Mad Money w/ Jim Cramer – September 11, 2025

Podcast Summary

Episode Overview

On this episode of Mad Money, Jim Cramer analyzes the stunning bullishness in the markets, challenges the prevailing pessimism on Wall Street, and argues why bears may soon be forced to join the rally. He spotlights top stocks like Oracle, JP Morgan, Johnson & Johnson, and Axon, delivers sharp takes on Keurig Dr. Pepper’s dramatic breakup plan, and, in honor of the 24th anniversary of September 11, shares personal memories and reflections. As always, Cramer fields rapid-fire stock questions in the signature "Lightning Round" and emphasizes never forgetting the lessons and losses of 9/11.

Key Discussion Points & Insights

1. Market Mood: Bulls vs. Bears

Timestamps: 00:28–09:41

• Market Surge:

  • The Dow surged 617 points; all major indices hit record highs.
  • Skeptics are “baffled by the tape,” unable to process a market moving up despite a negative global backdrop.

• Bearish Bias on Wall Street:

  • Historically, commentators and money managers have favored a bearish outlook since the 1987 crash and worsened after the Great Recession.
  • “There's a sense that you simply aren't that smart if you're a bull. If you're too positive, people just don't take you seriously.” (Jim Cramer, 01:36)
  • Bears’ resistance is partly due to career pressures and the stigma attached to changing one’s stance.

• Disregard for Macro Troubles:

  • Despite a negative global scene (wars, debt, political uncertainty), Cramer insists these issues don’t directly affect most stocks.
  • “We can't sell stocks off a budget deficit, especially when interest rates are going lower as they did today.” (Cramer, 03:38)

• The “Year of Magical Thinking”:

  • Once-in-a-generation events are driving up key stocks on forecasts and sentiment, not just fundamentals—e.g., Oracle transforming into a data center behemoth.
  • Bears don’t understand or accept this optimism: “The Sardinics. Sardonic cynics. That's a good one. Sardonic cynics can't and won't accept or even appreciate.” (Cramer, 05:22)

• FOMO (Fear of Missing Out):

  • Not the issue; Cramer argues many professional bears hate this market and aren’t worried about missing the rally—but their clients are.

• Institutional Pressure:

  • Money managers may soon have to “pretend to be bullish” or risk losing assets as clients demand better performance and exposure to winning stocks.

2. Stock Spotlights & Sector Analysis

Johnson & Johnson: Health Care Outperformer

Timestamps: 11:41–18:34

• Defying Headwinds:

  • J&J is one of the year’s top healthcare stocks (+21.5% YTD), outperforming a generally weak sector.
  • Their underappreciated medtech division (36% of sales) and diversified pipeline have mitigated pharma patent cliffs and litigation woes.

• Oncology Strength:

  • “Cerebral CEO Joaquin Duato ... predicting that JJ will be number one cancer treatment company by 2030 with oncology sales of a staggering $50 billion.” (paraphrased, 16:04)
  • Innovations in lung and bladder cancer, and robust immunology drugs picking up the slack from lost exclusivity.

• Litigation Update:

  • J&J’s new legal approach—fighting claims in court one by one—has improved Wall Street’s confidence.
  • Cramer quotes the company:
    “The TALC litigation is a plaintiff lawyer driven fake tort premised on junk science and fueled by third party litigation financing, including from foreign sovereign wealth funds.” (Cramer quoting J&J, 17:27)

• Valuation Appeal:

  • J&J trades at just 16.5x earnings, under the S&P average—with a strong balance sheet and nearly 3% yield.
    • “With so much momentum but still a reasonable valuation, I think JJ can keep running maybe for a while.” (Cramer, 17:59)

Axon Enterprise: Law Enforcement Tech Leader

Timestamps: 18:35–26:56

• Growth Story:

  • Formerly Taser International; Axon now dominates non-lethal weapons and is aggressively expanding body camera and evidence management software.
  • “Here's a stock that's rallied almost 800% over the past five years ... including a 26% gain for 2025. And I am proud to say that I have liked this one all the way.” (Cramer, 18:44)

• AI-Driven Software Suite:

  • Tools like Draft One (AI-generated police reports) and Redaction Assistant save officers 10–12 hours per week each.
  • “Automating bureaucracy has huge dividends in productivity. And that means, effectively, it's like increasing a police force 50% effectiveness overnight ...” (Axon CEO Rick Smith, via Cramer, 22:26)

• Financial Highlights:

  • Sixth consecutive quarter of 30%+ revenue growth.
  • Software/services now almost half of revenues with 75%+ gross margin.

• Expansion & Resilience:

  • Domestic market strong; international growth just beginning.
  • “Anytime this stock pulls in, I'd be a buyer. It's had a great run ... could continue to rally for a very, very long time.” (Cramer, 25:52)

Keurig Dr. Pepper: Breakup & Valuation Debate

Timestamps: 29:08–35:18

• Dramatic Stock Sell-Off:

  • Stock plunges 21% since breakup and major coffee acquisition announcement.
  • Cramer breaks down the strategy: separating coffee and soda units (through the purchase of JDE Peet’s) makes long-term sense but comes at the cost of higher debt and complexity.

