draining liquidity right before the next Fed meeting.
    • Depletion of the reverse repo facility raises questions about available liquidity.
    • “This is a confluence of things… we need more money for.” (40:18)
    • Quote:
      • “I am very concerned that we are running out of money, so to speak. People tell me that's not the case. I've been around long enough to know that they're wrong.” (43:39)
    • Inskip: “Without a lot of liquidity, it's very hard to go higher.” (43:15)
• Investor Caution: Cramer and Inskip both recommend staying vigilant for a possible liquidity-driven market stumble, especially with the Fed decision looming.

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5. Lightning Round: Rapid-fire Stock Takes

[44:32 – 46:28]

• Fluence Energy (Grid-scale batteries):
  • Cramer: “When is Fluence going to make money?... It's got to make money and that's why it is not going higher.” (45:37)
• Microchip Technology:
  • Cramer’s call: “It's good. It's industrial Internet. I think it's terrific. I think you should buy the other half, frankly.” (46:15)

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6. Final Commentary: Geopolitics, Oil, and Not Betting on Headlines

[46:40 – 49:08]

• Market Predictions Amidst War Headlines:
  • Cramer unpacks how President Trump’s shifting statements about Iran whipsaw the markets.
    • “If you bet on that, you’re kidding yourself.” (46:40)
    • The price of oil and stock market surges are often a reverse indicator of political rhetoric.
    • “When he does [make statements], we get buried...”
    • Domestic energy supply and surprise new production (Venezuela) softening oil shock.
• Key Investing Advice:
  • Do not trade on White House headlines: “Rarely has there been a more consistent strategy [to lose money].”
  • “We all hope that this time, really there is a deal which would change pretty much everything for the market, except it takes two to a war and the Iranian military seems pretty eager to keep this one going.” (48:20)
• Classic Cramerism:
  • “There's always a bull market somewhere, and I promise it just for you right here.” (48:57)

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Notable Quotes & Timestamps

• Cramer on IPO Mania:
  • “There is a little-known fourth bear not in the story. So hot, this bear, it burns your face off.” – Jim Cramer [02:03]
• On Honeywell’s Future:
  • “Everything we do is mission critical, means our stuff has to work 24/7 because the customer can't afford any downtime…” – Vimal Kapoor [12:51]
  • “The power of AI is going to redefine automation… that's an optionality our company offers for the future.” – Vimal Kapoor [21:13]
• On Liquidity & Market Health:
  • “Without a lot of liquidity, it's very hard to go higher.” – Jessica Inskip [43:15]
  • “I am very concerned that we are running out of money... this may be the empirical evidence I need to bolster my concern…” – Jim Cramer [43:39]
• On Geopolitical Headline Trading:
  • “If you bet on that, you’re kidding yourself.” – Jim Cramer [46:40]

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Summary Table of Key Segments

| Timestamp | Topic | Key Takeaways | |-------------|---------------------------------------------------------|------------------------------------------------------| | 00:56-08:04 | SpaceX IPO & Market Dynamics | Extreme volatility risk, IPO allocation mechanics, caution about runaway prices | | 12:03-22:23 | Interview: Vimal Kapoor, Honeywell | Automation focus, mission criticality, LNG dominance, AI-powered growth | | 34:50-44:12 | Market Technicals & Liquidity (Jessica Inskip) | Bullish breadth, liquidity risk, impact of IPO + tax payments | | 44:32-46:28 | Lightning Round | Quick stock assessments: Fluence, Microchip Technology | | 46:40-49:08 | Final Commentary: Geopolitics & Oil | Don’t trade headlines, unpredictability of conflict, energy resilience |

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Takeaways for Investors

• SpaceX IPO could be historic—but also brutally volatile. Don’t chase the hype.
• Honeywell, post-spin, positions itself as an irreplaceable automation/AI leader—supported by mission-critical infrastructure and healthcare contracts.
• Macro risks abound: war, liquidity, tax deadlines, and the impending Fed meeting make for a minefield.
• Stay disciplined: avoid overreacting to political headlines, and focus on underlying fundamentals and long-term secular trends.
• Cramer’s classic mantra applies: There’s always a bull market somewhere—just don’t lose your head chasing it.

Transcript

[Venture Global Representative]

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[Jim Cramer]

