Mad Money w/ Jim Cramer 9/10/25

Summary

Mad Money w/ Jim Cramer - September 10, 2025

Host: Jim Cramer
Network: CNBC
Episode theme: Celebrating 30 years of Squawk Box, resurgence of individual stock investing, in-depth market commentary, and actionable advice on major stock stories, IPOs, and the power of single-stock rewards.

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Episode Overview

Jim Cramer opens this episode with a celebration of CNBC’s "Squawk Box" 30th anniversary, reflecting on its impact on democratizing stock market access. He revisits the enduring debate between individual stock investing versus index funds, highlighting a market climate reminiscent of the 1990s when outsized gains in single stocks captured the public imagination. Cramer delivers his signature blend of storytelling, actionable market analysis, and advice, covering Oracle’s big surge, Klarna’s high-profile IPO, retail stock rankings, an interview with the CEO of Planet Labs, and the ever-popular Lightning Round segment with rapid-fire stock takes.

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Key Discussion Points & Insights

1. The Legacy of "Squawk Box" and the Modern Market Climate

[01:55 - 09:34]

• Reflection on the 30th Anniversary of Squawk Box:
  Cramer reminisces about the early days of "Squawk Box," noting its revolutionary role in making real-time Wall Street news accessible to all investors.

  “Squawk was indispensable … it made you have a TV in your hedge fund office because you needed to know what was going on.” (Jim Cramer, [02:40])

• The Return of Individual Stock Rewards:
  Cramer jubilantly recounts Oracle’s 36% leap, positioning it as proof that savvy stock picking can be life-changing, similar to the opportunities seen in the 1990s tech boom.

  “Let’s say you bought 10 shares of Oracle at its lowest close in April … it would now be worth almost $3,300. That’s a 167% return in less than five months.” (Jim Cramer, [04:09])

• Personal Anecdotes from Squawk Box Past:
  Cramer shares his “fiery” TV debut, relentless debates with co-host Marc Haynes, and his mission to educate viewers about the power of individual stock ownership.

  “We would fight and fight, round after round, genuine screaming matches … We were all about trying to make money for you, making the process accessible.” (Jim Cramer, [06:44])

• Single-Stock Risk vs. Single-Stock Reward:
  He challenges the dominant post-dotcom ethos that stocks are “too risky,” advocating a blended approach to wealth creation.

  “We should be talking about single stock reward, because it’s back and people are making fortunes … The need to marry some individual stocks with index funds … can truly change your life.” (Jim Cramer, [08:26])

2. Listener Q&A: AT&T and Duolingo Stock Takes

[09:34 - 11:39]

• AT&T Stock Advice

  • Caller Sarah asks if she should hold a sizable AT&T position inherited earlier in the year.

    “Yes, I want you to hold on it. This fellow Stanky is doing a great job … they are executing at an incredibly high level.” (Jim Cramer, [09:54])

• Duolingo and Competition from Apple

  • Caller Clint considers shorting Duolingo due to new competition from Apple’s live translation feature.

    “No, it’s too good a company to short. I would sell it, because I do like what Apple's come up with.” (Jim Cramer, [10:38])

3. Stock Story: Klarna IPO Deep Dive

[13:29 - 20:48]

• Klarna’s Stunning IPO Performance:
  Klarna, a buy now/pay later (BNPL) company, raised $1.4B in the year’s biggest IPO, opening up 30% before settling higher.

• Market Position and Metrics:

  • Klarna is used by 48% of top merchants in each market and makes money via transaction/service fees (75%), advertising, and some consumer fees.
  • Impressive credit quality: “Klarna’s provision for credit losses represented 0.52% of gross merchandise volume—compare that to commercial banks at nearly 3%.” (Jim Cramer, [14:34])

• Profitability and Growth Trajectory:

  • Rapid gross merchandise volume and revenue growth; profitability is improving though not yet consistent.
  • Transaction margin slipped, but adjusted operating margin turned positive for the first time.

• Cautions on the IPO Structure:

  • “The IPO is mostly about letting early investors and employees ring the register … Klarna honestly doesn’t need the money, though.” (Jim Cramer, [16:18])
  • Klarna’s valuation has swung wildly between $46B and $6.7B over recent years; now stabilizing around $17-20B.

• Valuation Comparison and Conclusion:

  • “I kind of like Klarna at this price … but I prefer Affirm.” (Jim Cramer, [19:46])

4. Retail Winner’s Circle: Off-Price Apparel Stocks

[21:54 - 29:17]

• Bargain-Hunting Drives Retail Wins:
  “Biggest winners in retail lately are the ones that offer the best deals, especially the off-price chains like TJX, Ross, and Burlington.” (Jim Cramer, [21:54])

• Head-to-Head Comparison:

  • TJX: Best same store sales and margin expansion ([22:31])
  • Burlington: Solid growth but more weather sensitive; more cautious outlook ([23:14])
  • Ross Stores: Lower growth but strong traffic and buyback activity ([23:58])

• Valuation and Buyback Analysis:
  TJX trades at a premium for quality, but all three are buyback “aristocrats.”

• Strategic Edge:

  • “TJX has the best merchandise … the treasure hunt experience. Ross is a strong second. Burlington in last for now.” (Jim Cramer, [26:19])

Memorable Quote:

“If you want rock bottom prices, go to Temu … I bought my wife a bathing suit from Temu and she couldn’t tell if it was made out of kindling or toxic waste.” (Jim Cramer, [22:14])

5. More Listener Calls: Tapestry and Chipotle

[29:17 - 30:35]

• Tapestry (Coach Parent): Cramer likes management, but prefers Ralph Lauren.

  “They do tell a terrific story … very proud of the work that [Tapestry CEO] is doing.” (Jim Cramer, [29:36])

• Chipotle: Cramer hesitates due to stubborn beef prices affecting food costs.

  “Until cattle really breaks, I’m going to have to say let’s … keep it on the radar screen.” (Jim Cramer, [30:03])

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Exclusive Interview: Will Marshall, CEO of Planet Labs

[32:09 - 37:44]

• Planet Labs Overview:

  • Launched 600+ satellites, images entire planet daily, leverages AI for data analysis.

