Oct 23, 2025 · 44 min
Cramer tests bullish signals against Wall Street’s bearish narratives
'Mad Money w/ Jim Cramer 10/23/25
The episode examines how investors interpret contradictory evidence, from Apple’s demand and IBM’s AI growth to Tesla’s weaker profits and Dover’s industrial cycle.
- 1Cramer argues that investors should distinguish misleading market reactions from underlying operating improvements.
- 2Dover CEO Rich Tobin describes tariff resilience, recurring industrial demand, and disciplined AI-related expansion.
- 3Cramer treats profitable Palantir and Tesla’s broader technology ambitions differently from more speculative, unprofitable investments.
Don't miss
Rich Tobin explains how Dover can participate in AI infrastructure through cooling and related industrial demand without overpaying for acquisitions.
The brief
Jim Cramer opens by arguing that investors overreact to bearish narratives and second-guess bullish evidence, using Apple’s stronger-than-expected iPhone 17 reception as an early test.
GE Aerospace and GE Vernova illustrate the problem: strong operating results can be misread at first, making the initial stock reaction less informative than the recovery.
Cramer makes the case for IBM’s AI software, lower-cost models, consulting business, and returning revenue growth despite Wall Street’s negative reaction.
Dover CEO Rich Tobin discusses niche industrial markets, replacement cycles, acquisitions, tariff resilience, and selective exposure to LNG, data centers, and cooling equipment.
The episode closes by reframing Tesla as a technology and AI company that also makes cars, while warning that speculative investing still demands discipline.
What was said on this episode
28 statements · 25 positive · 2 mixed · 1 neutral
Government shutdowns historically have little market impact and may be positive catalysts
“historically, these shutdowns simply don't matter to the market. If anything, they've been a positive catalyst for stock”
Listen at 2:35
Buying market declines caused by presidential China statements has been a winning strategy
“when I see the market come down because of the president's statements about China, I want to tell you just go buy because it's been a winning strategy the whole way”
Listen at 3:57
The banking industry currently shows little evidence of widespread loan problems
“But so far, the rest of the industry looks pretty clean.”
Listen at 5:03
Apple stock is continuing to rise
“Apple keeps going higher.”
Listen at 6:33
Reddit stock will rise substantially
“I think Reddit's going to go much, much higher.”
Listen at 9:26
Reddit possesses data needed by many search engines
“They've got the data that a lot of these search engines need.”
Listen at 9:28
UPS stock appears to be forming a bottom
“I think the stock's trying to bottom.”
Listen at 10:21
Cramer favors FedEx and J.B. Hunt as transportation investments
“I am a huge buyer of FedEx, and I like J.B. Hunt.”
Listen at 10:27
GE Aerospace and GE Vernova will benefit from the trade war
“GE Aerospace and GE Renova are poised to be winners from the president's trade war.”
Listen at 15:58
IBM provides lower-cost AI models and developer tools
“IBM sells lower cost AI models that offer tools that help developers make AI applications.”
Listen at 19:57
IBM has the only commercially viable quantum computing business
“they have the only commercially viable quantum computing business.”
Listen at 26:05
Investors seeking quantum exposure should buy IBM
“You want quantum? Buy IBM.”
Listen at 26:10
IBM stock is undervalued at slightly above 23 times forward earnings
“the stock remains a steal here at just over 23 times next year's earnings estimates”
Listen at 26:43
Dover does not expect countercyclical headwinds in the current year
“in this particular one, we don't see it.”
Listen at 30:06
Retail refrigeration equipment typically has a five-to-seven-year replacement life
“retail refrigerating equipment, that's probably got somewhere between a five to seven year life.”
Listen at 31:46
Dover considers its stock cheap and expects to repurchase shares
“My expectation is based on... The share price, even after today's rally, we still think it's cheap. So I would expect that we'll intervene on the stock.”
Listen at 33:10
Dover’s pricing power can offset tariff-related headwinds
“we do have an amount of pricing power. to offset any headwinds.”
Listen at 33:56
Significant pipeline and distribution spending will occur in late 2026
“our expectation is in the back half of 2026, there's going to have to be significant spending in pipeline and distribution infrastructure to supply those turbines.”
Listen at 35:22
Cramer recommends buying Novartis
“I'm a buyer of Novartis.”
Listen at 36:53
IonQ will receive government funding and rally before requiring another trim
“I think that it's going to get some money from the government. It's going to run up again, and then you're going to have to trim it again. It's a trading vehicle.”
Listen at 37:22
Cramer avoids China financials and favors Alibaba
“the China financials, not for me. I like Alibaba. That's my only one over there.”
Listen at 37:49
Cramer recommends buying Kratos after its decline
“Kratos is a terrific stock. It's come down a bit. It's time to pull the trigger.”
Listen at 38:35
Tesla is primarily a technology company rather than an automaker
“Tesla's not a car company. It's a technology company that, among other things, makes cars.”
Listen at 39:41
Elon Musk is using AI to develop the best self-driving car
“He's using AI to make the best full self-driving car.”
Listen at 40:58
Musk is using AI to pursue dominance in robotaxis
“He's using it to dominate the robo-taxi game, or at least try.”
Listen at 41:01
Tesla offers the best-priced self-driving alternative
“There's no doubt that he's got the best self-driving alternative on a price basis.”
Listen at 41:05
Tesla’s Optimus robot business is its most exciting investment opportunity
“The most exciting part of Musk's investable empire, though, is Optimist, the robot operation.”
Listen at 42:01
Tesla shareholders should approve Musk’s requested compensation package
“give the man the pay package he wants. Unlike so many other CEOs, he's actually worth it.”
Listen at 43:12
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.
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