Mad Money w/ Jim Cramer 9/17/25

Summary

Mad Money w/ Jim Cramer – September 17, 2025

Episode Overview

In this episode, Jim Cramer analyzes the Federal Reserve’s latest rate decision, breaks down the shifting market narratives, and guides listeners through current opportunities and pitfalls in stocks. The episode features interviews with major company CEOs – notably Workday and Ferguson – examines recent IPO performance, unpacks the rally in Ralph Lauren, and tackles listener stock questions in the popular Lightning Round.

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Main Themes

• Federal Reserve’s Rate Cut and Market Impact
• Big Tech and AI Stocks: Nvidia, Micron, Salesforce
• Financial Sector Outlook: Bank stocks, Capital One
• Travel, Housing, and Cyclicals
• Deep Dives & CEO Interviews: Workday and Ferguson
• IPO Market: Froth and Cautions
• Lightning Round: Rapid-fire stock opinions

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Key Discussion Points & Insights

1. Fed Rate Cut & Market Reaction

• Fed Chair Jay Powell cut rates by 0.25%, as expected.

  • Market's reaction: Dow up 260 points, S&P 500 mixed, Nasdaq down (03:00)
  • Cramer: “If people were expecting the Federal Reserve to give us fireworks, they were sorely disappointed. Fed chief Jay Powell is not giving hyperbole. He's trying to balance price stability with job growth and right now the risk tilt[s] against the latter.” (03:10)
  • Key Insight: The market had hoped for more dovishness or a bigger cut—some even looking for 0.50%—which Cramer dismisses as wishful thinking.
  • Cramer urges listeners not to trade based on Fed statements and reaffirms sticking with strong fundamentals, especially in technology and AI sectors.

• On inflation and job market:

  • Cramer: “The Fed's caught between a rock and a hard place. We really haven't gotten inflation under control. At the same time, the job market is deteriorating rapidly.” (07:47)
  • On tariffs: Powell can’t fix inflation driven by tariffs – a key reason multiple more rate cuts aren’t likely.

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2. Tech & AI Stock Guidance

• Nvidia:

  • Confusion about China’s stance on Nvidia chips is overblown.
  • “The Chinese narrative has become the defining story with Nvidia. And I think that that is dead wrong… Nvidia has no China numbers. They're not in the numbers. So don't expect number cuts. That's why I don't think there was a reason to sell here.” (05:10)
  • “Own Nvidia, don't trade it. And if you can get some in at the 160 level, oh boy, I'd be a buyer.” (05:30)

• Micron (caller question):

  • Raised guidance, but CEO Sanjay Mehrotra is “fabulous [and] prudent.”
  • Cramer’s advice: “I think you wait and see at this point… the stock up 80% year to date. I think that he will be prudent.” (09:00)

• Salesforce:

  • Down 27% YTD; Cramer views it as an improving buy: “The buy case is just much better than the sell case. … They've got a terrific business. They're everywhere. I think Salesforce is okay to buy if you don’t own any. I’ll pound the table if it goes even lower.” (10:49)

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3. Financial Stock Opportunities

• Banks (e.g., Wells Fargo, Capital One):
  • Rate environment “still looking good as short rates go down” (06:30).
  • Cramer: “When a long rates drop and long rates rise, the banks ... that's when you buy the bank stocks.” (06:37)
  • “If you don’t own it, you can buy Wells Fargo… you can get even more buying of Capital One … Credit card bank which will make a fortune now that it’s merged with Discover.” (06:48)

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4. Travel, Housing, and Cyclicals

• Travel & Leisure: Cramer continues to stress COVID changed the space. “Marriott was crushed today, which makes no sense at all, especially when American Express was up 3% to hit an all time high.” (07:22)
• Housing & Cyclicals: Needs bigger cuts for stimulus – so not a buy here, per Cramer. He’s neutral/slightly negative on Home Depot and other interest-rate sensitive names unless tied to datacenter or aerospace growth (07:36).

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5. In-Depth Interviews

Workday (14:56–21:34)

• Carl Eschenbach, CEO of Workday, speaks with Cramer live from Workday Rising.
• Workday’s AI Vision:
  • Eschenbach: “This week we laid out a really strong, powerful vision … we are going to be the enterprise AI platform that manages your people, your money and your agents.” (15:39)
  • Major announcements: new platform agents, expanded partnerships (e.g. with Microsoft, Salesforce, Snowflake).
  • New acquisition: Sana, to improve UI/UX for 75M users.
• AI Not Threat, but Tailwind:
  • “There's a narrative out there that AI is eating the software world, and specifically the SaaS world. ... For Workday, it's a tailwind. ... We have one of the most highly curated sets of data in the industry.” (17:33)
• Underappreciated Stock:
  • “I personally believe Workday is way underappreciated and we're way undervalued.” (18:20)
• Leaning in to Activist Investors:
  • After Elliott Management’s $2B+ stake: “You can lean into them and treat as a true partnership … we lean into these relationships, including what we did with Jesse Cohen and the Elliott team.” (19:05)
  • $5B buyback announced to reflect confidence.

Ferguson (32:10–38:49)

• Kevin Murphy, CEO of Ferguson, discusses the construction supply distributor’s growth.
• Secular Growth via Data Center Construction and Reshoring:
  • Murphy: “On nonresidential, we're a big part of the construction of data center activity in the US. ... So we're really proud of the impact that we can make.” (32:37)
  • Associated with big secular trends like biotechnologies, onshoring, and infrastructure.
• Trade Shortage & Advocacy:
  • Murphy emphasizes workforce issues: “The pressure point… really is the trade professional. Right. We're seeing more retirements than ... new people coming into the trades.” (35:05)
  • Supports more focus on vocational training (discusses Harvard).
• Residential Market:
  • Cramer/ Murphy note housing underbuilt by “4 million units in this country” (36:47)
• Data Center Buildouts:
  • Ferguson is poised to benefit from massive expansions (e.g., Oracle’s data center ambitions).
• Cramer’s view: “When you want infrastructure, stop overthinking it. Just do Ferguson.” (38:49)

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6. Ralph Lauren: Apparel Outperformer

• Despite macro challenges, Ralph Lauren is up 33% YTD, beating the S&P 500 (23:14).
• Boosted by pop culture — “ever since Travis Kelsey and Taylor Swift announced the news of their engagement while wearing Ralph Lauren, the stock has roared.” (23:45)
• Investors initially disappointed by muted, but steady, three-year growth guidance.
  • Cramer: “If you're selling a winner because they promised 150 basis points of margin expansion over three years instead of 200 basis points, I can't do anything for you. … RL is leaving the competition behind and will continue to do so.” (28:57)
  • Focus on digital expansion, metro/urban growth, and Asia strategy.