  “We now apply AI to analyze all the millions of images we get every day … range from commercial customers in agriculture and energy, to governments and defense.” (Will Marshall, [32:24])

• AI in Satellite Imaging:

  • “It’s the scale: 4 million 47-megapixel images every day … too much for a human; AI finds the ships, alerts the navy.” (Will Marshall, [32:59])

• Competitive Moat:

  • Years of historical imagery, cheaper satellites, AI data training; competitors can’t match the archive or cost base.

• Commercial Applications:

  • Drought insurance: “Swiss RE and AXA both use our data to see how much water is in the top soil — called parametric drought insurance.” (Will Marshall, [35:26])

• Profitable Growth:

  “We reported a second quarter of cash flow positive, $45M in cash … backlog up 245% from last year.” (Will Marshall, [37:26])

• Cramer’s Take:

  • “Great speculative, smaller-cap situation with a lot of runway.” (Jim Cramer, [37:44])

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Lightning Round Highlights

[38:24 - 41:18]

• Tandem Diabetes (TNDM): Speculative buy, especially for younger investors despite current lack of profits.

  “Let’s go with them and see what happens. Speculative stock for younger people I actually encourage.” (Jim Cramer, [39:07])

• Cintas (CTAS): Buy on weakness; great long-term hold.

  “Not when it’s flying high, but when it’s under the radar. Buy some here, then wait … if the quarter’s disappointing, buy more.” (Jim Cramer, [39:44])

• Phillips 66 (PSX): Now is the right time to buy; likes spread.

  “This is the right time to buy this stock. When oil’s going down, I like to spread. Pull the trigger.” (Jim Cramer, [40:22])

• Intuitive Surgical (ISRG): In bullpen but not ready to buy; disappointed by last quarter.

  “I’m not going to pull the trigger on ISRG … not yet.” (Jim Cramer, [40:48])

• Vertiv Holdings (VRT): In strong position; benefits from data center boom.

  “When you see those data center numbers like we saw from Oracle, that is a check to Vertiv … should be in the fund.” (Jim Cramer, [41:16])

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Closing Market Commentary

[41:18 - End]

• Missed Out on Oracle? Consider Premier Consumer Staples:
  “Ever thought of PepsiCo? … building a diversified portfolio of mostly growth stocks as you should, you can do a lot worse than owning a premier growth company like PepsiCo.” (Jim Cramer, [41:18])

• Activist Influence:

  • Cramer spotlights Elliott Management’s $4B stake in PepsiCo pushing for positive change.

• Classic Consumer Names Now Cheap:

  • Cramer highlights attractive 4%+ dividend yields and compares prices to historic norms for:
    • PepsiCo
    • Kimberly-Clark
    • Colgate-Palmolive
    • Procter & Gamble
    • Johnson & Johnson

• Core Message:

  • “When you buy these companies at historically low levels, sometimes you can do spectacularly. And right now I think many of them are simply too cheap to ignore.” (Jim Cramer, [45:09])

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Notable Quotes (with Timestamps)

• “Single stock reward … is back, and people are making fortunes … The need to marry some individual stocks with index funds … can truly change your life.”
  — Jim Cramer, [08:26]

• “Let’s say you bought 10 shares of Oracle at its lowest close in April … it would now be worth almost $3,300. That’s a 167% return in less than five months.”
  — Jim Cramer, [04:09]

• “Squawk was indispensable … it made you have a TV in your hedge fund office because you needed to know what was going on.”
  — Jim Cramer, [02:40]

• “If you want rock bottom prices, go to Temu … I bought my wife a bathing suit from Temu and she couldn’t tell if it was made out of kindling or toxic waste.”
  — Jim Cramer, [22:14]

• “We now apply AI to analyze all the millions of images we get every day … range from commercial customers in agriculture and energy, to governments and defense.”
  — Will Marshall, [32:24]

• “We have an archive of imagery going back 8 years … 3,000 images per point on Earth's landmass. That archive is our competitive moat.”
  — Will Marshall, [34:33]

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Segment Timestamps Index

| Segment | Timestamps | |------------------------------------------------|--------------------| | Market Kickoff, Squawk Box Anniversary | [01:55 - 09:34] | | Caller Q&A: AT&T, Duolingo | [09:34 - 11:45] | | Klarna IPO Analysis | [13:29 - 20:48] | | Off-Price Retailers Review | [21:54 - 29:17] | | Callers: Tapestry, Chipotle | [29:17 - 30:35] | | Exclusive: Will Marshall, Planet Labs CEO | [32:09 - 37:44] | | Lightning Round (Rapid Stock Feedback) | [38:24 - 41:18] | | Post-Lightning: Defensive Growth Picks, Wrap | [41:18 - 46:07] |

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Summary

This episode is classic Cramer: energetic, personal, rooted in market history, yet urgent and actionable. He champions a return to informed single-stock investing, spotlights new opportunities (Oracle, Klarna), diagnoses the consumer’s bargain-hunting psyche, and gives practical stock ideas for both speculative and defensive investors. The exclusive with Planet Labs’ CEO provides fresh tech insight and growth potential beyond the day’s headlines, while the Lightning Round delivers rapid-fire actionable takes.

Core takeaway:

Blend individual stocks with index funds for best results, keep an eye on today’s market leaders and value opportunities, and don’t sleep on companies quietly compounding gains beneath the market’s fast-moving surface.

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For actionable stock insights, market context, and high-energy, educational discussion, this episode delivers everything a “Mad Money” fan expects — and more.

Transcript

[Fidelity Representative]

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[Jim Cramer]

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[Jim Cramer]

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[Caller / Audience Member]

Sam.

