Mad Money w/ Jim Cramer 7/8/26

Summary

Mad Money w/ Jim Cramer – July 8, 2026

Episode Overview

This episode of “Mad Money” with Jim Cramer dives into the turbulent state of the stock market amid geopolitical tensions, a surge in new equity and bond offerings, and sector-specific trends driven by earnings and IPOs. Jim Cramer focuses particularly on the risks of overwhelming capital markets with too much new supply from IPOs and debt issuances, why this could threaten the ongoing bull market, and the performance of highlighted stocks such as FedEx, FedEx Freight, and the recent IPO DPC Holdings. As always, the famous “Lightning Round” brings rapid-fire advice on viewer stock questions. The episode closes with an in-depth analysis of SpaceX’s prospects, referencing Morgan Stanley’s influential report.

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Key Discussion Points & Insights

Market Turbulence and Supply Concerns

Theme: Oversupply of equities and bonds could suffocate the bull market.

• Geopolitical backdrop: President’s harsh remarks toward Iran (“calling their government scum” due to attacks in the Strait of Hormuz) rattle markets.
  • Quote: “We know that the end result tends to be higher oil prices and not much else.” – Jim Cramer [02:08]
• Market reaction: Dow fell 577 points, S&P was down, but Nasdaq slightly up.
• Real worry: Less about geopolitics, more about the staggering issuance of new stock and bonds.
  • Alphabet, SpaceX ($85B offering), Amazon ($25B bonds), and others absorbing massive amounts of capital.
  • Quote: “I’ve always said that excess supply, too much stock than the market can handle, can kill any bull market.” – Jim Cramer [03:38]

Timestamps for Key Segment: [01:01]–[09:20]

Earnings & IPO Pricing/Concerns:

• Rivian: Raised $1.2B in secondary offering but at a significantly lower price than market was trading.
  • Quote: “That’s one deep in the hole deal. I don’t want to see deep in the hole deals.” – Jim Cramer [05:15]
• SK Hynix ADR listing: A $29B listing, unclear who will buy, likely to pressure other stocks.
  • Quote: “Does it have any real retail appeal? No. The hope is that big institutions will see that the stock is very cheap.” – Jim Cramer [06:15]
• Concerns these large deals force institutions to sell other holdings to participate.

Supply vs. Demand:

• “Equilibrium can be destroyed in a heartbeat. It’s that last dollop of supply, a Rivian deal going wrong or a Hynix listing that fails, that could cause a serious dislocation.” – Jim Cramer [08:22]
• Not outright bearish, but urges caution; a need for big M&A activity to absorb new supply, less IPO volume, and more new money.

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Lightning Round & Stock Advice

Timestamps: [09:28]–[11:53] and [40:38]–[43:15]

Highlighted Calls:

• AT&T (T):
  • Advice: “It’s time to sell. I don’t want to ever be up against Starlink.”
• Nvidia, Amazon, Arista Networks:
  • On Danaher (DHR): “I don’t want you anywhere near that one. It’s just not working.”
• Wendy’s:
  • Advice: “This group is very, very challenged… I’m going to say no to owning that stock.”
• Amprius Technologies:
  • Advice: “I would actually be thinking about getting back in. Buy some more. It’s a good spec.”
• Lyd Lion Bagel:
  • Advice: “It’s inexpensive right here with a 5% yield. I’m not worried… But if it bounces, please make a move and sell, sell, sell.”

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Sector Deep-Dives & Stock Analysis

FedEx & FedEx Freight [13:50]–[21:29]

• FedEx:
  • Decline after earnings is a buying opportunity.
  • Investors are confused by shift from fiscal year to calendar year, but actual performance is strong.
  • “FedEx is in the best position I’ve seen it in ages. Strong overall demand, tremendous cost initiatives.” – Jim Cramer [15:11]
• FedEx Freight:
  • Pullback post-spin-off is typical; sees it as a massive buying opportunity.
  • “FedEx Freight is instantly the largest player in the western truckload market… I want to own this one for the long haul.” – Jim Cramer [20:31]

DPC Holdings (Doncasters) [23:16]–[30:00]

• Newly public British industrial, quietly IPO’d amid SpaceX hype.
• Strong markets—precision parts for aerospace and turbines—called "supercycle" end-markets.
• Leverage and restructuring clouded profitability, but with refinancing and growth, profitability expected to improve.
• “It’s a great story… but I’d love to see the stock come in just a bit before buying it.” – Jim Cramer [29:33]
• Prefers entry around $42, more aggressive buy under $40.

GE Vernova (G.E. Renova) [30:06]–[30:28]

• Strong buy, especially after recent 30-point drop.
• “It remains the best when it comes to more turbines. Turbines are important, very short supply.” – Jim Cramer [30:28]

Levi Strauss Earnings & CEO Interview [32:14]–[40:19]

• Michelle Gass, CEO, on company resilience:
  • “We are a durable, heritage, trusted brand… and consumers still want newness and innovation.” [32:31]
  • Women’s business now 40%, aiming for 50%; growing with tops, diversifying beyond denim.
  • On Beyond Yoga: “Up double digits again this quarter… Early stages, but no reason why that can’t be a half-billion-dollar business.” – Michelle Gass [34:47]
  • E-commerce up 17% organically, still plenty of room to grow.
  • On Europe: Weakness due to comparisons, “absolutely meeting our expectation.”
  • On consumer strength: “We’re controlling what we can control but staying very mindful of the environment around.” – Michelle Gass [39:10]
  • Jim Cramer: “Everything that you promised, you have delivered on. You can’t ask for more than that.”