My mission is simple. To make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere, and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Crame America. Other people want to make friends. I'm just trying to make you some money. My job is not just entertain, but to educate, to teach you. Call me 173cbc. Tweet me Jim Cramer. Tomorrow at this time, if things really go awry, we may have a new champion, a new largest stock in the world, and its name is Space X. I know it's supposed to be valued at one point, $75 trillion, because that's what Elon Musk seems to want it to be worth. But that's just the IPO price, the opening price, the closing price, and everything in between are out of his hands. Instead, they're in the hands of the syndicate desk and the public. And believe me, these are lions Musk can't tame. Now, we had a buoyant session today. Dow gaining a beautiful 930 points. SB climbing 1.75%. Nasdaq jumping 2.54%. It stands because the President first ramped up and then dialed back the hype for an attempted attack on Iran's most important port. But there was something else at work today, too, behind the scenes. Today was the day you found out your allocation for Space X. And you could see the market starting to levitate early on as we began to hear that the deal was tight as a drum. When you think about IPOs, consider them in the context of Goldilocks and the Three Bears. You don't want the deal too cold because then it blows up in your face. You don't want it too hot where you have meaningless gunners in there. We'll send the stock to the stratosphere that flip it at the open opening. You want it to be just right now. What's just right? Where the stock is a little bit about where deal price. If it's 135, you want the stock to go to about 140, maybe 142meanders higher. Perfect. No runaway freight train. But aside from too hot, too cold, just right. You know what? There is a little known fourth bear not in the story. So hot, this bear, it burns your face off. This is a scenario where SpaceX goes to totally insane levels. Possibly the point where its market capitalization rivals, if not passes in videos, the company that's the largest in the world. $2.4.9 trillion valuation. How can it get that high? Let me give you the sequence. First, we're told that large institutions got a lot of stock but informally pledged to buy more in the open market. That's when they put in for 1 million shares at the deal price. Then they get allocated 500,000 shares and with a wink and a nod under the assumption that they'll buy another 500,000 in the open market. I think many, many men got that call. Okay? Informally, they were most likely told not to sell unless the stock goes so high that the syndicates will release you from that no sale pledge. Then there are the people known as retail, the home gamers like you who love Elon Musk and can't believe they're going to get in on the ground floor. A little more than 20% of the stock was allocated to retail. These buyers who got anointed from. They got some stock from E Trade, Robinhood. They can be controlled because they're obeying a disciplined sales desk operator who gave them the stock. That operator can check your account to see if you sold the stock that you pledged. You wouldn't. And if you sell, you're not going to get any more anthropic or open AI. Then there's the wildcards. The people who never bought a stock before or are using a discount operator who's not part of the syndicate. These are new unguided missiles. They cannot be controlled. They're big in number and they're very unsophisticated. So they'll most likely use market orders because they don't know there's an alternative. They may only be after say 50 shares, but that adds up. And when there are a lot of buyers, holy cow, a lot of 50s can be very big now. The people controlling the books running the deal, both Goldman Sachs for bigger cats and Morgan Stanley for retail. But we want to ensure that this IPO doesn't cause a giant blowout. A double would be a resounding defeat for them. Not to mention a real loss for Moss because of course he would have left a lot of money on the table. It does get worse. Just a few days later the stock gets admitted to a bunch of indices including the NASDAQ 100. That means a ton of forced buying from index funds, potentially sending Space X still higher. Now what should happen? Right? The syndicates who really run the show should tell brokers that they don't need to stoke demand. If there turns out to be a lot of money coming in for the transom. Their clients don't even have to keep the stock or buy more if they don't want to. They're allowed to take profits. That's one thing to say. This kind of talk isn't usual and I fear that syndicate tests don't even know how to do it. The larger accounts who pledged to buy another 500,000 shares in the open market, they should be released or discouraged from doing so. They can sell their stock because the voluminous amount of stock coming over the transom to buy the Citic desk maybe have that hard time to find sellers. If they don't, an unprofitable company could end up being the biggest stock on earth. That's a mistake. But it can't be changed because neither Goldman or Morgan Stanley can change it. What happens then if it goes too high is something we saw with Figma and Cerebras. For a couple of days they continue to go higher and then they started the long descent down that could have been prevented if they're sitting at this hadn't lost control of the stocks. We want the deals to be under control because otherwise they can be disastrous. Like those two I just mentioned. I know from personal experience during the dot com boom I brought a company public and it went from $19 opening price to $62 would actually open and $2 in a heartbeat. 1962, the pain never really ended the house of pain because I sold none myself. It was a very simple problem. The IPO is priced at 19. But there were so many fans of the street.com that they used market orders to buy hundreds of thousands of shares, moving the stock up to unsustainable levels. These buy orders were all batched by a now defunct broker. And when they came up with an average in the 60s for the buyers. I don't know. Don't ask me how they got it. The official investigation never got that far. But it was clearly unsustainable. I said so publicly at the time. That wouldn't have mattered if it weren't for the fact that the broker who batched the stock together had no sellers in hand. So what happened? He shorted the stock. He shorted 63. Then the broker again, not the syndicate, didn't work with the company, which would have been me. He worked the stock all the way down and made a bazillion dollars being short the street.com for the day came public, and that's the risk here, that some villain appears and tries to wrest control of the opening from Goldman and Morgan Stanley and manages to open the stock at 4 to 5 trillion dollars valuation too high, then starts walking it down and makes a bazillion dollars. Can a 4 to 5 trillion dollars stock really be at hand for a few minutes? Perhaps just as long as it takes to gaff a Marlin. The bottom line. Oh, gaffing. That's a terrific catch. But if it isn't stuffed and mounted fast, guess what? It ends up stinking the high heaven. Let's go to Mike in New York. My book. Mike.

[Caller Mike]

Hi, Jim. Thanks for having me back.

[Jim Cramer]

Oh, Mike, it's a pleasure. What's going on?

[Caller Mike]

Nothing much. You know, several years ago I mentioned to you Carvana and about a year afterwards, Carvana ran 2000%. I don't know if you remember that, but last time we talked about it

[Jim Cramer]

was a great buy for us. Great buy that we. That we got. Garcia did a good job for us. Go ahead. I'm sorry.

