Mad Money w/ Jim Cramer 6/3/26

Summary

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Mad Money w/ Jim Cramer – June 3, 2026

Episode Overview

In this episode, Jim Cramer takes a deep dive into the multitude of high-profile IPOs and secondary offerings poised to hit the market in 2026, analyzing their impact on current valuations, investor appetite, and the potential headwinds for existing tech leaders like Nvidia. Cramer also examines recent wins in the pharmaceutical sector (focusing on Eli Lilly), discusses the trend of logistics real estate pivoting to data centers—interviewing Prologis’ CEO—and unpacks the mechanics and risks of the upcoming SpaceX IPO, with a pointed warning for retail investors. The episode includes listener Q&A (the famous Lightning Round), running commentary on market action, and actionable advice for different investment scenarios.

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Key Discussion Points and Insights

1. IPO Tsunami: Too Much Supply?

[01:00-09:00]

• Headline: An unprecedented wave of new equity supply is descending on the market—driven by anticipated IPOs for Anthropic, SpaceX, OpenAI, and secondary offerings from giants like Alphabet.
• Cautions on Overwhelming Supply:
  • When “supply outstrips demand, prices go right down as buyers get overwhelmed and they go home” (Jim Cramer, 01:20).
  • Cramer worries this flood of new stock may explain the sharp drop in major indices today (Dow down 621 points; S&P -0.74%; Nasdaq -0.89%).
• Alphabet’s $45B deal was a bright spot, buoyed by Berkshire Hathaway’s $10B participation (“Good imprimatur”, 02:30), but Cramer warns this was “the first in the shoot” and others may not go as smoothly.
• Big Six Need Big Money: Cramer estimates Alphabet, Amazon, Anthropic, Microsoft, OpenAI, and SpaceX together could seek “$600 billion, maybe more” (04:30) to fund their data-center arms race.
• Implication for Existing Tech: The likely source of funds for these IPOs? Selling winners, especially Nvidia. Hence, pressure on Nvidia, Microsoft, Amazon stocks.

Notable quote:

“The most natural source of funds for these deals... buyers will raise money by selling Nvidia. Right now Nvidia is looking like the biggest piggy bank in the world.” — Jim Cramer (06:50)

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2. Nvidia: The Reluctant Piggy Bank

[06:00-09:00]

• Nvidia down 3.62% today: Not due to fundamentals, Cramer insists, but simply because it’s so easy to take profits to pay for shiny new IPOs.
• Cramer remains a long-term believer in Nvidia, AI, and Jensen Huang—even as he warns of “a tough time for shareholders” while this supply flood plays out.
• Market dynamics: Investors may sell Nvidia and other high-flyers to fund participation in the IPO wave.

Notable quote:

“Right now Nvidia is looking like the biggest piggy bank in the world... You gotta expect some withdrawals even as I think the story is excellent.” — Jim Cramer (08:00)

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3. Lightning Round: Listeners’ Q&A

[09:04-12:26 & 29:56-42:39]

Cramer offers quick, candid takes across a spectrum of stocks and strategies:

• On Fun (post-merger, amusement parks):
  “Too dicey, Adam. I don't want to do that... Six Flags could make your kids sour on stocks.” (09:25)
• Take-Two Interactive (GTA 6 excitement):
  “A great idea... probably going to be the biggest entertainment property of all time. Don’t buy all at once.” (10:13)
• DoorDash (profitability concerns):
  “Tony Hsu has done a remarkable job... Maybe the stock will be better bought if it got down to 100 to 120, but I like the company and management very much.” (11:05)
• Axon Enterprises (down 45%, long-term holder):
  “I want you to hold it... The product is strong, but it sells at a high multiple.” (30:43)

Other Standout Calls:

• Boeing: "I'm not going to let you buy it until it goes lower or the war ends." (31:14)
• Becton Dickinson: “Very inexpensive now. Buy some and wait.” (40:22)
• J. Frog (software): “Take a little off the table. Too high a multiple.” (39:51)
• Santander Bank: “Don’t sell after the run; buy more if it drops to 10.” (40:50)
• Backblaze & F Jet (space stocks): Cramer admits when he doesn’t know a name—and promises to research before offering a view.

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4. Eli Lilly: Momentum, Innovation, and Market Leadership

[14:24-21:20]

• Recent Rally: Lilly up over 1% today in a down market; up 27% from April lows; long-term Trust holding up 360% since Cramer’s first buy.
• GLP-1 Weight Loss Franchise:
  • New Retatrutide drug in phase 3: “Could be the biggest drug of all time.” (16:17)
  • Demand so high, compounded versions are being used off-label (which Cramer cautions against).
• Expanding Portfolio:
  • Promising early gene therapy for high cholesterol (single infusion with up to 62% LDL reduction).
  • Acquisitions in vaccines as a longer-term growth platform.
  • Major PBM (pharmacy benefit manager) deals, improving affordability and market access for weight-loss drugs.
• Bottom line:
  • Real catalysts driving recent performance, not just sentiment.
  • Cramer remains bullish: “I'm sticking with Lilly for the long haul, especially during times when techs are tethered.” (20:38)

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5. Applied Aerospace & Defense IPO Analysis

[23:04-29:56]

• Newly-public aerospace & defense contract manufacturer, focused on space and military, rolling up several acquisitions.
• Financials:
  • Over 51% (pro forma) revenue growth last year; EBITDA margins averaging in the low 20s.
  • Losses persist on GAAP basis; cash-flow negative; heavy balance sheet, but IPO proceeds used for debt reduction.
  • Price/valuation: IPO priced at $20, but stock broke the print (“I actually like deals that break the print... tends to create bargains”, 26:51).
• Peer context:
  • Compares it to Flex, JBL, Celestica with lower enterprise value multiples.
• Cramer’s Conclusion:
  • “A story I like and a stock I want to own at some price, ideally a couple bucks lower... If you really like the story, you have my blessing to buy it here.” (28:54)

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6. Prologis: Logistics King Now Going Big on Data Centers

[33:06-39:12; Interview with CEO Dan Letter]

• Transformation story: Prologis, originally a traditional logistics REIT, is leveraging its 1.3 billion square feet portfolio and 14,000 acres of land to expand aggressively into data centers and renewable energy (notably, solar on warehouse roofs).
• Key stats from CEO Dan Letter:
  • “5.6 gigawatts of power energized” for data centers.
  • Only “8% of our roof so far today” with solar—huge runway left.
  • Core logistics business robust, with “large format spaces... pretty much solid sold out across the entire portfolio” (36:23).
  • E-commerce continues to be a tailwind: “E-commerce uses three times more warehouse space than brick-and-mortar.” (36:57)
• Future growth: Data centers framed as “one of the largest value creation opportunities in the company’s history.” (38:21)
• Cramer’s Take: Notes historically defensive qualities of the stock (first to bottom in 2008), and likes both the 3% yield and innovation pivot.