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SpaceX and the Adam Jonas Morgan Stanley Report

Timestamps: [43:40]–[47:41]

• Jonas’s bullish report on SpaceX (target $300):
  • “SpaceX can convert energy into intelligence at scale… the company has the optionality to monetize through a range of consumer and enterprise solutions for the next era.” – Jim Cramer, quoting Jonas [44:15]
  • Starlink as global connectivity backbone, especially for enterprise and robotics/AI.
  • “Jonas believes there might be as many as 2.2 billion robots by 2040… Starlink connectivity revenue number of $688 billion.” [45:08]
  • SpaceX’s success hinges critically on reusing rockets and cheap launch costs. Majority of valuation from terrestrial, not space, opportunities.
  • “We don’t know if Musk can pull this one off, but if you think he can, if you recognize his effort is a national necessity… maybe the $300 price target isn’t all that crazy.” – Jim Cramer [46:32]
  • Jonas’s autograph message: “Dear Jim, the robots are coming. Stay human.” – Adam Jonas [47:23]

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Notable Quotes & Moments

• “We haven’t reached the danger zone yet. But if these offerings keep coming at this pace, we will not be safe from oversupply.” – Jim Cramer [08:53]
• “IPO abstention and heightened M&A activity can still save the bull.” – Jim Cramer [09:04]
• “FedEx is in the best position I’ve seen it in ages… Long story short, I’m as bullish on FedEx as ever.” – Jim Cramer [15:11]
• Michelle Gass (Levi's CEO): “There’s so much runway… for a 170-year-old brand, so much opportunity ahead.” [34:28]

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Timestamps for Major Segments

• [01:01] – Market & geopolitical commentary
• [03:38] – Cramer’s real concern: oversupply
• [05:15] – Analysis of secondary offerings (Rivian, SK Hynix)
• [09:28] – Lightning Round (Selected calls: AT&T, Nvidia, Danaher)
• [13:50] – FedEx & FedEx Freight segment
• [23:16] – DPC Holdings IPO analysis
• [30:06] – Caller questions on GE Renova
• [32:14] – Levi Strauss CEO interview
• [40:38] – Lightning Round Part 2
• [43:40] – SpaceX and Adam Jonas/Morgan Stanley analysis

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Takeaway

Jim Cramer’s message this episode is clear: While markets are shaky and awash in new supply, panic is not warranted—yet. Excessive IPOs, secondaries, and bond deals could suffocate the bull market unless new money or M&A emerges to balance things out. He delivers nuanced takes on high-profile stocks (FedEx, DPC, GE, Levi's, SpaceX) and is as vigilant as ever on grilling companies and offering timely buy/hold/sell calls in rapid-fire fashion.

End on Cramer’s signature note:
“There’s always a bull market somewhere. I promise I’ll help you find it.”

Transcript

[Jim Cramer]

The board recommends approving regarding that seat on the committee. We're promoting quarterly earnings.

