Jan 27, 2026 · 44 min
Cramer separates business damage from market noise
Mad Money w/ Jim Cramer 1/26/26
The episode offers a framework for judging whether falling stocks reflect deteriorating fundamentals or temporary sentiment, while surveying a consequential earnings and IPO week.
- 1Cramer favors businesses with durable operations and reasonable valuations over stocks driven by attention or excessive multiples.
- 2EquipmentShare’s strong IPO debut renews the debate over whether 2026 can sustain a broader offering cycle.
- 3Agnico Eagle’s CEO links gold’s rally to central-bank demand and geopolitical uncertainty while outlining the miner’s growth and capital-return plans.
Don't miss
Agnico Eagle CEO Ammar Al-Joundi explains why gold demand, limited supply growth, and the company’s mining footprint support its outlook.
The brief
Cramer opens by separating genuine business deterioration from short-term sentiment, using Broadcom as a relatively inexpensive way to invest in artificial intelligence.
He weighs Costco’s high valuation against its operating performance and membership renewal rate, then previews a major earnings week featuring Meta, Microsoft, Tesla, and Apple.
The first major IPO of 2026, EquipmentShare, finished its debut session up 33%; Cramer finds its story compelling but warns that offerings could become oversupplied later in the year.
Caller questions turn to preferred and pressured businesses: Cramer favors buying Nucor on weakness and argues investors should look through Old Republic’s disappointing report to its underlying quality.
Agnico Eagle CEO Ammar Al-Joundi discusses gold’s rally, central-bank demand, geopolitical uncertainty, secure mining jurisdictions, development projects, and plans to return capital to shareholders.
Cramer closes on NVIDIA as the ultimate battleground stock, arguing that investments consuming too much attention can create portfolio risk even when the underlying company remains central to AI.
What was said on this episode
58 statements · 39 positive · 15 negative · 2 mixed · 2 neutral
Stock declines primarily reflect deteriorating business fundamentals rather than sentiment or macro headlines.
“Stocks do not go down because people are in a bad mood. They don't go down because there's a highly controversial shooting in Minneapolis. They don't go down because gold's higher or the dollar's weaker. They go down because something goes wrong that impacts their businesses.”
Listen at 0:38
Microsoft Azure sales will exceed expectations because demand for its web services is exceptionally strong.
“Microsoft would have stronger than expected Azure sales as it's natural to switch to that firm's web services offering because demand is off the charts.”
Listen at 2:21
Meta may reduce its artificial-intelligence spending.
“Meta, I think, might actually be able to ratchet back its AI spending.”
Listen at 2:28
A weaker dollar benefits U.S. exporters.
“A weak dollar can be worrisome, too. But it's great for our exporters.”
Listen at 3:44
Procter & Gamble could benefit substantially from a weaker dollar next quarter.
“Procter & Gamble, with almost half of its sales overseas, could be a huge winner when it reports again next quarter.”
Listen at 5:01
Signet Jewelers stock may be overvalued at nine times earnings.
“Signet's stock might be too high at nine times earnings.”
Listen at 5:36
Investors should buy Broadcom.
“I'm going to make a suggestion, not hold, not sell, but buy.”
Listen at 7:42
Broadcom is a relatively inexpensive way to invest in artificial intelligence.
“I think that Broadcom represents one of the cheaper ways to play artificial intelligence.”
Listen at 8:01
Investors should remain invested in Costco.
“I'm urging you to say to stay long, Costco.”
Listen at 9:00
Cramer remains favorable toward Costco.
“I still like it.”
Listen at 9:13
Meta shares appear inexpensive at under 23 times estimated current-year earnings.
“At these levels, Meta is selling for less than 23 times this year's earnings estimates. They look pretty darn cheap.”
Listen at 11:17
A very large capital-expenditure forecast would make a Meta rally difficult.
“If we get a gigantic CapEx, that's capital expenditure projection, it's going to be tough for Meta to rally.”
Listen at 12:02
Less-bad Meta capital-expenditure guidance could allow the stock to break its downtrend.
“But if we get not terrible guidance on the CapEx front. then maybe the stock could break out of its downtrend.”
Listen at 12:07
Microsoft should avoid increasing its capital-expenditure outlook.
“First, no incremental increases to the spending outlook.”
Listen at 13:40
Investors want Microsoft’s capital-expenditure budget to stop accelerating rapidly.
“I think investors just want to hear that the company's CapEx budget isn't growing like a weed.”
Listen at 13:45
An upside surprise in Microsoft Azure growth would materially benefit the stock.
“Second, an upside surprise for Azure growth would be a major positive.”
Listen at 13:49
Tesla’s stock valuation is driven less by reported financial results than by narrative.
“Tesla doesn't really trade on the numbers at all.”
Listen at 14:54
Tesla’s electric-vehicle business is currently performing poorly.
“the electric vehicle is just in such bad shape.”
Listen at 14:58
Elon Musk has historically been overly optimistic about Tesla timelines.
“he has a history of being overly optimistic about his timelines.”
Listen at 15:24
Apple faces an unfavorable outlook regarding memory-chip costs.
“I'm not optimistic on the memory issue”
Listen at 16:00
“the long-delayed Siri reboot should finally happen this spring.”
Listen at 16:32
Investors should own Apple as a long-term holding rather than trade it.
“Own Apple, don't trade it.”
