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Hey, I'm Cramer. Welcome to Mad Money. Welcome to Cramer, my friends. I'm just trying to make you a little bit of money. My job is not just to entertain, but to educate, do some teaching. So call me at 1-800-743-CBC or tweet me at Jim Cramer. When things go crazy, everyone gets a vote. That's how the markets work. Right now, at this moment, things are about as crazy as they can get. So the voting booths are wide open. Let me show you how the voters are determining the outcome. With today, the Dow gaining 631 points, S&P jumping 1.15%, and the NASDAQ climbing 1.38%.
First, let me set the table. Until this morning at 7:05 a.m., we looked like we were going to be goners. Yeah, another hideous day coming our way. It almost seemed ordained. When I get up at the despicable 4 a.m. time, things were steamrolling toward ugly. At the time, interest rates were looking up. West Texas crude was back above a hundred bucks a barrel. Gold was cratering, apparently on margin selling, and stocks were their usual awful, with the NASDAQ, as always, the most awful, looking to be down almost 1%.
Again, at that pre-dawn moment, the S&P 500 was down about 7.6% from the high. But then again, I thought to myself, still plenty of room to fall. And if you're shorting the market, you feel like a genius. Sell, sell. I've seen this before. Shorting stocks feels like an annuity in this kind of environment. I call it fish in a barrel. And if you're long, well, let's just say it's death by a thousand cuts.
Like every morning, I'm glued to this stuff all the way to the office, and it just looked like another miserable day. I've been signing thousands of copies of How to Make Money in Any Market yesterday, dreading what I knew was going to happen today, because everything is tit for tat, right? Anything we can say, Iran seems to be able to say better, and a skeptical U.S. press had us losing in a match that wasn't even close. Then it all seemed to change.
It changed with a Truth Social post announcing the suspension of the bombing for five days that was supposed to start tonight at 7:44 p.m. President Trump said he was speaking to an important person in Iran over the weekend and things look good. The talks were meant to end the war, and that's when the votes started coming in. Oil instantly fell to 84 bucks before bouncing to the high 80s. It was like a straight line, as if it never traded the 90s at all. Resounding move. The oil voters believed the president had a bunch of narratives about the talks, including one where the Iranians reached out to stop the war. Clearly, the oil guys endorsed that story.
Second of the polls, equities. The Dow had been down several hundred points when the president's Truth Social post appeared saying the talks were going well. We don't know who, but he said they were very positive. Immediately, the Dow ripped the faces off the bears, touching plus 1,000 points, although it finished today only up 600 points. I felt like someone had gotten to the leaderboard and moved some numbers around to fool us. The NAS had been down a percent, now was up almost 1.4%. The S&P, off about 0.5%, shot up 1.15%.
Stocks seem to believe that the president's emissaries, Jared Kushner and Steve Witkoff, were working behind-the-scenes magic. Let me tell you, I had to reach for a technical term for what was really going on. They had a ton of mojo, but not everyone was all in. By 7:30 a.m., the skeptics went to work. I first saw them creep into the bond market. Longer rates, 10, 20 years, after being down about 15 ticks, started to move toward even. I thought they might go higher. Uh-uh. Didn't.
One of the most important side effects of this war has been the dismantling of the bullish bond market, which had been playing ball with President Trump going his way, making the job of incoming Fed chief Kevin Warsh very easy. With the long rates coming down, you have no choice but to cut short rates. That all ended when the war started. Since then, there's been an inexorable, endless, slow walk higher in bond yields, exactly the opposite of what the president needs to get housing moving again. But that's the natural trajectory when we get into a real war. We look at the stock averages and notice they're going down, but we haven't paid enough attention to how the bond market's voting.
Oh, look, I'm a bond market addict for a long time, and the movement in the bonds has been like one long, nasty, 20-part Netflix series you've gotten into and you just can't extract yourself from. Some days were worse than others, but the direction was always true and always bad. That's why it didn't surprise me when the rates barely got back to even. They momentarily traded in the black, but then backed off. Given how high rates have gone during the war, a rally only back to even... well, that meant that the bond buyers, they weren't buying what the president was selling.
