Jim Cramer, the host of Mad Money, on Wednesday suggested that viewers widen their outlook beyond the tech names and give other corners of the market a look.
“We keep hearing about the overstretched consumer and the chilly job market. Now, based on this endless drumbeat of negative news, shouldn’t the stock market by all measures and means be way down? Just today we got some ugly data points… Okay, I ain’t no economist, but I know the job market. Small businesses, not large businesses, are the backbone of the American economy. Large businesses lay off people to increase profits. Small businesses hire so they can expand. See, the ADP numbers are a sign of real economic weakness. You think that’s a bad thing for the stock market, right? Wrong.”
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Cramer pointed out that a major rally may be sitting right in front of investors who are too distracted to see it. He said the market has become so consumed with talk about tech, the data center build-out, the power demands tied to those data centers, the cost of running them, the price of semiconductors, worries about the AI narrative, debates about jobs disappearing because of AI, earnings from the hyperscalers, whether Microsoft is slowing, how many iPhones Apple actually sells, disputes around OpenAI, and constant criticism of NVIDIA, that a broader move in the market could go unnoticed. He said the trench-warfare mindset in tech is making it easy for people to overlook what is happening elsewhere.
“Here’s the bottom line: For once, we have a genuine macro rally. Let’s stop obsessing on what we don’t know about tech. And let’s just own, not trade Apple and NVIDIA, and get long the real economy stocks that could be poised for a world championship run for the roses into the end of the year, barring something crazy coming out of the White House… Stop stressing about AI and go buy some banks or some retailers. And while you’re at it, take a couple of transports.”
Our Methodology
For this article, we compiled a list of 10 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on December 3. We listed the stocks in the order that Cramer mentioned them. We also provided hedge fund sentiment for each stock as of the third quarter of 2025, which was taken from Insider Monkey’s database of 978 hedge funds.
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 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
Jim Cramer Commented on 10 Stocks and the Recent Macro Rally
10. Bristol-Myers Squibb Company (NYSE:BMY)
Number of Hedge Fund Holders: 76
Bristol-Myers Squibb Company (NYSE:BMY) is one of the stocks Jim Cramer commented on along with the recent macro rally. Cramer mentioned the stock during the episode, as he commented:
“Then it might be a comeback to the drug stocks. Why? Well, remember, lots of people think the economy is stalled or in a tailspin. They’re wrong, but they’ll want to participate. When money managers are worried about the economy, they reach for Johnson & Johnson, Merck, Eli Lilly, Vertex… and Amgen, and even lowly worm Bristol-Myers now that it’s got a readout on some drug for agitated Alzheimer’s patients. No, it wasn’t an approval. It wasn’t even a well-run trial. It’s just that they didn’t have to cancel it or say that it doesn’t work. And on that really incredible news, the stock pole vaulted 5.6%. Unbelievable.”
Bristol-Myers Squibb Company (NYSE:BMY) develops and sells medicines for cancer, heart, immune, and brain conditions. Its products include well-known drugs like Eliquis, Opdivo, Revlimid, and Orencia.
9. FedEx Corporation (NYSE:FDX)
Number of Hedge Fund Holders: 60
FedEx Corporation (NYSE:FDX) is one of the stocks Jim Cramer commented on along with the recent macro rally. Cramer highlighted that he thinks the company will have a “good run,” as he said:
“I think FedEx is a coiled spring. We’ve yet to hear a single disappointing e-commerce story, save Target. Fantastic setup for FedEx, also for J.B. Hunt and ArcBest. I think they’ll have a good run.”
FedEx Corporation (NYSE:FDX) provides transportation, shipping, and logistics services, including express and freight delivery, e-commerce solutions, and supply chain management. A caller sought Cramer’s advice on the stock during the November 14 episode, and he remarked:
“You want to buy this stock. I’m going to cut you short here because this is so easy… This is one of my favorite stocks. I wish we owned it for the Charitable Trust… The stock is going, I think, all the way back over $300. It’s having a good quarter. And I mean, can I just say that Raj Subramaniam turns out to be just one dynamite exec who I know is making Fred Smith proud. We miss Fred very much.”
8. Union Pacific Corporation (NYSE:UNP)
Number of Hedge Fund Holders: 99
Union Pacific Corporation (NYSE:UNP) is one of the stocks Jim Cramer commented on along with the recent macro rally. Cramer highlighted the company’s upcoming merger during the episode, as he remarked:
“Next group… the transports, which are also in breakout mode. We know that Union Pacific’s doing extraordinarily well, about to merge with Norfolk Southern. Great situation.”