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7. SpaceX IPO: Opportunity and Peril for Retail Investors

[43:23-47:38]

• Deal Structure:
  • Largest-ever IPO placement for retail—30% of shares set aside (“That’s unheard of in a hot deal”, 43:29).
  • Targeted at $1.77 trillion valuation, $135/share.
  • Morgan Stanley/E*TRADE handling retail distribution.
• Cautions & Historical Parallels:
  • Cramer fears retail buyers will flock in with market orders, risking “getting gaffed like a tarpon” if the stock soars far above the IPO price at the open, then reverses (“hundreds of thousands, maybe even millions of people who are new to the market… want some SpaceX. After it starts trading, they’ll... accept any price.”, 44:20).
  • Recalls dot-com-era IPO debacles that burned new investors and hurt public confidence.
• Actionable Advice:
  • Main point: “They should do two things. First, ban market orders in the first day, limit or nothing.” (45:25)
  • Urges having ready sellers available to dampen extreme price spikes.
• Summary:
  • “I like SpaceX… but I don’t believe in market orders, especially on deals like this.”

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Notable Quotes & Moments (with Timestamps)

• On IPO Supply:
  “Six companies between them, I think they possibly need to raise $600 billion to cover the next phase of the data center roll out... Is there $600 billion lying around in cash ready to put to work in these companies? I doubt it.” (Jim Cramer, 04:23)
• On Nvidia:
  “Right now Nvidia is looking like the biggest piggy bank in the world... While it’s not going to be emptied, you gotta expect some withdrawals.” (Jim Cramer, 08:00)
• On Eli Lilly’s weight loss breakthrough:
  “Retatrutide... could be the biggest drug of all time. The key is, at least so far, no one else has a weight loss drug in the pipeline that’s in the same league as what Lilly’s working on.” (Jim Cramer, 16:17)
• On the SpaceX IPO for retail investors:
  “I think that those who put in market orders will be gaffed like a tarpon caught off Grand Isle, Louisiana… That was what happened with the IPO of thestreet.com and I could do nothing to stop it.” (Jim Cramer, 44:45)
• On Prologis and data center growth:
  “A gigawatt can energize about a million homes… this is a huge business. And it’s only 8% of our roof so far today.” — Dan Letter, CEO of Prologis (35:35)
• On holding Axon:
  “No, I want you to hold it... The product is strong but it sells at a very high price-to-earnings multiple.” (Jim Cramer, 30:43)

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Segment Timestamps

• 01:00-09:00: Market overview, IPO flood, Nvidia impact
• 09:04-12:26 & 29:56-42:39: Lightning Round (listener Q&A)
• 14:24-21:20: Feature on Eli Lilly and pharma innovation
• 23:04-29:56: Applied Aerospace & Defense IPO analysis
• 33:06-39:12: Prologis CEO interview (logistics, data centers)
• 39:29-42:39: Lightning Round, continued
• 43:23-47:38: Detailed breakdown and caution on SpaceX IPO

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Tone and Style

Jim Cramer’s tone is energetic, urgent, and sometimes cautionary, blending fiery, opinionated commentary with practical advice and clear explanations, especially aimed at retail investors. He highlights both risks and opportunities, pushes for education and diligence, and occasionally draws on market history to warn newcomers against repeating past mistakes.

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Takeaways for Investors

• Prepare for volatility as massive IPOs and offerings absorb capital from existing market winners.
• Nvidia’s fundamentals remain strong, but don’t expect immunity from selling pressure.
• Don’t chase euphoric IPOs, especially with market orders—wait for rational prices.
• Defensive plays, like Eli Lilly and logistics REITs pivoting to data centers, can provide insulation and growth.
• Stay informed and do your homework—even Cramer admits what he doesn’t know and promises to investigate.

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This episode is a must-listen for investors watching the intersection of AI, tech infrastructure, and market psychology as a historic capital-raising wave hits Wall Street in 2026.

Transcript

[Venture Global Representative]

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[Charles Schwab Representative]

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 My mission is simple

[Jim Cramer]