[Caller Mike]

Okay. Last time I was on, we actually talked about the government shutdown theme. We talked about Hertz and Avis. Hertz doubled at Avis. Well, you know, it ran 600%. But now I want to talk to you about Krispy Kreme symbol, Dnut, Cash Patel and Congressman Moore have bought shares. And also recently a director has bought 1.5 million shares. There's social bug going around that Berkshire Hathaway could possibly buy them out. Berkshire Hathaway bought dairy queen in 1997 for $600 million.

[Jim Cramer]

Right. Look, I'm going to interrupt you there and you're a nice fellow, but you know, I don't want people to think that we can bet on Berkshire Hathaway buying because then that sounds like that I've endorsed that too. And I can't do that. There is insider buying. The company does seem to be worth more than then it's selling for. I don't know how it got that low at the insider buying, so I think they're on to something. But we're not going to speculate on who's going to buy what on this show because we have some. We, we have, we have honor. All right, look, there's a real risk that SpaceX blows past its opening price tomorrow, and you need to stay cautious in case that happens. Now, tonight, Honeywell is closing in on the spin off of its aerospace business, and I'm sitting down with the CEO fresh off their investor day to learn more. Then I'm running through the strongest part of SpaceX's business to tell you if the stock could be a buy depending on its debut. And later I'll go off the charts to see how the major averages are holding up with all the volatility we've seen recently. So stay with Kramer.

[Announcer/Narrator]

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[Venture Global Representative]

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[Discover Card Representative]

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[Announcer/Narrator]

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[Jim Cramer]

You know, I've been pretty darn enthusiastic about Honeywell's plan to spin off its aerospace business later this month and today the market got as excited as I am with the stock jumping 6.4% after a bullish analyst meeting. Or today I got a chance to sit down with Vimal Kapoor. He is the chairman and CEO of Honeywell International, which will become Honeywell Technologies after the breakup. Take a look. This is the most exciting day. This is Honeywell Technology's fashion show, so to speak. But there's nothing of Al fashion year. There are things that are so strong, stories that are so great. I'm going to give you the floor on this because I think this is a story that people will want to be in for multiple years, not just for a couple of quarters because there's something really exciting going on.

[Vimal Kapoor]

Yeah, no, thanks Jim. Thanks for all for having me. It's exciting story. We've been working since start of 24 to redefine Honeywell. So we spun off our specialty chemicals business last year, ready to spin off aerospace business in about two weeks time. So what it creates is pure play automation which focuses on three diverse end markets. Automating, complex buildings, automating process industry, energy infrastructure and broad industrial. Everything we do is mission critical, means our stuff has to work 247 because customer can't afford any downtime, which creates a lot of value for our customer. They need more of our offerings. And that lifecycle value really becomes our business model right now.

[Jim Cramer]

Let's go over these because I think some people confuse process automation, building automation, industrial automation. Well, they're automation, they're all the same. How do you differ among these three different units?

[Vimal Kapoor]

So automation fundamentally has a very simple stack sense, control and optimize. So sense requires all the physical sensors because you want to measure pressure, temperature, movements. Then you decide how you want to run it, which is control part of it. And then you optimize to make sure that you're not having any waste, any energy waste, any production waste, etc. The principles don't really change of automation. Whether it is building automation, process automation or industrial automation. What changes is applications and go to market. These markets are constructed differently over many years. So for example, there are millions of buildings in the world. Building automation market is generally served through channels. While process automation market there are very few process plant, there are very few refineries, LNG plant, pharmaceutical facilities, Most of that is served direct. So our differences in each of these segments is more driven by go to market. Our offerings are fundamentally same. It's like a Lego block. You take Lego block from here, you put in there and that gives us speed to Build our products and go to the market in a much faster manner.

[Jim Cramer]

Okay, so talk about some of the end market verticals that we really aren't that familiar with. You guys. I mean for instance, you'll be doing some data center, you know, you do some warehouse, but hospital, hotel, I'm not, I don't think about your company in those verticals, but you are in there.

[Vimal Kapoor]

So if you think of buildings immediately, what comes to our mind is an office building. Right, because we all work from there.

[Jim Cramer]

You have 10 million of them that you control and climate control.

[Vimal Kapoor]

But the, the buildings which are where we are putting much more focus to grow. Our installed base is of course data center, but also hotels. Why hotels? We are focused on as what we have learned is as society progresses, everybody wants to consume and have better quality of life. They spend money in hotels and restaurants and stadiums. So hotels is a big vertical for us. Controlling the room temperature there and driving energy efficiency, efficiency, guest experience in terms of the digital app by which we manage the lock systems there, the overall safety and security of the hotel. So it's a big market and people like Hilton and Marriott, they're all our big customers. But if you switch to hospitals, the world also need more health care with the aging population all over the world. And hospital is a complex system. Imagine in a hospital, your core control system is not working. You have a false alarm which nobody can afford because you have to evacuate all the patients. I mean that's very unlikely scenario. So automation in mission critical segment, is that where our punchline mission criticality in hospitals, in data center, in airport buildings, big part of our business or in pharmaceutical facilities, semiconductor fabs, power generation, that's what automation is all about. Now you can put a sticker, this is the industrial, this is building. That's how we want to define it. But fundamentally their characteristics, logistics is they have to run 24, seven customers can't afford failure. They want high level of service and software to support it.