Union Pacific Corporation (NYSE:UNP) works in the railroad business as the company transports a variety of goods, including agricultural products, chemicals, construction materials, energy products, and vehicles. Matrix Asset Advisors stated the following regarding Union Pacific Corporation (NYSE:UNP) in its third quarter 2025 investor letter:
“We sold the position in Union Pacific Corporation (NYSE:UNP) for a profit after it announced a deal to buy Norfolk Southern using its shares and cash. While we expect the combination of the two railroads to be a long-term positive for UNP, the timing of the deal closure is uncertain and likely to take 12 to 18 months. In our experience, the shares of the acquiring company often remain in stock market limbo until after the deal is finalized. We took our gains and reinvested the proceeds in better near-term investment opportunities.”
7. The Home Depot, Inc. (NYSE:HD)
Number of Hedge Fund Holders: 104
The Home Depot, Inc. (NYSE:HD) is one of the stocks Jim Cramer commented on along with the recent macro rally. Cramer showed optimism around the stock in case of a rate cut around the next Fed meeting, as he remarked:
“Of the disappointers, Home Depot’s the most sensitive to a decline in interest rates. The Fed’s meeting’s next week, so things could turn around real fast for the despot, which is higher than where it reported that bad quarter. That’s why we own it for the Charitable Trust.”
The Home Depot, Inc. (NYSE:HD) is a home improvement retailer that sells tools, building materials, and decor. It also provides installation and equipment rental services. Cramer discussed the stock in detail during the November 20 episode. The Mad Money host said:
“On Tuesday, we kicked things off with Home Depot, and that was an inauspicious start. The despot posted a tiny sales beat, but both its earnings and the same-store sales came in softer than expected, and the stock plunged 6% in response. Ouch. Worse, Home Depot cut its full-year forecast for both comparable sales growth and earnings. There’s a tough set of numbers, no way around it.
Management said that the uptick in demand they were expecting simply didn’t materialize. Some of that’s from ongoing pressure in the housing sector as rates remain elevated. Some of it’s consumer uncertainty. Some of it’s simply because we had a moderate hurricane season, which is great for anyone who lives near the coast but awful for Home Depot’s earnings because they don’t get much rebuilding business. I also wonder if ICE’s high-profile roundups of presumably undocumented immigrants at Home Depot parking lots might be playing a role, too.
I didn’t factor that in well enough, perhaps. Still, there’s a reason we own it for the Charitable Trust, and the Charitable Trust even bought some more as the stock approached a 52-week low on Tuesday. As I see it, there’s a very simple reason to own Home Depot. This company’s a major beneficiary of lower interest rates, and rates are coming down, but it would help if we get the rate cut sooner rather than later. If the Fed doesn’t cut at next month’s meeting, this stock’s going to struggle. I think you saw some of that, too.”
6. Tapestry, Inc. (NYSE:TPR)
Number of Hedge Fund Holders: 60
Tapestry, Inc. (NYSE:TPR) is one of the stocks Jim Cramer commented on along with the recent macro rally. Cramer highlighted the stock as one of the retailers that performed well, as he stated:
“And that’s not all. Consider this list of retailers that performed sharply better than expected: Tapestry, Ralph Lauren, Kohl’s, TJX, Urban Outfitters, and, of course, Walmart. In fact, I can only recall Target, Burlington Stores, and Home Depot being disappointing. That’s extraordinary. It should not be happening when there’s a slowdown in hiring.”
Tapestry, Inc. (NYSE:TPR) designs and sells handbags, accessories, footwear, and apparel. Its brands include Coach, Kate Spade, and Stuart Weitzman. Cramer was asked about the stock during the September 10 episode, and he responded:
“I think they’re very much in charge of their own destiny. I like it. I like Ralph Lauren more, but I saw my great friend Sara Eisen interview the CEO of Tapestry. They do tell a terrific story, and I’m very proud of the work that she’s doing…. That was a great interview about Tapestry.”
5. American Eagle Outfitters, Inc. (NYSE:AEO)
Number of Hedge Fund Holders: 33
American Eagle Outfitters, Inc. (NYSE:AEO) is one of the stocks Jim Cramer commented on along with the recent macro rally. Cramer noted that people thought that the previous good quarter of the company was anomalous, but it was not the case, as he remarked:
“Lots of people thought that the last quarter from American Eagle was aberrant. It was so great, a flash in the pan. The terrific numbers this morning put the lie to that notion.”
American Eagle Outfitters, Inc. (NYSE:AEO) sells apparel, accessories, and personal care products under its brands. During the October 3 episode, a caller asked whether the company’s stock was a buy, sell, or hold. Cramer responded:
“My instinct is to ring the register. Why? Because we had the event, the event occurred, and now we’re getting away from the event. And there are a lot of people who say, wait a second, the company isn’t doing well away from that. I’d like to see [you] get a bit of a win here. Take some off the table.”
4. Macy’s, Inc. (NYSE:M)
Number of Hedge Fund Holders: 42
Macy’s, Inc. (NYSE:M) is one of the stocks Jim Cramer commented on along with the recent macro rally. Cramer highlighted the company’s performance after it closed its weak stores. He commented:
“How about Macy’s? Wall Street expected a dismal report filled with talk about promotional holiday season. That’s what they’re used to. Not this time. We’re finally starting to see the benefits of closing weak stores. By the way, 9% same-store sales increase from Bloomingdale’s, and that’s where the current CEO, Tony Spring, came from.”