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7. Lightning Round Highlights (39:10+)

• Seagate (STX): Storage co. is AI-essential, but after a big run, valuation is rich. “Be careful not to buy at this high point.” (40:03)
• WilDan Group: “Just another outsourced company… I am not that intrigued by it.” (40:38)
• Rubrik: Solid quarter. “I think you’re okay.” (41:05)
• Eagle Materials (EXP): “No, we don't want Eagle Material. Rather see you own Gap or Home Depot.” (41:32)
• Cleveland Cliffs: “Had a nice little run here… we want to be in Nucor.” (41:51)
• SAP: “I would buy SAP right here. That was a good quarter.” (42:32)
• Dupont: Stuck in “split-off hell,” but not selling; CEO is excellent. (43:01)

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8. IPO Market Analysis

• Recent IPOs (StubHub, Figma, Bullish, Circle Internet):
  • Cramer warns of froth: “If this action were to continue, I would have no choice but to say that we are indeed in a bubble and it is going to end horribly.” (44:22)
  • Glad to see cooling enthusiasm after early hype reversals: “We might be able to avoid the IPO apocalypse if people bought these stocks at the highs, they no doubt feel chastened.” (46:20)
• Figma example: “Launched at 33, quickly went to an intraday high of 142. I was sick to my stomach. … The people paying 142 for Figma had no idea what they were buying… Even now, Figma’s stock has come down to 54 bucks and change. You're still talking about a price-earnings multiple — 178. That is just plain nuts.” (44:55)

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Memorable Quotes & Notable Moments

• On expectations after Fed decision:
  • “Those people are delusional… In the end, everybody with half a brain knew we’d get a quarter point cut.” – Jim Cramer (04:15)
• On Nvidia/China:
  • “The Chinese narrative has become the defining story with Nvidia. And I think that is dead wrong.” – Jim Cramer (05:10)
• Workday on AI:
  • “There’s a narrative out there that AI is eating the software world… For Workday, it’s a tailwind.” – Carl Eschenbach (17:33)
• Ralph Lauren’s steady outperform:
  • “Nothing’s changed for me. I bet the stock can keep working its way higher from here. RL is leaving the competition behind and will continue to do so.” – Jim Cramer (28:57)
• On IPO excess:
  • “If this action were to continue, I would have no choice but to say that we are indeed in a bubble and it is going to end horribly.” – Jim Cramer (44:42)

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Timestamps for Key Segments

• Fed/Markets Recap: 01:16 – 08:43
• AI & Tech Stock Deep Dive: 05:00 – 10:49
• Bank Stock Commentary: 06:30 – 07:15
• Lightning Round: 39:10 – 43:27
• Workday Interview: 14:56 – 21:34
• Ferguson Interview: 32:10 – 38:49
• Ralph Lauren Analysis: 23:14 – 29:45
• IPO Market Analysis: 43:42 – 48:03

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Conclusion

Jim Cramer remains upbeat but cautious: Don’t bet market fortunes solely on Fed moves, focus on structural/tech winners, and beware IPO mania. His conversations with top executives highlight the emerging AI and data center themes as winning trends. Steady growth, real profitability, and thoughtful management trump hype in Cramer’s playbook—reaffirmed across tech, financials, consumer, and industrials in this comprehensive market check-in.

Transcript

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[Jim Cramer]

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[Podcast Disclaimer Narrator]

Files, managing your schedule, responding to Jim's.

[Jim Cramer]