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 Kramerica. Other people make friends. I'm just trying to save you some money. My job is not just to entertain you, but to educate you, get you through some of these tough days. Call me at 1-800-743- CNBC. TweetMich Kramer Bull markets can be killed by business conditions or interest rates or geopolitical turmoil. But the thing that most easily leads them to the slaughterhouse is an excess of new supply. Too many new shares, not enough buyers. Like any market, when supply outstrips demand, prices go right down as buyers get overwhelmed and they go home. So when I read today that Anthropic is picking brokers to come public at the same time that Alphabet just placed a gigantic slug of stock right on top of the pending Space X IPO next week, I get concerned that stock supply will indeed overwhelm investor demand. Plus, there's plenty of talk about OpenAI doing an IPO right on top of the others. You know what? I think that's maybe the major reason why The Dow lost 621 points today. The S&P shed.74%. The Nasdaq dropped.89%. It was a very ugly session. Listen, I don't blame any of these companies for wanting to raise money. In fact, if I were their competitor, say Amazon or Microsoft, I probably would raise some money too, if only to stay competitive. Although I should add, neither companies communicated that they might as you stop as Chuck Robbins, the CEO of Cisco, told us last night, these companies have no choice. It's existential. They need to build out their footprint. They need the compute, or else they might wither on the vine and certainly get beat by the others. So they have to raise money just to get the job done. Or else. I get why they feel that way. I just wonder if there's enough money to Support all these IPOs and secondary offerings without knocking back this market to maybe even much lower levels. Now, we should be heartened by what happened to the stock of Alphabet today. They were able to raise some 45 billion dollars out of 85 billion that they want to raise totally, pretty much in a snap. And the stock even traded up briefly after the pricing. Perhaps that's because Berkshire Hathaway bought $10 billion worth. Good imprimatur. Even if it's the Greg Abel Berkshire and not the Warren Buffett version. I think Goldman Sachs did a remarkable job placing that deal. Point is, Alphabet could raise serious money. And look at the action. The stocking problem, you barely notice. It was the first though in the shoot for these companies. That was a really smart move. I'm heartened by the way that the Space X deal is being talked about, at least to a point. More on that later. I bet there'll be plenty of money around to make that IPO a success. You know, I'm a big fan of Anthropic. It looks like this company can make a lot of money as a business. To business. I play with many lucrative revenue streams. If all. If it was the only big IPO this year, I'd be all over it. But. But sandwiched between Space X and perhaps Open, I got to be a little less enthusiastic. Then you have to start worrying that Open Air will see how easy it is to raise money and decide to take advantage of the moment that company loses a ton of money. Could be a real surprise, not necessarily a good one. And again, I also fear that Microsoft and Amazon will sell some stock like Alphabet, that they're spending so much building these data centers that they may need to raise equity in order to pay for it. That said, okay, I got some good news here. I'm going to put this in context. Scare you? But once these companies are done with their issuance, we've gotten through the big fundraisers for 2026 and the Bull can come back. Right now though, looking at the calendar, I don't know how we're going to afford all these deals without taking the market lower. It's too much capital at Once it's going to lead to multiple follow on offerings. Many more stock both in the insiders and the companies themselves. Now let me go over what could happen here. If you're one of these companies, you're now in a race. That's right, you, you have to get your deal done before the other guy. It's too crucial if they want to keep spending on I have enough money and if they wait too long they won't get a good price for their stock. That's what this is really about. It's a foot race. We only have a few companies that are in the hunt. Alphabet, Amazon, Anthropic, Microsoft, opening Space X. Six companies, six companies between them. I think they possibly need to raise $600 billion to cover the next phase of the data center roll out there. 600 billion, maybe more. Is there $600 billion? We lying around in cash ready to put the work in these companies and all the different brokers and banks? I doubt it. Sure there is plenty of idle cash, lots of liquidity out there. Couldn't have raised that money so easy if it were. I've said that Space X will be able to raise tons of money because of the Cult of Musk but it's losing so much money it could be a drain on the market for some time. Anthropic could be the easiest ipo but Open Air might be a miserable deal. Especially if it comes last in the queue. It's private, but I'm not hearing anything that tells me it's really ready for prime time. Companies been able to raise a lot of money in the private markets but I fear not enough to stay competitive without a bigger slug of capital. So what happens then? Well, the investors who want to participate in these deals will raise money by selling something else. Specifically, they're going to have to sell some winners. Which brings me to the elephant in the room. Brings me to Nvidia. This company just had a very successful Computex festival in Taiwan with CEO Jensen Huang at the top of his game talking about how his Vera Rubin chips are so fantastic and they have brought acceptance already. It was a very compelling story and you know I remain a believer in Nvidia but when I look at the stock, the big six need to sell, sell, sell, sell, sell. I'm betting most of the buyers will also own the stock of Nvidia. If you love the data center story, right, you love video. It's at the heart of it. Jensen sticking by his mantra. Companies that buy his wares will make money with them. Of course his wares have to be put in these gigantic warehouses full of servers and they need a lot of power and a lot of money. But the whole thing could take years. It's a huge build out. So the most natural source of funds for these deals isn't a Chevron or JP Morgan or a Walmart or Lilly or maybe even an Apple. Sellers will most likely hit Microsoft and Amazon anticipating deals where they might be able to buy the stock back. And once again I hope they don't try to raise that money. I really wish they could just come out and say they won't, but that's a tough thing to do really though the buyers will raise money by selling in video. I am deeply concerned that it will be become known as a market donor, a source of funds for those who want to buy these new companies and don't have the capital to do so. I hope Nvidia gets a chance to buy back so much stock. That'll be great. But you know what, it's going to be a little difficult right now. That's why I believe Nvidia stock was down. So it isn't today. Down eight bucks, 3.62%. It's just too easy to sell. Of course, this could be just the beginning. And we now are starting to see some software stocks rollover. We saw some, some, a lot of semiconductors roll over this very evening and some cybersecurity all got clubbed. We'll see some other semi sold tomorrow. Big gains, they're easy to take. Right now Nvidia is looking like the biggest piggy bank in the world. While it's not going to be emptied, of course it does have $5.2 trillion of other people's money as its market cap. You got to expect some withdrawals even as I think the story is excellent. We own a video for the Channel Trust. I have total faith in AI as the fourth Industrial Revolution. I have total faith in Jense Wong. I'll try to own it through this, failing some deals. But I have no illusions it's going to be a tough time for shareholders. Here's the bottom line. Once we get through this period and we see that the buyers of video wares are making fortunes were hope free, that will happen where these companies wouldn't be spending all that money in the first place. Until then though, it's a battlefield. Better go dye your armor because you just might need it. Let's go to Adam in Illinois. Adam.

[Caller/Viewer]

Oh yeah, Jim. Hey, thanks for taking my call. Good, good. I'm starting a small Portfolio to start early. Encourage early investing. With my kids who love roller coasters. What do you think of including a position in Fun post merger with the recent sale of underperforming properties, still questions around leverage and earnings is fun.

[Jim Cramer]

I think it's too dicey. I think it's too dicey, Adam. I don't want to do that. I mean, I think we have so many real estate investment trusts that are better. I think Six Flags is the kind of thing that could make it so that your kids sour on stocks. We don't want them to do that. I have so many stocks. I talk about how to make money in any market or of course, in the club. I'm not trying to dodge. There's just so many that I like. That one I do not. But I appreciate that you're looking for something that they might want. I just don't think that has. That one has too much risk. How about that? Let's go to Mark in California, please.