The bonds seemed to indicate that the president was bluffing. There was no Iranian contact, that it was a convenient, self-graded off-ramp. They thought it was all made up, the bond guys. As it happens, the Iranians later claimed there were no negotiations. So maybe the bond people were right. But then the strangest thing happened. Interest rates switched their vote. Rates slid down for the first time in what seemed like ages. Who knows what convinced the bond market to get back on board, that the back channel was working, or that there was even a back channel? Who can figure out what happened in the mid-morning to make bonds go more than positive? But the move was palpable and gave stocks a second wind, making me feel that perhaps something really good is actually happening.
Or to put it in a way that you understand: in the early morning, the bond market was screaming that there would be no rate cut. In the afternoon, it was saying, 'Hey, listen, we might have a rate cut in front of us.' A possibility. Then there's gold's vote. I mean, gold was crashing overnight, dropping to 4,980. That's an ounce, that's a 9% drop. But then at 6 a.m., a little less than an hour and a half after two social posts, gold took off. Spent the whole day fighting to get back to even, though it didn't. Did gold know something ahead of time, or was gold just stupid? I don't know. Who can tell? It was like gold didn't know what was on the ballot. Mentally absentee.
Stocks wavered on their positive vote midday, but perhaps because Iran denied the talks at 11:51, right? Hold it just a second. Where did they deny it? A post on X, of all things, by the speaker of the Iranian parliament. He called Trump's post fake news. Hey, wait a second. Isn't that our term? Who knew it was their term, too? Then again, the account isn't even verified, so who really knows? We got one more bounce in sync with the bond rally. It still counted as a vote, but call it a more skeptical one. The actual close seemed pretty darn muted.
By the end of the day, here's the way I look at it. I have to tell you, it felt like the whole rally reached the fear. Fear by those who are underinvested and better take down some stock because they don't want the market to take off without them. Fear of the shorts that the precious gains made during the month of March may go away with a real peace agreement instead of the bog of war. Let me give you the bottom line. There are some late returns, but nothing could change the overall tally. The bulls carried the popular vote. But somehow, unless Iran does nothing, no missiles, no drones, I expect a recount tomorrow. Hey, let's go to Lewis in New York. Lewis.
Booyah. Jim, hey, longtime listener, first-time caller. Thank you so much for taking my call. Um, Jim, I'm calling to ask you about a defense and aerospace stock that, to be honest, the past couple years has had to fly through some very turbulent skies. Now, with the recent management change, uh, and a surprise earnings beat, the stock appears to be flying at calmer skies. Um, Jim, I'm calling to ask you about Boeing.
Oh, boy. Okay, so Boeing's a charitable trust name. Here's the deal with Boeing. The stock was just soaring, and then people start thinking that because of the war, there won't be as many plane orders as people think. Now, the lineup for planes is stretched as far as the eye can see. That's not going to be what happens. But the narrative's gone negative, not the stock itself. I think the stock is a buy. Now we're going to Dan in Florida. Dan.
Booyah. Jim, thank you so much for taking my call. I'm a member. I love your book.
Excellent. Uh, thanks a lot, buddy.
Thank you. My question is regarding RKT. They posted really good earnings last quarter, but the stock's been down ever since. I was wondering what your thoughts were on it.
This is totally a vote. You can look at the chart. A vote on whether there's going to be a rate cut. People say that, uh, only today was the first time I heard that there might be a rate cut. Again, remember they kind of got dashed by the war. I would not give up on this stock at $14. I think it represents value. Hey, why don't we go to Brad in Connecticut? Brad.
Jimmy Chill, how are you?
I'm chilling, my friend. How about you?
I'm good. I'm looking for a bull market somewhere with ServiceNow.
Okay. Now, what we're dealing with here, the stock sells at 26 times earnings. That's incredibly cheap for a great growth stock. But we all know that there is turmoil when it comes to these, you know, software-as-a-service stocks are so bearish. It's so painful for me to say this, but as much as I respect Bill McDermott, I think the stock's going to be in for a little bit of more turbulence than it already has been, because that particular SaaS business model is disliked intensely right now on Wall Street.
