Mar 23, 2026 · 44 min
Cramer weighs IPO speculation against resilient consumer demand
Mad Money w/ Jim Cramer 3/23/26
The episode tests whether market enthusiasm for defense and AI infrastructure can coexist with caution in individual stocks and evidence of durable spending.
- 1Swarmer’s dramatic debut becomes a case study in speculative IPO appetite around military drone software.
- 2Ulta’s turnaround pairs digital engagement and wellness expansion with tighter attention to expenses and merchandising.
- 3Jacobs pitches data-center engineering, utility constraints, and reshoring as a larger infrastructure opportunity.
Don't miss
Cramer examines Swarmer’s leap from a five-dollar IPO price to dramatically higher trading levels as a test of speculative market appetite.
The brief
Jim Cramer opens with caller questions on Boeing, Rocket Companies, and ServiceNow, using defense demand, rates, and software weakness to frame a market split.
Swarmer’s jump from a five-dollar offering price to much higher trading levels gives Cramer a vivid example of speculative appetite returning to IPOs.
At Ulta, CEO Keisha Steelman outlines a turnaround built around TikTok, loyalty members, wellness categories, merchandising, and the Space NK opportunity.
Jacobs CEO Bob Pragada makes the data-center build-out a case for engineering demand, while utility constraints and hiring show why the opportunity is not frictionless.
The lightning round moves through six stocks before Cramer returns to the consumer, arguing that spending at the register shows no clear recession signal.
What was said on this episode
30 statements · 16 positive · 11 negative · 1 mixed · 2 neutral
Boeing stock is a buy.
“I think the stock is a buy.”
Listen at 7:55
Rocket Companies represents value at $14.
“I would not give up on this stock at $14. I think it represents value.”
Listen at 8:28
ServiceNow stock will face additional turbulence.
“I think the stock's going to be in for a little bit more turbulence than it already has been”
Listen at 9:09
Swarmer will likely experience substantial dilution within two years.
“I expect there to be lots of dilution coming in the next year or two.”
Listen at 15:53
Fortive is a highly attractive company.
“I think fortune's a terrific company. I like it very much.”
Listen at 16:33
Investors should wait for Micron to fall more than $18 before buying.
“I would not attempt to buy some Micron here until it fell more than just $18.”
Listen at 17:17
Ulta Beauty expects to deliver further progress in 2026.
“we're really looking forward to what we can really deliver now in 2026 after having a great first year in 2025.”
Listen at 19:37
Ulta Beauty’s TikTok launch received an overwhelming response.
“we just announced on March 17th that we are live on TikTok. The response has been just overwhelming.”
Listen at 19:50
“our SG&A growth needs to not be any higher than our top line revenue growth. And I'm committed to that. The team's committed to that. We will deliver.”
Listen at 22:34
GLP-1 use is associated with hair loss.
“Hair loss with GLP-1 is a real issue.”
Listen at 24:51
Beauty and wellness spending is relatively resistant to recessions.
“beauty and wellness, especially if they're viewing it as self-care, is a category that Don't always call it recession proof. I call it more recession resistant”
Listen at 25:44
“I believe we can.”
Listen at 27:46
Ulta Beauty is attractively priced.
“And yes, we think it is a very good price.”
Listen at 28:27
Jacobs Solutions uses digital twins for data-center simulations.
“we created the reference design and the digital twin so that we could do simulations.”
Listen at 30:31
Jacobs Solutions’ data-center business rose 62.2%, with pipeline up 500%.
“In the last year, our data center business has gone up 62.2 percent. The pipeline is up 500 percent.”
Listen at 31:29
Data centers raise electric rates in certain areas.
“In certain areas, Jim.”
Listen at 32:12
U.S. reshoring remains at an early stage.
“We're very early.”
Listen at 33:00
Jacobs Solutions stock is very inexpensive.
“I just think it's a very inexpensive stock, Bob.”
Listen at 34:56
Newmont stock is attractive to buy at current prices.
“I would actually be a buyer, but it's going to be about Nico Eagle. I like these prices right here, right now.”
Listen at 36:03
SoundHound is a persistent money-losing company.
“I've always felt that it's just a continual money loser.”
Listen at 36:29
Cramer does not recommend persistently money-losing stocks.
“we don't recommend continual money losers on Jim Cramer's Mad Money.”
Listen at 36:32
Freshpet should be left alone because it is overheated relative to peers.
“Let's just leave it alone for a while. I think that this stock has been too hot versus the cohort.”
Listen at 37:00
Bearish views on IEP will likely remain correct.
“I think they're going to continue to be right. It's one of the great bear calls I have seen in my life.”
Listen at 37:30
Viavi Solutions operates in an attractive area, but its stock should cool.
“that is the hot area, and I'm not going to disagree with it. Let the stock cool a little.”
Listen at 37:54
Cramer will avoid Whirlpool because its stock keeps declining.
“I cannot be a part of a stock that at every single point goes down. So I'm going to have to take a pass.”
Listen at 38:51
The U.S. economy shows no recession currently.
“No recession yet in sight.”
Listen at 40:27
Middle East events have not yet reduced consumer spending.
“so far they haven't impacted consumer spending.”
Listen at 40:32
Home Depot, RH, and Best Buy stocks need lower rates for meaningful support.
“Until interest rates come down, I don't expect anything to bail out the stocks of Home Depot, RH, or Best Buy, for that matter.”
Listen at 42:17
Housing-related retail stocks could benefit if war ends and rates are cut.
“if the war really winds down and Fed chief from waiting, Kevin Warsh, genuinely tries to cut interest rates. They could be winners.”
Listen at 42:23
Retail stocks would be buys if President Trump ends the war.
“if President Trump can really deliver an end to the war. you can rest assured this group is to buy.”
Listen at 43:25
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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