[Jim Cramer]

Well, let's, let's talk about one that I think is just a multi multiple year cycle where mission critical is the definition. Lng. This is something that I think people don't realize that you're deeply involved and frankly these plants would not work if it weren't for you.

[Vimal Kapoor]

Absolutely. So we made three acquisitions in LNG space over the last three years. The big one was we bought a business from Air Products which liquefies the lng. Essentially you take the gas and you have to make converted to liquid.

[Jim Cramer]

That's the LNL and you, that's L

[Vimal Kapoor]

in LNG is us. We liquefy the gas with our technology with a heat exchanger and then to, to ship the gas you need high speed compressors. That was a Sundan acquisition we made. And then to control out of it, we have our control system. So to the LNG companies in the United States and in Middle east there are big customer. Two thirds of the LNG in the world, two thirds of it is produced with our technology. And we don't think that percentage is going to change because we continue to have a strong presence there. We booked more than $1 billion of business last year. Demand remains very strong. We are booked for three years and we're looking at factory capacity expansion and how we serve this demand.

[Jim Cramer]

You know, when I listen to all these, nothing's a quarter. I mean there's some short cycle stuff, but I look long cycle, that's what we've got. Long term secular growth. I know there are people who are on Wall Street a little bit more minutiae controlled and they are thinking, wait a second, the Middle east orders must be hurt by the war. That to me is the only glitch I see in terms of the next three years to five years that you're laying out.

[Vimal Kapoor]

I think the Middle east war obviously is unfortunate net at this point. But I look at it from, you know, three, three, three unique dimensions. The first is as the oil price and end product prices have gone up, the diesel prices up globally 200%, jet fuel prices up similar range. Our customers are making more money. So it means they have more cash to spend in us in Europe for buying our catalyst which is necessary for them to drive their production rate. Number two, some of the facilities in Middle east have got destroyed. They need to be repaired.

[Jim Cramer]

Right. I thought that might be you.

[Vimal Kapoor]

So we are going to get part of that business, which is unfortunate reality, but that's a business for us. And number three, we're already seeing, Jim, the countries which import energy, which import crude oil and import, import gas, things like Japan and Korea and ASEAN and India, they're already thinking what is my alternative sources for buying energy. It means investments are happening to create more capacity in other parts of the world. We're seeing projects coming in Africa now where there was no local capacity to produce fuels. So there's investment there. We see investments happening by Chinese investors outside China to create their more capacity. So there are more, lot more dynamics. If you ask my view, it's net positive. Do we have a noise in this country quarter and next quarter because we can't ship our product. What we shared during our call earlier this week is now we see much lower pressure on due to Middle east in our numbers.

[Jim Cramer]

Right.

[Vimal Kapoor]

And that's really slowing down. It's like like everything, you know, it's settled now. The issues what happened since March, April has settled now. Actually we expect that our process business in second half of this year is going to grow high single digit because we have a such a strong backlog and it's such a strong demand that's the cycle is coming back into that business.

[Jim Cramer]

Last question. When I look at your book of business and I've studied and studied said it don't really find a lot of analogs. I mean someone could say that Siemens isn't analog. Some people could say Emerson. I think those are false narratives. I think that what. What might be difficult is for people to get their arms around exactly how to define your company. A lot of people will say what is this company? That is just a melange of different Jim.

[Vimal Kapoor]

That's the opportunities that we are creating. There is no large scale automation pure play company. The automation was always part of a big companies like Honeywell, like Siemens, like ABB and so on. We are taking the opportunity to build a pure play automation company across multiple sectors. And the opportunity is more compelling now with AI coming in, if the power of AI is going to redefine automation automation because automation systems creates data, that data was not used so far. Beyond doing the control, we have physical

[Jim Cramer]

AI which is the only company I know that is basically a pure physical AI play. I didn't want to mention that because it's too sizzle and I like the stake that you bring.

[Vimal Kapoor]

Absolutely. The work we have been doing to convert that data into action, why that is important is our customers are not having skilled people to run their operations. The operators, the technicians which are required to run hospitals, to run refineries, to run pharmaceutical facilities, less of these people are available. Also with aging population and population shrinkage, net workforce is not going to be getting increasing, it's going to get decreasing over a period of time. So they're looking for ways and means to make younger people more productive using AI tools or automate a portion of work. So they need less net less people because they don't have it. So our customers are looking at it not as a productivity opportunity, they are looking at it as a revenue generation opportunity. So physically for us is built on our domain knowledge. It's built upon the data which we possess in our system. And that's a, you know, an Optionality our company offers for the future.

[Jim Cramer]

Well, look, my child, trust us. A big position. We want to be bigger. I think this is the kind of company that is not expensive, that has a great growth path. I want to thank Vimal Kapoor, Honeywell chairman and CEO, who has rebuilt this company. Both pieces. We're keeping both pieces. Both are terrific. Thank you very much.

[Vimal Kapoor]

Thank you very much.

[Announcer/Narrator]

Coming up with less than 24 hours until SpaceX is launched into the stock market. Cramer zeroing in on what he sees as the key component to its success. Next.