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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 Kramer. If you make friends just trying to make a little bit of money, my job is not just entertain, but do some educating. So call me at 1-800-743- CNBC. Tweet me imKramer. Lots of folks were sweating bullets today after the President said he wants to tear up the truce with Iran and hit him hard, calling their government scum. The President seemed genuinely hurt by multiple Iranian attacks on shipping through the Strait of Hormuz in defiance of the so called cease fire. So we have no idea what he's going to do next. Of course we've seen this movie before and we know that the end result tends to be higher oil prices and not much else. The market's action today reflects that dilemma. Dow plunging 577 points S&P 16.28%. Nasdaq ending up though 0.2%. Even the start of the day almost as ugly as the other two averages. See the President's diatribe sent any interest rate sensitive consumer stocks lower undid that nascent beautiful rotation of the food and drug stocks and crushed anyone who dipped their toe into the travel, leisure and aerospace place. And look, I can't deny the short term importance of Trump's bellicose rhetoric, but at least when it comes to stock market, I'm a lot more worried about something else. I'm worried about the supply, specifically the spot, the flood of new equity and bonds that have been undated. This market sopping up a lot of sideline capital. I'm a lot more concerned about that than I am about the traffic in the Strait of Hormuz. Let me explain. You know, I've always said that excess supply, too much stock than the market can handle, can kill any bull market. And I do fear it's getting to be too much right now. If the issuers and the investment banking minions don't rein things in, pull back little, I think the bull get hurt after the beating that the market's taken, particularly tech. We need to talk about equilibrium and whether we finally breached it. We need to know, because the next thing after equilibrium is a sudden irreversible glut. And that's exactly what we saw, the dotcom collapse. Before I walk you down this trail of tears, let me just say we're not there yet. So far, the markets handled the new spy like a champ, especially when you consider the President's near constant saber rattling. So what I'm telling you is if anyone tries to misinterpret me, I will. I will refer to this paragraph or whatever I'm saying right now, which is this is not a get out now, top of the show. I'm not doing that. Instead, my attitude is that we've got to proceed with a little more caution because we're besieged with the new and the secondary amount of stocks. And it's a staggering amount of both equity and debt issued just since the beginning of June, including over $180 billion just in three companies. There was a $45 billion slug from Alphabet, which is a part of a broader $85 billion offering. There's an $85 billion IPO of Space X when you included the coupled with $25 billion in SpaceX bonds. Then there was a $25 billion bond offering from Amazon. Those sopped up a gigantic amount of capital. It was meant for a lot of stocks. That could really hurt. Of course, those particular deals were solid. You're still up when Alphabet and SpaceX dispaied the offering. Although if you're. You're in much worse shape if you chase the stocks afterwards. What matters, though, is where they price the deals. Which brings me to two very worrisome signposts that show a yellow light on supply. One that could give a easily give way to a red light if we're not careful. Especially when you consider some of these recent debt deals like the cheap one we just got from Amazon. The first came from the loss making Rivian. That's the electric car company the stock was motoring of late. It's gone from $13 May all the way to 20 on Monday. Wow, what a hot one. But in what can only be considered a game of sh and ladders, Rivian raised $1.2 billion by selling 75 million shares. But they had to sell it at 1550, down from 20. Oh sure, the deal worked, meaning it didn't break the print price, which is encouraging. You're up more than a dollar if you got it on the secondary. But that's because the print was so very, very, very low. Down four and a half bucks from wherever it was previously trading. That's not encouraging at all. That's one deep in the whole deal. I don't want to see deep in the whole deals. Worse, there's SK Hynix. Now this is the Korean company that's number one in red hot DRAM chips that address the memory shortage that we all know we've got. Hynix will list on the NASDAQ and attempt to raise $29 billion early trades in Korea. Very strange deal. See, SK Hynix already has a gigantic Korean presence, all right, and it's in huge volume trades every night wildly. Americans tend not to buy the stock there though. So the company's offering ADRs over here, giving Americans a chance to buy this. It's a well run company. It's a competitor Micron, but she's. SK Hynix is already. It's a trillion dollar company. It's not coming public. Where's that money going to come from when it lists here? Do you think that like SpaceX will be a lot of money just sloshing around? You're going to put the work in some shares of a Korean chip maker. Does it have any real retail appeal? No. The hope is that big institutions will see that the stock is very cheap. And it is, it's very cheap if the data center trade still on. The problem with that kind of thinking though is that institutions will most likely have to sell other stocks. Sell, sell, sell, sell. So they have the money to buy SK Hynes because $29 billion is a huge amount of money to raise all at once. Now the ground's been pounded ahead of the Hynix deal. The stocks coming in low as the earnings estimates I think are going to turn out to be too low too though. So that's a very positive, very positive combination. Then again, its competitor Samsung just reported preliminary numbers and while they were big, they weren't big enough and the stock got blasted. So I think there's real trepidation here. I'm also concerned about the big debt deals coming from companies like Oracle and Amazon as well as the gigantic fundraisers coming from private companies Anthropic and OpenAI. Hey, those latter two better comes public soon. I mean a pretty reasonable substitute given the endless cash needs, don't you think? So you got to keep an eye on these things. You're not just on the earnings per share now why? Why don't I tell you? Just throw in the towel. No, I'll tell you why. Because it looks to me that we're still at equilibrium and the buyers still have some spare cash. We just had a gigantic decline, seventy thirds of all kinds with the unwinding of many parabolic moves. What? I told you got to be out of those, right? You got to sell on the way up. And we got a hopeful footing today. Plus today's big leader was a stock that just shed $1 trillion in market capitalization. And that's the stock of Nvidia. I can't tell if it ran because it's so darn cheap on earnings. One of the cheapest stocks in the entire S and P when gauge against its growth rate or because of an unconfirmed story, the Chinese government has greenlit some sales of a high powered Nvidia semiconductor. Now I think that you should own a video, not trade it. And if you buy it, please don't buy it. Because of Chinese considerations, nothing from China's in numbers. In the end, supply worries are kind of. They're kind of ethereal. You typically don't see a deluge of new supply until after it occurs, which is of course decidedly too late to take action. Equilibrium can be destroyed in a heartbeat. It's that last dollop of supply, A Rivian deal going wrong or a Hynix listing that fails that could cause a serious dislocation that has nothing to do with earnings per share or the Fed or all the stuff that people get going, start fighting about that I don't care about at all. Here's the bottom line. We haven't reached the danger zone yet. But if these offerings keep coming at this pace, we will not be safe from oversupply. We need to see more new money in this market too. We need some big takeovers which stop up supply and we need to see a break in the IPO and secondary action already. IPO abstention. Heightened M and A activity can still save the bull. But if we keep getting this new level supply for a few more weeks, the bull will suffocate under the weight of all that new people. I want to start with Gregory in New York. Greg, how you been?

[Caller/Viewer]

Hey, Jim. Big fan of the show. Thanks for taking.

[Jim Cramer]

You're quite welcome. What's going on?

[Caller/Viewer]

Me and my sister inherit a few hundred shares of AT&T. We're showing a profit right now. Is it something we want to hold or we should get rid of?

[Jim Cramer]

Okay, this is. This is a great question because you're going to have to. You have to have some tax considerations if you sell. I want you to look that over. You can always ask your accountant. But I don't see a lot of growth and I like growth stocks. And I'm not going to recommend a stock just because that's a good yield, because if I can get that from a bond. So my advice is this is up against Starlink. Well, I don't want to ever be up against Starling. It's time to sell. Let's go to PJ in California. Pj? Pj.

[Caller/Viewer]

Oh, yeah, Jim, you're.

[Jim Cramer]

You got me.

[Caller/Viewer]

What's going on, California? Love you. Every evening. Well, I currently. I currently own Nvidia, Amazon and Arista Networks and trying to diversify. How does Danaher.

[Jim Cramer]

Danaher Tanner has been a huge disappointment and we managed to get out of it. I got back with my shirt on, but I think it was like kind of like a. More of a T shirt than. It was one of those 500 Brionis that I wear. And I think it was ripped. I don't want you anywhere near that one. It's really unfortunate. I think you can go higher and it's got a good chart, believe it or not. But it's just. It's just not working. And I said, I look, we need to see some new money in this market, not just new supply. That's the only thing that can save this bull from suffocation. There's too many offerings on everybody tonight. FedEx and FedEx rate shares have stumbled as of late, but could they still deliver for investors? I'm unpacking the opportunity for these two important names to my charitable trust. Then the SpaceX IPO may be grabbing all the headlines, but I'm focusing on one newly public company that you may have overlooked. That I think is more exciting, at least when it comes to earnings per share. And is Levi's stitching together a strong story, or is the media right in saying that maybe it isn't? Well, let's speak to the CEO after earnings. Stay with Kramer.

