Mad Money 01/23/26 | Audio Only
Speakers
Jim Cramer
— Host, Mad Money
Summary
Jim Cramer previews a heavy earnings week, arguing that macro worries have eased but investors should focus on fundamentals. He highlights buy-on-weakness setups in industrials and financials, a bullish self-help case for CSX, a Capital One rebound thesis, and shortage-driven opportunities in memory, storage, and semis. He also warns on overvalued AI infrastructure, Honeywell earnings risk, speculative nuclear Oklo, and recommends owning gold rather than trading it.
- Market was mixed as worries about Greenland and NATO tariffs receded ahead of earnings season.
- Cramer previewed cyclicals and Mag Seven reports, favoring Nucor, GM, Apple, American Express, and Chevron.
- Capital One's post-Brex selloff was framed as a buying opportunity versus American Express on valuation and strategic fit.
- CSX was favored for new management, self-help, lower capex, freight recovery upside, and optional takeover interest.
- Memory, storage, and semiconductor capital equipment shortages were bullish; Intel weakness was called execution-specific, not industry-wide.
- Gold was favored as a permanent-shortage store of value, with Agnico Eagle as the preferred miner and copper viewed cautiously.
- Cramer advised avoiding or trimming Oklo, Celestica, Nu Holdings, cyclical semis, and the Russell 2000.
- Lightning round calls included buying ARM Holdings and preferring Santander over Nubank.
Ideas
Buy Nucor on tariff-driven weakness.
Nucor is the best steel company; although its preannounced quarter missed, the stock jumped because the Fed is cutting rates and tariffs are protecting domestic steel. If the stock gets hit on Monday, buy it.
Boeing multi-year turnaround despite earnings risk.
Boeing has already had a monster move and may not report a number that matches it, but he would not sell because this is year one of a multi-year turnaround; the aircraft shortage and travel boom keep orders coming.
Buy GM earnings-day underperformance.
GM CEO Mary Barra is underappreciated, and the stock tends to underperform in the first hour or two after earnings, creating a recurring buying opportunity. If that pattern happens again, pull the trigger.
Union Pacific merger gives upside.
Union Pacific is in the hottest transport and rail group and is trying to merge with Norfolk Southern; Cramer likes it into the rail earnings news.
Kimberly-Clark improving; merger may cap.
Kimberly-Clark reports Tuesday and Cramer expects a better quarter; the Kenvue cash-and-stock merger may keep the stock range-bound, but he is warming to it after P&G and Clorox results.
Seagate gets data-center storage beat.
Seagate is a storage and memory maker benefiting from a massive data-center demand surge few saw coming. The stock is up big and needs a massive beat and raise, but Cramer thinks that is what it will deliver.
Danaher biotech recovery makes stock opportunity.
Danaher has better-than-feared results and could be heading into its first truly strong quarter in years as biotech order trends improve; the recent stock weakness makes it an interesting opportunity.
Starbucks overbought; wait for better entry.
Cramer likes Starbucks for the long haul, but the stock is wildly overbought and would need insanely strong numbers to justify the recent ramp, so he doubts the coming report and investor day can support it near term; wait for a better entry.
GE Vernova great long term, wait.
GE Vernova's power business has more data-center-driven demand than it can handle, and Cramer loves it long term, but after the huge move to $657 the expectations are sky-high and he wants a better entry point.
Microsoft AI software worry is false.
Microsoft has been weak because generative AI is pressuring all software names, but Cramer thinks that is a false worry in Microsoft's case; the selloff has compressed its P/E, though the stock remains difficult to own except on select days.
Tesla robot narrative may ignite stock.
Tesla should be viewed as a robot and autonomous-driving company, not just a car company. This could be the quarter that defines the new narrative; if so, Cramer expects the stock to go skyhigh and be the best performer.
IBM earnings dip may recover.
IBM's last report unsettled the street but the stock quickly recovered as traders who dominate it misunderstood an amazing company. Cramer could see the exact same recovery pattern this quarter.
ServiceNow must prove broken stock.
