Mad Money w/ Jim Cramer 11/2/26

Marvell Technology

Across the shows: 4 speakers in other episodes, 2 bullish and 2 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Marvell's Lumentum merger makes strategic sense; the market's hostile reaction is overdone.

  Marvell agreed to merge with Lumentum in a $115B deal combining a custom semiconductor business with a laser company, creating a top supplier to data centers. Cramer says the deal is intellectually rigorous and makes real sense. The market despises it instead, and the stock has fallen more than 10% for each of the last three trading days, which he calls abysmal.

  “You know what, I think the deal's actually a good one. I'm not kidding. I thought it really made sense. It was intellectually rigorous,”at 7:46

• Jim Cramer · CNBCBullish

  Marvell's Lumentum deal creates a data-center winner worth far more long term, despite a slow close.

  Cramer calls the $115 billion Marvell-Lumentum deal logical because it combines custom semiconductors with fiber-optic lasers that move data faster and cooler than copper, making it data-center connective tissue. CEO Matt Murphy has done five major takeovers in ten years, and investors made money on each. The deal may take 18 months or longer, which could cause merger purgatory and make the stock lag. Over the long haul, Cramer thinks the company could be worth double today's value and is on its way to the trillion-dollar valuation Jensen Huang predicted.

  “I do believe that a company that combines custom semiconductors with fiber optic lasers to move data around in a fast and cooler fashion than copper is a company that could be worth double Marvell's current value over the long haul.”at 44:50

Hinge Health

• Jim Cramer · CNBCBullish

  Hinge Health's beat-and-raise quarter is strong; the stock can keep running despite unproven device evidence.

  Hinge Health delivered a strong beat and raise. Revenue jumped 52% to $235M, beating expectations, EPS beat by 13 cents, and management raised full-year sales and profit forecasts and gave better-than-expected fourth-quarter guidance. Cramer notes gross margins rose sharply even as membership grew, and he asks whether the stock, which has more than tripled from its IPO price, can keep running. He is skeptical of the wearable ENSO pain-relief device, having seen few clinical peer papers on it.

  “After the bell, we got a strong beat and raise from Hinge Health. ... Revenue in the third quarter jumped 52% to 235,000,000, beating expectations.”at 32:08

• Jim Cramer · CNBCBullish

  Hinge Health's model could bring health care costs under control if broadly adopted; stock is a sleeper winner.

  Cramer calls Hinge Health's latest quarter another unbelievable one and says he has liked the stock since it was around $30, when it was a sleeper. He argues that if Washington adopted Hinge's method of going through corporations and individuals, health care costs could finally be brought under control. He notes the private-sector focus is the edge, though he doubts the company will get far in Washington.

  “But I keep thinking that if they knew your method, they... We would finally get some health care costs under control.”at 38:31

Amazon.com

Across the shows: 33 speakers in other episodes, 41 bullish and 7 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Amazon's quarter was strong; the EPS miss reflects investment distortion, so buy rather than sell.

  Amazon's operating income beat was massive, but the EPS figure was distorted by investments in other companies, so the headline miss understated a very good quarter. Cramer says the company keeps spending aggressively on data centers, yet he urged club members to buy after Friday's selloff. He says the stock returned to late-September levels once rates eased, though he admits this may be a one-off.

  “Sure, the company is still spending money on data centers in an aggressive way, but it had a massive beat with its operating income result, which just didn't flow through to the earnings per share number, because the latter is distorted by investments in different companies that Amazon had made.”at 3:35

Oracle

Across the shows: 27 speakers in other episodes, 6 bullish and 23 bearish calls, past 30 days

• Jim Cramer · CNBCBearish

  Oracle's immediate $20B stock-and-bond raise was poor form; market skepticism of such funding is warranted.

  Oracle said last week it would limit capital raises to $20B over the next three and a half years, then filed to raise $20B right away, half from stock and half from bonds. Cramer calls that poor form, and the stock fell about 9% on the news. He reads the reaction as the market turning skeptical of big data center spending funded by equity or debt, a skepticism tech must overcome to rally.

  “But after Oracle stock rallied on those comments, they came right back today and they filed to raise $20,000,000,000, half from stocks, half from bonds. I call that poor form.”at 8:26

Apple

Across the shows: 36 speakers in other episodes, 27 bullish and 28 bearish calls, past 30 days

• Jim Cramer · CNBCBearish

  Apple's strong quarter won't carry guidance; Cramer expects the stock to fall in the short term.

  Apple posted a record September quarter with strong iPhone and Mac sales, excellent China sales and gross margins above expectations despite memory costs, helped by tariff refunds. Cramer argues the future matters more, and the guidance on the earnings call is likely to fall short of what shareholders want, so he expects the stock to decline short term even though it is the best large-cap tech performer of 2026.