[Caller/Viewer]

Mark, hi, how you doing? Jim, how you doing?

[Jim Cramer]

I am doing well, Mark. How about you?

[Caller/Viewer]

I'm doing good. I wanted to hear your thoughts about Take two Interactive. I recently got into it because I'm a gamer and I love GTA 6. It's coming out, it's new, it's hot. What do you got?

[Jim Cramer]

I think it's a great idea. I think Strauss Zelnick's got a real winner. I understand that GTA 6 is probably going to be the biggest entertainment property of all time. If you want to start A position is down 6 today. I wouldn't buy it all at once. It's an erratic trader. But I share your enthusiasm for Take two Interactive. Let's go to Elizabeth in New York, please. Elizabeth.

[Caller/Viewer]

Hey, Elizabeth, how are you? Jim, my question is.

[Jim Cramer]

Oh.

[Caller/Viewer]

Doordash has record order volume, but profitability is still lagging and the stock trades at a premium multiple. If gas prices stay elevated and consumer kind of spending slows, does DoorDash still deserve a growth stock valuation or does that kind of expose a weakness in the business model?

[Jim Cramer]

I think, Tony, this great question I debated all the time because there's a couple of stocks that came public during a period and there's kind of wavering sometimes. I think Tony Hsu has done a remarkable job putting together the number one company in its field. I think that you're absolutely right. It sells at a premium mobile 32 times earnings. Maybe that's too expensive. Maybe the stock will be better bought if it got down to 100 to 120. But that said I like the company and management very much. Right guys? I still believe in Nvidia. I didn't mean to talk it down. I'm just trying to tell it as it is. I'll try to keep owning it in the other some of the other semis which are getting hit very hard in cybersecurity. But I know it's going to be a tough time. Sometimes you have to go through tough times as shareholders. People don't tell you that on maybe Tonight. Is it possible to solve a bull case for Eli Lilly after a huge run last month? I think so. I'm sharing why I think it can keep going higher and there's more than one aerospace related IPO that you should be watching. That was my deep dive on today's debut time, which is a company called Applied Aerospace, Defense and Logistics Re Prologis, which I've liked for so long, has been outperforming lately. It's pivoting to doing some data center build out. I'm going to sit down with the company's new CEO to hear more about the strategy. I think you'll like it on a day like today. Stay with creep.

[Show Announcer/Producer]

Don't miss a 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

[Venture Global Representative]

Adventure Global we think about what can be done, not what's usually done through innovation. We Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost in a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

[Dan Letter (CEO of Prologis)]

Hey Fidelity.

[Jim Cramer]

How can I remember to invest every month?

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[Jim Cramer]

Huh. That sounds easier than I thought.

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[Jim Cramer]

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

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You will find them where you left them.

[Dan Letter (CEO of Prologis)]

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

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[Caller/Viewer]

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[Dan Letter (CEO of Prologis)]

Fantastic.

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[Jim Cramer]

You're hired and you're hired.

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[Jim Cramer]

When the price of oil spikes and most of the market rolls over like it did, you're going to wish you owned something that's insulated from the broader economy. Like I talked about last night, look at Kramer Fave Eli lilly. Up over 1% on an otherwise ugly day, this is a stock that has quietly rallied 27% from its late April lows and is once again part of the trillionaire club. Regular viewers know I've been a fan of this one for ages. It's been a court holding for my child Trust for nearly five years. It's up more than 360% since our first purchase. We have patience with this one. Best of all, for most of this run, Lilly's had a gloriously simple story. Alongside Novo Nordisk, they invented a new class of revolutionary diabetes and weight loss drugs you've heard of in the GLP1s. The big difference is that Lilly's always had much better execution. Their first pill version was approved back on April 1, which should be a big upgrade from the previous injections. And now, behind the scenes, Lilly was investing billions to ramp up GOP Dash 1 production so that it could ultimately meet the insatiable demand for this wonder drug. At the same time, Louis got a terrific portfolio, putting big treatments for cancer, heart disease and autoimmune conditions. These never get as much attention as GOP does one drugs, but they've made the company a ton of money. Louis revenue shot up from 24.5 billion in 2020 to 65.2 billion last year, while its earnings have grown from $7.93 per share in 2020 to $24.21 per share last year. That's a compound annual growth rate of 25%, like something for the big pharma heyday decades ago. CEO David Ricks is a terrific steward of its shareholders capital. Still, at the end of the day, the thesis here boiled down to the simple fact that he's got the best job one franchise. That means the stock gets hit whenever investors tire of that theme. And as they did, by the way, late last year, when the space started getting competitive and worse, Novo Nordisk beat Lilly to market with its own gop. That's one pill. That's why the stock had trouble finding traction the first few months of the year. In the last two weeks, though, we've gotten some major bullish catalysts from Eli Lilly. I want to walk you through them tonight, so you know how I feel about this. First, on May 21st, Lilly reported new data from a phase three trial that means has been approved. Phase three right there on their new weight loss drug called Retatrutide. This is a GOP DASH one, but it's combined with two other hormone agonists that makes it kind of like it's GOP 3, so to speak. The data from this trial showed retatutride is much more effective for weight loss than the GLPGs ones that we currently have. Participants who took the highest dose lost an average of 70 pounds and 80 weeks. Basically, it's as effective as a bariatric surgery. Even with the smallest dose, people lost 47 pounds over the same period. The side effects are a little more serious than Zepbound, but the drug's a lot more effective too. But an unspoken part of the story, and this is, you got to be really careful, your business there's not been approved for this, right? It's about muscle atrophy. The big problem with GLP1s is that they make you lose both muscle and fat. There's been a lot of speculation that retatrutide will help you lose more fat and less muscle. Even Azuli itself is not making that claim. But that's why so many people are taking it in the gray market. They've gotten non FDA approved compounded versions of the drug, which I would not recommend, but it's telling that there's so much demand for something that isn't even out yet. It could be the biggest drug of all time. You heard me, biggest drug of all time. The key is that at least so far, no one else has a weight loss drug in the pipeline that's in the same league as what Lilly's working on. Second, positive development. On May 25, Lilly announced some positive phase one. That's very early trial results for new gene therapy that they're testing on high cholesterol. Get this very early stage data. The drug showed promising results for lowering LDL cholesterol, which is the bad kind of cholesterol. Actually there isn't any good cholesterol. But we discovered that specifically with a single, single, single intravenous infusion of the drug currently called VRV 102 participants saw an up to 62% decrease in LDL cholesterol with durable effects and a clean safety pile. I'm calling that incredible. Basically these results make the goal of a one time treatment for high cholesterol look more realistic. Lilly plans to begin enrolling a phase two trial by the end of the year. While we're still a long way from a drug like this making it to market, the results were very encouraging. At this early stage, it seems slightly more effective than Amgen's Repatha, although unlike Repath that you only need to take Lilly's drug once. I take that thing every other week. I don't like it, but it's working. Third, the very next day after that promising gene therapy data, Lilly announced that it was acquiring three vaccine makers in one fell swoop. The deals all included undisclosed upfront cash payment. We got a lot of money. You can do these kinds of deals and up to 3.83 billion in value cumulatively across us the three transactions. So each company hits all the milestones. First deal was for a company called Curvo, which is working on a vaccine for the prevention of shingles and adults. That's a very big market. The second was for a company called Lima Tech Biologics, which is developing vaccines against bacterial pathogens that have built up resistance to traditional antibiotics. Again something that the hospital system is desperate for. The third was for the very boringly named vaccine company which is developing technology for vaccines that mimic viruses without actually including any genetic material from those viruses. That could mean vaccines with fewer side effects. In short, Lilly's making a big initial push into vaccines, an area where it doesn't have a major presence at the moment. With RFK Jr. Running the department of Health and Human Services, vaccines are not a particularly hot area right now. Seems to be making a sale of longer term bet using a small fraction of its GOP1 proceeds to create an entire new franchise. I think it's a smart move. Finally, here's some more Good news. On May 28th, we learned that Lilly reached a deal with CVS Caremark, the largest pharmacy benefit manager in the US to cover both Zepbound and Foundao, their two big weight loss drugs. With this Caremark deal, all three of the nation's largest PBMs will cover Lilly's full obesity medicine portfolio, significantly expanding the number of Americans who can access these drugs and through their existing insurance. So for eligible patients, commercial coverage, both medicines are now available for as little as $25 per month. This stuff used to cost $1,000 per month and people standing bankrupt the system. Separately, Medicare Part D beneficiaries may also be eligible to pay $50 per month for their obesity medicine starting July 1st through Medicare GOP one bridge program. Basically, many more people can now afford these things. Here's the bottom line. While Lilly stock had swooned late last year and early this year, it's made a big comeback in recent weeks, driven by real positive catalysts, not just sentiment. That's why I'm sticking with the Lilly for the long haul, especially during times when techs are tether. Bear, Bonnie's back after the break.