ServiceNow has a strong enterprise software business but the stock is down more than 100 points from its high. Its report is the week's most consequential, and CEO Bill McDermott must show it is merely a broken stock, not a broken company.
Honeywell likely falls on earnings.
Honeywell almost always falls on earnings, and the upcoming break-up into pieces may prompt holders to sell the automation or aerospace businesses they do not want. Cramer expects the stock to take a hit around the report.
Caterpillar rich; prefer Cummins now.
Caterpillar is an ancillary data-center play because its backup generators keep server farms running, and it now tends to rally on strong earnings. However, Cramer says the stock is richly valued and he would prefer a lower entry, with Cummins a better buy now.
Own Apple, don't trade it.
Apple has been hit by the storage shortage because it must pay up for memory components, and bears worry about declining gross margins. Cramer will not change his view: own Apple, do not trade it, though a weak margin guide could mean more downside.
Western Digital storage results look positive.
Western Digital is one of Cramer's storage plays reporting alongside SanDisk; he expects very positive results and thinks investors will keep buying storage names even if the reception is not as strong as Apple's.
SanDisk too extended after huge run.
SanDisk is a storage play with positive expected results, but the stock is up hugely and Cramer says that move is way too much for him, so he would not chase it here.
Buy American Express earnings weakness.
American Express almost always reports a good quarter but the stock almost always gets hit on the print. Cramer calls that stupid selling and a perfect buying opportunity into the weakness.
Chevron consistent yield, buyback, Venezuela kicker.
Chevron throws off a lot of cash, has a big buyback and a 4% yield, and has been Cramer's favorite for its consistency. It also has a possible Venezuela kicker because it does business there and knows what needs to be done.
Nebius and AI infrastructure overvalued.
AI infrastructure stocks are all overvalued. If one of the Mag Seven companies slows its data-center build, Nebius could be cut in half, so he does not want investors exposed.
Cardinal Health can reach $300.
Cramer says he was most impressed at the healthcare conference by HCA and Cardinal Health, and with the urology-related purchase or new move, he can see Cardinal Health going to $300.
Capital One undervalued versus American Express.
Despite a mixed quarter and a selloff on the $5.15 billion Brex acquisition, Capital One's Discover merger is building a credit-card powerhouse; credit metrics are stable, expenses mostly one-time, and Brex expands corporate cards against American Express. At less than 11 times earnings versus American Express near 21 times, closing half the gap implies about $330, so Cramer upgraded it and plans to buy back the stock.
CSX self-help and freight recovery.
CSX's headline quarter missed, but operating metrics and volumes improved and management guided to low-single-digit revenue growth and 200-300 basis points of margin expansion with lower capex and 50% free-cash-flow growth. New CEO Steve Angel can execute self-help, a freight recovery is upside, and a takeover bid is optional, though not the reason to buy.
Dover wait for next week's quarter.
Cramer likes Dover and CEO Richard Tobin, but the stock jumped five points, he took some off, and the quarter is too close to judge. Wait for the upcoming report before making a call.
Oklo not commercial; sell it.
Cramer has been saying sell Oklo; the stock has momentum and hype around nuclear power, but the company is not commercial, unlike GE Vernova, which knows how to build a plant.
Buy Netflix after strong call.
Netflix's latest conference call was a show of force and made Cramer think the company is completely on its game. As always, he says be a buyer of Netflix here.
Wells Fargo best bank AI adopter.
Banks are the businesses that should benefit from implementing AI to improve efficiency, and Wells Fargo has the best handle on it. That is a big reason Cramer owns it in the charitable trust.
AutoZone buyback makes stock attractive.
AutoZone's breakdown mystifies Cramer; he remains a believer because it has the best buyback and has shrunk its float by 50% in recent years. Tariffed parts are a risk, but he sees little downside and says this is a place to get back in.
Avoid small caps; prefer individual companies.
Small caps are popular, but when Cramer looks at individual small-cap stocks he sees few with the balance sheets, earnings, scale, and moats he wants. He prefers picking individual companies rather than buying the Russell 2000.