Long emails, leaving all the time in the world for the things you actually want to do. No offense Jim. Get a New Dell AI [e-mail] AI PC how those ahead? Stay ahead. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramer. My friends, I'm just trying to make you a little bit of money. My job is not just to entertain, but to teach. So call me at 1-800-743-CBC. Tweet me jim Cramer. If people were expecting the Federal Reserve to give us fireworks, they were sorely disappointed. Fed chief Jay Powell is not giving hyperbole. He's trying to balance price stability with job growth and right now the risk tilt against the ladder. As Powell told us today, the labor market is really cooling off. So the widely expected quarter point rate cut made a ton of sense, but the market was all over the place after we got this widely telegraphed news. Dow gaining 260 points as a dipping point 1%. Nasdaq declining point 3. 3%. It made you feel like the Fed somehow took us by surprise. But that was not the case. The market's reaction tells me two things. One, there are people who actually believe we get something bigger and and two, there are people who think that stocks are overvalued without big rate cuts. Given that Powell said, quote, there wasn't widespread Support for a 50 basis point cut today, end quote. We were going to see some sellers. Perhaps there were enough investors out there who thought the Fed would give in to the President and bless us with a 50 basis point cut. Those people are delusional. While we could have gotten more dovish language from Powell, of course a tad disappointing equity investors. No big themes are upended. No longer term gains are put on hold. In the end, everybody with half a brain new we get a quarter point cut. So it shouldn't have done nothing to the market. If anything, the market's while it actually 2pm statement. The 230 press conference created some interesting buying opportunities. Why is that? Because we around here do not trade cuts in rates. That's not what we do. We don't buy or sell stocks based on statements by Jay Powell. We're not that thoughtless. Of course we want to see how the bond market reacts. In bonds were all over the map, finishing down in price and up in yield, unfortunately. But it was nothing major. Almost kind of back to our regular programming. Almost because the President's going to hammer Powell for doing so little so late when he gets a break from some state dinner. So what's changed here? Honestly, not much. Just that people don't like to say that because that's not newsworthy. First, I think we can stick with technology and with artificial intelligence. The failings of companies that are involved in both. We had something very strange today. A story about how the Chinese government wants a full stop in buying Nvidia's artificial intelligence chips for some of the biggest clients. Those are the ones that are made for China. We thought they'd be welcome. They're very confusing, very fluid story now. I have to tell you that the Chinese narrative has become the defining story with Nvidia. And I think that that is dead wrong. There's lots of positions in Player. You could argue that this is a ploy, something that can change on the dime when the President talks with President Xi about the People's Republic. After all, the treasury won't get us 15% of China. Chip sales of nothing sold. 15% of nothing suboptimal. You could argue that Nvidia looks like it'll be shut out of that market is worth about $50 billion in sales per year right now. Nvidia has no China numbers. They're not in the numbers. So don't expect number cuts. That's why I don't think there was a Reason to sell here. Me. Well shocker. I say own Nvidia, don't trade it. And if you can get some in at the 160 level, oh boy, I'd be a buyer. And it is at the heart of AI. The new chips that are coming out are way ahead of the current ones. The Chinese government needs to be mindful not to shoot itself in the foot. Other countries will get these chips which will take AI to levels where it can truly surpass humans in many different kinds of problem solving and surpass all those Chinese companies too. And maybe now is the worst case scenario in China. Everyone knows that. I think that's your best chance to buy. Second, as I mentioned yesterday, the banks are still looking good as short rates go down. The they bought the short end of the yield curve and then which fell by the way because of the rate cut and then they lend long which higher. So when a long rates drop and long rates rise, the banks and short rates drop and long rates rise. Well I got to tell you that's when you buy the bank stocks. At tomorrow's noon CNBC investing club meeting. I'm going to talk about this. I'm going to tell club members that I intend to stick with the banks even though we have huge profits if you don't own it and still you can buy Wells Fargo Wells which is stalled here in the $82 range and you can get even more buying of Capital One if you own some of that. The credit card bank which will make a fortune now that it's merged with Discover. Very few defaults of Capital One, far fewer than I thought there would be at this point in the cycle. As Jay Powell said, households are in good shape and that's not about to change. Third, the market turn on the Travel Leisure stocks again. Oh God, they keep doing that. Even as I continue to tell you that Covid changed the industry permanently. Marriott was crushed today, which makes no sense at all, especially when American Express was up 3% to hit an all time high. Fourth, I don't see any real reason to get excited about the interest rate sensitive cyclicals including the housing stocks. Those are the stocks you'd buy if we heard that the Fed had very serious debate about whether a double rate cut. We didn't get that. Now for instance, we own Home Depot for the Travel Trust. It's been a big winner and I'm not surprised that it got ding today down 1%. You need to hear something about bigger cuts to get that stock higher and it didn't happen. It's going to be slower. It's still going to go higher though. I don't feel great about in general, even though Caterpillar an all time high today, unless they have something to do with the data center or with aerospace. I'm concerned, for example FedEx which reports tomorrow 25 basis point cut won't change things in time for this great shipping company. I'm even more concerned about United parcel with its 7.8% yield. That yields too high may not be sustainable if as management keeps saying otherwise fairly or unfairly, when you see that kind of high yield, that stock market is the stock market saying don't trust the difference dividend. Now there are plenty of critics who find something that Powell said and try to make it sound controversial. Ginning up stories is what I call it. There'll be some vicious white posts against this man when the President hears what he's done. But the simple fact is that the Fed's caught between a rock and a hard place. We really haven't gotten inflation under control. At the same time, the job market is deteriorating rapidly. At the moment, the Fed thinks the job situation is more worrisome. Besides, the Fed can't beat this new inflation because, well, a lot of it comes from tariffs. Remember, our president wants to ignore that his tariffs are causing the inflation. Powell can't do that. So don't ask how to cut rates five times. Powell has a reputation for being a prudent, prudent person. And that is something that all Fed chiefs want to be known for. We have Powell until May of next year. He'll cut rates further if jobs stumble or inflation comes down or both. But he doesn't want to get ahead of himself because nobody, and I mean nobody knows what the real impact of tariffs will be, except it's going to be negative. The bottom line, sorry, spectators who wanted something exciting instead. Here she goes from Powell and it's, well, if you ask me, exactly what we needed. Spencer, Michigan Spencer hi Mr. Kramer.

[Caller]

Thank you for taking my call.

[Jim Cramer]

Thank you for calling Spence. What's up?

[Caller]

My question is on Micron. They raised their guidance in August and are heading into earnings next week with stronger revenue and margin expectation. The stock's been on a tear. Is it still a buy before earnings?

[Jim Cramer]

The problem, Sanjay Maroucha is the CEO is fabulous. He's fabulous. That's one of the reasons why the stock went up so much. But he's also prudent and he's conservative. He may not say the words that Wall street wants after this big run. I Think you wait and see at this point. And remember again I have said to you that I like Sanjay Marocha but a stock up 80% year to date. I think that he will be prudent. Dustin in Oklahoma. Dustin.

[Caller]

Oh yeah, Jimbo. Dustin from Oklahoma. My buddy's calling me.

[Jim Cramer]

Whit.

[Caller]

It's good to talk to you again. I hope you're feeling better. Looking forward to the meeting tomorrow.

[Jim Cramer]

Well, I appreciate that. I can't wait for the meeting.

[Caller]

What's happening my friend? So I got into this stock about 4 weeks ago at $585 cost basis. With the current administration's view on wind and also considering all the countries pouring so much capital into America right now, what is your long term view on GE Vernova still okay.

[Jim Cramer]

I don't want you to worry about when they've got a lot of you know there's a lot of things involved with wind including maintenance that makes it so I'm not that worried. And it's a very inexpensive way to do power. You don't necessarily need the government. I know it's a negative. The stock got hit very badly when the president came out against wind. But I come back and I say wait a second, this is natural gas. It's a natural gas story. And every time it is down I say bye, bye.

[Caller]

Bye.

[Jim Cramer]

So that's what the plan is. Okay, that's good enough in New Jersey. Navit.

[Caller]

Hey Jim, how are you doing?

[Jim Cramer]

I'm doing well. How about you?

[Caller]

I'm great. I'm great. Just celebrating my wife's birthday today so I'm very happy.