[Show Announcer/Producer]

Coming up, there's more than one space related IPO you should have your eyes on this week. Kramer's breaking down AADX next.

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[Jim Cramer]

While we wait. Observe. Get all excited about the big SpaceX IPO. I got another idea. We have a bunch of other recent deals that I think you should know about. I don't want them falling through the cracks. Take Applied Aerospace and Defense. So this one came public today, but not too much fanfare, even though it has exposure to some of the strongest sectors in this market. Applied Aerospace helps their customers in the space and defense industries to design and manufacture the products I want you to think of as an outsourced manufacturer. Like some of the real hot ones we've like along Flex J. Bill Celestica. Except rather than electronics, it's focused on the military industrial complex by the Way all three of those talks have been on fire, fire lately. And you know, I'm big fans of that industry. That got me interested in Applied Aerospace, in which this thing builds complex mission critical subsystems for extreme operating environments, both for space and military applications. Space. Some of Applied Aerospace's predecessor companies have been around for decades and they use their expertise to help clients rapidly prototype new hardware quickly get it to production. Now this is not some new player that came out of nowhere. They have long term relationships with the major aerospace defense contractors. Now, like many recent IPOs, Applied Aerospace is basically a private equity backed roll up coming public. A firm called Greenbrier Equity Group made a series of nine acquisitions in this space, starting with PC x back in 2021. A year later, they bought the old Applied Aerospace structures. Then they made two more aerospace acquisitions before combining it all with the business formerly known as PC X. In the process, they've created what I think is pretty heavy hitter. Of course, Even after the IPO, Greenbar still owns roughly 81% of the business, which will be a problem the moment they start to ring the register. Hopefully the stock will be much higher. That's not going to happen anytime soon. Okay, let's talk about the numbers. It's a little bit noisy because Applied Aerospace never stopped making acquisitions. Just this March, they purchased a company called cbi. They gave you both the real numbers and the pro forma numbers that show what the business would look like if they close. It was only a CPI deal at the beginning of 2025. We have to use the pro forma numbers because they're more representative of the current state of the business. But I want you to keep in mind that a lot of the growth here is in organic. Last year, for example, applied Aerospace had 51% revenue growth going by the pro forma numbers. Without including the CBI numbers. That would have been just 25% growth. In the first quarter of this year, pro forma revenue was up 37% from the actual first quarter 2025. Without the acquisition, revenue would have been up 21% year over year. Still pretty good. As for profitability, again, this is what hurt it. I think it's complicated. First, using the most stringent GAAP numbers, Applied Aerospace is losing money. In the first quarter of this year, the company had a pro forma net loss of 78.8 million, which was much larger than the $7.3 million loss in the first quarter 2025. I don't like that. The losses for 2025 and for the first quarter would have been much smaller though if not for the CBI deal. That's reflected in the pro forma numbers indicating the acquisition bolster growth but her profitability now all that said, if you're willing to look at the more forgiving adjusted earnings for interest, taxes, depreciation, amortization or EBITDA numbers now they look much better. I'd argue that EBITDA is the right way to evaluate what's essentially a contract manufacturer with lots of depreciation. Applied Aerospace saw its pro forma EBITDA jump 69% last year without the CBI numbers would have been up 40% in the first quarter of this year. The pro forma numbers show 13% EBITDA growth that the CBI deal would have been 5% growth. The numbers work out to EBITDA margins in the low 20s in 2024 and 2025, no matter which numbers you use for 2025 and that's pretty good. That said, the company's EBITDA margin fell to the high teens in the first quarter. Not going to lose sleep over that, but you see all the confusion that went into this one. I wish they didn't have it so complex. There are a couple of things to flag on the financial front. First, Applied Aerospace disclosed that had a $1.06 billion contract backlog as of end of March. That's encouraging because it's 1.75 times last year's revenue. Less encouraging as Applied Aerospace is cash flow company had negative cash flow from operations 2025 and again in the first quarter of this year. Now we talk balance sheet which is often an issue for these private equity backed IPOs. Flight Aerospace says it's using it's essentially all of its IPO proceeds to pay down debt. That should shrink their total liabilities from 1.25 billion down to more like 661 million. Just to get the total debt, the company should have a leverage ratio of 2.3. Now that it's come public and paid off a big chunk of debt, that strikes me as fine. Finally, let's talk about valuation. The IPO had a rather tame pricing at this 20 bucks, which was just above the midpoint of the deal's market and price range. We also didn't see much of a pop today. In fact, after the stock opened up less than 4% from its offer price $20.75, it fell from there, breaking below its offer price and settling at $19.01 now, which some of you may find discouraging me, I actually like deals that break the print as long as I am not in them tends to create bargains that I can sit back and look at. Especially now. The market cap is only 3.25 billion. If we add back the company's post IPO net debt total, we get an enterprise value of 3.57 billion. And if we use a very crude 2026 EBITDA spend of 114.8 million, that's four times what they made in the first quarter. Then we get an enterprise multiple of 31. By the way, if you use the 2025 pro forma numbers that include the CPI acquisition, you get an enterprise model of 25 that which might be more accurate here. But I'm okay using a lower EBITDA estimate because I want to be conservative. I'm giving you all these numbers. I just don't want you to blindly move into the city. So is an Enterprise multiple of 31 a good price? Honestly still a bit high? It's probably why the stock broke the print. If you look at the three contract manufacturers that I mentioned, the great ones Flex, JBL and Suska, all of which been rallying like crazy for the past once, they sport enterprise multiples of anywhere from 16 to 31, that makes this stock too expensive. That said, I can easily see a scenario where my back of the envelope EBITDA estimates turn out to be too low, possibly way too low. And and Applied Aerospace, which is in all the right end markets, looks a whole lot cheaper in retrospect. Here's how I see it. In general, this is a story I like and a stock I want to own at some price, ideally get a couple of bucks lower, say somewhere in the mid teens where it would have a mid 20s enterprise multiple. Based on our rough EBITDA estimate. That's good based on the stock's lukewarm reception today. Not impossible though. I don't think you can count it getting down that low. But if you really like the story, then you know what? You've got my blessing to buy it here. This wasn't a super hot start. You're not chasing anything. Valuation isn't crazy, just a little elevated. And like I just told you, in reality, the stock's probably quite a bit cheaper than it looks. Here's the bottom line. I actually like this Applied Aerospace Defense. Why I spent so much time going up the numbers. If you can get the stock at a price you feel comfortable with, you know what I say? Go for it. Let's go to John in Florida.