Avoid cyclical semis NXPI, Texas Instruments.
Most chip stocks are secular, but NXPI and Texas Instruments are cyclical semis that must be bought and sold with timing. Cramer says he cannot own that kind of stock.
Defense: AeroVironment, Lockheed still work.
Defense contractors offer dividends, but there is political risk around buybacks and dividends. Cramer still likes AeroVironment, which he has liked since 1978, and Lockheed Martin, which he has liked since James Taiclet came from American Tower.
Prefer Cummins over Caterpillar now.
Cramer prefers Cummins over Caterpillar right now, calling CMI a better buy even though he respects Caterpillar's business.
Nu Holdings too expensive for bank.
Cramer liked Nubank when it came public, but he does not like a bank with such a high P/E multiple even if it is forward-looking.
Santander better international bank alternative.
If investors want an international bank, Cramer says not to forget Santander as the alternative to Nubank.
Buy ARM on shortage insight.
ARM Holdings is very interesting because it saw the big shortage coming and CEO Rene Haas got it right. Cramer says buy the stock and calls it a great call.
Celestica trim on Google risk.
Celestica has had a big run, and if Google backs out as feared, the stock is too high. Cramer says trim some Monday to feel better about the position.
Micron benefits from memory shortage.
The market is driven by shortages: if a product is in short supply, the stock goes higher. Data-center demand has created endless buying in memory and storage names such as Micron, Seagate, Western Digital, and SanDisk; Intel's pin-action selloff was mistaken because the industry has a demand shortage, not a demand problem.
Buy semicap equipment after mistaken selloff.
Strength in shortage-driven semis has extended to semiconductor capital equipment makers Applied Materials, Lam Research, and KLA. They were hit by Intel's disappointing report, but Cramer thinks that is mistaken pin action because Intel's problem is supply execution, not weak industry demand.
AMD benefits from Intel CPU shortage.
Intel's inability to make enough CPUs is great news for AMD because AMD correctly factored in the shortage and rallied. Cramer regrets selling AMD for the trust and is positive on it.
Intel can fix itself under Tan.
Despite poor guidance and a 17% drop, Intel is still a great company that has come back under Lip-Bu Tan. Cramer believes Tan can fix what ailed Intel and that it will take advantage of the CPU shortage.
Own gold, don't trade it.
Gold is climbing because of dollar weakness and geopolitical uncertainty, and it is a store of value with a permanent shortage: only about 1% of world holdings are replaced annually. Cramer says own gold, do not trade it, and argues it is a better inflation hedge than crypto.
Don't chase copper despite data-center demand.
Copper is climbing and is used in data centers, but the world has a lot of copper, so Cramer would be circumspect about chasing it here.
Agnico Eagle best gold miner.
If investors want to participate in gold, Cramer would buy Agnico Eagle because it is the best miner.
Up Next
This CNBC video, published January 24, 2026, features Jim Cramer discussing NUE, BA, GM, UNP, KMB, STX, DHR, SBUX, GEV, MSFT, TSLA, IBM, NOW, HON, CAT, AAPL, WDC, SNDK, AXP, CVX, AIQ, NEBIUS, CAH, COF, CSX, DOV, OKLO, NFLX, WFC, AZO, IWM, NXPI, TXN, AVAV, LMT, CMI, NU, SAN, ARM, CLS, MU, Memory and storage semiconductors, AMAT, LRCX, KLAC, AMD, INTC, GLD, COPPER, AEM. 44 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Jim Cramer · Tickers: NUE, BA, GM, UNP, KMB, STX, DHR, SBUX, GEV, MSFT, TSLA, IBM, NOW, HON, CAT, AAPL, WDC, SNDK, AXP, CVX, AIQ, NEBIUS, CAH, COF, CSX, DOV, OKLO, NFLX, WFC, AZO, IWM, NXPI, TXN, AVAV, LMT, CMI, NU, SAN, ARM, CLS, MU, Memory and storage semiconductors, AMAT, LRCX, KLAC, AMD, INTC, GLD, COPPER, AEM