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[Jim Cramer]

You know, I've been pretty darn enthusiastic about Honeywell's plan to spin off its aerospace business later this month. And today the market got as excited as I am with the stock jumping 6.4% after a bullish analyst meeting earlier today, I got a chance to sit down with them. A Kapoor. He's the chairman and CEO of Honeywell International, which will become Honeywell Technologies after the breakup. Take a look. This is the most exciting day. This is Honeywell Technologies fashion show, so to speak. But there's nothing about fashion here. There are things that are so strong, stories that are so great. I'm going to give you the floor on this because I think this is a story that people will want to be in for multiple years, not just For a couple of quarters. Just there's something really exciting going on.

[Vimal Kapoor]

Yeah, no thanks Jim. Thanks first of all for having me. It's exciting story. We've been working since Startup24 to redefine Honeywell. We spun off our specialty chemicals business last year, ready to spin off aerospace business in about two weeks time. So what it creates is pure play automation, which focuses on three diverse end markets. Automating, complex buildings, automating process industry, energy infrastructure and broad industrial. Everything we do is mission critical, means our stuff has to work 247 because customer can't afford any downtime, which creates a lot of value for our customer. They need more of our offerings. And that lifecycle value really becomes our business model. Right now.

[Jim Cramer]

Let's go over these because I think some people confuse process automation, building automation, industrial automation. Well, they're automation, they're all the same. How do you differ among these three different units?

[Vimal Kapoor]

So automation fundamentally has a very simple stack sense, control and optimize. So sense requires all the physical sensors because you want to measure pressure, temperature, movements. Then you decide how you want to run it, which is control part of it. And then you optimize to make sure that you're not having any waste, any energy waste, any production waste, etc. The principles don't really change of automation. Whether it is building automation, process automation or industrial automation. What changes is applications and go to market. These markets are constructed differently over many years. So for example, there are millions of buildings in the world. Building automation market is generally served through channels. While process automation market, there are very few process plant, there are very few refineries, LNG plant, pharmaceutical facilities, most of that is served direct. So our differences in each of these segments is more driven by go to market. Our offerings are fundamentally same. It's like a LEGO block. You take Lego block from here, you put in there. And that gives us speed to build our products and go to the market in a much faster manner.

[Jim Cramer]

Okay, so talk about some of these end market verticals that we really aren't that familiar with. You guys. I mean for instance, you'll be doing some data center, we know you do some warehouse, but hospital, hotel, I'm not, I don't think about your company in those verticals, but you are in there.

[Vimal Kapoor]

So if you think of buildings immediately, what comes to our mind is an office building, right? Because we all work from there.

[Jim Cramer]

You have 10 million of them that you control in climate control.

[Vimal Kapoor]

But the, the buildings which are where we are putting much more focus to grow our install bases of Course data center, but also hotels. Why hotels? We are focused on as what we have learned is as society progresses, everybody wants to consume and have better quality of life. They spend money in hotels and restaurants and stadiums. So hotels is a big vertical for us. Controlling the room temperature there and driving energy efficiency guest experience in terms of the digital app by which we manage the lock systems there, the overall safety and security of the hotel. So it's a big market and people like Hilton and Marriott, they are all our big customers. But if you switch to hospitals, the world also need more health care with the aging population all over the world. And hospital is a complex system. Imagine in a hospital, your core control system is not working. You have a false alarm which nobody can afford because you have to evacuate all the patients. I mean that's very, you know, unlikely situation scenario. So automation in mission critical segment is that where our punchline mission criticality in hospitals, in data center, in airport buildings, big part of our business or in pharmaceutical facilities, semiconductor, fabs, power, power generation. That's what automation is all about. Now you can put a sticker this is the industrial, this is building. That's how we want to define it. But fundamentally their characteristics is they have to run 247 customers can't afford failure. They want high level of service and software to support it.

[Jim Cramer]

Well, let's, let's talk about one that I think is just a multi multiple year cycle where mission critical is the definition. Lng. This is something that I think people don't realize that you're deeply involved and frankly these plants would not work if it weren't for you.

[Vimal Kapoor]

Absolutely. So we made three acquisitions in LNG space over the last three years. The big one was we bought a business from Air Products which liquefies the lng. Essentially you take the gas and you have to make converted to liquid.

[Jim Cramer]

That's the LNL and leaves you.

[Vimal Kapoor]

That's L in LNG is us. We liquefy the gas with our technology with a heat exchanger and then to to ship the gas you need high speed compressors. That was a Sundan acquisition we made. And then to control out of it, we have our control control system. So to the LNG companies in the United States and in Middle east there are big customer. Two thirds of the LNG in the world, two thirds of it is produced with our technology. And we don't think that percentage is going to change because we continue to have a strong presence there. We booked more than $1 billion of business last year. Demand remains very strong. We are booked for three years. And we're looking at factory capacity, capacity expansion and how we solve this demand.

[Jim Cramer]

Now when I listen to all these, nothing's a quarter. I mean there's some short cycle stuff but I like long cycle. That's what we've gotten. Long term secular growth. I know the people who are on Wall Street a little bit more minutiae controlled and they are thinking wait a second, the Middle east orders must be hurt by the war. That to me is the only glitch I see in terms of the next three years to five years that you're laying out.

[Vimal Kapoor]

I think the Middle east war obviously is unfortunate at this point. Point. But I look at it from, you know, three, three, three unique dimensions. The first is as the oil price and end product prices are gone up, the diesel prices up globally 200% jet fuel prices up similar range. Our customers are making more money. So it means they have more cash to spend in us in Europe for buying our catalyst which is necessary for them to drive their production rate. Number two, some of the facilities in Middle east have got destroyed. They need to be repaired.