All right, the bulls carried the popular vote today. We're just going to see if it holds tomorrow. Maybe a recount's in the offing. On Mad Money tonight, Swarmer, oh, U.S., we tell just the latest example of an IPO with a good story that's caught investors' attention. I'm going to break down, see if this new name should be bought at these levels, and can Ulta Beauty give your portfolio a much-needed glow-up? I'm glamming here partly, but I am going to sit down with the CEO to see if the company's turnaround story is still in place. And Jacobs Solutions, letter J, has a hand in so many mega trends out there. So, why has the stock been stuck in the mud lately? Why don't we find out by talking to the top brass? So, stay with Cramer.
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Last week, we got a teensy-tiny IPO that came in very hot. It's called Swarmer, SWMR, which makes drone control software for the military. Now, this thing came out of nowhere. We heard nothing about the Swarmer deal before it happened. And the deal saw underwriter Lucid Capital Markets as an outfit I'd never heard of. The Swarmer IPO priced at $5 last Monday night. Then on Tuesday, the stock opened for trading at $12.50. That's up 150%. It then proceeded to climb to $31 by the end of its first session. That's up 520% from the offer price. The next day it rallied to $65 before pulling back and closing at 55. Then people started selling because, well, they could tell the stock was over. It fell 4.5% on Thursday and then more than 30% on Friday before losing another 28% today. And now it's back down to 26 and change.
That is down from where it closed on its first day, but it's still up huge from where it came public. Now, at its offer price, Swarmer had a market capitalization of less than 62 million. That was making it too small to talk about on air, but at current levels, the company's large enough for me to mention. That said, I cannot in good conscience endorse Swarmer up here. After that white-hot start for the stock last week, we took a look at the prospectus this weekend, and checking the financials first, I immediately saw that the company had revenue of just under $310,000 last year. On the earnings front, they lost more than 8.5 million, which is a much bigger hit than the year before. Now, normally I'd tell you something like this is more of a business plan than an actual business, but clearly something about Swarmer resonated with the market. So, I dug deeper, and the truth is this company's got a great story, even if it's still in its infancy.
See, Swarmer was founded less than three years ago as part of Ukraine's war against Russia. They needed a way to control large quantities of drones at the same time to fight off the larger, better-funded Russian military. Swarmer came up with this autonomous drone software to help make that happen. And look, this has been used in combat for nearly two years now. To date, it's supported more than 100,000 real-world missions flown by nearly 50 units in very tricky conditions. At the end of last year, Swarmer brought in Erik Prince, the founder of the old Blackwater USA, the controversial private military contractor, to serve as its non-executive chairman, basically be the public face of the business. Now, that's very helpful if you want to sell their software to the Pentagon, because Prince is tight with President Trump.
But really, people got excited about this one because of the timing. The war in Ukraine has already proven that drones are the future of warfare. Their drone program is the only reason Ukraine's been able to fend off the Russians for over four years. But if that wasn't enough for you, the current war with Iran has really driven this point home. The Iranians have gotten a ton of mileage out of using cheap drones to soak up our expensive missile defense interceptors. In terms of cost, Iran's lobbing Honda Accords at us. We're crashing Lamborghinis in them to knock them out of the sky. Not really all that cost-effective. And that's why the Pentagon, along with every other military in the world, is now desperate to come up with low-cost drone and counter-drone programs. And that's where Swarmer comes in. Their software is all about taking large numbers of cheap drones and deploying them like a little army, even in situations where the enemy is trying to block your electronics. And that is why the Swarmer story caught on last week.
The company seems to be right at the center of the hottest theme in the defense sector. At the same time, Swarmer only offered 3 million shares last week, which meant there was very little supply going around. People didn't want to sell until they racked up huge gains. It's just that it only took a couple of days before they'd made enough money to happily ring the register. And again, even down here, with the stock down nearly 60% from its high set last Wednesday, I can't tell you to buy Swarmer in anything more than an extremely speculative position, because the numbers just aren't there yet. Again, Swarmer has barely had any revenue to date, and it's losing millions of dollars a year.
Now, in its IPO prospectus, I always think you have to read them for these little guys. The company does cite signed contracts for new and existing customers amounting to roughly $33 million over the next 12 to 24 months, with about 60% of the revenue expected to be recognized this year. But even if we run the numbers on that and make a wildly optimistic assumption that Swarmer has almost $20 million in revenues this year, then the company's still valued at more than 16 times sales, not earnings, sales, which is very, very expensive. Plus, it's worth noting that there are a ton of shares set aside for employee stock plans and other things that are not being included in the company's official share count, but could result in significant dilution for shareholders, and that's in the not-too-distant future. And of course, given how well the stock's done to start, the company would be crazy not to issue more shares itself as soon as it'd be able to.