Macy’s, Inc. (NYSE:M) is an omni-channel retailer, and it provides apparel, accessories, cosmetics, home goods, and other merchandise under the Macy’s, Bloomingdale’s, and Bluemercury brands. Cramer highlighted the stock during the September 4 episode, as the Mad Money host said:
“If you listened to Tony Spring last night, the CEO who’s turning Macy’s around, he seemed most proud of how he’d been able to improve the balance sheet… at what was a very cyclical retailer. And you know, when you’re in a cyclical business like retailing, you can’t afford to have a weak balance sheet.”
3. Dollar Tree, Inc. (NASDAQ:DLTR)
Number of Hedge Fund Holders: 49
Dollar Tree, Inc. (NASDAQ:DLTR) is one of the stocks Jim Cramer commented on along with the recent macro rally. Cramer noted that the company reported a “terrific quarter,” and said:
“Second, there’s retail. In all my 40 years of following retail, I can’t recall a time when so many chains were doing so well that there is this much full-price merchandise for the holidays. Things just aren’t on sale. There’s no promotion. Every day, we get a new set of retailers doing amazingly well. Just today, Dollar Tree reported a really terrific quarter. Like Walmart’s starting to appeal to a higher-end demographic. Those who thought this chain would be hurt by food stamp cutbacks, they read the room totally wrong.”
Dollar Tree, Inc. (NASDAQ:DLTR) operates discount stores that provide products such as food, household items, personal care, toys, gifts, and seasonal merchandise. Cramer discussed the stock in light of tariffs during the October 10 episode, as he stated:
“There’s also, get this, a Dollar Tree meeting. Okay, now this stock has been under pressure too, largely because of tariffs. It was barely down today, which seems too positive given that our president’s threatening to put… these 100% tariffs on China. I think they will get hurt, and numbers have to come down, and they’ll do it at the meeting.”
2. Capital One Financial Corporation (NYSE:COF)
Number of Hedge Fund Holders: 129
Capital One Financial Corporation (NYSE:COF) is one of the stocks Jim Cramer commented on along with the recent macro rally. While highlighting “important elements” of the rally, Cramer mentioned the stock and said:
“Even better, Capital One, COF, and American Express, the lower and higher end credit card companies, are challenging their old highs. I think they [will] take them out.”
Capital One Financial Corporation (NYSE:COF) provides banking and financial services, including credit cards, loans, deposit accounts, and commercial banking solutions. Cramer noted that he still likes the stock due to the acquisition of Discover during the November 20 episode. The Mad Money host commented:
“I still like Capital One, COF, for its acquisition of Discover, a credit card company that gives them the edge at the register, because it’s cheaper for merchants to use Capital One Discover than Visa or MasterCard. The stock sells at 10 times earnings even as the company has about 160 million cards in circulation. Block, the old Square that we talked to last night, it has around 57 million Cash App users, and it sells for about 25 times earnings. That doesn’t make sense to me.
Sure, Block has a younger client base, but Capital One Discover has got really fabulous scale. Listen, we haven’t had many mergers in the past four years. People forget how bountiful they can be, especially if the stock of the buyer gets knocked down. Look for this trend to take off. If history’s any guide, it can make us a lot of money.”
1. Wells Fargo & Company (NYSE:WFC)
Number of Hedge Fund Holders: 76
Wells Fargo & Company (NYSE:WFC) is one of the stocks Jim Cramer commented on along with the recent macro rally. Cramer mentioned the stock and called the banks the “most important element of this rally,” as he remarked:
“I’m going to start with the most important element of this rally. It’s built on the backs of the most important group in the entire market, which are the banks. They’re the real measure of the economy’s health. After consolidating, post earnings, the group is roaring, led by Wells Fargo and Citi, Bank of America, JPMorgan, right there with them. Picture perfect.”
Wells Fargo & Company (NYSE:WFC) provides financial services, including banking, lending, investment, and wealth management solutions. Cramer mentioned the stock during the October 21 episode and said:
“Okay, so I gotta give you the, because I play with an open hand, Wells Fargo’s one of the largest positions for my trust. When it went up, it spiked. Both Jeff Marks and I said, you know what, we’ve got to trim a little. So we trimmed a very small amount. There’s some stock that we bought in the 30s. So I can’t tell you go buy it if I actually just sold some today. I happen to think the bank at 13 and a half times earnings is very cheap, though. It’s just that I can’t have a huge position… as much as I like Charlie Scharf, the CEO. Look, I can’t ignore the issues facing regional banks for the past couple of weeks, but for all the fear out there, I’m not seeing anything systemic yet.”
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