Nov 3, 2026 · 44 min
Cramer weighs tech’s sell-off against healthcare’s growth case
Mad Money w/ Jim Cramer 11/2/26
The episode contrasts unresolved market pressures and technology weakness with a potential opportunity in digitally delivered healthcare and selected consumer stocks.
- 1Cramer says oil, inflation, rates, and four unresolved hurdles still complicate buying the technology dip.
- 2Daniel Perez describes how Hinge Health uses technology to expand care, improve margins, and address additional conditions.
- 3Cramer favors selected healthcare and industrial names while viewing the Marvell-Lumentum and Kimberly-Clark-Kenvue deals positively.
Don't miss
Daniel Perez explains how Hinge Health combines digital tools and clinical care to scale physical therapy while expanding into migraine treatment.
The brief
Jim Cramer opens with the market’s central pressures: oil, inflation, interest rates, and a technology sell-off that may not yet be finished.
Viewer calls on Bloom Energy, Caterpillar, Nike, and Disney move the discussion from broad market anxiety to specific questions about caution, recovery, and consumer strength.
The episode’s clearest growth case comes from Hinge Health CEO Daniel Perez, who explains how virtual physical therapy, sensors, and digital care can lower delivery costs.
Perez also discusses expanding beyond musculoskeletal care, including migraine treatment through an FDA-cleared electrical nerve stimulation device and partnerships with employers and health plans.
In the Lightning Round and closing deal analysis, Cramer favors Johnson & Johnson and Howmet, prefers Micron to Western Digital, and backs two contested transactions.
What was said on this episode
52 statements · 40 positive · 10 negative · 2 neutral
Bond-market movements lead stock-market performance.
“Bonds lead stocks, not the other way around.”
Listen at 1:58
Non-technology growth stocks currently offer strong opportunities.
“If you can find a growth stock that's not a tech stock right now, you can really clean up.”
Listen at 3:39
Lower interest rates can increase valuations of non-technology stocks.
“Investors simply can value them higher with interest rates off the boil.”
Listen at 5:46
Recent money-driven stock rallies are unsustainable.
“They aren't sustainable moves”
Listen at 6:16
Some non-technology companies may grow faster than technology companies.
“The growth of these companies may be more substantial than anything coming out of tech.”
Listen at 6:22
Marvell’s proposed Lumentum acquisition is favorable.
“I think the deal is actually a good one.”
Listen at 6:51
Apple’s future guidance will disappoint shareholders.
“that is not, I've been telling club members, going to be as good as Apple shareholders want it to be.”
Listen at 9:04
Apple stock is expected to decline in the short term.
“short term, I expect the stock to go down.”
Listen at 9:11
Bloom Energy has strong long-term prospects.
“Bloom Energy, I think, is the future.”
Listen at 9:54
Bloom Energy technology produces substantial energy without combustion.
“It creates this tremendous energy without combustion.”
Listen at 9:56
Investors should sell half their Caterpillar position immediately.
“I think you should sell half tomorrow and then watch it.”
Listen at 10:45
A double-top chart pattern usually precedes lower prices.
“a double top almost always leads to lower prices.”
Listen at 13:09
Most large hyperscalers are maintaining their capital-spending plans.
“most of the large hyperscalers are not dialing back the capital spending agendas.”
Listen at 14:37
The AI infrastructure investment theme remains viable.
“the AI infrastructure theme is not, in fact, dead.”
Listen at 14:43
Markets are skeptical of major technology capital-spending plans.
“the market has taken a new stance that's skeptical of major capital spending plans”
Listen at 15:33
Passing the midterm election should benefit technology stocks.
“I think it's just getting past this election. I think that's going to be the positive, a positive development even for tech stocks”
Listen at 16:16
The midterm election passing will benefit technology stocks.
“I think that's going to be the positive, a positive development even for tech stocks”
Listen at 16:18
Anthropic’s IPO is expected to price and begin trading in November’s third week.
“the IPO should price and begin trading in the third week of November.”
Listen at 17:39
Sufficient investor demand is needed for the Anthropic IPO to proceed.
“We just want to see that there's enough demand for the IPO to happen.”
Listen at 17:49
A successful Anthropic IPO is needed for technology stocks to recover.
“We need that deal to happen if we want tech to get back on track.”
Listen at 18:37
Without the Anthropic IPO, major technology stocks may continue failing to hold gains.
“Without it, expect many more days like the last few where the most important tech stocks just cannot hold their gains.”
Listen at 18:40
Ralph Lauren is Cramer’s preferred apparel-sector stock.
“Ralph Lauren has been my favorite stock in the apparel sector.”