Finally, I just don't love how Swarmer seemed to come out of nowhere. There's no real institutional support of this one, given that it used just one boutique capital markets firm as its underwriter. I don't know. Doesn't seem right. If the stock stays elevated, it might pick up some coverage from larger firms, but we can't assume that. So, here's the bottom line. Swarmer hit the markets with a bang last week, but after looking closely at the company, I think this one needs more time in the oven. Maybe much more. It's still very, very early, even if it's got a terrific elevator pitch. My verdict: why don't we do this? Let's keep an eye on Swarmer for now and see if those signed contracts result in some more meaningful revenue this year. And let's see how the stock trades when there's not the pinch of a very low float like right now, because I expect there to be lots of dilution coming in the next year or two. For now, though, Swarmer, let's call it a cool story, but not much more than that. I say we take calls. Let's go to Mara in Florida. Mara.
Hi. Hi, Mr. Cramer. How are you?
So, look good. Love your book, too.
Here's my... Oh, thank you. Are you... um, are you still high on Foregent Power Solutions?
Oh yes, very, very much so. We just went over it. I think that, look, electrical distribution equipment is so... I don't want to call it hot. That would be wrong, because it's just so good. Not hot, because hot means that it's expensive. I think Foregent is a terrific company. I like it very much. Let's go to Phil in Kansas. Phil.
Booyah. Phil, how are you?
Good. Thanks for taking my call. I'm a club member. I have your book and I love your show.
Ah, you're too terrific. I tell you, this is why I'm looking at my executive, Bruce, Regina Gilgan. And sometimes we get these calls, we get so excited. How can I help?
Well, I've got a position with Micron, and with the recent earnings report that just came out, I was wanting to add another position. Do you still think it has room to grow?
Okay, so Micron is digesting that huge move. That's what happens after you have just a gigantic increase in value to the company, almost $500 billion. I think you have to let it churn. I would not attempt to buy some Micron here until it fell more than just $18. Let's give it a rest. I think it'll prove to be a more meaningful position as it goes down than it is right here. And I think it can do that because it's had such a big run. Right.
This Swarmer pullout story, but you should wait to see if its actual business can back up its sky-high valuation. Mad Money is back after the break.
Coming up, how is the turnaround going at Ulta Beauty? Cramer's on the ground and amongst the shelves with the CEO next.
On a day when beauty conglomerate Estée Lauder confirmed it's in discussions to combine with Spanish cosmetics company Puig, an announcement that caused Estée Lauder stock to fall 7.7%, we thought it might be a good time to check in with Ulta Beauty, that's long our favorite cosmetics retailer. About a week and a half ago, Ulta Beauty reported a mixed quarter with strong same-store sales but also higher-than-expected costs that translated into a legitimate earnings miss. The next day, the stock tumbled 14%, and it's now down almost 28% from its February all-time highs, a purchase it is rarely that far from. So, could this be a great buying opportunity? Or do we need to get more cautious with this one? Earlier today, I checked in with Kecia Steelman. She's the turnaround artist, president, and CEO of Ulta Beauty at one of her stores right here in New York City. Take a look.
Kecia, it's been a great run since you started January of 2025. You're up 24% versus, well, a fraction for the S&P. What are the challenges, and how are you beating the market?
Well, first off, I got to just say, Jim, thank you for meeting with me here in the Chelsea location. Thank you. And you know what I think it's all about is the team. The team has been focused this last year. We've had a great strategy with the Ulta Beauty Unleash plan. We've worked the plan. I've said time and time again, we've got a little bit of our swagger back, and we're really focused on driving top-line revenue. I think you can't be a retailer unless you're really focused on growth and sales. I've never seen anyone win at the end by cutting themselves to success. So, um, you know, we're really looking forward to what we can really deliver now in 2026 after having a great first year in 2025.
One thing you're delivering that I think is quite exciting, you're going to where the customer is. Talk to me about TikTok.