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[AT&T Business Representative]

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[Dell Representative]

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[Jim Cramer]

Over the past few weeks we've seen some mighty nasty pullbacks in FedEx and its newly spun out former subsidiary FedEx Freight. They're all less than truckload LTL business. Now we own both of these for the Chapel Trust and We've had the CEOs of both companies on the show. I gotta tell you, I asked what's going on here. Well, you know what's going on. I think we are looking at a pair of tremendous buying opportunities. Let's start with FedEx, which is now down 10% from its all time high which is from June 15th. Now look, this is a garden variety pullback for this stock up 33% year to date there's this idea that FedEx disappointed when it reported earnings two weeks ago. Stock fell 2.3% the week they reported. And when that happens, people assume, well, there's got to be something wrong. But FedEx reported a great set of results. A pretty sizable top and bottom line beat. People freaked out about the operating margin, which was merely in line. But that's only because the company's been passing on higher gas costs to its customers through fuel surcharges. What's wrong with that? Nothing. It's just that the fuel surcharge shows up as new revenue with 0% profit margin. That drags down the overall margins. But people didn't realize that. More importantly though, management said that higher fuel prices had no impact on demand. Now that's encouraging. Maybe in recent spirit might have sold off also, is that the full year forecast FedEx guided for 11% revenue growth and earnings per share from 69 to 1810 in comparison to Wall Street's estimates. At first glance, that seemed like a mixed set of numbers. Slightly better than expected revenue, worse than expected earnings. But that's wrong too. It wasn't mixed at all. See, with the FedEx Freight spin off legacy, FedEx decided to transition from the all its old calendar year where it was a fiscal year ends in May, to a standard calendar year. Okay, the kind that ends in December. So you know you have these two different kinds of count. You have a calendar year and you have a fiscal year and they've merged them to the right way, which is the way you and I think, which is January, December. So even though it was holograph, I think create a lot of confusion for investors because the so called consensus estimates included a lot of figures that were based on the old fiscal calendar. That's not apples to apples. Plus, don't forget the FedEx is famously conservative with its guidance. When management first introduced the forecast for fiscal 2026, the 12 month period that just ended, they were initially guiding for $17.20 to $19 of earnings per share. Turns out that was a super low ball forecast. As in reality, FedEx earned $20.24 per share. So I'm not sweating either of the things that investors seem to be taking issue with. FedEx reported last month. I still think the company is in the best position I've seen it in ages. Strong overall demand, tremendous cost initiatives. The stock trades at less than 18 times the midpoint of Madison's full year earnings forecast. Take and share taking names and history's Any guide that forecast is too low. Long story short, I'm as bullish on FedEx as ever. I think it's house of pleasure. Now let's talk about FedEx Freight, which had really had the more dramatic pullback. The stock had a hot start coming from around 150 close on June 1st. That's the stock's first day of regular way trading after the spin off all the way up to $194 in change on June 9. That was rapid. Since then though, FedEx Freight has given up all those gains and then some, falling to $143 today. At this point the stock's down 26% from the high set about a month ago. So I thought it was a good time to do this piece. Just like with FedEx though, I'm not worried. FedEx Freight's been getting slammed because this is what happens right after this kind of corporate breakup. FedEx gave you all the shareholders a chunk of FedEx Freight, right? So your FedEx shareholder suddenly you get this FedEx Freight and you don't know what it is. You just say oh, I don't need this little thing and you throw it away. It costs a causes a temporary beatdown. Let me give you some examples. When a company I really like, Solstice Advanced Materials was spun out of Honeywell last fall, the Stock initially fell from 53 on the first day of regular weight trading down to 40 and change a few weeks later. And Solstice found some traction, embarked on a fantastic rally climbing all the way to $90 and change in recent weeks for plummeting back to the 60s after we learned they're acquiring Element Solutions. But that was wrong. It's good, good deal. The market seemed to hate it. I disagree. But even after the recent decline, sources still up huge from that low. Or how about an example? It's a little closer to home at the beginning this year Comcast spun off its cable channels including CNBC as Versant Media version fell from $45 on the day of the spin off down to 27 in mid February. But then the stock found its footing. Now it's back to 36. I can't express opinion about the stock of my parent company. I'm just studying this as an example post spin bit spo spin off blues like the ones that have that FedEx Freight shareholders have experienced now FedEx Freight's now experiencing, I'd say what I think is a level where it reminds me very much of reverse and bottom doesn't help that when the company reported on June 25 though the numbers were quirky. That's the word I'm searching for. And the stock fell nearly 3% the next day. Quirky because I don't want to be too. I want to be a little more subjective about this. See FedEx Freight offered more limited numbers in its first report as a public company. There were no earnings per share figure but what we did was get at least pretty solid. I thought FedEx Freight reporting a revenue beat as sales grew nearly 5% year over year. Small operating income beat even as their operating margin was light versus expectations. That did hurt. Remember, we saw the Same problem in FedEx original it was again that fuel charge and put artificial pressure on the margin numbers making things worse. FedEx Freight also gave odd guidance. Like their old parent company, they moved from a fiscal year ending in May to a standard calendar year. Now they're in a transition period the seven months from June through December because their fiscal 2026 is over. But the new calendar doesn't get till 2027 in January. I know it's so it's confusing as all get out. I know that analysts aren't really programmed to receive guidance for seven month periods. So the numbers weren't comparable. Again, not apples to apples. For what it's worth, FedEx Freight is guiding for 4 to 6% revenue growth for the transition period. And it expects an adjusted operating margin of 11.5 to 12, up slightly from the year before. It looked fine enough to me, but it was really confusing when I made the call to hold on to FedEx Freight for the Travel Trust at our monthly club meeting after the spin off. I wasn't really thinking about what the just complete quarter would look like or whether the guidance for the next seven months would be better or worse than expected. My thesis much more simple and much longer term. FedEx Freight is instantly the largest player in the western truckload market, which is an attractive one as the freight business comes out of a multi year bear market with much less capacity. Kind of look at the airlines. I think FedEx Freight also benefits from being an independent company with dedicated management. They can think solely about how to improve improve service and grow the business rather than being buried within a larger entity where its profitability was not a priority. That's why I want to own this one for the long haul. Here's the bottom line. While FedEx and FedEx Freight have pulled back over the past few weeks, I'm viewing these declines as buying opportunities. I still like FedEx as much as ever thought is a great opportunity midday today. And as for FedEx Freight, we're mostly dealing with the standard post spin off weakness with a dash of confusion stemming from that confusing earnings report and the change in calendar. In both cases, that confusion makes it so you've got a huge opportunity to buy. That's precisely the advice that I'm giving to members of the CMC Investing Club. Back after the break.