[Jim Cramer]

Hey, I'm Kramer. Welcome to AT Money, where welcome to Cramer, my friends. I'm just trying to help you make some money. My job is not just entertain but to put it in context, call me at 1-800-74-3 CBC or tweet me at Jim Cramer. Today we celebrate 30 years of CNBC Box, the legendary morning show that democratized stocks like no other. The highs, the lows, the humor, the hammering. It was all there in one incredible package. Must watch package. When I say must watch, I mean I had just started my hedge fund when the show came on CBC and I couldn't believe it. But I had to have a television put to my office. A television. Actual tv. To be competitive with other hedge funds, I had to watch. I had to be tuned into Squawk. So I knew what was going to happen that day with the market. Television at the office. Who could believe such a thing? But you needed it because Squawk was indispensable. Nowadays, it goes without saying that you'll have TVs tuned to CNBC all over the place, virtually any hedge fund. But back then, it was Squawk that made you do it. And you know what's the craziest thing? Not only did we celebrate the show all day, the market celebrated it too. Although you might not be able to tell from the averages, Dallas slipped 220 points as a gain point, 3%. Nasdaq inched up 0.03%. But you know what? It sure did feel like the old days here. Yeah, just like the early days of Squawk Box, we had big individual stocks soaring. Just stocks of companies that were easy to pick out that you could have made a ton of money with. Stocks like Oracle, which shot up a stunning 36% today. That's a monumental move. Now, I want you to think of it like this. Let's say you like the stock of Oracle. Do you know that if you bought, say, let's do this, 10 shares of Oracle at its lowest close in April, putting to work roughly $1,200, it would now be worth almost 30, $300. Joe, that's a 167% return in less than five months. An individual stock gave you that bang for your buck in less than a half a year. Think about what a difference that could make in your life. Oh, and can you imagine if you had more money than that to put to work? It could change your life, it could change your lifestyle. And this is not some fly by night speculative operation you've been buying. It is one of the largest software companies on earth. So much trillion dollars. I mentioned that remarkable Oracle move, largely based on a forecast about gigantic data center growth that the company gave you on last night's astonishing earnings call. And it was a jaw drop. I mean, I couldn't believe it when I heard it. I thought, they're making this stuff. I was incredible. Because many Americans first discovered that you could make that kind of money owning a piece of a company. In the 90s, when squawk box first got going, sadly, I think that much of that had been forgotten. I do believe that things are changing, though. And again, it sure felt like the 1990s during the hour I'm on television 9 and 10. And it wasn't just reminiscent. Plus, today we got a great start for Klarna. It's a buy now, pay later outfit that just came public and shot up 15% on its first day. Sure, it seems like an impossibility to get any stock on an ipo, but again, if you were watching Squawk Box when it started, you would have gotten the bug. You would have figured out how to buy some of the shares in this company. Klarna's known financial services coming that you would have heard about in the Banner among David Faber, Joe Kernan and the late Marc Haynes. You would have called your broker. Maybe you would have gotten some stock. Maybe you would have made some money. That's something you learned to do from the show. It wasn't just about index funds. Now, I know this because, you know, I became part of the Squawk Gang a couple of years into it. I've been a regular and Good Morning America two to three days a week to talk about the stock market, the economy. Always great gig, but I had the bug for Squawk Box. Marc Haynes was incredibly opinionated. He would praise some stocks and blast others, always with a thoughtful thesis for decisions. I often disagree with him. He put his email up on the screen. You know, I used to yell at the TV all the time. And then I started firing off emails to him. Initially they were cordial, but with not much of response. As time went on, I got a little nasty. I was different back then. This was way before I became Jimmy Chill. Next thing you know, we were going back and forth and back and forth almost daily. But the correspondent sit off and drip with contempt. Till one day he said he had had it with me. And he said if I thought I was so damn smart, I should come on the show and argue with him. I didn't hear. I said I was too fat, too bold. He said he'd see me on Good Morning, Good Morning America. He said I wasn't that ugly in retrospect. Not much of a compliment. Everything's relative, but it's good enough for me. So I said yes. Within a couple of months, I quit Good Morning America to be part of the regular Squawk rotation. I came in hot, arguing, shouting. Completely unmedicated back then. Why not? And it was a riot. But it was 100% exercise in trying to make you money. Haynes would chime me, as Reverend Jim Bob of the church of what's Happening now, comparing me to a NASCAR driver who was sponsored by stocks I loved and metaphorically wore them all over my clothes and tattooed on my forehead. We would fight and fight, round after round, genuine screaming matches. At the end, I was so exhausted, sometimes just collapse. Go home. Although it sounds a little chaotic, I do want to make one thing clear. We were all about trying to make money for you, trying to make it accessible, the process accessible. We constantly weave teaching between heated debates about stocks headed By Joe and David lobbying important facts in to make things more grounded. Oh, things were so different back then. Once I was on Square Box, I got on a circuit to talk to big audiences about the greatness of owning a piece of an individual company. Things that could potentially make you so much money. In praise of individual stocks. You imagine we used to call it the greatest story ever told. You could find one stock and ride a compound with it and change your entire life. Fortunes were being made. Often people were making much more money with stocks than they were with their paychecks. Okay, so now we all know how the market it got out of control. The excitement turned into pandemonium and ultimately big losses. If you didn't take something off the table when the dot com bubble collapsed, you had to ring the register on something. And if you did, by the way, you still came out way ahead. We don't talk about that. A lot of people didn't, but boy, you could have made a ton of money. We collectively passed judgment on stocks after that year, coming to the conclusion that individual stocks somehow represented too much risk. It was just simply better to own the entire SB500. That is the prevailing ethos. Still. We even came up with a term called single stock risk. As if only one stock could send you to the poor house. You know what? I think enough time has passed that we can recognize that with stocks like an Oracle or Nvidia or Palantir and so many others, we should be talking about single stock reward because it's back and people are making fortunes and you may be missing the boat. It is essential thesis to how to make money in any market. The need to marry some individual stocks with index funds, I don't forsake them. So you have a chance to truly change your life. I don't mean to make it sound easy. I actually talk about how I got shaken out of Oracle a couple of years ago in the book in retrospect big mistake. Still, it's more this than nostalgia that I am feeling right now. It's a sense that people like you, me are realizing that real money is being made on a daily basis. It's not about greed, it's about awareness. And we can't just sit there only in an index fund when this money is being made right here, right now. Here's the bottom line. It's about a return to the days before the dot com craziness. Days when if you kept your eyes out, you could find yourself an in video. You could pick up an apple on a discount $226 down $7.56 where you could ride a Palantir from 50 to 100 to 150 to 200. Okay, it's not there yet, although I think it's certainly headed there. In other words, those early days of Spark Box feel a lot like the market we're in right now and it's a welcome return to form. I missed those days, but maybe they have returned and we could all be the better for it. Sarah in Colorado.

