Apr 10, 2026 · 44 min
Cramer weighs energy risks against market confidence
Mad Money w/ Jim Cramer 4/10/26
The episode tests whether investor optimism can withstand geopolitical shocks, constrained energy supplies, and changing company fundamentals.
- 1Energy disruptions tied to Iran, Qatar, and LNG capacity could reshape oil prices and U.S. energy security.
- 2Cramer sees defense stocks as attractive after budget-cut fears, with RTX and other contractors positioned for continued scrutiny.
- 3Rapid-fire calls reinforce a preference for profitable companies, diversified portfolios, and investment theses that evolve with new evidence.
Don't miss
David Brazil’s energy-market interview connects the Iran conflict and damaged Qatari capacity to broader oil, LNG, and U.S. supply risks.
The brief
Cramer opens with a market that remains confident despite an unstable Iran ceasefire and threats to global trade, then turns to callers weighing whether company fundamentals still justify holding or buying stocks.
RBN Energy president David Brazil explains how conflict, damaged Qatari capacity, LNG export limits, international pricing, and slow pipeline construction complicate the outlook for oil, gasoline, and U.S. energy security.
The defense-stock discussion turns budget-cut fears into a possible buying opportunity, with Cramer reviewing major contractors and highlighting RTX among the sector’s strongest companies.
Portfolio reviews move from Oracle and technology to retail, energy, banking, industrials, and healthcare, repeatedly returning to diversification and the need to question weak conviction.
The lightning round distills the episode’s discipline: favor profitable businesses, prefer Chevron to ExxonMobil or standalone offshore drillers, and change a stock view when prices or catalysts change.
Cramer closes by invoking Mark Haynes and rejecting free passes on Wall Street, arguing that an investment thesis must adapt as events, prices, and evidence change.
What was said on this episode
57 statements · 38 positive · 12 negative · 3 mixed · 4 neutral
Many investors are currently too bullish given geopolitical risks.
“I believe that many investors have gotten ahead of themselves, and maybe are too bullish considering these circumstances.”
Listen at 1:03
Failed weekend negotiations would hurt the market.
“there's a real possibility that the negotiations go badly this weekend, which will not be good for the market.”
Listen at 2:29
Goldman Sachs will report solid results and receive a favorable market reaction.
“I think you'll see a solid set of numbers and a good reaction to the numbers that Goldman Sachs prints.”
Listen at 2:54
Citigroup is most likely among the banks to rise next week.
“the stock that I think is probably the most likely to jump higher next week.”
Listen at 3:53
Johnson & Johnson will report blockbuster drugs and the industry’s best pipeline.
“I think we're going to hear that it's the most blockbusters and the best pipeline in the industry.”
Listen at 4:15
Investors should buy Johnson & Johnson if its stock drops after results.
“If it gets blasted, try to get some.”
Listen at 4:35
Morgan Stanley should report a good quarter.
“I think Morgan Stanley should have a good quarter.”
Listen at 4:42
J.B. Hunt’s stock will rise.
“I expect J.B. Hunt's stock to be headed higher.”
Listen at 5:07
PepsiCo is handling processed-food challenges well.
“I've been impressed by how well Pepsi's dealing with the travails of processed food”
Listen at 5:17
Abbott Laboratories needs to provide convincing reasons for its stock to rise.
“if Abbott's going to go higher, it's going to have to give us a couple of reasons on the call.”
Listen at 5:54
Netflix can build a great studio independently.
“I think they can just build up a great studio on their own.”
Listen at 6:13
Netflix can continue its current successful performance.
“I bet they can just keep doing what they're doing.”
Listen at 6:21
Looser regulation will prompt large banks to pursue acquisitions of smaller banks.
“I am a huge believer that this year will be the year when the big banks, like the ones that I covered down here, the big banks will, because the regulatory regiment is so much looser, will try to buy”
Listen at 6:36
Market overconfidence and overbought conditions will limit further gains.
“the overconfidence and the overbought nature of the market are just simply not conducive to us going that much higher.”
Listen at 7:20
Uber is currently significantly undervalued.
“I think that Uber's very, very cheap right here.”
Listen at 8:57
Rob Lynch is an effective leader for Shake Shack.
“Rob Lynch is a winner.”
Listen at 10:24
Shake Shack merits holding because of fundamental company changes.
“the reason why you would stay with it is because of a fundamental change at the company.”
Listen at 10:27
U.S. oil companies will benefit from higher oil prices.
“they're definitely going to reap the rewards of these higher prices.”
Listen at 12:45
Oil companies will not rapidly increase production.
“they're not going to be racing to increase their production.”
Listen at 12:50
Oil companies will modestly increase production if forward prices rise.
“you will see them start to increase their production a little bit.”
Listen at 13:23
International energy markets affect U.S. fuel prices and supply.
“what happens in Europe and Asia and the Middle East is absolutely going to impact the U.S.”
Listen at 14:05
U.S. LNG exports are currently operating at maximum capacity.