[Mad Money Announcer]

Coming up, SpaceX may have sucked up all the oxygen, but it's not the only recent IPO with links to the space sector. Cramer's looking at the launch of another next

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[AT&T Business Representative]

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Sometimes AT&T business Wireless Connecting changes Everything.

[Jim Cramer]

Now that the market's digesting the SpaceX IPO, although it didn't too well for the last few days, I want to focus on some deals that I think have gotten lost in the shuffle. Take DPC Holdings. Now this is a British industrial that came public late last month while I was on vacation. This is the parent company of Doncasters that's a maker of precision cast components for airplane engines and industrial gas turbines. Hot markets Given that aerospace and power generation equipment are two of the best themes in this in this entire tape, well, we got to take a closer look. While DPC didn't get much attention. The stock came public with a bang. Pricing at $32, opened at $44, finishing day at $46. Like that, Cadence stock got as high as 5350 by the end of June. But now it's pulled back the high 40s over the last couple of weeks. Part of the broader sell off of anything connected to the infrastructure trade, including gas turbines. So is it worth holding? Is it worth buying? Let me give you some background. Doncasters is a very old company, is founded in 1778. Originally it was a filemaking business before expanding to other iron and steel products during the first and second industrial revolutions. Eventually they started making metal parts for aircraft engines and gas turbines and slowly bolstered those businesses through actors positions. Now Doncasters went through a bunch of different owners before being taken private by the Royal bank of Scotland in 2001, then sold the Dubai International Capital in 2006. Now in 2020, the old Doncasters went through the British equivalent of a bankruptcy proceeding. It's where the bondholders basically took over the business, which is how it became TPC holdings today. This is a company that makes highly engineered, mission critical precision cast components for major players in aerospace and power generation. There are very high barriers to entry in this business. So both of them actually. So TPC doesn't face much of the way of competition. Not many companies can even try to make this stuff. Usually they trade at huge premiums in our market. And make no mistake, aerospace engines and gas turbines are hot end markets right now. I actually cringe a little while reading the IPO perspectives because they kept using the term super cycle to describe both of their main end markets. I see. I hate that term because you usually don't start hearing it until a cycle is coming to an end. Remember the coal super cycle? How about the fracking sand super cycle? Those both quickly turn into down cycles. But in fairness, CBC is not wrong to call aerospace and power generation supercycles here. I mean, it's an accurate descriptor. It just gets my hackles up. How about the numbers? Okay, on the one hand, TPC has more than doubled its revenue since its restructuring six years ago, thanks to strong volume growth and higher prices. Last year they put up 12% revenue growth and in the first quarter 2026 that accelerated to 26%. Looks like we can have an accelerating revenue growth story here. And as I expected, explained and how to make money in any market. This is one of my favorite kinds of situations. They're always ripe for buying. That's impressive for an Old fashioned industrial. On the other hand though, the company still not back to turning a profit based on the strictest gap standards which we like. On their Money, DPC lost $173 million this year and $47 million in the first quarter of this quarter. The first quarter of this year. I don't know how they did that. However, if you look at their income statement, the main reason for the losses is elevated interest expense which most of us from this thing called payment in kind loan because due to the company's shareholders who are the old creditors for the restructuring in 2020. Remember the bankruptcy restructuring I mentioned? Fortunately the shareholders agreed to crunch down that loan by 85% back in March. Then they use the IPO proceeds to pay off the balances. That means DBC's interest expense will come down substantially making the company a heck of a lot more profitable than it looks. Which is exactly what we want. In their IPO prospectus they offered adjusted net income numbers which add back the payment in kind loan costs I just mentioned as well as some other non repeating expenses. Using these adjusted numbers, DDBC actually made 45 million in net profit last year and 12 million in the first quarter. Okay, that's great. But at least they're in the black without the payment in kind loan devouring their profits. I think a lot of people are confused by what I just went over since this is a smokestack industrial. We also like to look at the interests, you know, we think called ebitda. That's earnings for interest, taxes, depreciation, amortization because that tells you more about the state of the business under the surface. And those EBITDA numbers, they're pretty darn solid. Okay, let's talk about the balance sheet because that was a problem in 2020. It's a key factor given the restructuring. Now they've handled the payment in kind loan hangover that I've mentioned. What's left is a pretty manageable debt load. We're talking about $542 million in adjusted net debt. Compare that to DBC EBITDA over the past 12 months and the company's got a leverage ratio of 3.6. Now that's a little higher end, but when it comes to what they're doing on this show, we think it's an acceptable level. Which brings me to the final question. Is DBC worth owning here after its fairly strong start? Let's look at how the stock trades versus its closest independent company comparison. How met Aerospace or how I met your mother. As we know, a Hero made money. We do like that stock very much. Using enterprise multiple. That's the sum of the market cap and the net debt load divided by the EBITDA that I just gave you. You can see the DPC is an enterprise multiple 55. Ooh, that's a good bit more expensive than the much loved how met at 46. If we get a bit aggressive and create an EBITDA estimate of $190 million DBC this year, that's fair enough. That's assuming they can keep growing at the same pace as the first quarter. Then the stock would have an enterprise multiple of just over 40 on 2026 numbers. Still a little higher than helmet at 36. So ultimately what I would say about DPC holdings or Doncaster is it's a great story, mostly because of the extremely attractive end markets, aerospace, engines and gas turbines. But I'm not sure if this is the moment to embrace the stock. See, right now DBC is trading at a premium to a tried and true operator like Helmet, even though it's a much smaller company that's far less profitable. Here's the bottom line. I really do like TPCI and it's also in great businesses. But I'd love to see the stock come in just a bit before buying it. How about at around $42, two bucks lower? I would feel much better. The stock would have the same valuation as Hellmet. You could put a small position on here, although ideally I prefer you to wait for an entry point in the 30s where the DP where GPC would be a discount to his closest public traded companies and would be right there. Let's go to Greg in my home state of New Jersey. Greg.