[Caller / Audience Member]

Sarah, Hi Jim. I love your show.

[Jim Cramer]

Thank you.

[Caller / Audience Member]

Thanks for taking my call. Of course we inherited a large amount of AT&T stock in January. Since then it's gone up about 25%. Should we hold on to it?

[Jim Cramer]

Yes, I want you to hold on it. This fellow Stanky is doing a great job. He's still got an almost 4% yield. They are executing at an incredibly high level. And congratulations. Well done. Let's go to Clint in Tennessee. Clint.

[Caller / Audience Member]

Hey, Jim, this is Clint from Knoxville, Tennessee. How are you?

[Jim Cramer]

I am doing well. How about you?

[Caller / Audience Member]

I'm doing great. I just wanted to say I really enjoyed watching you on the show and appreciate how you break everything down for us.

[Jim Cramer]

Thank you so much, man. I appreciate it. How can I help?

[Caller / Audience Member]

Yeah, my question is about Duolingo. They recently beat their earnings estimates, but I believe that with the increasing AI pressure, customer backlash and the new launch of Apple's live translation feature with AirPods 3 that this could be a good short position for a 12 month time horizon.

[Will Marshall]

Whoa.

[Jim Cramer]

No, it's too good a company to short. I would sell it because I do like what Apple's come up in terms of translation. I go overseas quite a bit, do a lot of business, my wife does and we just need the buds now. That's all we need. We don't need the dual. We tried to do it and it's really hard. But anyway, that's my thinking. Look, in the early days of Squawk Box, well, it kind of reminds me a bit like today's market. People are realizing that individual stocks make you money and index funds are fine, but owning a piece of an American company is fantastic. Or maybe tonight Klarna hit the public market with fanfare. Earlier today, I'm breaking down all you need to know about this new stock story. Then we know the consumer is looking for a bargain. The off price retailers provide just that. That's what's working. I'm giving my rankings of the three biggest names in the space and we're always the lookout for new and exciting stories. Aren't we. So I'm sitting down with a satellite imaging company I know you're going to like Coal Planet Labs. See how they're helping customers with its unique, unique daily imaging, data and AI. So stay with Kramer.

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[Jim Cramer]

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[Jim Cramer]

Today we saw one of the largest IPOs of the year when Klarna the Buy Now, Pay later out. That came public, raising nearly $1.4 billion. This is the biggest deal of the biggest week for IPOs in four years. And it came public with a bang, shooting up 30% at the Open before pulling back a bit. So I want to take a real closer look at that. I know you're interested first in basics. I called Klarna Buy Now, Pay Later Company Like a Firm holdings, my real favorite in the group, but it's a little more complicated than that. They have all sorts of consumer financing options, including a Klarna card, as well as a technology platform that helps people track their spending. And they're already big when you look at the top hundred merchants in each market where Klarna operates, on average, 48% of them use Klarna to facilitate payments and 66% of them advertise on Klonda's network. Company makes money in two different ways. About 75% of the revenue comes from transactions and service fees, mostly from what they take a cut of any transaction using their network. See, when you buy something for $100 using buy now, pay later, Klarna might only pay the company $97 with the rest being a transaction fee. Then you still have to pay them $100 back, but no interest. Most of the transactions work like this. At the same time, they also get advertising revenue from merchants, and they collect some money from consumers who pay for things like their budget budgeting tools. Now Klarna also does more traditional lending, with remaining 24% of the company's revenue coming from interest income from long term financing options, although those types of transactions are less popular now. When you look at the overall credit quality numbers, I got to say that Klarn has got impressive underwriting standards even as the process is fully automated. Not many bad loans here. Over the past year, for example, Karner's provision for credit losses represented 0.52 of its gross merchandise volume. That's right, point 52. By comparison, at the commercial banks loan losses, its share of total loans averaged 2.92% last year. So that's how Karna operates. But what about the numbers? First, I want to note something that the company asserts in its prospectus, which is that Klarna was profitable for the 14 years of operation before choosing consciously to invest in growth growth to scale in 2019, entering 12 additional markets over the next three years, and focusing in particular on growing in the United States. Clutter has been unprofitable ever since because of that decision. But Badger says the profitability started improving in 2023, and I think the numbers bear them out. Sure enough, over the past few years we've seen strong growth paired with shrinking earnings losses. On the growth front, by the way, Klonda's gross merchandise volume grew 12% in 2023 and then 14% in 2024. In the first six months of this year, their gross merchandise volume was up 14% year over year, and the second quarter specifically, it shot up 21%. Klarna's revenue, meanwhile, grew 20% in 2023, then grew 24% in 2024. In the first six months of 2025, it was up 15% for growing by 21% in the second quarter. That is a very solid acceleration. As for profitability, there are a couple of key metrics here. The first is transaction margin. Klara defines its transaction margin dollars as total revenue, less total transaction costs. Pretty simple. Basically, transaction margin dollars is similar to gross profit for a normal company and transaction margin is similar to gross margin. Klara's transaction margin grew from 36% in 2022 to 48% in 2023, but fell to 43% last year and was 38% in both the first half of the second quarter this year. A bit of a regression there. Don't like that. However, the other key profitability metric here, adjusted operating margin, shows a better trend. CAR's operating margin was minus 38% in 2022 and negative 2.2% in 2023 before going to positive 6.4% last year. In the first half of this year, the operating margin came in at 2.1% second quarter. Specifically it was to 3.5%, down a bit from last year, but still up very nicely from two or three years ago. That matters to me. Overall. Again, I'd say Karna solid growth and improving profitability. That said, there are some issues with this IPO that are disconcerting to me. For example, Klarna sold 34.3 million shares. Do that. Most of those shares came from existing shareholders, not the company itself. Only 16% of those shares came from the company. In other words, the IPO is mostly about letting early investors and employees ring the register. No, I don't know. Typically we don't want to see this. I'd rather see the company get the funds and invest in growth rather than the IPO being exit liquidity for venture capitalists. But in this case, Klarna honestly doesn't need the money. They had $5.5 billion in cash and cash equivalents on the balance sheet at the end of June and excellent cash flows. Plus there are some special circumstances here. The 20 year old Klarna is pretty seasoned as far as startups go and more importantly, it's been itchy to go public for a long time now. We've been hearing for years now that Kleiner wanted to go public, but they didn't quite make it during the last IPO wave in 2021. The 2020 stocks, by the way, are really doing well. At the same time they were investing heavily in growth, which would have made the numbers look real ugly. Then the past couple of years the IPO market wasn't very supportive so they kept waiting and waiting and waiting. And after getting ready to come public in the spring, Quantum pushed back its IPO further when the tariff announcements came out in April. Now it's finally happened. Throughout this period, Klarna's valuation has seesawed to the point where it gives me motion sickness. And I do have Jamie upstairs. At its private market valuation four years ago, Klarna was valued at $46 billion. But just a year later, during the terrible year that was 2022, its valuation fell to $6.7 billion. Earlier this year, the company raised value money at 15 billion valuations. Well, that's pretty wild, right? So how does Klarna's valuation look now? Well, when the Klarna deal priced above the range of $40 per share last night, the company was being valued at just over 15 billion. With the stock opening in the 50s today, that was closer to 20 billion. After the pullback, it's now valued over 17 billion. Slightly higher than when the venture what the venture capitalists were paying earlier this year. I got to. I tell you, I kind of like Corner at this price. I really do. Using some back of the envelope map, let me give you this numbers I'm expecting. Klarna put up $3.23 billion in sales this year, up 15% from last year. That was its growth rate in the first half and I'm just kind of projecting it forward. I think that's reasonable. Using that assumption, the stocks now selling for roughly 5.4 times this year's sales. Okay, remember this price earnings multiple that's on earnings is a sales. The nice thing is that we have some good publicly traded analogs. Affirm. The best known buy now, pay later outfit trades at just under seven times sales. Sezzle, which is more of a second rate player if you don't mind, is right around the same level, 6.9 times sales. Unlike Corner, those two are profitable, but Corners head in the right direction. The bottom line. While Klarna roared right out of the gate, the stock hasn't got going to an insane valuation yet. I think the numbers look good. So I think it can be bought at these levels. Even as I make no secret about it. I like competitor Affirm and its creative CEO backs Levchin for ages. And even up here, I prefer Affirm to Klarna. Mad money is back after the break.

