Mad Money w/ Jim Cramer – September 9, 2025

Main Theme:
Jim Cramer delivers a high-energy, insightful episode focused on finding your investing edge in a challenging market. He dives deeply into the evolving story of share buybacks, highlights the power of buyback "aristocrats," analyzes hot speculative stocks with guest experts, features an in-depth interview with AeroVironment's CEO, and reviews the latest performance of Casey’s General Stores. Throughout, Cramer remains true to his dual mission: educate and entertain, all while helping listeners “make money.”

Key Discussion Points & Insights

1. The Investing “Edge” – Buyback Aristocrats (02:14–12:47)

• Buybacks as a Market Force:
  Cramer opens by explaining how buybacks have acted as a tailwind for the market, referencing research from Dave Kostin (Goldman Sachs) and discussing the current fade in buyback growth.

  • “When you want to buy a stock, you need an edge...Buybacks drain the excess supply from the system. It seems they are draining a lot less than they were just a few months ago.” — Jim Cramer (03:13)

• The “Buyback Aristocrats”:
  Leveraging Kostin’s new research piece, Cramer highlights companies that have consistently reduced share count by 1%+, 9 out of 10 years.

  • This list includes Davita, eBay, Synchrony Financial, HP, Autozone, Jabil, Wells Fargo, and Apple, with a focus on performance during economic slowdowns.

• Cramer’s Picks:
  He moves through Kostin’s list, weighing both buyback strength and underlying business fundamentals:

  • AutoZone (AZO): Praised for massive, consistent buybacks (6% annual reduction). “Ten years ago it had roughly 31 million shares. Now it’s less than 17 million...That’s what happens when you’re repurchasing at a clip of 6% every year. I like it.” (09:51)
  • Wells Fargo (WFC): Points to aggressive recent buybacks ($5.5B this quarter) as a “huge sign of confidence.” (11:30)
  • Apple (AAPL): Notes Apple’s “legendary” buyback strategy and statistical outperformance a year after iPhone launches, using today’s iPhone 17 launch as a timely example.
    • “Let’s make real money, OK? 13% in a year after new iPhone launch. That’s what I call real money. I like Apple. I like those launch statistics. And now I have one more reason to tell you to own it, not trade it.” (12:08)

• Bottom Line:
  “You need fortitude to buy stocks to stick with them. Apple’s buyback helps that fortitude... Don’t forget AutoZone, Jabil, and the incredibly inexpensive Wells Fargo. Bye bye bye.” (12:39)

2. CEO Interview: Waheed Nuabi, AeroVironment (AV) (13:48–23:08)

• Strong Quarterly Results & Growth Outlook:
  Cramer interviews AV CEO Waheed Nuabi after another solid quarter (revenues, bookings, and backlog all up, guidance raised).

  • Nuabi: “I can very confidently say that AV’s prospects for growth and value creation has never been better.” (15:25)

• AV’s Unique Position in Defense:

  • Broad, unmatched technology portfolio: drones, anti-drone systems, RF jamming, directed energy/lasers, space communications—and a new integrated software ecosystem (AV Halo).
  • “We make drones, we make counter-drones, we make RF jamming systems against drones... It’s a very large and integrated portfolio... unmatched in industry.” — Nuabi (17:02)

• National Security Context:

  • With global conflicts and threats escalating, demand for AV’s solutions is accelerating.
  • Nuabi stresses bipartisan support, urgent need, and unique AV capability to quickly scale production.

• Golden Dome & Partnerships:

  • Strategic partnership announced with Sierra Nevada Corporation to address US “Golden Dome” security needs leveraging AV’s off-the-shelf solutions.
  • “We have the 80% solution today off the shelf... we will take a contract to get a site up and running operationally... by the end of this calendar year.” — Nuabi (19:27)

• Real-World Impact:

  • When asked about large drone attacks (e.g. Russia-Ukraine), Nuabi diplomatically assures Cramer that AV’s technology can successfully counter such threats for the US and allies.

• Red Dragon Project:

  • An affordable, mass-producible, autonomous drone for swarming applications.
  • “It, it’s inexpensive... allows us to have swarms of these by the tens of thousands against our adversaries all around the globe. It will give us a competitive edge in the battlefield.” (22:07)

  Cramer’s Takeaway:

  • He urges viewers to focus on the full story and guidance, not just the misleading headline EPS numbers, recalling the previous post-earnings rally after a similar setup.

3. Speculative Stock Analysis (Off the Charts w/ Bob Lang) (24:19–38:00)

• Speculation—Done Wisely:
  Cramer embraces intelligent speculation as a way to make outsized gains; stresses profit-taking and loss discipline.