[Caller/Viewer]

Big Garden State. Booyah to you, Jimmy man, right back

[Jim Cramer]

at you with that Garden State Booyah. What's going on? Lose a lot of trees, Jim? I lose some trees.

[Caller/Viewer]

Jim, I am calling about one of the world leaders in power. Wind and electrification stock has doubled in the past year. Do you think G.E. renova is a good to buy here?

[Jim Cramer]

I think it's a great buy. It was just crushed yesterday. It was up nicely at one point today and it gave up the ghost. I don't get that. It was. It gave up 30 points. I say you want to own this, you want to buy it right here? It remains the best when it comes to more turbines. And turbines are important, very short supply. And no, I'm not talking about the things in your head. They call them turbines, I call them turbines. But no, that would make too much sense, I guess. All right. I think EPC is a great story. I just think that maybe we have to wait for it to come down a little bit before we embrace it fully. All right. Much more money at Levi's is on the move after earnings. I'm sitting down with the CEO, fresh off the company's report. Then forget rocket launches. I'm digging the investment case for SpaceX. You know they're actually is one and it's not just about Mars and Astro mining, of course. All your calls Rapid Fire. Tonight's edition of the Lighting Ramp. So stay with Craver. If you look closer, trading Levi Strauss and company reported higher than expected revenue and of course an earnings beat off 24 cent basis. The denim kingpin put up excellent numbers around the world. Sole exception maybe of Europe. Find out more about that in a sec. Asia at 12% organic growth while Mercury's up 7%. Even better management raised their full year forecast pretty substantially. Also boosted the dividend by 14%. Of course this comes on the heels of a pretty strong run going the quarter. Levi's was up nearly 18%. Year to date it's been a standout among the otherwise challenged apparel stocks. Despite all the hand wringing about the consumer, they put up excellent numbers. We got to find out why. Let's take a closer look with Michelle Gosh is the President CEO of Levi Strauss and Company. To learn more, Ms. Goss, welcome back to Money.

[Michelle Gass]

Hi Jim, great to see you.

[Jim Cramer]

Well Michelle, I've got to tell you, it's such a challenge group these days. I'm always so afraid. But you've been consistent this year. Stocks up 17 and a half percent. How are you able just to continue to put up numbers in a group frankly that has been prone to disappointment?

[Michelle Gass]

Yeah. So first I'd say, you know, we're pleased to put up another strong quarter, about 7/4 of consistent top line, bottom line, we saw broad based growth across the board, geographies, categories across channels. We expanded our margins, raised our guidance, we're delivering more to shareholders. So we're feeling really good. That said, as you said, you know, there's, there's, there's a dynamic environment out there and we're staying really close to the consumer. But I would tell you our consumer continues to be resilient. We don't take that for granted. You know, we're retailers, we get to earn it every single day. I think at times like these consumers do go to brands that they trust. We are a durable, heritage, trusted brand, high quality and consumers still want newness and innovation. And we're bringing lots of that. So yeah, we expect this momentum to continue, hence why we did increase our guide for the rest of the year.

[Jim Cramer]

Now, I think it's also important to point out that yes, your story brand, but not with women until now, your women's. And tops, as you have emphasized repeatedly on the show, is going to be breakout. And it looks like that's happening.

[Caller/Viewer]

Yeah.

[Michelle Gass]

Now women's again up double digits for the quarter. It represents now about 40% of our business. But you know, we don't see that stopping. It should be at least 50% of 50% of our business. And it is really thinking about how we can fully serve that female customer head to toe, which is part of our denim lifestyle strategy. So first you got to win in bottoms, both men and women. We're growing market share in the US in men's, in women, solidly number one. In fact, separating ourselves. And as it relates to tops, you know, this is where I get really excited because we have so much Runway ahead. We're a new player, we've built a lot of capability and it's working. And we're not just selling T shirts and truckers anymore. We're selling blouses and button downs and sweaters and tank tops and outerwear. And our customer, our customer is responding. So it's. That gives us great confidence that there's still for 170 year old brand, so much opportunity ahead.

[Jim Cramer]

There really is. And I see you're delivering on it. And you're also delivering on a promise that you made to us on Beyond Yoga. That number looks really good.

[AT&T Business Representative]

Yes.