[Caller/Viewer]

John, Professor Kramer, second time Caller, love your show and thank you for all you do for us investors. And I'll be pulling the trigger on becoming a club member.

[Jim Cramer]

I did some more stuff on the club today. I just feel like we're doing so many things right. Got a new position. Putting on doing it gingerly, gingerly buying on the way down. You got to get involved. I think it's a great idea. How can I help you?

[Caller/Viewer]

My call today regarding is regarding Axon Enterprises. I took a position on Axon a couple of years ago at around three bucks and wrote it all the way up to 880 this past August. But Jimmy, the last nine months has been painful. Stocks down 45%. I still own a few hundred shares. What do you think? Buy, sell or hold?

[Jim Cramer]

No, I want you to hold it. Once you hold it, you know, tell you to sell it is because I know that the product is, you know, their products are doing well but the problem is it sells at a very high price to earnings multiple. Now people don't understand. Mike, this is why I wrote how to make money in market. The M is the secret sauce and the M is too high and people are selling that because of it. Hey, let's go to Bill in Massachusetts. Bill.

[Caller/Viewer]

Jimmy, I'd like to pick up some Boeing and I don't want to violate my cost per share.

[Jim Cramer]

I don't want you to do it. I don't want you to do it. Boeing's Boeing is right now Boeing trades with more. Okay. I mean it shouldn't be but it does because people feel it. That travels going to be hurt. You can't touch it. Bill, I'm not going to let you buy it until it goes lower or the war ends. Okay? It is just like so many other stocks that are stuck in purgatory because of the war. Thank you for the call. Applied Aerospace and Defense. What a great name. Think covers everything, right? It didn't have a super hot start but you know what? I think that's good. Gives you a good chance to buy some probably cheaper than it looks. Much more made money at including my exclusive with logistics and data center reit. Prologis, old friend of the show. Then there's a few things the market could do to protect retail investors interested in SpaceX IPO. I'm going to detail them here and I'm going to make this my push. I want to save people money and order calls. Rapid fire. Tonight's just a lighting round so stay with me. Not that long ago prologis was logistics play. It's a real Estate investment trust owns and manages 1.3 billion square feet of logistics facilities across 20 countries. Lots of fulfillment centers. But then they realized they could take some of these warehouses and fill them full of servers, get a piece of the data center business. This transition, where AI infrastructure is a very important addition to warehousing logistics, has helped the stock rally 30% over the past 12 months. They have a lot of interest from the hyperscalers we talk about all the time. When Prologue reported its most recent quarter, the numbers came in strong, even as the company's investing heavily in the data center build out. Meanwhile, the core logistics business is improving with large format spaces pretty much solid sold out across the entire portfolio. Could the stock have room to run? Well, let's take a closer look at Dan Letter. He's the new CEO of prologis to find out which letter. Welcome to Money.

[Dan Letter (CEO of Prologis)]

Thanks for having me, Jim.

[Jim Cramer]

It's great to be here. Well, first of all, you got big shoes I have to make. Mogadan was one of our first guests and what a genius. He taught me so much. Tell me what you want to do that's similar. Maybe you've got some different courses to take.

