Cramer's Mad Dash: Capital One

Summary

Jim Cramer uses his Mad Dash to defend Capital One after its quarter, calling the conference call amazing and highlighting its Brex acquisition as a way to compete with American Express in corporate cards. He says Capital One is down enough, trades at a low multiple versus AmEx, and could re-rate within a year. He also says American Express should remain strong with Gen Z and Black Card customers. The discussion includes a clip of Capital One CEO Richard Fairbank warning that a sharp credit contraction could cause a recession, which Cramer largely dismisses.

• Cramer focuses on Capital One after its quarterly report.
• He praises Capital One's Brex acquisition and corporate-card ambitions.
• He sees Capital One competing directly with American Express in high-end and corporate cards.
• Cramer says Capital One trades at about 11x versus American Express's typical 20s multiple.
• He expects Capital One stock to be down enough and potentially re-rate within a year.
• Cramer expects American Express to keep Gen Z and Black Card customers.
• A clip shows Capital One CEO Richard Fairbank warning of a recession from credit contraction.
• Cramer discounts the warning and praises Fairbank's credit-card expertise.