[Jim Cramer]

Happy birthday to her. That's fantastic.

[Caller]

Thanks. Hey Jim, I wanted to pick your brain on salesforce. I've been watching this stock. I got into a very large position yesterday. The stocks year to date has been beat up. What are your thoughts at 21 times.

[Jim Cramer]

Next year's earnings I am beginning to think that I'm not going to pull the trigger on more because the trust has a very small position. I'm beginning to think that the buy case is just much better than the sell case. Down 27%. They've got a terrific business. They're everywhere. I think salesforce is okay to buy if you don't own any. I'll pound the table if it goes even lower. A fed under Jay Powell as Ted as she goes. That's just the way it is. And exactly what we need on man money tonight, shares a workday pop today on news that Elliott management is taking a stake in the company. I'm getting all the upd with the CEO. It's a real good story Ben. Should the polo bear rebrand himself to the polo bull? I'm taking a look at Ralph Lauren and telling you where I come down the stock after Fed rate cut. It's always good to check in on economy and the stocks that are driven by it. That's like Ferguson. I'm sitting down with the CEO to get the latest so stay with Kramer.

[Show Announcer]

Don't miss a second of Mad Money. Follow imKramer on X. Have a question? Tweet Kramer MadMentions. Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com.

[Jim Cramer]

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[Jim Cramer]

Look at this incredible run in the stock of Workday, the enterprise software powerhouse that helps businesses with human resources and financial planning. Like so many other enterprise software plays, Workday's had a tough year, but today turned out to be a very good day for the stock. Up more than 7% in response to the company's annual Workday Day Rising customer event in San Francisco this week, but also their financial analyst Day. By the way, we also got some big announcements, an acquisition, bunch of number of, of new partnerships, really some fantastic things. And we found out about all these at the Analyst Day that was done alongside with their conference. Then after the close yesterday, we learned that the genius activist investors at Elliott Management had taken a big $2 billion plus stake in the company. Unusually, Elliott simply announced the stake and gave a public vote of confidence in Workday's management. I like that. So take a close look with Carl asenbeck. He's the CEO of Workday. Mr. Congratulations, what seems like a very successful event this week and welcome back to Man Money.

[Carl Eschenbach]

Hi Jim, it's great to see you. Let me apologize if you see some commotion in the background, it's because I'm coming to you live from our annual user conference, Workday Rising, where this week, Jim, we had over 30,000 people attending live, record setting attendance. We took over the streets of San Francisco. You can feel the energy. You can see it. You can see it behind me. You walk around. It's just incredible what's happening. There's something special right now happening at Work Day, Jim.

[Jim Cramer]

Well, Carl, it's interesting you point that out because even when your predecessor, Neil Bush, when he had Workday Rising one time he took me out, he said, jim, this is not a regular trade conference. We have big announcements. We have lots of business that comes with it. This looks like the same again.

[Carl Eschenbach]

Yeah, Jim, no doubt. By the way, at the conference this, this week we're celebrating something. Speaking of anil, we're celebrating our 20th birthday. This marks our 20th birthday here at the conference. And this week we laid out a really strong, powerful vision in a statement that we are going to be the enterprise AI platform that manages your people, your money and your agents. And we've rolled out a bunch of announcements around that. First and foremost, we rolled out a number of new agents that's going to drive real business value for our customers. Jim, these aren't just agents that are doing surface level stuff. They're driving business value across people, finance, planning and industries. You mentioned earlier in your opening, we continue to expand, we continue to expand the platform at Workday and we had many exciting announcements on stage yesterday, including satya from Microsoft talking to us how they're going to leverage the Workday platform. We announced a new data cloud solution that's in conjunction with people like Snowflake Databricks in an expanded Partnership with Salesforce, we announced a new acquisition, a very exciting one that I call Inorganic Innovation, where we acquired a company called Sana. Sana is going to bring a new fresh UI UX experience to all of our 75 million customers that are running on the platform around the world.

[Jim Cramer]

It's been an incredible conference, customers. Now, one of the things I think people should understand is there's this kind of. You can really help me on this call. There's this big theme and the big theme is, is that there's a big AI eating software notion. This is a narrative that basically that AI is going to make it so we don't need a workday. In reality, I thought your build developer platform answered that objection to owning a stock of Workday.

[Carl Eschenbach]

Yeah. Jim, you know, I think you've talked about on your show in the past, there's a narrative out there that I is eating the software world, and specifically the SAS world. And I will tell you that's completely overblown in its faults. Let's start with the first principle of AI. To have good outcome of AI, what do you need? Jim, you need good data to train. And for some people I may be a headwind. For Workday, it's a tailwind. We have 75 million users on our platform. We have one of the most highly curated sets of data in the industry that we get to train off of. But it's not just the data. We have the context of it in. Jim, Today we have 11,000 customers. We have a gross retention rate of over 97%. We have a sticky platform with all the data, with all the users using it 75 million strong, that we can train our data and drive real business outcomes through our air solutions. The narrative is wrong, it's false. And I said yesterday, Jim, and I truly believe this at our investor conference, I personally believe Workday is way underappreciated and we're way undervalued.

[Jim Cramer]

Well, it does sound like that, Elliot, which is a shrewd judge of things in many different venues and verticals, agrees with you in the sense that when you speak with them, they're not. They're saying that Carl's the guy, he's going to get him there. They did favor that buyback. What do you think about the buyback at this? What I think is a very inexpensive level.

[Carl Eschenbach]

Yeah, Jim, you know, we had our financial analyst day yesterday. We laid out a durable growth strategy over the next couple of years that we're very confident that we can achieve. We also laid out a mission to Continue to expand operating margins, both GAAP and non gaap. And because we believe we're underappreciated and undervalued, we leaned into what I think is one of the best investments we can make, and that is in ourselves. Workday with a $5 billion buyback over the next couple of years into your point, we really enjoy our conversations with our investors, including Elliot. We've had a really good partnership with them over the last couple of years. You saw that around the last couple of months. You saw the pressure they say put out last night. And I think they support the narrative that we're underappreciated and undervalued. And when you're working with these type of investors, Jim, you can do one of two things. You can lean into them and treat as a true partnership and really take their experience and accept their value and their input, or you can push them away. We lean into these relationship, including what we did with Jesse Cohen and the Elliott team.