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[Jim Cramer]

At this moment, where the economy seems to be a weakening, consumers are desperate for bargains. People are sick and tired of high prices after years and years of elevated inflation. Which is why the biggest winners in retail lately are the ones that offer the best deals, especially the off price chains like tjx, Ross Stores and Burlington Stores. These companies buy excess inventory from distressed retailers, allowing them to sell premium merchandise at bargain basement prices. By the way, normally I'd also include Ollie's Bargain Outlet holdings. But you know what? That's more of a general merchandise play. We're focused on apparel here. The key is not that the off price chains give you low prices. If you want rock bottom prices, go to temu. Just keep in mind you get what you pay for something. I well know because I bought my wife a bathing suit from Temu and she couldn't tell if it was made out of kindling or toxic waste. If you own quality merchandise for much less than it's worth going to TJX or Raw stores or Burlington, which is why their stocks have held up nicely over the past few months. They also, by the way, have benefited the fact that they buy goods from retailers who have already paid tariffs. They have negligible exposure to tariffs. But how do the off price apparel stocks stack up against each other? Which represents the best value? Given that these are retailers, why don't we start with the same store sales? That is the key retail metric is what I always look at to judge each retailer. Apples to apples. So far this year, TJX, the operator of TJ Maxx, Marshalls HomeGoods and the lesser known Sierra led the way. First half, same store sales growth of 4%, which is really miraculous. I don't want to get into too much detail because we recently ran a story here on tgx and as club members know well, we earn for the chopped trust. But with accelerating revenue growth in all four of its divisions, along with healthy gross margin expansion, it is easy to see why the stocks traded up after earnings. Second on the list is Burlington Stores, which saw roughly 2.5% capital sales growth in the first half. Expecting, I am having come to expect more than that. But they have flat growth in the first quarter, but 5% growth in the second, well ahead of the 1.5% number that Wall street was looking for. Burlington also had a strong quarter. Despite softer trends in May, they were able to beat expectations as business got back to normal in June and July. We care about that cadence. Overall, it was a solid quarter from the former Burlington Coat factory. Although management struck a more conservative tone with their full year guidance. Not as optimistic as tjx because Burlington's got more exposure to outerwear than others. Their numbers are more sensitive to variations in the weather. We got a warm winter and their sales got hit hard. That's why they were more concerned about the second half. Although Wall street mostly chalked up that to management being cautious. And the stock still rallied more than 5% in response to the quarter. I thought that was a gift. In the third place, there's Raw Stores, parent company of Ross Dress for Less and Didi's Discounts, which saw just 1%. Same store sales growth in the first half. In the most recent quarter, their same store sales came in a little light. In the end, Ross called out monument. Big momentum in traffic and basket size. Sometimes you only get one or the other for both its big brands, with particular strength in cosmetics. These guys had pulled their full year forecast earlier in the year in response to the Liberation Day tariffs. But now they got a better handle on the situation. So management reissued their full year earnings guidance with the upper end of the range just above Wall Street's consensus estimate. Basically in line numbers. So the Stock did rally just 1% the next day. Now, the fact that Ross actually wasn't slaughtered for that for doing a little bit less than some people expected, shows you just how much Wall street really likes this whole group. Now that we know how all the three off price apparel companies are doing, what about paying for numbers? What do we do here? All right. In terms of cheapness, Ross stores leads the way. Trading just 22 times next year's resistance. That is very cheap. Much cheaper than Burlington at 25 and then TJX at roughly 28 times next year's numbers. Of course, when you put these price earnings multiples in context of each company's growth rate, the story's a little different. I don't talk about this much, but I do like to look at the PEG ratio. PG ratio. That's the price to earnings to growth rate. Okay, Because Wall street pays up for growth. Burlington has a peg ratio of 1.4, while Ross Stores is at 2.2. TJX is a truly expensive 2.7. But there's a reason TGX TGX investors are willing to pay up for quality. TJX is the highest quality operator in the space. I got to tell you, I have liked this story literally since 1987. I also like to look at how generous these companies are to their shareholders. For example, TJX repurchased $1.1 billion worth their own shares the first quarter, followed by another $500 million in buybacks in the second. Management says they expect to repurchase somewhere between 2 to $2.5 billion worth of stock for the current fiscal year. That's not too shabby. Ross tells a different story. They bought back 260 million of their own shares last quarter, maintaining their Plan to repurchase $1.05 billion of stock for the year. That's not bad. In fact, last night I mentioned a piece by Goldman Sachs, David Costin about the buyback Aristocrats that have been serial repurchasers of their own shares. And, and you know, both TJX and Ross stores made The S&P 500 buyback aristocrats list each repurchasing about 2% of their shares annually. It told you these are good companies. While Burlington repurchased just $26 million worth of stock last quarter, in the previous quarter they did buy back over $100 million. Management doesn't guide to a full year repurchase target, but if you just assume that the second half will match the first, that comes out to be about $250 million for the buybacks. That's roughly 1.7% percent of the company's market capitalization. All right, now there's one more metric left to measure these off price chains against each other. And that strategy. All right, subjective, but arguably the most important differentiator here. I got to give the edge again to TJ X. Again, that won't surprise people, particularly members of the investing club. And it's been such a long time holding. This one quote from the last conference call says it best quote. Again, product availability has been outstanding. Our global world class buying organization of over 1300 buyers, emphasis mine. Sourced from an ever changing universe of over 21,000 vendors across more than 100 countries. End Quote. Oh man. This is a key reason that TGX has had the strongest same store sales performance so far this year and why they're able to offer what people call the treasure hunt experience that I know I love. They have the best merchandise. It's why I always urge club members to buy some more TGX whenever it's down and to go to tjx. So you know why I like it so much. While Ross stores noted that their top priority will always be providing high quality merchandise at outstanding value, they just don't have the scale advantage that TGX has. But given all the other factors I just mentioned, I'm happy put Ross second. As for Burlington, it's really hard to put any of these companies in last place as they all have a lot going for them in this environment. But this latest guidance was fairly tepid. So if anyone comes in last, it's got to be be Burlington. Bottom line, all three off price apparel plays are winning in today's value driven market. But if they were racking them, TJX comes out on top followed by Ross and then Burlington. In an environment where consumers are stretching their dollars as far as possible, I bet all these off price leaders can be winners. By the way, same goes for Ollie's which I only left off again because this is apparel. I think tjx. All I can tell you is take a look today a lot of these stocks were down and it did not. It stood there like a Rock of Gibraltar. Let's go to Ronnie in Indiana. Ronnie, Booyah.