Love TikTok. In fact, we just announced on March 17th that we are live on TikTok. The response has been just overwhelming. The amount of collaborators that are wanting to come on and be on our TikTok shop, you know, this is where the younger consumer is. You know, we think back to our time of live shopping with HSN, you know, on TV. This is the new way of shopping. You've got to be where the guest is, and this is where that younger consumer is wanting to shop.
All right. So for those who are not familiar with it, you have 46 million people in your loyalty, but they probably know. But what happens? You go to TikTok, you can buy direct. Are the margins good enough for you?
Yeah. Well, the way that it works right now is we own the inventory. We're sending the product to the guest. Um, so we really own that customer journey, which I think is really, really important. You mentioned our 46.7 million loyalty members. We want to know how they're shopping and who they're shopping with and what they're purchasing. The way this really works is we're not going to be overly discounted. It's going to be about bundles. So, your AOV, your average transaction, is going to be a little bit higher, but you're going to get a good value with it. So, I, you know, we're early on. We're with exclusive only, but we're going to be launching it to the broader assortment. But we're the first specialty beauty retailer that's on the site right now, and we're just working those algorithms, and we love what we're seeing thus far.
Now, not abandoning the YouTube channel.
No, no. YouTube is very important. YouTube, Instagram, you've got to be Snapchat. You got to be everywhere where the guest is. The world has changed. You know, I've been in retail for over 30 years, and boy, you know, you've got to be really top of mind and relevant with a consumer when they're making their purchase pattern decisions. So, you've got to be where they are, and that's what we're focused on right now.
But let's talk about something you said that I could not agree with more, that I think some of the shorter-term analysts miss. If you have growth, profits will follow. If you have profits, growth might not. We want growth on Wall Street because that signifies that you are going to have a multi-year run. At what point do we overlook SG&A, or do you get SG&A down a little bit so that the profits flow? What's the roadmap?
Yeah. Well, great question, and I will say that I do think you have to run a responsible business. You do want to drive your growth and your top-line revenues, but at the same time you got to drive profit to the bottom line. Last year was all about investments with the go-to-market strategy. For the previous three years, we were really focused on our foundational investments. It was time to pivot because we had lost share in 2024. I know we're back to gaining share all of 2025 in both brick-and-mortar and our...
Digital channels and it's working. So we did have to make those investments, and what I shared on guidance for 2026 is it's going to get back in line. So 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, and we will deliver.
All right. Tell us about the racetrack here, because we know that things are a little pricey, but I'm glad to tell you it's what a lot of people want. And then there are areas like where my wife would go with this Elf, because she's a bargain shopper. What's the plan?
Yeah. You know what, it's about how the consumer's makeup bag is put together. If you go into any consumer's makeup bag, you're not going to just see one brand particular that's in their makeup bag. So the way that the consumer is shopping is they want to try all different kinds of things. So the way the store is set up that we're in today is really makeup is collectively together. We're leading with prestige, but it flows into mass prestige and also into mass. And I think that's one of the things that makes Ulta Beauty just so unique. This store also has the expanded wellness area in the store. So wellness and beauty is just really starting to collaborate and come together, and that's the way that the customer is thinking about it. 73% of the beauty consumer shopping today thinks of beauty and wellness as self-care. So we want to make sure that we're offering everything in the way that she's got it in her makeup bag and on her countertop today.
Now this is more than just traditional skincare. You're talking about something deeper.
Yes, absolutely. So in wellness, we're thinking about there's really four key pillars to wellness. It's nutrition and supplements. It's intimate care for women specifically. It's rest and renew. So sleeping is really, really important for all of us. If you don't get a lot of sleep, it's hard to look good at the same time.
And then the last one is really about accessible care. So, like, think about red light therapy, the mask that you wear, etc. So, you know, those are four key pillars that we're leaning into. We're really leaning into marketplace and also into our stores to really broaden that assortment.
Now, I saw something in the Lancôme aisle — GLP-1 cream — a recognition that perhaps those who are too gaunt, maybe wrinkles that can come better than taking Botox, I imagine.
Yeah. Well, you know, one could ask the question on Botox or not, but what I would say is that we are seeing that being one of the trends. And it's not just GLP-1 for skin, it's also for hair. Hair loss with GLP-1 is a real issue. So we're continuing to look for products that we can bring to help our guest as they're going through their weight loss journey. And you know, it's not just the GLP-1 users that are really leaning into these categories, Jim. It's also those that are aging gracefully. I'm going to say that I'm one of them. 50 is the new 30, you know, 60 is the new 40. We want to look better as we're aging. And a lot of these, you know, filler-type lotions are helping your skin retain that youthfulness, too.