• Valuation Play:

  • Even accounting for new debt, the company trades at a significant discount to Coca-Cola and Pepsi on an enterprise multiple basis.
  • “Regardless of how Keurig Dr. Pepper got to this point, ... I think the breakup could unlock a tremendous amount of value ... you have to be a buyer here, not a seller.” (Cramer, 34:50)

3. Lightning Round Highlights

Timestamps: 35:25–39:36

A selection of rapid-fire audience questions and Cramer’s candid reactions:

• Airbnb:

  • “Buy Airbnb. All right, listen to me. The clock is ticking on this year for the Bears ... they're going to have to abandon their ideology ... or abandon the idea of being money managers.” (Cramer, 10:08)

• Cisco, post-Oracle rally:

  • Cramer prefers its “slow and steady” performance and yield over seeking an Oracle-style pop. Still, it’s a “hold.” (26:27)

• MP Materials:

  • Likes CEO’s case and long-term story, but urges caller not to add more shares on margin. (36:13)

• Names Cramer will research:

  • Zim (supply chain indicator), Equestive Therapeutics (oral dissolving allergy strip), Lens Therapeutics (FDA-approved eye drops).

• Canadian National Railway (CNI):

  • “Way too cheap. You get that 2.7% yield ... very low price-earnings multiple. I like Canadian National.” (Cramer, 39:21)

Notable Lightning Round Quotes:

• “I'm in a wheelchair. This is all I can do for income. I'm on margin ... What do you think of MP?”
  – Caller Steve (35:57)
• “I want you to do well. I want you to get off margin ... You're fine with what you have.”
  – Cramer (36:13)
• “I never just say on air ... you know what that sounds like a good stock ... you're my boss. I will look into this one too.”
  – Cramer (38:24, on unknown caller pitches)

4. Personal Reflections: Remembering September 11th

Timestamps: 40:02–43:43

• Cramer’s Recollection:

  • Shares vivid memories of being in lower Manhattan during the 9/11 attacks.
  • Describes the chaos, loss, and his subsequent involvement with Cantor Fitzgerald’s charity day.
  • Honors a colleague lost that day and underlines the importance of teaching the next generation about 9/11.

• Emotional Call to Remember:

  • “If we can’t remember, we must learn. And no matter what, we must give.”
    (Cramer, 40:02)

• Closing Thought:

  • “I like to say that there's always a bull market somewhere. I promise. Try to find it just for you. Right here on Mad Money.”
    (Cramer, 43:40)

Notable Quotes

• On Market Skepticism:

  • “The sardinics. Sardonic cynics ... can't and won't accept or even appreciate.” (Cramer, 05:22)

• On Switching Sides:

  • “They think that you're a fraud if you switch direction. That's actually wrong though ... investors ... expect their money managers ... to pivot, direct, be flexible.” (Cramer, 07:50)

• On J&J's Drug Portfolio:

  • “JJ has 13 drugs with double digit growth rates ... the loss of exclusivity for Stella [is an] afterthought.” (Paraphrased, 16:51)

• On Axon’s Police Tech:

  • “Automating bureaucracy has huge dividends in productivity ... like increasing a police force 50% effectiveness overnight.” (Rick Smith via Cramer, 22:26)

• On Keurig Dr. Pepper’s Value:

  • “If you want a company that's finally headed in the right direction with a stock that's gotten too cheap, then I think Keurig Dr. Pepper makes a lot of sense.” (Cramer, 34:39)

• On September 11 Remembrance:

  • “If we can't remember, we must learn. And no matter what, we must give ... Never forget what happened that gorgeous but horrifying September day...” (Cramer, 40:02, 43:34)

Timestamps & Notable Segments

• 00:28 – Bull market analysis and bear challenges
• 11:41 – Johnson & Johnson health care deep-dive
• 18:35 – Axon Enterprise software & law enforcement technology
• 29:08 – Keurig Dr. Pepper breakdown and contrarian play
• 35:25 – Lightning Round (rapid-fire stock Q&A)
• 40:02 – Cramer’s 9/11 memories and reflections

Summary

Jim Cramer’s September 11, 2025 episode is a masterclass in market psychology and stock picking amidst volatility. He argues forcefully that the prevailing negativity on Wall Street is outdated and that a unique bull market—driven by optimism, secular trends, and institutional pressure—is in full swing. Cramer highlights sector standouts like J&J and Axon, and frames Keurig Dr. Pepper’s selloff as a rare value opportunity. The episode concludes with poignant storytelling about the importance of remembering September 11, serving both as financial guidance and heartfelt remembrance.