[Caller / Audience Member]

How you doing, Jim?

[Jim Cramer]

I am doing great. How about you?

[Caller / Audience Member]

I'm good, I'm good, I'm good. You're a big help in my portfolio.

[Jim Cramer]

Thank you. Thank you.

[Caller / Audience Member]

Of course, of course. Hey, so I got a question. Tapestry. I heard you say something about it a few months ago. It went down and now it's going back up for the last few weeks trying to see if I can.

[Jim Cramer]

I think they're very much in charge. Their own destiny. I like it. I like Ralph Laure more. But I saw my great friend Sarah Eisen interviewed the CEO of Tapestry. They do tell a terrific story and I'm very proud of the work that she's doing because that was a great, great Interview about Tapestry. Let's go to Sonal in Texas. Sonal.

[Caller / Audience Member]

Hey, Jim, how are you?

[Jim Cramer]

I'm good. How about you?

[Caller / Audience Member]

Good, good. I wanted to ask you about Chipotle stock. Is it good to hold or get rid of it or.

[Jim Cramer]

This is. Oh boy. All right. There's a lot of fundamental stories going on in the restaurant industry that is making it so it's hard to buy any of these. And a lot of have to do with the price of beef. I keep thinking that cattle is going to break down. That is a big cost that they have. And you know what? I thought it was going to break. I talked to my friend Carly Garner. She felt that it's going to break. But what happened? This thing which goes into so much of Chipotle's food is just no quit. So until cattle really breaks, I'm going to have to say let's, let's just keep it on the radar screen.

[Caller / Audience Member]

All right.

[Jim Cramer]

In an environment right now where consumers are looking for the best bang for their buck, I think all three oil price retailers are winners. That's TJX Raw stores in Burlington. But TGX is my fave. There's much more than including my exclusive with satellite imaging company Planet Labs. You're going to love this one. I'm not kidding. After putting a better expected quarter earlier in the week that sent the stock up almost 50% in a single session, I'm getting the latest on the story that I've been following for years. Then you missed Oracle. I get it. So I'm sharing some of my non Oracle like ideas that I think are going to surprise you. And of course Oracle is rapid fire in tonight's edition of the Lighting round. So stay with Kramer. You know me, I'm always on the lookout for exciting news stories. And tonight I got a new one for you. It's called Planet Labs. It's a company with a constellation of roughly 200 Earth imaging satellites. This one came public four years ago via SPAC. Merger stock and collapse in 2022. Finally bottoming at a bucket change in April last year. But even when Planet stock was down the dumps, the company continued to make progress operationally putting more and more satellites in the sky, improving its value proposition for potential customers. Lately they signed some big contracts, putting up excellent numbers and sending the stock into the stratosphere. On Monday morning, Planet reported a big revenue beat with a smaller than expected loss in management. Also raised their forecast full year forecast pretty darn substantially. Which is why the stock jumped 48% in response this point, it's up about 122% year to date. Can it keep flying? Let's check in with Will Marshall is the CO founder, chairman, CEO of Planet Labs to find out. Dr. Marshall, welcome to everybody.

[Will Marshall]

It's great to be here, Jim. Thanks for having me.

[Jim Cramer]

Okay, so. Well, when I first met you, it was kind of a gleam in the eye. You're telling me you're going to do this? I was saying, listen, you'll be up against these giant satellite companies. Well, you have fared pretty darn well. And you've got some great technology you haven't been on. Why don't you tell our viewers what you're up to? Yeah.