“We're exporting max capacity right now.”
Listen at 15:36
Qatar’s damaged LNG export capacity will take years to restore.
“It's going to be years before we see all of that capacity back.”
Listen at 16:32
Venezuela can increase crude exports after restoring its upgraders.
“that can be brought up to snuff to be able to increase their exports in the short term.”
Listen at 17:09
Available spare oil capacity cannot replace stranded Persian Gulf cargoes.
“there's just not enough slack capacity to make up for all the stranded cargoes that are out there in the Persian Gulf.”
Listen at 17:28
Strategic petroleum reserve releases cannot continue indefinitely.
“it can't go on forever.”
Listen at 18:07
A new pipeline bypassing the Strait would take at least several years.
“you're looking at a couple of years at best.”
Listen at 18:50
A prolonged ground war would cause higher crude prices.
“you could see higher crude prices in that scenario like that.”
Listen at 19:25
Investors should continue holding or considering defense stocks.
“you should absolutely not be giving up on the defense sector.”
Listen at 22:31
Defense stocks will remain winners regardless of the ceasefire outcome.
“I think this group remains a winner.”
Listen at 22:38
The United States will spend hundreds of billions or trillions replenishing weapons stockpiles.
“we're going to have to spend hundreds of billions. literally, if not trillions of dollars, building back our weapons stockpiles.”
Listen at 22:55
Rebuilding U.S. weapons stockpiles will take years.
“this is a process that's going to take for years.”
Listen at 23:06
Lockheed Martin is attractive because of its missile-defense programs.
“That's why I like Lockheed Martin”
Listen at 23:51
RTX remains attractive at its current price.
“I still like it here.”
Listen at 24:55
L3Harris’s Aerojet Rocketdyne acquisition is increasingly valuable amid missile replenishment needs.
“that Aerojet Rocketdyne deal looks better and better now that we need to rebuild practically our entire missile stockpile.”
Listen at 25:35
Palantir is materially different from ordinary software companies.
“I find it infuriating that this company keeps getting confused with regular old software companies.”
Listen at 26:30
Palantir’s stock will recover over time after becoming expensive.
“I think it works its way back over time.”
Listen at 26:47
Defense stocks are positioned for a major multiyear advance.
“I think the whole group is poised for a major multi-year run.”
Listen at 27:01
Investors should wait for Oracle’s next quarter before adding shares.
“I want to see the quarter.”
Listen at 28:02
Regional banks may outperform in 2026 because of takeover activity.
“the regionals may be where the action is. in 2026 because of takeovers.”
Listen at 30:17
Microsoft and SAP are currently performing poorly in the market.
“Microsoft's doing terribly. SAP doing terribly.”
Listen at 32:00
Investors should replace Microsoft and SAP with Johnson & Johnson for diversification.
“I want a health care in here. OK, I want J&J in this portfolio right now ahead of the quarter.”
Listen at 32:07
RTX would improve the portfolio’s diversification and expected performance.
“And here I'm going to put in RTX. I think both are going to be better for you and be much more diversified.”
Listen at 32:14
GE Vernova supplies turbines powering data-center energy facilities.
“GE Vernova is the company that's actually powering all the—they have all the turbines.”
Listen at 33:52
Johnson & Johnson will have better growth than Medtronic.
“I think J&J is going to have better growth.”
Listen at 35:43
RTX may be the world’s best defense company.
“Maybe, maybe the best defense company on earth.”
Listen at 35:50
Investors should continue holding Carpenter Technology.
“I think that you should just hold on to it.”
Listen at 37:06
Investors should buy more EquipmentShare shares now.
“I would actually buy more here.”
Listen at 37:49
Investors should avoid SoundHound because it is not profitable.
“they ain't making money, so I'm a no-go on that one, partner.”
Listen at 38:21
Offshore drilling is not entering another supercycle.
“No, I don't think we are.”
Listen at 38:33
Investors seeking offshore-drilling exposure should buy Chevron.
“If you do want offshore drilling, just go by Chevron”
Listen at 38:35
Chevron is a better company than ExxonMobil.
“Chevron's a better company.”
Listen at 38:59
CoreWeave won a large order from Anthropic.
“He just won a huge order from Anthropic”
Listen at 40:19
Cramer’s profitability questioning contributed to CoreWeave’s 11% stock rise.
“I think it contributed to the immense run the stock enjoyed today, up 11 percent.”
Listen at 40:50
McCormick’s acquisition of Hellmann’s appeared to be a good deal.
“I thought it looked like a good deal.”
Listen at 41:20
Nike’s CEO is rebuilding the company while innovation is especially important.
“the new CEO, Elliot Hill, an old hand who left Nike after 30 years, is basically reassembling the band at a time when what matters is newness.”
Listen at 42:10
Cramer will give Nike’s CEO until October to improve the company.
“I said I was going to give him until October, when it would be two years.”
Listen at 42:30
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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