[Michelle Gass]

Similarly, Beyond Yoga team is executing, you know, they also have expanded their offerings into much more a lifestyle offering. So yes, still selling those super soft leggings and tanks, but what's really driving the growth are things like pants and linen and sweaters and up double digits again this quarter. We're building stores and that's actually fueling our E commerce business. So early stages, but you know, there's no reason why that can't be a half billion dollar.

[Jim Cramer]

Well, and that's important to note because the others are all falling by the wayside. So you're obviously doing it right in a tough environment. Now we've always had to talk since the president tariffs, it looks like they were kind of a non entity this time. Is that right to say,

[Michelle Gass]

you know, the tariff situation is still a bit fluid. So we have not booked the majority of the refunds. It's about $80 million for us. There's a little bit that came in, but that we raised our guidance even despite counting on tariff refunds. So we'll see how it all plays out.

[Jim Cramer]

All right now, 51% DTC, which is what I've been really hoping for. Comps of 6% E commerce grew 17% organically. Again, for an older brand, it is rather amazing to see that kind of double digit e comm road.

[Michelle Gass]

Well, you know, again, goes back to such untapped potential in this business where we're starting really this, I'll call it this next chapter of the company where historically we've been a denim bottoms business sold through wholesaler. This significant pivot to be a lifestyle apparel company rooted in denim. Of course we will always have that leadership, but to sell a lot more and DTC is a great way to, to give the consumer the biggest expression. Back to E Commerce. Yes. Up 17%. It's still only about 12% of our business. It should be relative to our peers, a lot higher. So that just says there's a lot of upside there. And then holistically in DTC, you know, Jim, we posted now 17 quarters of positive compromise. Again, we don't take that for granted, but we are executing. You go into a store today, there used to be lots of shelves and stacks of denim. We still have the denim, of course, but now you see head to toe wardrobe and you see a much fuller expression for women. So all of these just say, you know, for a business with as much history as we have, there's a ton of Runway. And as we like to say today, we have a lot more ways to win than we've ever had.

[Jim Cramer]

Okay, now fair enough. I want people to understand Europe being down 1%. That may not be a. An apples to apple situation. Correct.

[Levi Strauss Representative]

Yeah.

[Michelle Gass]

No, I'm glad you brought that up. So this year we're actually anniversary. Last year we had a big distribution shift. So the 2/4, Q1 and Q2 were uneven. So for the first half we are up mid single digits and that's what we expect through the rest of the year. So it's absolutely meeting our expectation. And similarly, that team in Europe is executing lifestyle women's direct to consumer. And our wholesale business there is doing quite well as well. Now you had a lot of.

[Jim Cramer]

Okay, now you had a period where I would say the price of gasoline went very high. How was the cadence of the quarter was just consistent or was it impacted at all by gasoline?

[Michelle Gass]

You know, I go back to what we talked about regarding the consumer that you know, we're executing our strategy which is around Lifestyle, it's direct to consumer and back to Levi's. Like we're a brand that people trust. We're so high quality and our business is segmented. So we've got the core red tab Levi's which most people ask for, the signature brand Levi Strauss, which first half is really strong, that sold in likes of like Walmart, Amazon. And then we've got our new blue tab which is in this, you know, super premium. We call it denim luxury. But we're selling jeans for $200. That business is growing and we're actually gaining share in that hundred dollar plus denim segment. I would mention too, I mentioned gaining share in men's and women's in this part of the denim segment. Also with youth. We're gaining share with youth and that is so key to the future of our business.

[Jim Cramer]

Well, number one. Okay, so last question. You sound upbeat about your segment of the consumer, but do you feel just in general the consumer is okay right now?

[Michelle Gass]

I think we're, you know, I think we're all watching it really closely. There is a lot of dynamic aspects to what the consumer is seeing, observing. You mentioned gas prices, what have you. So, so we're present to that. We're staying super close to our consumers and our channels. We work very closely with our wholesale partners and for us, we have got to execute, you know, when, when consumer wallets get tighter, we have to work harder. The bar on execution is super high. And I am just so proud of the team and how they're executing from product to marketing. You may have seen what we did with the redacted logo at Levi's stadium. Staying super relevant in the center of culture to how the teams on the ground, you know, our associates, our stylists in our stores and how they interact with consumers. So we're controlling what we can control but staying very mindful of the environment around.

[Jim Cramer]

Well, you're controlling very well. These were a terrific set of numbers. Congratulations to you. Everything that you promised, you have delivered on. You can't ask for more than that. Michelle Goss, president CEO of Levi Strauss. Always great to have you on the show.

[Michelle Gass]

Thank you so much, Jim.

[Jim Cramer]

That money's back after the break.

[Mad Money Announcer]

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

[Jim Cramer]

It is time to talk to the white. Sound and then the lightning round is over. Are you ready? Ski dag tongue covers the store with Stewart and Florida Stewart.

[Caller/Viewer]

Hey, Jim Boulio from sunny Miami and

[Jim Cramer]

your shout out to Rory. Oh, absolutely. Man, let's go to work. What do we got? What do we got?

[Caller/Viewer]

Okay, so you've hammered this stock on US traffic, but domestic digital sales just hit 23% of their mix. And they're rolling out fresh air drive throughs to fix margins with a new C suite. Scaling this tech to cut labor costs, continental efficiency, outrun the US consumer slump. And Wendy's.

[Jim Cramer]

Geez, I don't know. I mean, take a look at McDonald's stock. Even McDonald's is getting hit. This group is very, very challenged. And Wendy's has got franchise fees that are not strong enough, I think to make this turnaround be as easy as you make it sound. So I'm going to say no to owning that stock. Let's go to Bill in New York.