[Jim Cramer]

Right. I thought that might be you so

[Vimal Kapoor]

very are going to get part of that business which is unfortunate reality but that's a business for us. And number three, we already seeing Jim, the countries which import energy, which import crude oil and import import gas, things like Japan and Korea and ASEAN and India, they're already thinking what is my alternative sources for buying energy. It means investments are happening to create more capacity in other parts of the world. We're seeing projects coming in Africa now where there was no local capacity to produce fuels. So there's investment there. We see investments happening by Chinese investors outside China to create their more capacity. So there are more, lot more dynamics. If you ask my view it's net positive. Do we have a noise in this quarter and next quarter because we can't ship our product? What we shared during our call earlier this week is now we see much lower pressure on due to Middle east in our numbers.

[Jim Cramer]

Right.

[Vimal Kapoor]

And that's really slowing down. It's like like everything, you know, it's settled now. The issues what happened since March, April has settled now. Actually we expect that our process business in second half of this year is going to grow high single digit because we have a such a strong backlog and a such a strong demand. That's the cycle is coming back into that business.

[Jim Cramer]

Last question. When I look at your book of business and I've studied and studied and said I don't really find a lot of analogs. I mean someone could say that Siemens isn't analog. Some people would say Emerson. I think those are false narratives. I think that what, what might be difficult is for people to get their arms around exactly how to define your company. A lot of people will say what is this company? That is just a melange of different Jim.

[Vimal Kapoor]

That's the opportunities that we are creating. There is no large scale automation pure play company. The automation was always part of a big companies like Honeywell, like Siemens, like ABB and so on. We are taking the opportunity to build a pure play automation company across multiple sectors. And the opportunity is more compelling now with AI coming in. If the power of AI is going to redefine find automation. Because automation systems creates data, that data was not used so far beyond doing

[Jim Cramer]

the control physical AI which is the only company I know that is basically a pure physical AI play. I didn't want to mention that because it's too sizzle and I like the steak that you bring.

[Vimal Kapoor]

Absolutely. The work we have been doing to convert that data into action, why that is important is our customers are not having scale skilled people to run their operation. The operators, the technicians which are required to run hospitals, to run refineries, to run pharmaceutical facilities, less of these people are available. Also with aging population and population shrinkage, net workforce is not going to be getting increasing, it's going to get decreasing over a period of time. So they're looking for ways and means to make younger people more productive using AI tools or automate a portion of the work so they need less net less people because they don't have it. So our customers are looking at it not as a productivity opportunity, they are looking at as a revenue generation opportunity. So physically for us is built on our domain knowledge, it's built upon the data which we possess in our system. And that's a, you know, an optionality our company offers for the future.

[Jim Cramer]

Well look my child, trust us a big position, we want to be bigger. I think this is the kind of company that is not a expensive, that has a great growth path. I want to thank Vimal Kapoor, Honeywell chairman and CEO who rebuilt this company. Both pieces. We're keeping both pieces. Both are terrific. Thank you so much.

[Vimal Kapoor]

Thank you very much.

[Announcer/Narrator]

Coming up with less than 24 hours until SpaceX is launched into the stock market. Cramer zeroing in on what he sees as the key component to its success. Next.

[Jim Cramer]

This is an incredibly unpredictable market between the recent sell off, the war, tomorrow's SpaceX IPO. But some things remain constant like the fact that we're hostage to interest rates both from the bond market and the secured overnight financing rate for the banks, which plays a big part in the economy. With the Space X IPO settling Monday, quarterly tax payments due the same day and treasury settlements hitting at the same moment, we could be looking at a liquidity crunch right before the next Fed meeting. And we don't like those. Do not take it from me. Let's go off the charts with Jessica Inskip. She's a terrific technician, brilliant director of investor [e-mail] and co host and founder of the Market make her podcast. Jessica, you're taking on a lot, but I love it because I like what I see. Welcome to me at Monique.

[Jessica Inskip]

Yeah, I'm happy to be here. Thank you so much, Jim. All right, we went down a rabbit hole last night. Are you ready for it?

[Jim Cramer]

We're game.

[Jessica Inskip]

Okay, here we go. So let's just start with what we normally look at. So the market cap weighted S&P 500. As you know, I like to look at the 13, 26 and 40 weekly moving averages. As long as they're sloping upwards and acting as means of support, that means we are in a bullish trading cycle, which is fantastic. Now I've added these very important levels which are prior to the Iran conflict. I want to make sure that that's maintained. That is my floor of support. If that isn't maintained, then that means that we could have some issues with what's happening. The headline risk is higher, perhaps inflation data, things of that nature. So that's the concern. 6,000, 952. That's a lot lower. I don't want to end up there. But if we hold support here, I'm still not worried because we also have some convergence with those moving averages.

[Jim Cramer]

Excellent.

[Jessica Inskip]

But we rally today. That's great. We're in a lovely place. Still trading in a bullish trading cycle.

[Jim Cramer]

Very good.