  “Remember though, what matters is not the previous quarter, it is the future. It is the guidance. And that is not, I've been telling club members, going to be as good as Apple shareholders want it to be. I have said over and over again, short term I expect the stock to go down.”at 9:59

Bloom Energy

• Jim Cramer · CNBCBearish

  Bloom Energy is the future, but its stock is repealing a huge run, so it looks weak near term.

  Cramer sees Bloom Energy's technology as the future because it produces energy without combustion. However, the stock rose hugely on that story and is now giving back much of the move. He lumps Bloom into his broader theme of great quarters being repealed, so the near-term stock picture is negative even though the long-term idea is sound.

  “Bloom Energy, I think, is the future. It creates this tremendous energy without combustion. But the stock went up huge because of that, and now it is repealing a lot of that move.”at 10:52

Caterpillar

Across the shows: 6 speakers in other episodes, 4 bullish and 4 bearish calls, past 30 days

• Jim Cramer · CNBCBearish

  Caterpillar missed expected estimate raises, so the stock keeps falling; trim half now.

  Caterpillar did not raise estimates that analysts and investors expected, so the stock has been going down. Cramer is concerned, shares are not moving higher, and he advises a caller to sell half the position tomorrow and let the rest run to see where it goes.

  “Caterpillar did not raise estimates that people thought would be raised, and consequently, the stock has been going down. I think you should sell half tomorrow.”at 11:37

Anthropic

Across the shows: 81 speakers in other episodes, 98 bullish and 64 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Anthropic's IPO is on track to price in November; its success is key to a tech recovery.

  Anthropic's updated S-1 shows quarter-over-quarter revenue growth fell from a 144% peak in Q2 to 47% in Q3, though adjusted profitability improved through the year. Road shows should begin next week, with pricing and trading expected in the third week of November. Cramer says he cares only that there is enough demand for the IPO to happen. He calls it the most important of his four tech tests, and says OpenAI's reduced fundraising target is less consequential.

  “For now, what you need to know is that the deal is on track, if all goes as planned, road shows should begin next week, and the IPO should price and begin trading in the third week of November.”at 19:58

Ralph Lauren

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Ralph Lauren remains my favorite apparel stock, with strong growth and margin gains from its DTC shift.

  Under its CEO, Ralph Lauren has grown sales at a 13% compound annual rate over five fiscal years and adjusted EPS at a 57% compound annual rate, pulling away from peers. Growth comes from North America and Asia, and new categories like accessories, outerwear and women's apparel. Its shift to direct-to-consumer channels and away from wholesalers has improved gross margins. Shares are up about 380% from the late-2022 low versus about 110% for the S&P 500, and Cramer expects another strong result when it reports Thursday.

  “First, for the past couple of years, Ralph Lauren has been my favorite stock in the apparel sector. Under CEO Patrice LeVey, who's really pretty amazing, the company has pulled away from the pack”at 24:31

Levi Strauss & Co.

• Jim Cramer · CNBCBullish

  Levi's is cheap at about 14 times earnings with a buyback; a good way to play denim strength.

  After a flawed October quarter with light DTC sales and a disappointing guide, Levi's fell below $20. The CEO took ownership of the missteps, saying the company lacked product in the most desired styles and has since adjusted. Shares have rallied more than 20% from the lows to $23. Cramer says the stock is still cheap at about 14 times earnings, with a 2.8% yield and a significant buyback in place.

  “Turned out to be a tremendous buying opportunity as Levi's shares have rallied over 20% from their lows over the past three weeks to $23 now. You know what? The stock's still cheap here, around 14 times earnings, 2.8% yield, significant buyback in place.”at 27:30

V.F.

• Jim Cramer · CNBCBullish

  VF's Vans brand is regaining momentum, so the stock looks like a comeback story.

  VF Corp owns The North Face, Vans and Timberland and has struggled for a few years as Vans languished. Signs of a Vans recovery are showing, including a strong showing in the recent Piper Sandler teen survey. Shares are up about 8% since Cramer recommended the stock roughly two and a half weeks ago, following a strong quarter last Wednesday.

  “But we're seeing signs that Vans are starting to gain momentum again, including a strong showing in the recent Piper Sandler teen survey.”at 28:06

Kontoor Brands

• Jim Cramer · CNBCBullish

  Kontoor's Lee sale and buyback leave a cheap Wrangler and Helly Hansen story that should thrive.

  Kontoor owns Wrangler, Lee and Helly Hansen and has agreed to sell the Lee brand for up to $1B, which should close shortly and be followed by a large accelerated buyback. Cramer likes Wrangler as a play on denim strength and sees Helly Hansen as an underappreciated outdoor brand that should thrive in a larger company. The shares still trade around 15 times earnings with a nearly 3% yield.

