In this article, we will take a look at 12 stocks that Jim Cramer discussed 7 months ago during his show on July 30, 2024, and examine whether he was right or wrong about those stocks.
Back then, Cramer was focused on the impact of future rate cuts and how different stocks would react. He argued that the market had become simple:
“Stocks that benefit from rate cuts get bought. Stocks that don’t benefit get sold.”
At that time, Cramer pointed to McDonald’s as an example of a rate-cut winner, despite the company having weak earnings at the time, saying:
“This market doesn’t care that it’s doing badly. It just treats the Golden Arches as a rate-cut winner.”
Meanwhile, he appeared rather bearish around big tech at the time. He warned against buying the “Magnificent 7”, saying that while they had thrived despite rate hikes, they wouldn’t necessarily benefit as rates came down. Here’s how he put it back then:
“For years now, the market has been rallying on companies that don’t need to borrow money, that don’t need rate cuts. But the flip side is that they won’t really benefit as rates come down.”
Tech stocks were under pressure at that time, and Cramer saw no short-term relief:
“For tech, the watchword is three words my staff loves to say: get out now.”
Cramer expressed some interesting opinions in that particular show. Let’s see how each prediction unfolded 7 months later.
Our Methodology
For this article, we compiled a list of 12 stocks that were discussed by Jim Cramer during the episode of Mad Money on July 30, 2024. We then calculated their performance from July 30th, 2024, market close to February 14th, 2025, market close. We have also included the hedge fund sentiment for the stocks, which we sourced from Insider Monkey’s Q3 2024 database of over 900 hedge funds. The stocks are listed in the order that Cramer mentioned them.
Note: This article covers Jim Cramer’s commentary from July 30, 2024, and does not account for any changes in his opinions regarding the stocks mentioned. Therefore, the commentary should not be mistaken for his latest opinions on any of the stocks that are mentioned.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
12. Nvidia Corp. (NASDAQ:NVDA)
Number of Hedge Fund Investors: 217
At the time, Cramer was watching Nvidia (NASDAQ:NVDA) struggle, not because of business fundamentals, but due to the market rotation. He opened with the following:
“Nvidia is doing amazing things with generative AI and accelerated computing—two of the biggest trends of our day. But that’s not enough right now. Wall Street’s become a lot less willing to pay up for growth stocks.”
Cramer emphasized the selling pressure that the stock was seeing on the date the show aired, joking:
“Thank heavens they ring a bell at the close because then it can stop going down.”
However, Cramer saw that decline as a buying opportunity, saying:
“Right now, the Street expects Nvidia to earn $3.59 per share next year. But if this is like the Nvidia we’ve seen in the last decade, they could earn $4.59 per share. That would mean a stock selling at less than 23 times earnings. I am not selling the greatest growth stock of our generation at 23 times earnings.”
While rate-cut beneficiaries were winning, according to his view of the market at the time, Cramer believed Nvidia’s time would come again, suggesting that investors should stick with the company, even if there was short-term pain:
“At some point, a stock like Nvidia gets so cheap, so darn cheap, that the selling will stop. Unless you think Nvidia is General Custer, you should come out ahead.”
However, it looks like the selling did not only stop, but it overwhelmingly turned into buying, as Nvidia stock has surged by 34% since.
11. Marvell Technology Inc. (NASDAQ:MRVL)
Number of Hedge Fund Investors: 103
A concerned caller asked Cramer about his opinion on Marvell Technology (NASDAQ:MRVL), which Cramer saw as a stock that was under pressure, but still worth owning.
“The stock is probably being hurt, but Marvell the company, Matt Murphy is doing a terrific job.”
He believed the long-term AI trend still supported Marvell.
“I actually would own the stock,” he concluded.
That was indeed a very good call, as the stock has surged by almost 70% since the show aired in July.
Cramer has once again praised the company’s CEO for his strong conviction in a more recent episode of Mad Money:
“Matt Murphy is a very calm, very exciting triathlon, you know I’ll beat you no matter what, guy. And he kept trying to say it’s happening; the inflection is happening. I don’t think he got the word. So, then he just went and bought a million dollars of the stock. In the market. . . and said listen, you don’t believe me? Here’s a million bucks. And that was his money put in okay. I’m cancelling 10B, I’m putting in the Form 4. And that was the bottom! And that was a very important thing.”
10. Uber Technologies Inc. (NYSE:UBER)
Number of Hedge Fund Investors: 163
Cramer saw Uber Technologies (NYSE:UBER) as a long-term winner despite near-term stock weakness.
“Uber is trading as a function of multiple contraction. People are just willing to pay less for the losses that Uber might have.”
He made it clear that the decline had nothing to do with Uber’s business performance, advising the caller to hold:
“When that occurs, what you have to do is just kind of hold your nose and hold it.”
Cramer compared Uber’s situation to Airbnb, which had also experienced sharp declines before bouncing back.
“Take a look at the way Airbnb managed to get through a couple of declines; that’s what I think can happen with Uber.”
This seems like a very good call by Cramer, as the stock has surged by 26% since the July show.