[Will Marshall]

So Planet, as you mentioned, we have 200 satellites. This gives us the most comprehensive data set about the Earth. They image the whole Earth landmass every day. But also, we're an AI company. We now apply AI to analyze all the millions of images we get every day to provide answers to questions for our customers, which range from commercial customers in agriculture and energy and insurance to governments in civil government and defense and intelligence.

[Jim Cramer]

Yeah, why do you need AI to analyze that? Why can't you just use the normal kind of procedure that people use before?

[Will Marshall]

Well, it's because of the scale, simply. But we take 4 million 47 megapixel images every day. That is too much for a human to look at. So let me give you an example.

[Jim Cramer]

Sure.

[Will Marshall]

The U.S. navy use our data to look at all of the South China Sea looking for vessels to see if there's any illicit activity, transshipments, illegal smuggling, that sort of thing. And we use AI to look through all that imagery, find the ships and alert them where they are.

[Jim Cramer]

Now, obviously you've had great success because, I mean, Germany's hired you and apparently, look, we don't know whether some stuff may be classified. NATO's hired you. It sounds like that they are trying to be sure again about defense.

[Will Marshall]

Yeah, absolutely. So. So we work with NATO on a really incredible new partnership that is pioneering, looking at large quantities of data for new threats. You know, we saw the activities just yesterday in Poland with NATO. Can you imagine if NATO has more eyes and awareness deep into Russia to understand that threat and catch it earlier? That would be good. Right. And with Germany, we've started a new business line just last year, which was basically to set up and launch satellites for countries. So because we've launched 600 satellites on 39 rockets over the last 10 years, when people want to launch a satellite to do Earth imaging, they come to Us.

[Jim Cramer]

Okay, what happens if Kuiper from Amazon, What I'm just. SpaceX is, you know what we just heard what Will said on Mad Money and we're going to put cameras on our satellites. We're going to wipe them out of business.

[Will Marshall]

Well, you know, it would be very hard to do that because for one thing, we've got the best satellites up there that the image more than anyone else. But also we have an archive of imagery going back in time now for that last eight years, 3,000 images for each point on the Earth's landmass. Now, I know Space X is really good, but as far as I'm aware, they don't have a time machine to go back and get that. Why that data set is really important.

[Jim Cramer]

Sure.

[Will Marshall]

Is that without that data you can't train AI. AI is all about the algorithms and the compute, but also the data you train it on. And so we have 3,000 images on every point on average on the whole Earth to train our algorithms on what's normal, what's not normal. And that gives us the power, the data and the AI combined.

[Jim Cramer]

And then also we've got some insurance contracts that make sense. Sense, right. They want to know exactly what things look like versus what it did look like.

[Will Marshall]

Exactly. Swiss RE and AXA both use our data and here's what they do. They look at millions of farmers fields and they look and see with our data you can see how much water is in the top 5 or 10 cm of soil with special spectral bands. Then they can just do if it's less than X amount of water for more than Y days, they'll pay out. It's called parametric drought insurance and it saves the millions and millions of of dollars. So it's just a much smarter way than sending individuals out to the farmer's field. This is a much more efficient way of doing business.

[Jim Cramer]

Now when I first met you, I was listening to you and I was saying, well, this guy's a bit of a dreamer, but he sure does seem to understand the technology. You've always had an interest in the technology itself, correct?

[Will Marshall]

Fundamentally, absolutely. I'm a space geek at heart and you know, space is in a revolution. It's quite a moment right now. You've seen the rockets costs go down of companies like SpaceX. We just did a launch two weeks ago. Exciting. Put up latest satellites, but you've also seen the satellites changing cost performance by about a thousand X. We have taken satellites the size of a school bus and miniaturize them to be a Few kilograms in mass and then we can launch more of them. And the cost performance of our satellites is about a thousand times better than the cost performance of satellites before us. So just get this in. The last satellite doing Earth imaging of our competitor cost $600 million. All of our 600 satellites to date cost less than that. So we've taken a couple of zeros off the costs, increased the capability. And this gives us an ability to, to image the whole Earth every day. And that opens up all these new use cases. Agriculture, insurance, maritime domain awareness. It's a booming moment. So it's a booming moment in space and is a booming moment in AI too. And the two.

[Jim Cramer]

A couple. Well, look, I've got to tell you, I'm thrilled for you because I was, I'm not saying I was too skeptical.

[Will Marshall]

I was saying you were a little bit.

[Jim Cramer]

Well, I was a little skeptical. I sit next to you and I said, oh, yeah, sure, I'm going to set up a lot of satellites too. But you know what? Congratulations. You really have delivered. It's really terrific.

[Will Marshall]

Well, the earnings really speak for themselves. They do. And you know, we reported a second, second quarter of cash flow positive. $45 million in cash. And our backlog rose to $736 million. That's a 245% increase from this time, this last year. So we have a lot of confidence.

[Jim Cramer]

In our growth to J. I think it's a great speculative smaller cap situation, but with a lot of Runway. That's Will Marshall, Planet Lab's co founder and CEO. Really interesting story, people. Really interested in story. Mad money's back. After the break, it is time for the light. My stepparents and graves will be playing stuff and then the lightning round is over. Are you ready? Ge. Dad. Timer. Lightning round. Creation. Blood. Let's start with Gary in Texas. Gary.

[Caller / Audience Member]

Hey, Jim. Been watching you for years. Love the car.

[Jim Cramer]

Thank you.

[Caller / Audience Member]

You make money for everybody. And there's no doubt in my mind that you are the man.

[Jim Cramer]

That was powerful praise. Thank you.

[Caller / Audience Member]

Well, it's true. It's true. My son and grandson both have juvenile diabetes. They both wear pumps for years and well, my grandson's like 13. Anyway, they, they're made by Tandem. And my son tells me that they have many new pumps products coming out and a wireless pump fixing to come out in the next six or eight months and that it's going to be similar to almost like a. A human pancreas.

[Jim Cramer]

Okay.

[Caller / Audience Member]

He said it's very undervalued. I wanted your opinion, my friend.