  “But it has announced a deal to sell the Lee brand for up to $1,000,000,000 which should close shortly, and will be followed by a large accelerated buyback plan.”at 28:21

Reformation

• Jim Cramer · CNBCBullish

  Reformation is a profitable, fast-growing spec IPO with a differentiated shopping experience; Cramer likes it.

  Reformation is a recent IPO that did poorly out of the gate, but Cramer checked it out at a caller's request and liked what he saw. It has great growth, is profitable and offers a differentiated shopping experience with a technology edge. Younger members of the team say the brand is cool. The stock has gained more than 31% in October, so Cramer may have bottom-ticked it.

  “Reformation has great growth, it's profitable, and has a differentiated shopping experience with the technology kicker.”at 28:57

Nike

Across the shows: 7 speakers in other episodes, 5 bullish and 3 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Nike's washed-out stock is acting better; Cramer won't bet against it.

  Nike is down about 40%, and the stock has been acting better for about a month. Most analysts have already turned negative, so Cramer sees the stock as washed out and would rather bet with it than against it. He says the stock could fall back to $34-35 on a miss, or rise to around $45 on a beat.

  “I think the stock does act better. I know that it's washed out. ... at this point, washed out, I'm not gonna bet against it.”at 30:22

The Walt Disney Company

Across the shows: 3 speakers in other episodes, 2 bullish and 1 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Disney's CEO is doing a great job; Cramer expects investors to make money in the stock.

  Cramer says the Disney CEO is steady, good and doing a great job. He thinks the cruise line business could be good, and lower gasoline prices should lead to better numbers for travel-exposed businesses. He tells a caller who held through a decline that he expects investors to make money in the stock.

  “I think he's steady. I think he's good. I think he's doing a great job, and I think you're gonna make money with the stock of the Walt Disney Company.”at 31:30

Johnson & Johnson

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  J&J has a fantastic CEO and more good news ahead; he says to own the stock.

  Cramer calls CEO Duato a fantastic CEO and sees many more good things on the horizon. He points to the planned exit of the commodity synthetic joint (orthopedics) business, which he would not want to own at its low multiple. He concludes the stock is one to own.

  “[Duato] is a fantastic CEO. I see many more good things on the horizon including when they get rid of the commodity base synthetic joint stuff that I don't want to own because I think it's too low multiple... Own the stock.”at 40:23

Nebius Group

Across the shows: 2 speakers in other episodes, 0 bullish and 2 bearish calls, past 30 days

• Jim Cramer · CNBCBearish

  Nebius is not high quality and should fall faster than Nvidia; analysts' $243 target is wrong.

  A caller noted the neocloud is down 40%, has a $3.5 billion Citibank loan, and an average analyst target of $243. Cramer says the analysts are wrong. He argues that if Nvidia is falling like this, a company like Nebius should be falling twice as fast. High-quality tech stocks fall every day, and Nebius is not high quality, so not everything can be high quality.

  “I think the analysts are wrong. ...[Nebius] should be going down twice as fast... And [Nebius] is not high quality.”at 41:00

Lam Research

Across the shows: 3 speakers in other episodes, 3 bullish and 1 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Lam Research is his favorite chip-equipment pick at 23 times earnings, but he won't buy during the selloff.

  Cramer names Lam Research as his favorite chip-equipment name, trading at 23 times earnings. He won't buy it while the sector is in free fall, because the chip-equipment stocks are still falling without guidance raises.

  “Now my favorite is Lam Research. That's a 23 times earnings. I'm not gonna stick my head in that lion's den.”at 41:41

Micron Technology

Across the shows: 17 speakers in other episodes, 12 bullish and 9 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Micron is a better company than Western Digital, with more technology; it's the one he'd own.

  Asked about Western Digital, Cramer says it is a good company but Micron is better because it has a lot more technology. He says Micron is the one he would hold in that space.

  “I think it's a good company, but I think Micron's a better company. Micron's got a lot more technology. I think that's the one I'd be in.”at 42:58

Western Digital

Across the shows: 4 speakers in other episodes, 4 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBearish

  Western Digital is a good company, but its stock has already halved and can still fall a little.

  Cramer says Western Digital is a good company, but he prefers Micron for more technology. He notes the stock fell from $7.99 to $3.38 and has already been cut in half. He thinks it can still fall a little more in the near term.

  “Your stock is going from $7.99 to $3.38. I think it's already been cut in half. It can still fall a little.”at 43:19

Kimberly-Clark

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

• Jim Cramer · CNBCBullish

  Kimberly-Clark got a bargain Kenvue deal that should quickly boost growth and cut costs.