[Jim Cramer]

Well, I'm glad you say that. I have been think long and hard. They're basically like a great consultant that you call in and you can either say, look, guys, you haven't done the work, or. Or you can say, look, I not I don't agree, but I know you've done a lot of work. Or you can say, well, this work is really high quality, and then you take the best that they do. I think you're approaching it exactly how I think that the stock goes higher with a very talented investor, gets involved, makes suggestions. You adopt some of them because you think they're great, and you work together going forward. That's exactly what you're doing.

[Carl Eschenbach]

That's exactly what we did. And it's not only with Elliot, but it's with all our investors. We appreciate the feedback. And I think you can see with the reaction to the stock today and the fact that Elliot put out a press release, that's probably not always the type of press release you see from them, but I think they agree with our narrative, our financial framework for the next few years. And we continue to look forward to partnering with them and all of our investors as we go forward.

[Jim Cramer]

I thought that you really explained exactly why you are not being eaten alive by AI because you're integrating AI in a terrific way. Carl Eschenbach, who's the CEO of Workday, coming from coming from what I regard as being maybe one of the biggest trade shows that we don't talk about, because it's not really a Chase trade show. It's an explosion of Ideas, which is Workday Rising. Thank you, Carl.

[Carl Eschenbach]

Jim, thanks for having us.

[Jim Cramer]

Absolutely. May I be back after the break.

[Show Announcer]

Coming up, fresh off its Investor Day, Kramer's trying on Ralph Lauren for Size to see if the luxury fashion retailer can keep up its recent momentum.

[Caller]

Next.

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[Jim Cramer]

In a year that's been very tricky for most apparel stocks. Ralph Lauren, or Ralph Lauren as my dad used to call it, has been a phenomenal winner, up 33% for 2025, trouncing the S&P 500. Now this is just the latest leg higher for RL. I recommended this thing after speaking with CEO Patrice Lavey in August of 2020. 23. At the time the stock was at 100 and 22. Now it's about 300 in just the last three weeks. Ever since Travis Kelsey and Taylor Swift announced the news of their engagement while wearing Ralph Lauren, the stock has roared. What can I say? When your brand is hot, your brand is hot. Mazel tov to Taylor and Travis. Oh and Travis, my research director has you on his fantasy team. He's begging for more touchdowns. Although I have you in reality. I mean, I'm begging for more interceptions. But Taylor and Travis aside, Ralph Lauren held an Investor Day event yesterday and Wall street, it didn't love it when management updated the three year financial targets. The stock initially got slammed down about 5% in premarket trading yesterday. But then the events got rolling and this thing rebounded from its lows, finishing the day almost flat. However, it got hit hard again today, falling another 2.7%. Why? Because at first glance, the new financial targets do look like a disappointment. This needs explaining. Over the next three years, meaning from a base of fiscal 2025, the 12 month period that ended in March, until fiscal 2028, Ralph Lauren expects sales to rise at a compound annual growth rate of mid single digits in constant currency. The company expects its operating margin to expand by roughly 100 to 150 basis points over the same period, although they also plan to continue making investments in long term priorities along the way. At the same time, Ralph Lauren will keep returning excess free cash flow to shareholders. They said they'll return about $2 billion through fiscal 2028 via dividends and buybacks. At the moment, they've still got $1.6 billion left in the repurchase authorization, which is almost 9% of the company's market cap. That's a lot higher than usual, by the way, for a fashion company. Well, Wall street clearly didn't love the numbers. I thought they were pretty darn good. When Ralph Lauren talked about mid single digit revenue growth. That's basically a continuation of what they've already been doing. Now over the past three years, the revenue grew by 4.4% on a compound annual basis. For the current fiscal year, they're talking about talking low to mid single digit revenue growth. It was slightly better than what's already been promised for this year. And it was also more or less in line with what the analysts were expecting. Over the past couple of years, Ralph Lauren's stock has exploded higher on mid single digit revenue growth. Nothing to complain about here. As for the 100150 basis points of operating margin expansion, well, that looks good to me too. Ralph Lauren's adjusted operating margin has been a little over the place for the past few years, expanding contracting alongside the company's investment cycles. But generally speaking, they've gone from around 10 to 11% in the years just before the pandemic to the low teens. Now that's terrific. In the last fiscal year, Ralph Lauren's operating margin came in at 14%. And so far this year, it's still on the rise. The company's guiding for 4060 basis points of operating margin expansion this year. Now, the consensus estimate for the company's operating margin. We're focused for a second, let me tell you. In 2028 was 16.2% coming to yesterday, which should be more like 200 basis points of margin expansion. So maybe some investors were disappointed, but if you're selling a winner because they promised 150 basis points of margin expansion over the three years instead of 200 basis points that you were looking for, I can't do anything for you. What I care about is steady market expand margin expansion. And that's what Ralph Lauren told us will get investors look for steady margin expansion. They love this to show that a company one isn't being brought down by the competition, forced to compete on price, and two, that it's got a moat. This one's got a moat and that's something you've got to think about. The rest of the longer term guidance looks fine to me. The buyback plan is basically on pace with the $625 million worth of shares that they repurchased this fiscal year. More continuity what I'm more interested in is how Ralph Lauren believes they can hit these great numbers. Management continues to emphasize three strategic growth drivers. First, they want to quote, elevate and energize their lifestyle brand, meaning better marketing initiatives, better customer acquisition, better customer retention, more investment source. By the way, they're unbelievable at customer acquisition because they want to drive the core and expand for more, which is mostly about product assortment continuing to dominate in areas of strength like menswear while pursuing growth in new areas like women's outerwear and handbags. The last big strategic growth driver is quote winning key cities with our consumer ecosystem. This is the one that I've liked the most. See, Ralph Lauren has a list of its top 30 cities around the world which it has been focused on serving. But the company has now identified its next 20 top cities to go after in order to help sustain the brand's long term growth. Management gave more color on what it's doing to grow its ecosystem in these cities, including digital efforts that I think are really underappreciated. Part of the story they have great digital. During yesterday's investor event, management went into detail about how their marketing and in store approach changes from say London to Dubai to the Hamptons. And the company also devoted plenty of time to discussing their Asian strategy. Oh boy, is this one good. Asia represents a huge growth opportunity. The label is so well known and well liked there. Management also had a lot to say about Ralph Lauren's core capabilities, including some talk about social commerce, personalization and even their gentic AI initiatives. Now I really like their new Ask Ralph AI styling experience. Definitely worth checking out. Putting it all together, I came away from yesterday's investor event feeling pretty darn Impressed by what Ralph Lauren is doing. Impressed enough that I'm willing to keep recommending this stock. I like the new three year financial targets. The new numbers weren't stunning, but they're good enough and they're able to be. They're attainable. Plus, even though the stocks had a huge run, it doesn't feel too expensive selling with just over 20 times this year's earnings estimates. Keep in mind any aggregate. The s and P500 trades at almost 25 times earnings. So even though Ralph Lauren is expected to put up nearly 20% earnings growth this year, the stock still trades at a sizable discount to the broader market earnings growth for the S and P, just 9%. Ralph Lauren should be trading at a premium. Bottom line, if doing the work. If you're checking into the company's new targets, I'm still bullish on rl. Nothing's changed for me. I bet the stock can keep working its way higher from here. I have said it before and I will say it again. RL Is leaving the competition behind and will continue to do so. I want to go to Kevin in Illinois.