Listen at 20:45
Ralph Lauren has consistently outperformed apparel-sector peers.
“the company has pulled away from the pack, consistently outperformed its peers”
Listen at 20:50
Tapestry’s upcoming report could mark the beginning of a recovery.
“I hope this Thursday's report can represent the start of a comeback for Tapestry.”
Listen at 22:52
Levi Strauss remains attractively valued with a buyback and dividend yield.
“The stock's still cheap here, around 14 times earnings, 2.8% yield, significant buyback in place.”
Listen at 23:52
Levi Strauss is a good way to benefit from denim-sector strength.
“I think this is a good option to play the broader strength in denim”
Listen at 23:56
Helly Hansen’s products could drive Kontoor Brands’ stock higher.
“I think Helly Hansen, by the way, I think their goods will propel the stock higher alone.”
Listen at 25:05
Reformation is growing, profitable, and technologically differentiated.
“Reformation has great growth. It's profitable and has a differentiated shopping experience with a technology kicker.”
Listen at 25:27
Nike’s stock has improved and is sufficiently washed out.
“I think the stock does act better. I know that it's washed out.”
Listen at 26:34
Nike appears washed out and should be favored over betting against it.
“at this point, washed out. I'm not going to bet against it. I'd rather unbelievably bet with it.”
Listen at 26:51
Investors should favor Nike rather than bet against it.
“I'm not going to bet against it. I'd rather unbelievably bet with it.”
Listen at 26:52
Disney stock is likely to generate investor gains.
“I think you're going to make money with the stock of the Walt Disney Company.”
Listen at 27:46
Hinge Health’s technology enables costs to grow slower than clients and members.
“because technology delivers such a big portion of our care, as our client base has grown and our member base has grown, our costs have not grown anywhere near as large.”
Listen at 29:56
Hinge Health’s conservative care reduces downstream healthcare costs.
“downstream healthcare costs go down.”
Listen at 30:46
Hinge Health savings primarily reflect fewer surgeries, MRIs, and joint injections.
“predominantly driven by lower utilization of elective surgeries, fewer imaging such as MRIs, fewer joint injections”
Listen at 30:54
Hinge Health can automate about 95% of clinician hours in outpatient physical therapy.
“we've demonstrated we could automate about 95% of human clinician hours associated with aspects of outpatient physical therapy.”
Listen at 31:54
Hinge Health’s migraine program reduces monthly migraine days by about 23%.
“demonstrated about a 23% reduction in monthly migraine days.”
Listen at 33:20
Hinge Health migraine care reduces migraine-attack duration by approximately 28%.
“we're reducing the length of a given migraine attack by about 28%.”
Listen at 33:27
Hinge Health offers a migraine option without many pharmaceutical-drug side effects.
“we hope to give people an option that doesn't come with the side effects of a lot of these pharmaceutical drugs.”
Listen at 34:24
Investors should own Johnson & Johnson stock.
“Own the stock.”
Listen at 36:52
Nebius is not a high-quality technology company.
“Nebius is not high-quality.”
Listen at 37:29
Investors should avoid technology stocks currently in free fall.
“These stocks are in free fall. We don't buy free fall.”
Listen at 38:05
Investors should avoid buying stocks in free fall.
“We don't buy free fall.”
Listen at 38:07
Howmet Aerospace is a good stock to hold.
“I think you have a good one.”
Listen at 38:53
Micron is a better company than Western Digital.
“I think Micron's a better company.”
Listen at 39:24
The Marvell-Lumentum combination should eventually produce gains.
“this one, which combines two companies to be the connective tissue in the data center, makes so much sense, so logical that it's only a matter of time before you see the gains.”
Listen at 40:42
The combined Marvell company could double Marvell’s current value long term.
“is a company that could be worth double Marvell's current value over the long haul.”
Listen at 41:18
Kimberly-Clark’s Kenvue acquisition should immediately accelerate growth.
“The transaction should immediately catalyze growth”
Listen at 42:16
The Kimberly-Clark-Kenvue transaction will generate substantial cost savings.
“There will also be a huge cost takeout.”
Listen at 42:22
Marvell’s stock will rise substantially after the acquisition closes.
“But I bet it will soar when the two come together and deal closes.”
Listen at 43:05
Marvell-Lumentum will become a $150 billion company approaching trillion-dollar valuation.
“there will come a time when this deal will look like all the other deals that Matt Murphy has done, and this $150 billion company will be well on its way to a trillion-dollar valuation.”
Listen at 43:21
The post-merger Marvell company will approach a trillion-dollar valuation.
“this $150 billion company will be well on its way to a trillion-dollar valuation.”
Listen at 43:26
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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