[Jim Cramer]

All right, so Gary, this is one of those. This is really difficult because I want to go with them. And the reason I want to go with them is they're young. If they made a mistake, they got their whole life ahead of them. They have. They've had the personal use of it. I looked at the company and said, geez, I don't like the fact that they keep losing money. But you know what, let's go with them and see what happens. Speculative stock for younger people I actually encourage. Now we're going to go to Wilkes in Texas. Wilkes. Jim, how you doing? Oh, man, I'm all fired up. How are you? Good, buddy.

[Caller / Audience Member]

Hey, got a question about a company that is down about 10% this month.

[Jim Cramer]

They've had huge growth over the last few years. High earnings, high PE ratio. I'm looking at Cintosh. What do we. People feel that there's a slowdown going on. People feel that there's going to be that there's one of those moments where there's not a lot of hiring. That's when you want to buy Cintos. Not when it's flying high, but when it's under the radar. I think you buy some here, then you wait for the quarter. If the quarter's disappointing, you buy more. Why? Because this is a great long term hold. That's why. Let's go to Rhonda in Kansas. Rhonda.

[Caller / Audience Member]

Hey, Jim, Rhonda, got a question. What about Phillips 66?

[Jim Cramer]

Well, you know what? This is the right time. Mark last year runs the cut. This is the right time to buy this stock. This is when you buy it. When oil's going down, I like to spread. I think you've got a good idea. Let's pull the trigger. I need to go to Mike in Florida. Mike, my bike.

[Caller / Audience Member]

Hey, Jim.

[Jim Cramer]

Jim. Jim. Boba.

[Caller / Audience Member]

Isrg, is it still best in class and are we going to be able to load up on this.

[Jim Cramer]

Isrg? Do you know that Jeff and I had a discussion today at the club and I had this in the bullpen. It's come down and I don't have. I don't have the willpower to pull it because the last quarter wasn't that good. We're refreshing the bullpen next week. We've got a big club meeting and you'll hear what we're talking about. But I'm not going to pull the trigger on isrg. And I have liked it a very long time. Let's go to Bill in Massachusetts.

[Caller / Audience Member]

Bill, Jim, can I get your thoughts on Vertical Holdings?

[Jim Cramer]

Please. Very funny. When Jeff Barks and I were going over what we want to take out of our bullpen, what do we want to add to the bullpen? Vertive block. Why? Because when you see those data center numbers like we saw from Oracle, that is a check to Vertif. And Vertiv does a lot of private label making of the air conditioner for all these other companies you hear about, that's the one I think is in the bullpen. That should be in the fun. And that, ladies and gentlemen, including up the lightning round. You missed Oracle. I get it. Ever thought of PepsiCo? I know PepsiCo is never going to be up 100 points in one day, but if you're building a diversified portfolio of mostly growth stocks as you should, you can do a lot worse than owning a premier growth company like PepsiCo. And by the way, it still is a premier growth company. Why PepsiCo first and most cogent Elliott Management just took a $4 billion stake in PEP and this activist hedge fund wants change. Elliott does extremely high quality work. It has a terrific record, especially when management's willing to work with them. If management's not willing to play ball though, Elliott's pretty ruthless about forcibly making the changes they want. Either way, this is one activist firm that I'm happy to piggyback on. You are getting the stock seven points below where it was when I learned of Elliott's involvement. That's an incredible bargain self. Now that's not the only reason to believe in PepsiCo though. You got $142 stock here that traded at 196 two and a half years ago and it now, because it's fallen so much, yields almost 4% do. It used to trade at a premium to Coca Cola, the most revered consumer packaged good stock. Now it trades at a big discount. Why can't it go back to a premium someday? Oops. Yeah, I mean, I hear, I hear you snicker. I mean, how can Kramer, Otter Peps go in the same breath as Oracle? The answer is. Of course I can see portfolios need growth and it doesn't have to all come from technology and it doesn't have to arrive at the same speed. You buy a stock like PepsiCo, you let that dividend compound over time and you're going to make a ton of money. Sure, it won't be immediate, but you're buying the stock at what amounts to be an historic discount with lots of levers to pull. And they will be pulled as long as Elliott's in there pulling with you. More important, when I survey today's landscape, I am struck by the vicious declines in some classic growth stocks. And look, I'm not just talking about Amazon or Apple, both of which I think are buys, with the latter having introduced a new iPhone model. Apple's usually it sells off on these announcements like it did this time, but if you bought the stock right after the last five iPhone iterations rolled out, get what? Guess what, you're up an average of 13% just 12 months later. That's our nice time frame. Okay, again, these are not really the growth stocks though I'm referring to. I'm talking about a company in the midst of a terrific turnaround like Kimberly Clark. Also within your 4% yield household brands. I like that. I like the restructuring that CEO Michael Shu is engineering and even though he's getting almost no, no, he's getting no credit for it at this point. Or how about Colgate Palm of considered one of the premier consumer packaged goods companies. You can buy that stock now at the 52 week low and ride that 2.5% yield. It is so rare that I see that stock go this low. I include Procter and Gamble and Johnson Johnson, both amazing companies, but their stocks, while weaker today, they're not weak enough. They're still way too high. When you buy these slower growing high priced earnings ratio growth stocks, you can't take any chances. You have to buy them at the right price, at your price. I always have one eye on these consumer packaged goods stocks because historically they can weather a lot of storms. They have issues right now with tariffs, with problems with raw ingredients and the consequences from the GOP Dash 1 obesity drugs. PepsiCo in particular has a problem with the GOP Dash ones crushing their Frito Lay business or at least start sending on a curve down that I don't care for. But unlike Most of the CEOs in the food space, PepsiCo's Raymond LaGuardia knows these drugs have an impact on the consumption of his portfolio. He is not in denial. Like so many of the others, he's making changes to try to deal with it. I don't typically like to waste space in a small portfolio with these kinds of stocks, but when you buy these companies at historically low levels, sometimes you can do spectacularly. And right now I think many of them are simply too cheap to ignore. So cheap that you will look back and think darn it, why didn't I buy some of them when they were so darn low. I like to say somewhere promise I'd find it just for you right here on Mad Money. I'm Jim Cramer and I'll see you tomorrow.

[Commercial Voiceover / Disclaimer Narrator]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC, NBCUniversal, or their parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer Is it time.

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