[Caller]

Kevin, Jimmy Chilmeister, how are you doing today?

[Jim Cramer]

Well, you know what is a good day? Good day.

[Caller]

Good.

[Jim Cramer]

I'm sorry.

[Caller]

Good day here. Good day here to longtime loyal listener, first time caller, excellence.

[Jim Cramer]

Go.

[Caller]

I want to talk to you about today. Has been a total disruptor in the category continues to steal market share. Profits are up 100% year to date. International growth. They're really kind of just scratching the surface. They've had numerous upgrades. I think the last one was Goldman Sachs at 72 and they got the hottest new product in the industry with a lot of new and I want to say about the same size as Celsius when it moved over to the Pepsi Group. And we know short term, long term. What's your outlook on Celsius?

[Jim Cramer]

Oh my God. I like John Field. Celsius. Yeah. I got this book coming out and this did not make it into the book. I wish it had. I think this company is doing incredibly well. I like them. And the chill likes. The chill likes them. Let's go to William, my home state of New Jersey.

[Caller]

William, Jim, longtime listener. My stock is lululemon. It's down 57%. Is it safe to maybe start taking a look at this?

[Jim Cramer]

I tell you, I stopped liking them when I saw that they sued Costco for a really good product that Costco had. Now I'm not. Look, I look. I think the American people want bargains. I would rather see you Own Gap which is going to be turning around this Athleta. That's where I would go. All right. Now I am still bullish on Ralph Lauren here and not just because I'm bullish on Taylor and Travis. Too much where I made money at, including my exclusive with building product provider Ferguson. I like growth. They have it. Then yet another high profile company came public today, but this IPO fell flat. I'm telling you why I don't think it's necessarily a bad sign. And all your calls, rapid fire. It's a nice addition to the lightning round. So stay with Kramer. You know me, at the end of the day there's nothing more exciting than great numbers. Take Ferguson, the North American distributor. Building products ranging from heating, ventilation, air conditioning equipment, waterworks, plumbing, fire protection. Yesterday Ferguson reported a big top and bottom line beat sent the stock up nearly 8% in response. Wow. This thing's now rallied almost 30% year to date. Can it keep running? Let's check in with Kevin Murphy, the President CEO of Ferguson to find out more. Mr. Murphy, welcome back to Man Money.

[Kevin Murphy]

Thank you for having me. Jim, great to be with you again.

[Jim Cramer]

All right, thank you. I want to start from a little bit. 30,000ft. There are many analysts who only know a company like Ferguson as being boom bus. They don't know what I call secular growth. You've got two themes. You've got this reshoring and you've got data center. These are secular growth stories. That makes it so that you're the vicissitudes are not happening.

[Kevin Murphy]

Yeah, we've got some good things happening. We've got a balanced business, residential, non residential, about half and half. And as you said, so many people think of us on the residential side of our business. So many people think of us on the showroom side of our business. But on non residential we're a big part of the construction of data center activity in the US the underground water that brings data center cooling materials, the commercial mechanical piping, the industrial valve product, the fire protection inside of it. So we're really proud of the impact that we can make on some of.

[Jim Cramer]

Those secular isn't amazing people. All they do is think about how you got on the electric grid. They forget that you have to be on the water grid too.

[Kevin Murphy]

You do, you do. Liquid cooling is a big part of.

[Jim Cramer]

Data center activity now also I just love what, what's going on in terms of the reshoring, the new factories that we were in Harrisburg, Kentucky and there's corning getting two and a half billion Dollars from Apple, they're more than likely having to call you the general contractors, to call you. You're. You're the one who handles that stuff. Yeah.

[Kevin Murphy]

And we're dealing with things From Semiconductors to GLP1 Production, Biotechnology, General onshoring as supply chains want to become more closely aligned with America. And that's all part of great construction.

[Jim Cramer]

Now, how do you know how to. Where did your expertise come from for these.

[Kevin Murphy]

Yeah, we start with the customer. And so we start with that commercial mechanical contractor, the underground site utility contract that build out America's water and wastewater infrastructure. And we focus on them. And as we got more mature in the business, we started engaging with the engineering firms, the general contractors, and then ultimately the owners, not to bypass that contractor, but to make sure that we had the supply chains right. So that we could get the product on time in full and get the project on budget.

[Jim Cramer]

All right, now again, I want to go back to this notion that any of those are really impacted by some events that people are fixated on here. A quarter point interest rate cut is not necessarily what is going to propel Ferguson to higher levels. What is is your expertise and the fact that the growth markets are tied in with you.

[Kevin Murphy]

Yeah, we'd love to continue to see this large capital construction project build out continue in the United States. And we think the secular trends are there to continue it. And those projects are made quite well for the kind of impact that we can make on construction productivity, the rate environment. If the long end of the curve starts to come down and ease a bit, we'll take the tailwind. That might be residential. New construction.