[Jessica Inskip]

So now if we just zoom in a little bit tighter and look at the daily chart. These are the same lines. So this is where I need to be. Got the 20 day and the 50 day moving average. What I wanted to point out to you and I didn't put a line here, but it's so interesting. It's where we found support is. We had a gap up here and this is the beginning of actually last time we spoke on April 13, we talked about how earnings season is what mattered. We were looking through oil and we cared about earnings. We rallied. We don't want to erase that. So we Found support there. We got some headlines today which certainly helped. Perhaps we'll have a deal on the board. But looking past oil and subsequently interest rates seems to be the theme in my brain.

[Jim Cramer]

Right. So at this point I'm hearing things that make, that make me feel pretty confident. So. But I shouldn't get overconfident, should I?

[Jessica Inskip]

We never get overconfident because the market throws something at us, Jim.

[Vimal Kapoor]

Right.

[Jessica Inskip]

Learned that from. I have learned that from you, absolutely. But we did hold the earnings levels. That's important. Now what I care about more is the equal weight index.

[Jim Cramer]

Okay. So if we care about that more because it's more honest, it's a better representation.

[Jessica Inskip]

Well, as you say it's. I see it as breadth because it's assigning equal weight to every constituent within the index rather than market cap weighted which is been driven by that narrative. Right.

[Jim Cramer]

So an Nvidia is the same weight as the number 500.

[Jessica Inskip]

Exactly. Perfect way of putting that. I love the way that you educate us. So what is interesting is this is that same level of pre Iran conflict right here. What you'll notice, same similar violent sell off but it took a long time for us to actually recover. Yeah, it did. But that's, that's okay because it's not as violent and if it's not as violent it's less volatile and so we substantiate it more.

[Jim Cramer]

Okay.

[Jessica Inskip]

Now 8293 is what I needed to find. What's interesting is yesterday that was our line of support. We had some bounces today and this has been maintained. That is actually very positive, very positive in my eyes. Now what I do want to point out is I like to look at going into pre Iran conflict. When I look at an uptrend it is yes, the moving averages that I show you all the time, but it's actually a series of higher highs which I've marked here and higher lows. If we are going to get into a downwards trend which we're concerned about, we have to wipe out those previous higher highs.

[Jim Cramer]

Okay.

[Jessica Inskip]

And the first higher high is pre Iran conflict. Haven't done that.

[Jim Cramer]

No, we haven't looked. That's constructive.

[Jessica Inskip]

That is very constructive. Which makes sense. When we talked on April 13, we said earnings matter. We had one of the best earnings season since.

[Jim Cramer]

The best I can recall. Absolutely.

[Jessica Inskip]

Yeah. Amazing. So let's go to the rabbit hole that we.

[Jim Cramer]

All right, take it slow. We'll get this right.

[Jessica Inskip]

That we will. So we have the space X IPO coming up like you stated on the top there on June 15th. So SpaceX IPO is going to start trading tomorrow, Friday. Settlement of that T +1 puts us on Monday, June 15th. There are also corporate tax payments that are due treasury settlements. So it's a lot of liquidity that's needed now.

[Jim Cramer]

It's a confluence of things that are occurring that we need more money for.

[Jessica Inskip]

Yes, yes, yes, absolutely. So these orange dots represent quarterly tax payment states. This red line is our next one. This right here is the spread between the interest on reserve balances and the overnight financing rate that happens from the repo market. Without going into the details of how it works too much here, essentially what banks can earn on their reserve balances, they have an option. If they have excess cash, they can either go deposit it and earn interest or they'll go lend it out in the repo market. But they're not going to lend out funds for less than they can earn interest rates on, which means this needs to be really tight. Now if the spread all of a sudden they're going to lend it out for a higher or it raises. We have liquidity. That's when you see this spike. Okay, and so I want to understand liquidity if we need it coming on June 15. I want to point you to. I was concerned here. This is why on October 31, this is when we had earnings and we talked about tech. They were wonderful earnings, but we had the CapEx cycle that we were very concerned about. We were spending on artificial intelligence. This race to AGI, you know it better than I do. Part of that looks like liquidity constraints as well. And what's interesting is now we're seeing companies start taking issue equity to raise capital. So change is, is where is liquidity happening? That's what I want to understand. Okay, now the reverse repo facility, the interest on reserve balances is only available to banks money market funds, which where it's not the only source of funds, but it's where we have excess cash. If money market funds have extra cash, they end up putting it in the reverse repo facility.

[Jim Cramer]

Right.

[Jessica Inskip]

This has been depleted.

[Jim Cramer]

Well, so what? So what happens?

[Jessica Inskip]

Well, we're about to find out, but it's not, it's.

[Jim Cramer]

I'm not going to call it worrisome as much as it is quizzical. I mean it's just kind of an odd thing all happening at once. It's not something that I look forward to now. Yes.

[Jessica Inskip]

Yeah, but I've been listening to you in the morning on Squawk Box and you're talking about Google's equity issuance and the timing of it.

[Jim Cramer]

And I completely just doesn't work for me as someone who wants to be constructive.

[Jessica Inskip]

Exactly. And so I wanted to prove your theory and that's, that's what this is doing here. So essentially though, it doesn't mean it's. If this spikes just like it did here. Yes, we had a bit of a market downturn, but it doesn't necessarily mean that it's that bad. It just means it's concerning.

[Jim Cramer]

Right. So just as some things up, things are pretty constructive and positive.

[Jessica Inskip]

Yes.