[Dan Letter (CEO of Prologis)]

I tell you, I couldn't be luckier to have been a part of Hamid's organization for over 22 years. I just took the helm January 1st after a very methodical transition plan and learned a lot from him along the way. What you're going to see continue is the culture of enduring excellence that Hamid built this company on. That and that culture is its commitment to our customers. It's, it's, it's absolute focus on the long term and value creation. And what you're going to see maybe change a bit is the fact that things are moving faster than ever. Right. The, just the size of the opportunity that we have is, is like we've never had before.

[Jim Cramer]

Why don't you talk about that? Because Hamid was, I think correctly, was not going to hype an area, so to speak. He's a very solid guy, as I'm sure you are. But, but it does seem like such a great opportunity to do these data centers.

[Dan Letter (CEO of Prologis)]

It's pretty amazing, right? We built our business around the economy where we have 6,000 buildings in 20 countries closest to the most dynamic population centers in the world. Right. And that is actually the blueprint for the modern economy as well. So we own and control the raw material, the land, the buildings. We have 14,000 acres of land also near these city centers that we, we bought and positioned for future logistics build out. We can build out another 240 million square feet from that land bank. But now we, we focused on, on energizing that land. We really started focusing that about five years ago or so. And now we have 5.6 gigawatts of power that we've energized.

[Jim Cramer]

How big that is? That's not a small amount.

[Dan Letter (CEO of Prologis)]

No, it's significant. It is, you know, a few dozen projects wide range in projects from 20 to 30 megawatt deployments to upwards of a gigawatt. And these are really lumpy projects. And this is years in the making. And then again, think about the raw material we control, the 6,000 buildings, the 14,000 acres of land. There's a lot more gigawatts behind the 5.6 we're talking about now.

[Jim Cramer]

Hamid was the first to tell me, you know what, we have these roofs and on the roofs we can do solar. I imagine that's a tremendous advantage for you guys.

[Dan Letter (CEO of Prologis)]

Yeah, it really amazing. We've been putting solar on our roofs for over 20 years. And we decided about five years ago to stop doing it as a hobby and make it a business. We now actually have 1.3 gigawatts of power that we generate from our solar and our storage business. And think about a gigawatt gigawatt can energize about a million homes. Right. So this is a huge business. And Jim, it's only 8% of our roof so far today. So we have a huge Runway in

[Jim Cramer]

this energy business now meantime, I mean, normally we'd be talking about the, the excellent turn all over the country. I was worried about the Southland, it looks like getting better. I was worried about New York at one point. But it seems like that the portfolio is about as healthy as I've ever seen it in all the years I studied.

[Dan Letter (CEO of Prologis)]

You hit this on your intro. At the end of last quarter. We had four spaces in our 1.3 billion square feet, over 500,000 square feet that were available and that we're sold out of large format space. We have seen customers really continue to lean in for the last six quarters. We've broken records for leasing in the first quarter, released 64 million square feet. And what we're seeing continue through this quarter is decisions are being made. Customers make 5, 7, 10 year decisions when they sign leases with us. And we're seeing them continue to do so.

[Jim Cramer]

And how much would you say is E Commerce?

[Dan Letter (CEO of Prologis)]

E Commerce is, is on fire. E Commerce has really been leading and one I think really important stat as it relates to why E Commerce is so important. E commerce compared to brick and mortar uses three times more warehouse space. All those activities, the proliferation of SKUs that, the desire for speed and choice that you, that you want, that you as an end consumer with E commerce that work, that all that activity goes into our warehouses. So as you see E commerce and the penetration of E commerce and retail sales continue, that's a big tailwind for logistics, real estate.

[Jim Cramer]

Okay, now how are you doing it? Still finding space close enough to the cities to make it so that one of the an Amazon would still want to use.

[Dan Letter (CEO of Prologis)]

Well, we've been curating this portfolio for decades. You know, it's interesting. There's 1.3 billion square feet. We've actually sold 220 million square feet over the last 15 years because we're very focused. We put the customer at the center of our decisions. We want to know where the customer wants to go. We have a fantastic customer franchise and, and we stay close to them and that helps us with our boots on the ground strategy in 100 markets around the world. Constantly be looking for those opportunities so we can service those customers.

[Jim Cramer]

Okay, last question. This where Hamid, you know, and I revere him so I ask you like that. I think, I would say. Do you think, sir, that I am emphasizing the data center too much versus the core business?

[Dan Letter (CEO of Prologis)]

What I would say is the core business, that's our bread and butter, right? Right. We have right now a mark to market in our leases. If we tore up all 11,000 leases and rewrote them to today's market, we would have $750 million dropped to the bottom line. Just huge organic growth right there. Do we talk a lot about data centers? Do we talk a lot about the new business as we're building those capabilities? Absolutely. But I see data centers as one of the largest value creation opportunities in the company's history.

[Jim Cramer]

All right, that's true. Let's leave it at that. Because the stock's been a rocket, but it still has a 3% yield. And again, as I always told, I mean, first stock to bottom in the 2008 Great Recession. First stock, that's one of the reasons why I've always liked it so much. Dan letters the CEO of Prologis and maybe right back. Thank you. Thank you.

[Show Announcer/Producer]

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. It's under the lightning round to the core stock plays out my stamp of PR like a clown sound and Then the lightning round is over. Are you ready? Ski, Dad. T M. Let's start with Ben in New Jersey.

[Caller/Viewer]

Ben, thanks again for all you do. Great. Club meetings, great. Everything. I need your help with. J. Frog, is it?

[Jim Cramer]

Oh, you got to take a little off the table. Software development is a good business, but the multiple's too high. I want you to take a little off the table tomorrow morning. Let's go to Joe in New Jersey. Joe. Joe, Go ahead. You're up, Joe. Hello? Hey, Joe, what's up? Okay, what's going on? Thank you for taking my call. I. I need a healthcare company to

[Caller/Viewer]

add to my portfolio. I just walked Becton Dickinson.

[Jim Cramer]

I like that. Dickinson. It is selling frankly at the lowest level to the market that I have ever seen. I think you buy some and then you wait to see if they even oversell it more. That stock is very inexpensive. Let's go to Jerry in California. Jerry.