[Jim Cramer]

You do both residential. You do have the ability. Are there enough workers?

[Kevin Murphy]

That's right. Well, so that's a different story, Jim. If you look at the pressure point that's out there, it really is the trade professional. Right. We're seeing more retirements than we are new people coming into the trades. And so for us, that's one of the things that we really advocate for at the grassroots level, at the corporate level. How do we get more people, how do we get more families to have kitchen table conversations with their son or daughter where they say that trades are a great way to make a living, a great way to be an entrepreneur.

[Jim Cramer]

Well, you know, look, I'm glad you mentioned this. I'm a proud supporter of Harvard. Okay. And I hear that the president might want Harvard to work with trade schools. Well, I remember, and I was there. I took summer courses. They didn't have much to do with the stuff that I was majoring in why not? Why not? I mean, who's to say that Harvard can't do a good job at that? I don't think it's demeaning. We got to get away from that.

[Kevin Murphy]

We got to get away from that narrative that everyone has to go to university for a traditional education. Because quite frankly you talk about durable careers. Those are durable careers in the face of AI and they're also great entrepreneurial ventures as well.

[Jim Cramer]

Well, that's what I was thinking. These are businesses. And the same business stuff that you learn at Harvard Business School is applied to a three shop plumber.

[Kevin Murphy]

No doubt about it. No doubt about it. And for us, we want to see more people get in the trades so that we can expand that workforce, we can get the work done. But then we live and die with how do we make sure that we add construction productivity to that trade professional. That's how we add value, that's how we grow.

[Jim Cramer]

Okay, so Powell today was, Mr. Powell was very good about, about one issue. People don't talk about much, not enough spare land. He was saying that it's zoning, that there are issues. You do lots of residential. Is it true we just can't risky building farther and further out and they become less attractive?

[Kevin Murphy]

Yeah. If you think about lot development and what the cost of lot development is in those local areas, that's one of the issues that we got to get at around affordability because we can talk about rate all we want. We've got to get at housing affordability and we got to get at speed because we're underbuilt by 4 million units in this country. Incredible average housing stocks 40 years plus. Oh, we've got to get after taking care of that housing shortage.

[Jim Cramer]

Okay, so tell me about when you see Oracle wanting to build all these data centers. I mean Oracle is just talking about things that $4 to $50 billion backlog. Are you going to be included somehow in that $450 billion backlog?

[Kevin Murphy]

You think it's the biggest part of our growth in that non residential activity. We grew our Non res business 15% in the quarter. That was a big driver. The backlogs that we're building are around that data center. Construction, biotechnology, pharma, onshoring, reshoring. And some of these projects are so sized that we've never seen jobs this big. And it's just exciting to be part of what is really a renaissance in America.

[Jim Cramer]

I think there are probably people wondering, well, hold it. Can I just do it myself at Home Depot? You're Talking about much bigger it's a very different.

[Kevin Murphy]

Our specialized professional is building out that miles and miles of piping systems that are used to cool that data center. And then we're also engaged in what the energy production that going to fuel that what the water production is going to fuel that cooling system. So it's really exciting to be a big part of that.

[Jim Cramer]

It really is. I've got to tell you when people there's a lot of little guys, a lot of little companies that are between I'd say 1 billion and 5 billion that people call on the lightning round and I always say just by Ferguson because not just because I don't know them but I want someone who's not going to screw it up.

[Kevin Murphy]

We are trying to be is that scale player 30 + billion dollar revenue company with 1800 locations across the network but with best local relationships taking care of local contractors as best we can.

[Jim Cramer]

Well that's why you're winning. That's why the stock's up 30%. Congratulations to Kevin Murphy presidency of Ferguson Enterprises. Guys, this is the one when you want infrastructure, stop overthinking it. Just do Ferguson.

[Kevin Murphy]

Thank you Jeff. Thanks for having me back.

[Show Announcer]

At this point coming up Cramer takes your calls and the sky's the limit. It's a fast fire lightning round next.

[Jim Cramer]

It is time. It's time for the light round Countryman wrap and roll in the seamless dark center. Bye bye solstice jumping of course weather play this out and then the lighting round is over. Are you ready Ski dad jam of the light round crevice but let's start with Arthur in California. Arthur?

[Caller]

Oh yeah, Jim, how are you?

[Jim Cramer]

I am good Arthur, how you doing?

[Caller]

Okay. Okay, a second time caller and a second year club member.

[Jim Cramer]

All right, thank you for. I hope you've been at the meeting tomorrow.

[Caller]

Okay. Yes, my wife and I we always get positive results from your advice so keep up the good work and thank.

[Jim Cramer]

You, you're very kind.

[Caller]

Right now, right now you want to ask you about this company. It's a storage company. They're not a yet but I think they're essential to AI and they're reporting next month Company name is Seagate.

[Jim Cramer]

Okay, I'm torn about. See I've known the company forever from when it was start was started my. Here's my problem. It sells at 20 times earnings. It's the number one before I think top three performing the S&P 500 but at 20 times earnings that's a lot for a certain storage company. So I would be careful not to buy it at this high point. It's just had such a big run. See you tomorrow in the conference call. Let's go to Clancy in Connecticut. Clancy, you go. Eagles. What's up?

[Caller]

All right.

[Jim Cramer]

I still don't make a move without.

[Caller]

You or the club's input. Could you.

[Jim Cramer]

Oh, thank you.

[Caller]

Wilton Group.

[Jim Cramer]

Will Dan. Will Dan outsource? You know what? It's just another outsourced company. I do not. I don't mean to slam them. I find nothing all that interesting about the company. Doesn't mean it can't be bought. But I am not that intrigued by it. How about that? Let's go to Dylan in Connecticut. Dylan. Hi, Jim.

[Caller]

Thank you for taking my call.

[Jim Cramer]

Of course.

[Caller]

I would like your thoughts on Rubrik Inc. Ticker rbrk.

[Jim Cramer]

I thought the last quarter was good. The stock got hit on the quarter. I don't, I, you know, maybe I'm not the columnist. I didn't think the stock should have gone down. So I like it and I think you're okay. Let's go to Diane in North Carolina.