  Cramer says Kimberly-Clark's brands were slow-growing, but CEO Michael Schuh needed a portfolio with more growth. The $48.7 billion Kenvue purchase brings in household brands like Band-Aid and Listerine that integrate into Kimberly's global portfolio. He expects it to catalyze growth in club and e-commerce channels where Kenvue was weak, plus a large cost takeout. He calls it a bargain because Tylenol-autism claims pushed Kenvue stock down, though no causal link is established. He also notes the dividend (about a 4.7% yield) will be preserved while debt is paid down.

  “They can be quickly integrated into Kimberly's worldwide portfolio. The transaction should immediately catalyze growth, especially in the club and e commerce channels where [Kenvue] was particularly weak. There will also be a huge cost takeout.”at 46:00

AI chips & semiconductors

• Jim Cramer · CNBC

  The semiconductor index's ugly double top almost always leads to lower prices ahead.

  Cramer looked at the Nasdaq Composite, Nasdaq 100 and semiconductor subindices and found the same pattern: an ugly double top on the Philadelphia Semiconductor Index. He argues that a double top almost always leads to lower prices, and he notes that a death cross has appeared in several large tech names, reinforcing the negative technical picture.

  “subsectors like the Philadelphia Semiconductor Index, the SOX, you see the same thing. An ugly double top. And you know what? A double top almost always leads to lower prices.”at 15:33

• Jim Cramer · CNBC

  Chip equipment stocks are in free fall without big guidance raises; he won't buy until they bottom.

  Cramer says chip equipment companies did not deliver the big guidance raises investors wanted, so the stocks are in free fall. He says he doesn't buy free fall and has done this for 45 years. He argues stocks will signal when they stop falling, and they have not bottomed yet.

  “What we had was we didn't get the big guide ups from these companies... These stocks are in free fall. We don't buy free fall... stocks have not bottomed yet.”at 41:41

US Treasuries & yields

• Jim Cramer · CNBC

  Long-term Treasury yields lead stocks; falling yields drive broad equity rallies and selloffs.

  Cramer's old Goldman rule was to watch the 30-year bond: when its price rose and yield fell, stocks were likely higher that day. Today oil plunged on peace hopes, long rates fell hard, and many stocks rallied with little company news, including growth retailers, travel names, cruise lines and staples. Rate-sensitive stocks that reported while yields were rising were overlooked, so bond moves explain much of the stock action.

  “Bonds lead stocks, not the other way around.”at 2:59

Consumer & retail

• Jim Cramer · CNBC

  Consumer and retail stocks should gain from lower rates and gasoline prices, a good place to invest now.

  Growth retailers such as Walmart, Costco, Dollar General and Dollar Tree rallied as rates and gasoline fell. Lower gasoline leaves consumers with more money to spend in stores, and many non-tech areas are doing well. Cramer tells a caller that consumer retail stocks are a good place to go right now, away from tech.

  “Rates lower, gasoline lower means more [spending] inside their stores.”at 6:16

AI infrastructure & data centers

• Jim Cramer · CNBC

  Hyperscalers mostly not cutting capex keeps the AI infrastructure theme alive, though results were mixed.

  Most hyperscalers have reported, and the results went the wrong way for tech bulls. Still, most large hyperscalers are not cutting capital spending plans, which gives Cramer hope the AI infrastructure theme is not dead. Microsoft was the only one to dial back capex, and its stock fell the least. Markets are now skeptical of big capex plans, especially when funded with new stock or debt.

  “The good news is that most of the large hyperscalers are not dialing back to capital spending agendas. That gives us some hope that the AI infrastructure theme is not in fact dead.”at 16:33

US elections & politics

• Jim Cramer · CNBC

  Midterm overhang nearly over by Thursday; politicians opposed to data centers should quiet, helping tech.

  Democratic gains in Congress have likely been priced in, since polls and prediction markets have pointed that way for weeks. Cramer thinks getting past the election is the positive, because politicians opposed to data centers will start quieting their doubts about the issue. The main risks are one more leg lower after a big blue wave, or an escalation in the Iran war after the midterms.

  “I think we're near the end of the midterm election overhang. I say by Thursday, by Thursday should look clearer.”at 19:13

US stock market outlook

• Jim Cramer · CNBC

  Tech stocks will keep failing to hold gains until the four hurdles, especially the Anthropic IPO, are cleared.

  The Nasdaq 100 is down nearly 11% from early October highs after three weeks of selling. None of Cramer's four hurdles has been cleared: the charts are a double top, hyperscaler spending plans are being questioned, the midterm overhang persists, and the Anthropic IPO is unresolved. The broader market is not oversold because the selling is a rotation out of tech into rate-sensitive stocks. Without a successful Anthropic IPO, the most important tech stocks will keep failing to hold their gains.

  “None have gone our way thus far... Without it, expect many more days like the last few where the most important tech stocks just cannot hold their gains.”at 20:56