Cramer maintains a bullish stance on Uber, having said this more recently on February 2, 2025, after the company’s earnings:
“Same thing with Uber, and you see, you see Uber won the war of pickup and deliver. The numbers reported at this point were extraordinary, but the experts found a line or two they didn’t like. Next thing you know, they kick it to the curb, and you get an opportunity to buy some at a discount. I am confident about this one after interviewing CEO Dara Khosrowshahi this very morning on Squawk on the Street… I think this is a good one.”
9. Huntington Bancshares Incorporated (NASDAQ:HBAN)
Number of Hedge Fund Investors: 43
Back then, Cramer laid out his bullish thesis on regional banks, especially Huntington Bancshares (NASDAQ:HBAN), which he considered one of the best operators in the sector.
“In the last few weeks, as part of the great broadening of the bull market, we’ve seen some monster runs in the regional banks. Everything from the worst of the bunch to actually the best of breed—Huntington Bancshares, based out of Columbus, Ohio.”
Cramer liked banks that actually lent money, rather than just profiting off deposit spreads, saying:
“I like banks that lend. I like banks that grow.”
He saw Huntington as a bank that was well-managed, had avoided risky commercial real estate, and was expanding into strong growth markets. In a conversation with the company’s CEO, he said the following:
“To me, it sounds like people moving into regional banks are making the right move. You have much better growth than the big guys, with much less risk, and that’s what really matters to me.”
Huntington was a bank to own in his view, as it benefited from a strengthening economy and future rate cuts. The bank’s stock is up by more than 10% since.
8. Blackstone Inc. (NYSE:BX)
Number of Hedge Fund Investors: 65
Cramer was bullish on Blackstone Inc. (NYSE:BX) for the long term, despite skepticism around its earnings. A caller asked him whether the company is a winner, and he replied with:
“You absolutely do [have a winner], and I want to own this one for the long term.”
Then as the caller expressed his concerns on the company’s weak earnings report at the time, Cramer dismissed them saying:
“Everyone said it was a bad quarter. That was a mistake. It was a good stock.”
Blackstone hasn’t been a bad pick to be fair. It’s up by 16.6% since the show aired, and Cramer remains bullish on it. In a later show, he said the following:
“What about Blackstone, the enormous private equity firm that invests in everything from real estate to data centers? The knee-jerk Fed worshippers hear the name Blackstone, they think investments, and to them, any company that’s all about investments is a company that lives and dies by the Fed. […] Never mind that Blackstone reported one terrific quarter, one that eventually sent the stock up more than 6%, new all-time high.
In the end, Blackstone is less levered to the Fed and more levered to the brains of its brilliant executives. When you buy shares in Blackstone, which I wanted to do so badly for my Charitable Trust, but didn’t get a chance to, you’re not buying the musings of the Fed chief during a strange, stilted Q&A session with reporters. You’re buying the life’s work of some of the smartest people in the business world. If you remember that, you will indeed profit from it.”
7. Stanley Black & Decker Inc. (NYSE:SWK)
Number of Hedge Fund Investors: 33
While talking about the “great broadening” once again, Jim Cramer appeared very bullish on Stanley Black & Decker (NYSE:SWK), seeing it as a prime beneficiary of future interest rate cuts. He said:
“Investors are dreaming. I like the dream—it’s called leverage.”
Cramer pointed out that SWK is deeply tied to the housing market, meaning lower interest rates would boost home sales, remodeling, and demand for tools.
“Stanley Black & Decker is levered to housing turnover, so it’s levered to lower rates. When the Fed starts cutting, you’ll see more existing home sales and more remodelling.”
This, he believed, was why big institutions were shifting money away from high-growth tech stocks and into cyclicals like SWK, saying:
“Wall Street, at certain junctures, falls out of love with great growth stocks and abandons them for cyclical stocks that will do much better in an accelerating economy.”
He later revealed that his charitable trust had a sizable position in SWK, believing that they were positioned for a major upside once rate cuts materialized.
However, it hasn’t been going well for the stock, having dropped by 18% since the show aired.
Cramer has also talked about SWK one more time after the rate cuts were announced, saying:
“We wanted to invest in a company that tends to outperform when mortgage rates go lower and people fix up their homes. After years of lagging the market, Stanley Black & Decker has come back with a vengeance, up 37.9% in the third quarter. It was rallying in anticipation of the rate cuts.”
6. Procter & Gamble Co (NYSE:PG)
Number of Hedge Fund Investors: 76
Cramer saw Procter & Gamble (NYSE:PG) as a strong company suffering from overexposure to China.
“If Procter hadn’t gone so all in on China, I think it would have made the quarter and its stock would have avoided today’s nearly 5% sell-off.”
At the time, Cramer warned that stocks heavily reliant on China were getting crushed.
“Next, if you own stock in a company that’s expanded heavily into China, it’s being killed right now […] That’s become a serious problem for the market, and I don’t see it getting better anytime soon.”
While he still believed in Procter & Gamble’s long-term strength, he wasn’t in a rush to buy back then.
“This is a fantastic company, and I think the stock will come back. We sold some Procter at $166 for the Charitable Trust, and we’d like to buy it back, but it could be restricted for some time.”