Listen at 17:30
EquipmentShare will be among the lucrative IPOs later in the cycle.
“I think the stock of equipment share will be one of them.”
Listen at 18:34
EquipmentShare revenue grew at a 140% compound annual rate from 2015 through 2024.
“Equipment shares revenue growth has been excellent with 140 percent compound annual growth rate from 2015 to 2024.”
Listen at 21:09
EquipmentShare’s growth justifies paying a premium valuation.
“I think it's worth paying up for equipment share's growth”
Listen at 23:55
Investors could initiate a small EquipmentShare position and add if shares weaken.
“I'd be okay putting on a small position now, and then hoping the stock comes down, maybe you can buy a little bit more in weakness.”
Listen at 24:15
EquipmentShare deserves a premium because its model and software are transforming equipment rental.
“it deserves to because it's revolutionizing this industry with its asset light business model and its impressive software platform.”
Listen at 24:35
Cramer views EquipmentShare as an attractive stock to own.
“I think this is a great story and a stock I want to own.”
Listen at 24:46
Nucor is a better operator than Cleveland-Cliffs.
“I'm not going to recommend Cleveland Cliffs over Nucor because I think Nucor is a superior operator”
Listen at 25:30
Investors should buy Nucor when its stock weakens.
“A buyer of Nucor on any weakness”
Listen at 25:44
Old Republic remains a high-quality company despite its weak quarter.
“Old Republic is a great company.”
Listen at 26:34
Old Republic will produce many stronger quarters after the current weak result.
“There'll be many good quarters after this.”
Listen at 26:41
Investors should continue buying and reinvesting in Old Republic.
“Just keep buying, keep reinvesting, and I think you will do just fine.”
Listen at 26:43
Gold’s rally may have substantial further upside.
“I keep saying you haven't seen anything yet.”
Listen at 28:19
Gold’s fundamental drivers of appreciation remain in place.
“the fundamentals that have pushed gold up are still there.”
Listen at 28:35
Gold is more liquid and less risky than cryptocurrency as a fiat-currency hedge.
“gold is the most liquid. It's the most real. There's no risk.”
Listen at 30:40
Agnico Eagle is largely insulated from tariff pressure because it sells gold globally.
“we're not really subject to any sort of tariff pressure or anything like that.”
Listen at 31:42
Agnico Eagle ranks second globally by market capitalization and gold production.
“we are by market cap, the second largest gold company in the world and by production, the second largest in the world.”
Listen at 32:10
“within the next five years, probably going to be bringing on about another million and a half ounces a year of production.”
Listen at 32:56
Agnico Eagle has sufficient capital to repurchase shares while funding projects.
“we have enough capital to go and buy back shares, et cetera.”
Listen at 35:01
Agnico Eagle plans to return substantial capital to shareholders.
“we're going to return a lot of money to our own.”
Listen at 35:47
Demand for American Tower infrastructure has been slowing.
“there's been fewer demand for towers. It's been slowing down.”
Listen at 36:48
American Tower is less attractive as an investment than previously.
“I think that stock is no longer as investable as it was at one time”
Listen at 36:52
Apple has strong momentum but trades at one of the market’s highest earnings multiples.
“Apple 11's got great momentum, but the fact is it trades at one of the highest price earnings multiples in the entire market.”
Listen at 37:10
Cramer avoids stocks with extremely high earnings multiples because they carry excessive risk.
“I am not recommending stocks that have a price to multiple that is that high. Too much danger, even if I think the company's great.”
Listen at 37:14
MPLX is an attractively inexpensive stock.
“I think that's a terrific, inexpensive stock.”
Listen at 37:45
Income-producing investments are useful for older investors.
“I think it's great to have some income as you get older.”
Listen at 37:51
LNG transportation has been one of the strongest energy investment themes.
“I believe in LNG. I believe in the transport. It's been one of the strongest stories there.”
Listen at 38:23
Enterprise Products Partners is preferable to the caller’s LNG tanker company.
“I do like enterprise product partners more.”
Listen at 38:29
Pure Storage is unattractive because its earnings multiple is extremely high.
“But it does sell at extremely high-priced earnings multiple. And again, I'm staying away from those stocks.”
Listen at 39:11
Higher interest rates could cause high-multiple technology stocks to decline regardless of fundamentals.
“I am concerned that we could have higher interest rate spike and these stocks will trade down no matter what happens.”
Listen at 39:16
Investors should avoid battleground stocks.
“Stay away from battlegrounds.”
Listen at 40:06
NVIDIA has become the market’s most contested battleground stock.
“NVIDIA, one of my all-time favorite companies, has become the ultimate battleground stock.”
Listen at 40:25
The claim that NVIDIA’s CoreWeave investment is vendor financing is implausible.
“I think that's preposterous.”
Listen at 41:56
Demand for NVIDIA chips through CoreWeave will remain strong.
“The demand will certainly be there.”
Listen at 42:29
Google, Amazon, and Microsoft remain major NVIDIA customers despite developing their own chips.
“the companies that keep on announcing the reliance on their own chips, Google, Amazon, and today Microsoft, continue to be gigantic customers of NVIDIA.”
Listen at 42:46
NVIDIA sellers will ultimately be wrong about the stock.
“I think the sellers will be wrong.”
Listen at 43:19
Investors should own NVIDIA as a long-term holding rather than trade it.
“own NVIDIA, don't trade it.”
Listen at 43:31
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Books & mentions
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