• Featured Speculative Stocks & Chart Insights (w/ Bob Lang):

  • Aeva (ALST): 3D lidar sensors for AVs, robotics, and defense. Strong uptrend, bullish volume; potential targets: $45–$50. “Lang thinks you’re getting perfect buying opportunity right here, right now.” (25:30)
  • Rocket Lab (RKLB): Light orbital rockets. After explosive spring run, now consolidating. Another "buy the dip" at 50-day MA, possible move above $60 if momentum returns.
  • Oclo (OCLO): Builds compact nuclear reactors, hot due to AI/data center electricity needs. Pullback off highs is another buying op; potential for a "short squeeze" with high short interest.
    • “As long as it can get back above its previous high at 85, well, Lang says, you’ve got smooth sailing to the triple digits.” (33:08)
  • AppLovin (APP): Digital advertising, now in S&P 500. Relentless rally; strong indicators; Lang expects continued upside, likening it to a “mini Google.” (35:50)
  • Cramer’s Perspective:
    “The charts interpreted by Bob Lang suggested speculative stocks like Alstair, Rocket Lab and Outlook can get their groove back. While Applovin's just going to continue to roar. I think he makes a very compelling case.” (36:31)

4. Company Focus: Casey’s General Stores (39:46–44:30)

• Casey’s as an Under-the-Radar Growth Story:

  • Cramer’s longtime bullishness validated by strong performance (almost 2400% return over 20 years; 94% since he started “pushing” it two years ago).
    • “They found this great niche... It’s also, by the way, why the stock always seems to fly under the radar on Wall Street." (40:31)
  • Recent quarter: strong top and bottom line beat, inside store sales and prepared food up, fuel margins expanding, continued store openings.

• Management Caution on Guidance:

  • No full-year raise yet; standard for Casey’s, but a positive update likely later.
  • “I wasn’t deterred at all, viewing this negative response to Casey’s overwhelmingly positive quarter as a potential buying opportunity for you.” (42:23)

• Customer Data & Sophisticated Operations:

  • 10M+ rewards members drive smart merchandising (ex. returning the BBQ brisket pizza).

• Cramer’s Call:

  • “After this quarter I remain very much in the bull camp on Casey’s and it seems like the market agrees...” (43:39)

5. Lightning Round Highlights & Listener Q&A (44:30–46:00)

• Coca Cola (KO):
  • “James Quincy’s stock is actually coming down, now selling at a market multiple. Quincy’s a really great CEO. It’s one of the few consumer packaged goods stocks that work. That’s my pick.” (12:37)
• CrowdStrike (CRWD):
  • “I think CrowdStrike is in. I think it’s a crouching tiger. That’s what I think it is. And I’m thinking this stock is a five hundred dollar stock.” (38:20)
• United Health (UNH):
  • Cramer is wary due to government investigations but notes some buyers betting the worst is over.

6. Speculative Stocks & Changing Market Patterns (46:00–End)

• Embracing “Spec”:

  • Shift in Cramer’s stance on speculation post-Palantir:
    “With the advent of meme stocks... everything changed when the stock of Palantir arrived. The defense-oriented software company...rally from around $35 a year ago to $162 today...” (46:00)

• Key Spec Plays Currently:

  • Palantir (PLTR): Cramer maintains a $200+ target, sees it as a core “supercharger.”
  • Joby, Oclo, Nebulus: Newer disruptive tech stocks, often ignored until a headline/contract causes a major surge.
    • “There’s never been a market like this, people. It’s certainly going much higher than anyone would reasonably expect. And that money can be yours for the taking.” (End)

Notable Quotes & Timestamps

• On Buyback Edge:
  “Buybacks drain the excess supply from the system. It seems they are draining a lot less than they were just a few months ago.” — Jim Cramer (03:13)
• On Apple’s Strength:
  “13% in a year after new iPhone launch. That’s what I call real money. I like Apple. I like those launch statistics. And now I have one more reason to tell you to own it, not trade it.” (12:08)
• On AV’s Growth:
  “AV’s prospects for growth and value creation has never been better.” — Waheed Nuabi, AV CEO (15:25)
• On Speculation:
  “Speculative plays do deserve a place in your portfolio... One Palantir... can supercharge your entire returns. And not just for days or months, but even for years.” — Cramer (46:00)

Timestamps for Key Segments

| Time | Segment | |-------------|----------------------------------------------------------------| | 02:14–12:47 | Buyback edge & "aristocrats" discussion, Apple & Wells Fargo | | 13:48–23:08 | AeroVironment CEO Waheed Nuabi interview | | 24:19–38:00 | Speculative stocks analysis (Alstair, Rocket Lab, Oclo, APP) | | 39:46–44:30 | Casey's General Stores results & analysis | | 44:30–46:00 | Listener Q&A & Lightning Round | | 46:00–End | Commentary on speculation, Palantir, and new investing patterns|

Overall Tone & Final Takeaways

Cramer brings his trademark mix of enthusiasm, expertise, and straight talk—demystifying research trends, cutting through market noise, and urging listeners to remain opportunistic, but wise. He hammers home that real edges—such as consistent buybacks, pragmatic speculation, and disciplined stock picking—are key to success in the current market environment. “Buy when it isn’t easy. Stick with winners. Don’t fear volatility when fundamentals and momentum align.”

"There’s money being made, alright. Much more Mad Money ahead."