[Caller/Viewer]

Bill, Jim, Got a big upstate New York booyah from the boys and I at if local 842. Been watching touch the buttons for like two.

[Jim Cramer]

That's what I want to hear first

[Caller/Viewer]

off the show with my dad and he sparked my interest in the market.

[Jim Cramer]

Yes, that's what I want.

[EY Parthenon Representative]

Yeah.

[Caller/Viewer]

Need some guidance with Amprius Technologies, I got in at 246. I trimmed 40 of my holdings at 2044 a share reinvested elsewhere. The recent decisions are good, but the chart after the failed breakout is ugly all over. Do I trade the rest and take my gains or do I hold it and consider buying into further weakness long term?

[Jim Cramer]

No, this a good situation. This is good. I like it. No, I would actually be thinking about getting back in. Buy some more. It's good spec. Let's go to Mark in Florida, please. Mark.

[Caller/Viewer]

Hi, Jim. A big bluey out from Tampa, Florida.

[Jim Cramer]

Oh, how you doing?

[Caller/Viewer]

Five years ago, this stock was more than a hundred dollars a share. It's been like an EKG monitor ever since. It then cut its dividend in half and sold its European operations for more cash. It dropped over the last best year to 40. Recently it came back to 82. And I feel I should have sold. Currently it's 55. Should I sell? What target price do you feel will be going forward? The stock is Lyd Lion Bagel.

[Jim Cramer]

Okay. I think, I think it's going to bounce back. It sells to 6 times earnings. It's a heavy commodity stock. It actually depends on China. China's not ordering that much. But I will say this. It's inexpensive right here with a 5% yield. I'm not worried about what's happening with it, but if it bounces, please make a move. And sell, sell, sell. And that, ladies and Gentlemen, is the conclusion of the Lightning Round.

[Mad Money Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, Cramer shining a light on one analyst's take on SpaceX's stock and explaining why it's so important. Next.

[Jim Cramer]

It's not often that I seek an autograph from the author of a piece of research. But I couldn't resist pursuing Adam Jonas, the brilliant analyst Morgan Stanley who wrote the just released AI's Final Frontier. Initiate at overweight price target $300. About the stock of Space X Adam came on our network talk about his tome and Elon Musk newly minted stock. And as always, he was way too self effacing. His work is flat out excellent. This piece was extremely rigorous and well argued. So let me give you my review of this 137 page manifesto. First, the overarching theme of the piece is that SpaceX can convert energy into intelligence at scale. By doing that, the company has, and I quote, the optionality to monetize through a range of consumer and enterprise solutions for the next era. End quote. And what will it monetize? Communications through Starlink, which can be worldwide broadband system that works better because it's, well, it's clearer, it has less latency, it's cheaper, what's not to like? Individuals, he says, love it. Mostly overseas. That's where I have it. But Jonas is betting on strong enterprise demand too. That's where the big money is going to be. Then there's the long term Starlink opportunity. Every data transmitting device, drones, robots, autonomous vehicles, we use Starlink robots will be a huge part of the growth year. I know this might seem a bit hyperbolic, but Jonas believes there might be as many as 2.2 billion robots by 2040. He's using a Starlink connectivity revenue number of $688 billion. With 34% of that coming from robots, autonomous vehicles, drones, electric powered takeoff and landing vehicles, that kind of stuff. That accounts for the rest. Now there's a key component of Space X orbital compute, and that means data centers in space. This portion of Space X Mosaic has gotten a lot of publicity because it sounds, let's say, way ahead of its time. We know that Elon Musk wants to put data centers in space because they want IP problems. It's really cold up there and they can collect a lot more power from the sun outside the atmosphere. Those two issues are creating havoc in some of the locales of terrestrial data centers right now. You've probably read about that, or maybe your next one. They'll be cheaper once they get up there as long as SpaceX has the satellite capacity to beam everything back down. And there's the trick that at first seems to be devil Jonas, but then makes him hopeful. Space X only works if Musk can get the cost down for each launch and be able to reuse rockets. So there can be multiple launches, perhaps even daily. The critical part of the whole operation rests on execution, execution. And at first it seems pretty darn daunting. Then you get comfortable as Jonas outlines the success Musk has had so far versus everyone else in the industry. Of course, the whole she bang will cost a staggering amount of money. It almost feels like if you buy now, you're really getting into some sort of, say, early venture capital backed business that wants to do multiple diluted financings to get to where it has to go. But before you think maybe it's too much for you, too heavy a lift, Jonas surprises you again by explaining the space itself is actually a small part of his $300 price target, just 3% of the base case. There's a ton of terrestrial revenue that makes this company work. It's not like he's betting on Mars mining. We don't know if Musk can pull this one off, but if you think he can, if you recognize that we'll recognize his effort is a national necessity, particularly against the Chinese, and can get some government backing, then maybe the $300 price target isn't all that crazy that cuts in favor of buying some. Maybe buy some here and then buy some a little bit lower if you're in for the long haul. Jonas is a teacher, maybe even a prophet, one who certainly helped many make a profit. His signature came with a warning, not in jest, that I want to communicate. Dear Jim, the robots are coming. Stay human. I like that. I like to say there's always a bull market summer. I promise I'd find just for you right here on that money. I'm Jim Cramer. See you tomorrow.

[Mad Money 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. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such to view the full Mad Money disclaimer, please visit cnbc.com

[Levi Strauss Representative]

madmoneydisclaimer Nothing beats tradition like weekly game nights at Mom's House and Tostitos crafted with masa made the traditional way, starting with whole corn kernels with flavors worth gathering around like a hint of lime and Mexican street corn, and no artificial colors, flavors or preservatives. That's the Tostitos way. Bring tostitos to your next game night and you'll be winning. Either way. Tostitos tradition matters.