All right. So, Kecia, let's talk about the consumer. You mentioned on your conference call, look, the consumer is feeling it, and you mentioned geopolitical. Do you see it in the basket? How does it come out?
Yeah. Well, it's a little too early to say. Well, we were pleased with our February results. I did share that on the earnings call. We aren't seeing any trade-down yet. You know, beauty and wellness, especially if they're viewing it as self-care, is a category that I don't always call recession-proof. I call it more recession-resistant — that if they have to prioritize where they're going to spend their dollars, they're still going to spend it on themselves. We saw that a little bit even through COVID, that self-care, the regimens, they really stuck. So I do think that, you know, we're well positioned, especially here at Ulta Beauty, because we're one of the only places that have, you know, from the everyday starting price of mass all the way to luxury and everything in between. So, you know, if you need to buy a $5 lip gloss or a $300 fragrance, you can come here and we can take care of your needs for you.
Listen, I think that Space NK is very exciting. I want to know how big you want to take it. I mean, obviously a dominant brand in Britain, but it's here. It's in Bloomingdale's. I mean, can there be something going on that is higher price? But the things here are the same price that you have. There's nothing here that's different. But it seems exciting to me, but I got to know what your plan is.
Yeah. Well, I was just in London last week with the Space NK team. So I just got back on Sunday. And what I will say, it's one of these situations that 1 plus 1, I believe, equals 3. They're predominantly prestige and luxury in their retail. They're fantastic storytellers. They're exceptional at clienteling. They're a really data-driven company, and while we have a big database, how they're looking at their data insights in the consumer is a little different than how we look at it at Ulta Beauty. So I'm bringing some of that knowledge into Ulta Beauty to make us even stronger at the same time. For them, what they can learn from us is, you know, just leveraging operations from DC operations, store operations, etc. So I think that we're going to be able to continue to learn from each other. We're different, but we've got so much connectivity from culture, etc., that I'm really looking forward to seeing what we can do with the brand.
Well, look, I want to thank you for letting us come into your beautiful store. I know that everyone still will want to know about this loyalty plan and how you intend — can you get it to 50 million?
Yeah, I believe we can. You know, there's a hundred billion dollars in beauty retail sales in the US, and we just grew by a billion dollars this last year. We've grown 5% our loyalty program. We're in five more countries than we were when I started as CEO. I feel like we've got a great strategy, a great plan, and we've got a fantastic team. And what I would say is I believe the best is still yet to come.
Well, I believe that, too. And we've been, as you know, huge supporters since it was under $100. And I think that the record already shows what you've accomplished, and there's much more ahead. I want to thank Kecia Steelman. She's the president and CEO of Ulta Beauty. That's ULTA. And yes, we think it is a very good price. Thank you.
Coming up, Cramer's diving deeper into one of the most important players in the data center buildout. Don't miss his exclusive with Jacobs Solutions next.
People keep saying the market's overvalued. I know a lot of high-quality stocks have come down from their highs in the last month and a half. Take one that we've liked for a long time. Jacobs Solutions is the engineering construction firm that got some tremendous data center exposure. They put in an excellent quarter in early February. I mean, beaten, raised, beaten, raised, beaten, raised. But the stock's down about 2% year to date. Makes no sense to me. Let's take a closer look with Bob Bata. He is the chair and CEO of Jacobs Solutions. You rang the bell today, Mr. Bata. Welcome back to Mad Money.
Jim, it's always fantastic to be here.
Well, thank you for being on here. Congratulations on ringing the closing bell.
That was epic. It was great.
Terrific. Now, I have to tell you, there are a lot of people who listen to what Jensen Huang says and say, 'Oh, digital twin construction.' So that sounds good. You live it. You were a big star out there last week at GTC. Can you explain to people why what Jensen wants to do and what you want to do is going to save us money and keep waste down, and why people want to build stuff with you?
So right now, what Jensen and NVIDIA's whole vision is, is to not just sell the chip but to sell the solution, the AI factory. Part of that is the factories are changing at the same pace as the chips are changing. You remember at the keynote —