Although the stock rose shortly after the episode aired, it has now returned back to almost the same starting point, with a flat 0.7% return since then.
Cramer has also addressed PG in a more recent show, saying:
“For example, there are a bunch of excellent well-run consumer packaged goods. They call them CPG companies. Maybe you want to buy Procter & Gamble, a long-time favourite. There are lots of logical reasons to like them, but like I told you earlier, logic is rarely what drives the stock market on a day-to-day basis. […] Procter, like all consumer-packaged goods plays, is a recession stock because its earnings tend to hold up during a slowing economy, its stock roars when we get lousy economic data.”
5. Howmet Aerospace (NYSE:HWM)
Number of Hedge Fund Investors: 58
Cramer saw Howmet Aerospace (NYSE:HWM) as a clear winner in the rate-cut environment. He said:
“Both RTX and Howmet are screaming higher because, as the team from Howmet mentioned on their conference call, aerospace is indeed cyclical.”
Cramer pointed out that the aerospace industry relies on borrowed money to finance airplane purchases, making it highly sensitive to interest rate changes.
“The industry benefits from lower rates because businesses buying airplanes often do it with borrowed money, so rate cuts are vital for them. They help travellers too, so there will be a lot of demand for planes from airlines.”
His view was that Howmet was benefiting from strong tailwinds, and with interest rates expected to drop, the stock had more room to run.
And he was spot on. 7 months later and the stock is up 42% since he made that call.
4. Joby Aviation Inc. (NASDAQ:JOBY)
Number of Hedge Fund Investors: 12
Following Cramer’s bullish comments on the aerospace sector, a caller asked him about Joby Aviation (NASDAQ:JOBY) and whether he should stick with it or sell it. Cramer was outright bearish on the stock, likening it to a risky bet. He urged the caller to sell it, saying:
“No, your stock should not be Joby. Just sell it. I mean, I’d rather have you go on DraftKings and do a parlay.”
Joby is a venture-backed company that is developing electrical aircraft for the air taxi service. Cramer’s view was that Joby was a speculative bet he wanted nothing to do with.
Nevertheless, the stock has done very well since then, having risen by 28.6%.
3. The Walt Disney Company (NYSE:DIS)
Number of Hedge Fund Investors: 106
Cramer had mixed feelings about The Walt Disney Company (NYSE:DIS) at the time, acknowledging both its upside and ongoing issues.
“Disney traded all the way up to 120 when Nelson Peltz got involved. I think it can get there ultimately.”
However, he expressed frustration with Disney’s execution and management decisions.
“The company’s screwed up. It’s got to do better. If it doesn’t do better, it’s going to be on the firing line, and there’s nothing wrong with that.”
After being asked by a caller, Cramer dismissed the idea of making investment decisions based on taxes, saying:
“We care about the fundamentals. We don’t care about taxes.”
His opinion was that Disney had upside potential but needed serious improvement.
Ultimately, the company has indeed managed to improve, and its share price reflects that, being up 17.69% since then.
2. Boise Cascade Company (NYSE:BCC)
Number of Hedge Fund Investors: 31
A caller asked Jim about whether he should buy or sell Boise Cascade Company (NYSE:BCC), a wood product manufacturer. Cramer indicated that he was bullish on the stock but suggested taking some profits due to its cyclical nature.
“This is the kind of stock that does well in this environment. I would take a little off the table because it sells at around 14 times earnings, and this is a heavily cyclical stock.”
However, he believed there was still upside if the Fed started cutting rates, saying:
“If the Fed starts cutting, you’re going to continue to see upward pressure on Boise Cascade.”
But Boise Cascade Company (NYSE:BCC) has failed to meet expectations, having dropped by 13.7% since then.
1. Concentra Group Holdings Parent, Inc. (NYSE:CON)
Number of Hedge Fund Investors: N/A
Cramer talked a lot about the IPO market back then, which he was very fond of at the time. He saw Concentra Group Holdings (NYSE:CON) as an intriguing healthcare play but urged patience before buying.
“Now that Select Medical has spun off its Occupational Health business as Concentra, I think this one’s worth putting on your shopping list. Just hold off on the actual buying.”
Cramer liked the company’s dominant position in occupational health and noted that the company was going under the radar:
“Concentra is the largest provider of occupational health services in America, partnering with every single member of the Fortune 100 and 95% of the Fortune 500, yet nobody’s ever heard of them!”
However, he saw near-term risks due to its recent IPO and parent company Select Medical still owning 80% of the stock, which he believed would create selling pressure.
“Select Medical still owns a huge slug of stock that they plan to distribute to their own shareholders. Many of them may choose to sell, which is a big impediment to getting really excited about this stock right now.”
On valuation, Cramer found Concentra’s price a bit steep compared to similar healthcare stocks. His call was to wait for the stock to dip below $20 before buying:
“When Select Medical distributes its remaining stake to shareholders, I bet the stock falls below $20, and that’s where you can do some buying.”
And the stock did fall below $20 a few times since then and had some solid bounce-backs. However, it has been mostly flat since Cramer talked about it, with a performance of -0.9%.
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READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.
Disclosure: None. This article was originally published on Insider Monkey.