[Caller]

Diane, Hi, Jim. I'm calling about, I'm calling about exp.

[Jim Cramer]

I've had it for a while and I know they have a big presence.

[Caller]

In the U.S.

[Jim Cramer]

Yeah, e. Exp. Oh, Eagle Materials. No, no, no. We don't want Eagle material. We would take O.C. before that one. And of course we could always buy Home Depot and I think that those are better. Let's go to Jose in Illinois. Jose.

[Caller]

Hey, Jim, thanks for everything you do. What are we thinking on Cleveland Cliffs?

[Jim Cramer]

We're thinking on Cleveland Cliffs that it's had a nice little run here and that we want to be in Nucor. Why do I say that? Because I love the balance sheet. I love the expansion plan Nucor and I think that it's a little less lever to autos, which is good. Let's go to Minaj in Pennsylvania. Minaj.

[Caller]

Hey Jim, I'm a long time listener and a first time caller. Love your show and thank you for taking my call.

[Jim Cramer]

Of course. Thank you for calling.

[Caller]

Okay, I'm calling to get an advice on this German tech giant for Enterprise solutions and cloud. It has been going down for some time but recovered past two days and close to that above 261 is it to buy your thoughts on target and time frame. You must have guessed it. SAP.

[Jim Cramer]

Okay, I, I again I'm caught here. Christian Klein delivered a great quarter. I think that this stock is just, I'm gonna say it. I would buy SAP right here. I really would. That was a good quarter. Let's go to Don in Texas.

[Caller]

Don, Hi, Jim. How are you today?

[Jim Cramer]

I am good, Don. What's up?

[Caller]

Well, I want to ask about a truck portfolio stock that hopefully is due for a breakout. What is your projection for the timing and the magnitude on the stock price for Dupont?

[Jim Cramer]

I'm beginning to wonder whether it doesn't have to wait till the November split off. I mean, I really think that that's what's happened. It's in split off hell. I mean, this stock can't get any mojo. It's doing incredibly well. Lori Koch is terrific. I mean, this thing is driving me batty. But I am not going to sell it just because I'm being driven crazy by it. I got other things to do. And that, ladies and gentlemen, conclusion of the Lightning Round.

[Show Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, after another big week of companies going public, Kramer's weighing in on the state of the IPO market, seeing if it's strong or clouded with froth.

[Jim Cramer]

Next.

[Caller]

Booyah for the emperor of Kramerica. Honorable James J. Kramer. You got me jumping around my office right now. Thank you so much for all you do for us. I enjoy your show and I find.

[Jim Cramer]

It very entertaining and informative.

[Caller]

I watched your first ever episode of Mad money back in 2005, and I've been watching every single episode ever since.

[Show Announcer]

Don't miss Mad Money every night at 6pm Eastern. Plus, join the CNBC investing club and stick with Kramer a round the clock.

[Jim Cramer]

As a rule, I don't root against IPOs. I don't want to root against anything that could potentially make you a lot of money. Man, I do despise froth because where there's froth, there's soon to be losses. That's why I didn't mind what happened to StubHub. The online ticket seller came public at $23.50 today and then saw its stock fall below its offering price by 1:15pm it finished the day at $22. Ouch. Look, I'm not picking on StubHubHub. I actually use them to get tickets wherever I go, including Wembley, to see the Eagles play the Jags in a previous decade. I'm a fan of StubHub, but I'm happy to see this IPO fizzle because it will help curb your enthusiasm. Right now, we need a little curbing. I could say the same thing about Gemini Space Station. The ridiculous name for the crypto. Alpha fell and founded by the Winklevoss twins 11 years ago. After 14% gain on its first day of trading last Friday, the stock has now fallen well below its $28 offering price. Again, I'm a client and I greatly appreciate the pioneering work in telling everyone and everything about crypto. It's great. It's been a fabulous run. Not so for their stock, but that's okay to see. It's vital that the IPO market calm the heck down when we get parabolic news. And newly minute stocks like Figma, which launched at 33, quickly went to an intraday high of 142. I was sick to my stomach. It's why I went back to my old days a shtick and crushed a box of Fig Newtons. We know that the people paying $142 for Figma had no idea what they were buying. A web based collaborative design platform. Because if they did, they never ever pay that much for it. Even now, Figma's stock has come down to 54 bucks and change. You're still talking about a price journeys multiple. 178. That is just plain nuts. House of Pain Figma's not alone. Bullish. Another crypto exchange, this time a digital asset platform. So its IPO price at 37 bucks then rallied $118. It's now back down to 54 bucks. Circle Internet. Another crypto play. They have a stablecoin came public at $31 and valued $103 and then charged all the way to $298. Are you kidding me? Before falling to $131 where it is now. And I got to tell you, it is still way too high. The moves in Figma, Bullish and Circle Internet were all unsustainable. I'm not going to mince words. If this action were to continue, I would have no choice but to say that we are indeed in a bubble and it is going to end horribly. I say that because I live through the dot com bubble. So I'm determined to get people out of the market if new IPOs keep trading to insane levels like they did back then. I'm bullish on this market, but I'm not a perma bear Perma bull people. I won't ignore Bullish and Circle and Figma anymore. I will shout from the rooftops that we must all take something off the table, if not a lot of it. If that had continued. But you see, StubHub and Gemini told me that we might be able to avoid the IPO apocalypse if people bought these stocks at the highs they no doubt feel chastened it will make people realize the stocks are risky assets and they can lose a lot of money if they chase something to the stratosphere. The broader S&P 500 with the price earnings multiple 25 times next year's earnings isn't all that outrageous. There are plenty of stocks that may be selling at low levels versus where they go. Where they go be if interest rates could if interest rates go lower, we don't know about that what's going to happen yet. But it was the IPO market, not the regular market, that was getting frothy. If that froth is fizzling away, we're in better shape than we were just a few weeks ago. I like to say, as always, bull market Summer. I promise I'd find it just for you. At Mad Money, I'm Jim Cramer. See you tomorrow.

[Podcast 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 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 that's the sound.

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