[Jim Cramer]

But this itself is something that we need to be concerned about because it may mean that we don't have enough liquidity. Without a lot of liquidity, it's very hard to go higher. Correct.

[Jessica Inskip]

Exactly. So then that leads me to the one component that's important. We have a Fed decision next week right after this. This is when we needed to move more into ample reserves regime from Fed chair Powell. So we, we, we change some things. I'm curious what Warsch will do if we have a similar event. Because you need ample reserves. We need. You might add more bills to the balance sheet.

[Jim Cramer]

So that's interesting, I think, look, you sum things up. I am very concerned that we are running out of money, so to speak. People tell me that's not the case. I've been around long enough to know that they're wrong. This may be the empirical evidence I need to bolster my concern that we have to be on guard. That's how I'm going to approach it as opposed to just all systems go. We don't have that right now. I agree with Jessica and she's the director of Investor [e-mail] so smart. Presented graphically what I'm most concerned about. Thank you so much, Jessica.

[Jessica Inskip]

Thank you.

[Jim Cramer]

Back after the break.

[Announcer/Narrator]

Coming up, he's the fastest mind on Wall street. So we're putting him to the test with your help. Bring on the lightning round. Next.

[Jim Cramer]

It is time for the white rap cruiser. Friends, While you're playing the sound. And then the lightning round is over. Are you ready? Ski dag something. Right, Open cameras and mike. Let's start with Tony in California. Tony.

[Caller Tony]

Oh, yeah. Jim, this is Tony in Westlake Village, California. How are you doing?

[Jim Cramer]

How are you? I am good. Thank you for calling, Tony. How can I help?

[Caller Tony]

I'm living the dream here in California thanks to some help from you, Jim. Appreciate it.

[Jim Cramer]

Thank you very much.

[Caller Tony]

Yeah, I would like to get your opinion on a clean energy infrastructure and software company focused on grid scale, battery storage. The software aspect makes it not completely dependent on hardware. It's a fast growing company with a strong backlog of 5.5 billion in signed contracts. But the stock has been volatile and its margins have been thin and inconsistent. I bought some in April and it's up 62%. So, Jim, can you get the CEO in and dig into this company? The name of the company is Fluence Energy.

[Jim Cramer]

When is Fluence going to make money, Tony? It's got to make money and that's why it is not going higher. Let's go to Joe in New Jersey. Joe, hello, Mr. Kramer. Thank you for taking my call. Really good. My favorite part of your book was

[Announcer/Narrator]

when Mr. Hank showed you his ledger.

[Jim Cramer]

Oh, he showed me the ledger. I did. He didn't reveal his real name because it was not nice to his family. But yeah, that was someday, but go ahead. How can I help? I bought a half a position in microchip technology.

[Caller Mike]

I want to know if I should add to my.

[Jim Cramer]

Joe, it's good. It's industrial Internet. I think it's terrific. I think you should buy the other half, frankly. I think it's a good one. And that, ladies and gentlemen, is the conclusion of the Lightning Round.

[Announcer/Narrator]

The Lightning Round is sponsored by Charles Schwab. Coming up, Cramer's offering his best advice for navigating the market amid the ever changing conflict in Iran.

[Jim Cramer]

Next, People keep asking, when will President Trump's statements about Iran disrupt the market? I come back and say, which ones? Just think about what happened today. The President was literally talking about seizing Carg island, the export terminal for the vast bulk of Iran's oil. That would have meant ground troops. It would have been a monumental escalation. But if you bet on that, you're kidding yourself. Today, the Iranians responded by threatening to disrupt the SpaceX IPO on the eve of its pricing, saying that they take out any Elon Musk operation Middle east, they finally figured out or hurt America. Then today, Trump posts, quote, based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, canceled the scheduled strikes against Iran this evening, end quote. He then lists a whole bunch of countries that have checked off in the process. Suddenly, the price of oil is plummeting and the stock market's on fire. So if you're running wondering why we don't make investing decisions based on what the President says about the war, it's because when he does, we get buried where he says that talks are going well, you know what? Go by Chevron because that probably means the talks are going to go wrong. He says that things are going badly. That means you sell Chevron because it means that things are probably going to improve. Rarely has there been a more consistent strategy and don't the Iranians know it. On the eve of the big Elon Musk deal, they threatened to attack his properties. The Middle east they know that Trump is sensitive to the stock market, decided this where it hurts. They are very savvy about what we care about. Plus there's something else. The price of oil has been heading higher, but unlike the last oil embargo in the 70s, we don't have gas lines. We have our own domestic supply. And now we've got a surprise oil hitter. It's not talked about. It is Venezuela, which is producing about 50% more than we thought we heard they were doing when it was seized 500,000 barrels ago. As long as the gas lines don't come back, I think we're probably home free now. We all hope that this time, really there is a deal which would change pretty much everything for the market, except it takes two to a war and the Iranian military seems pretty eager to keep this one going. If you look online, the Iranian leadership just hit us with endless vitriol and trash talk. Right now, the whole thing smacks a comedy, except it's not particularly funny. I like to say there's always a bull market somewhere and I promise it just for you right here. Mad Money, I'm Drew Kramer. See tomorrow.

[Disclaimer Narrator]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Kramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. 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 Building a portfolio

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[Jim Cramer]

Mmm.

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