[Caller/Viewer]

Jim. Great feature not too long ago on Santander Bank, Right?

[Jim Cramer]

Okay.

[Caller/Viewer]

Close to our credit to you. We're close to triple on that based on your recommendation.

[Jim Cramer]

Thank you. Well, that's. That was on a Boutine. I think the world of her. I know that the stock has had a big run. I think it's paused here as it catches its breath. I don't want people to sell it. If it came back to 10, I tell people to buy it. Let's go to Mario in New Jersey. Mario.

[Caller/Viewer]

Hey, Jim, thanks for taking my call today.

[Jim Cramer]

My question is.

[Caller/Viewer]

Sure, sure. My question is about a company called Backblaze. It's a storage cloud storage platform, currently trades on the nasdaq. I use their products personally, I find their technology to be excellent. So I did my homework, did a little bit of research and I'm thinking it might be a buy. But I'd love to get your thoughts.

[Jim Cramer]

Candidly, Mary, I do not know Backblaze. I'm going to huddle with Ben Stodo and we're going to find out for you. It's better that you know, I just. I'm not punning. I just need to learn more about this company. Let's go to Tim in Iowa. Tim?

[Caller/Viewer]

Jim, several years ago I turned on the television and heard this guy say they know nothing. I listened and did some homework and the next morning went to cash. And that was a good decision.

[Jim Cramer]

Well, thank you. That was August 8th is coming up. That was my old friend Aaron Burnett and I. I'm glad that you listened and we were able to avoid thousands of points of decline. How can I help you now?

[Caller/Viewer]

Well, space stocks are in the news. I've been watching F Jet bounce around. Can it run?

[Jim Cramer]

Oh boy, two in a row. I do not know F Jet. I wish I did. Probably a good company, but again, we're going to do work. Always better to say let me come back than it is to say that seems interesting. And that ladies and gentlemen, conclusion of the Lighting round,

[Show Announcer/Producer]

the Lightning round is sponsored by Charles Schwab. Coming up with more details of the looming SpaceX IPO being revealed. Kramer showcasing the good and the bad as he sees it next.

[Jim Cramer]

I think the people orchestrating the SpaceX IPO have really good intentions with the more than 555 million shares they plan to sell. They're allocating 30% of the deal directly to retail investors. That's unheard of in a hot deal. The type of. That's the kind of thing that's going to expect the open dramatic hire and all retail investors are going to win. Generally, the book runners prefer to give big chunks of stock to loyal institutional investors, not home gamers. I like this. Given that this is slated to be a $1.77 trillion company, that's an excellent size placement. And I salute Elon Musk for his devotion to retail, which likes to hold on, not trade. I like the actual dollar price of $135 too. It could attract owners who want to latch onto Musk without the automobile baggage of Tesla. Morgan Stanley, which owns E Trade, will handle the small orders. Again, that's terrific. They know how to do it. For certain. It's probably too late, but I'm sure those who have an account with E Trade have a chance to get in on the deal, which is terrific. Again, that's the good news. Now here's the not good news. While one third of the Space X deal is being allocated to small investors, that's a tiny piece of the overall demand I expect to happen that day. I have never in my life ever seen a deal that was this much in demand. There are plenty of people who revere Musk's ability to create wealth. They don't mind that he makes a lot of money for himself in the process because historically he's worth it. So what's the matter then? The people who've come up to me to ask me about this, I should say the myriad people want to be aspel space this deal. They come from all walks of life. They're determined to get a piece of the ipo. Many have never bought a stock before. They don't understand that Morgan Stanley's E Trade has a responsibility to reward its clients first. They are not price sensitive. They will use market orders accepting any price once it starts trading. And I fear that they indeed will be hurt. I have no idea how much will be left over if the oil rewarded, but I can tell you that it will just be a sliver versus the demand. So far I haven't heard one word about the market orders that will come in over the transom when SpaceX starts trading. These are the orders that. These are the people that I'm most worried about. Sure, the deal is coming in at 135. I think there could be hundreds of thousands, maybe even millions of people who are new to the market and want some Space X. After starts trading, they'll call their brokers and say they want some at any price. They don't realize that unless you put a limit on it, you're going to get the opening price. And believe me, it will not be 135. If SpaceX is anything like the recent, far more prosaic cerebras, I suspect it could open at least double the $135 price. Double. Sure, the faith will be rewarded with stock. Ultimately. Maybe they don't care about being down big at the open. At the beginning though, I think that those who put in market orders will be gaffed like a tarpon caught off a Grand Isle, Louisiana. This is exactly what happened in the 90s. A bunch of brokers batched all the market orders together, came up with a price to open that they sure wouldn't hold, shorted the stock, and then walked it down to where everyone who bought it and the opening got crushed, ruined. Many never came back. That was what happened with the IPO. Thestreet.com and I could do nothing to stop it. And I saw it happen. What should the book runners do differently? I got some ideas. They should do two things. First, ban market orders in the first day, limit or nothing. And second, they should have a group of ready sellers, people who can be unlocked, who are willing to take the short term gain and a release from restrictions to sell. They need to be able to stop the stock soaring at a reasonable level and not let this $1.77 trillion enterprise turn into a proverbial $4 trillion overnight enterprise. Which is, by the way, my worst fear and I think is going to happen. Now I'm sure there are people running the deal say we can't ban market orders. Kramer's crazy. I come back and say this particular government might be thrilled that you try to protect small investors from themselves. There will be others who will say Elon doesn't want anyone to sell and be released from the lockups, failing to realize that without natural sellers we could run into a dot com debacle again. As it is Cerebras that has been a debacle for anyone who bought any stock at the open and that deal was flooded with retail investors. Do not get me wrong, I like Space X. I'm an enthusiastic user Starlink, which I think can really play havoc with the incumbents. I believe in the SpaceX and the orbital data centers, but I don't believe in market orders, especially ones that will cause the stock to soar well beyond must pathway of very good intentions. I like to say there's always more market Summer. I promise. I find just for you man Money. I'm Jim Cramer. See you tomorrow.

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All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC 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 this episode is

[Show Announcer/Producer]

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