Jim Cramer, host of Mad Money, on Tuesday, said that the real driver behind the day’s market rally was not hype or speculation, but strong earnings reports from companies tied to the real economy.
“Bubble? What bubble? Today, we saw what can happen when the real economy surfaces. We got some tremendous numbers from actual businesses, and I think we need to celebrate that so many companies not connected to the data center or artificial intelligence can be doing this well.”
READ ALSO Jim Cramer Was Focused on These 13 Stocks Recently and Jim Cramer Recently Covered These 10 Stocks
While noting that there have been very few examples of bad loans, Cramer said it is still reasonable to question whether banks are doing better. He added that the Trump administration does not appear interested in regulating banks and remarked that, regardless of where one stands on that policy, “it’s certainly good for the bank stocks.”
“But the bottom line: Today, we had a rally by the many companies in the real economy that… just put up excellent numbers. When RTX and GE Aerospace and 3M and General Motors and Coca-Cola and Danaher are all delivering strong results, you know something’s going right, not for the data center or the high-risk speculative stocks, but for the actual economy.”
Our Methodology
For this article, we compiled a list of 13 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on October 21. We listed the stocks in the order that Cramer mentioned them. We also provided hedge fund sentiment for each stock as of the second quarter of 2025, which was taken from Insider Monkey’s database of over 900 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 Recently Highlighted These 13 Stocks
13. Western Alliance Bancorporation (NYSE:WAL)
Number of Hedge Fund Holders: 36
Western Alliance Bancorporation (NYSE:WAL) is one of the stocks Jim Cramer recently highlighted. Cramer mentioned the company during the episode and said:
“Then the next morning, very morning, a different regional bank, Western Alliance, announced that it too was having a credit problem, this time with a revolving credit facility that it issued. Western Alliance named the borrower. It’s a real estate investment fund called Cantor Group V, and said that they’d initiated a lawsuit in August, alleging fraud from the borrower. Now, it turns out that Zions and Western Alliance were actually both suing the same party, a California real estate investor and developer called Cantor Group… Western Alliance even said that it was providing the information about its lawsuit because Zions had made its own announcement, and they were starting to receive investor questions about their own exposure to this firm…
Bank earnings were generally pretty strong… Hey, Western Alliance, by the way, reported tonight after the close, and everything looked fine there as well. The company did guide for an elevated credit charge in the fourth quarter, but investors were expecting much, much worse.”
Western Alliance Bancorporation (NYSE:WAL) provides commercial, real estate, and consumer lending products, along with deposit, treasury management, and digital banking services.
12. Zions Bancorporation, National Association (NASDAQ:ZION)
Number of Hedge Fund Holders: 36
Zions Bancorporation, National Association (NASDAQ:ZION) is one of the stocks Jim Cramer recently highlighted. Cramer discussed the company’s earnings during the episode, as he said:
“Last Wednesday night, Zions Bancorp, which is a Utah-based regional bank, disclosed that it was taking a $50 million charge related to two commercial industrial loans… When that regulatory filing was published, it wasn’t exactly clear who the borrowers were, but a $50 million hit to a smaller regional bank like Zions is a much bigger deal than $170 million hit to a colossus like JPMorgan…
Bank earnings were generally pretty strong. Last night, Zions Bancorp reported its full third-quarter earnings report, and the overall results were fairly solid with the top line beat, a better-than-expected efficiency ratio, and a 2-cent earnings beat. After noting the previously disclosed $50 million credit charge, Zions CEO Harris Simmons said… ‘We view this as an isolated situation resulting from a particular couple of borrowers. We have no further exposure related to these borrowers or guarantors. I would note that, excluding the impact of this matter, net charge-offs were minimal at 4 basis points annualized on average loans, and credit quality generally improved for the quarter as well.’… That went a long way towards easing the concerns about Zions, and the stock rallied over 1% today in response. At this point, it’s rebounded so hard that it’s down just 2.5% from where it was trading before management disclosed that credit loss last week.”
Zions Bancorporation, National Association (NASDAQ:ZION) provides commercial, real estate, and consumer banking services. The company offers lending, deposit, and cash management solutions in addition to capital markets, investment banking, and wealth management.
11. Viking Holdings Ltd (NYSE:VIK)
Number of Hedge Fund Holders: 53
Viking Holdings Ltd (NYSE:VIK) is one of the stocks Jim Cramer recently highlighted. Cramer discussed the company’s stock performance since it came public. He remarked:
“Lately, we’ve heard a lot of handwringing about how demand for travel is finally tapering off, but not all forms of travel are created equal. Some of them are more equal than others, and that’s why the cruise lines have been holding up incredibly well. They represent tremendous value. Take Viking Holdings, that’s the parent of Viking Cruises, which is the world’s leading river cruise play. So far, this stock’s up more than 155% since it came public, roughly a year and a half ago, including a 39% gain year to date. At these levels, Viking’s within striking distance of its all-time high.”
Viking Holdings Ltd (NYSE:VIK) operates a global passenger shipping business that provides river, ocean, and expedition cruises, along with tour and travel services.
10. The Coca-Cola Company (NYSE:KO)
Number of Hedge Fund Holders: 84
The Coca-Cola Company (NYSE:KO) is one of the stocks Jim Cramer recently highlighted. Cramer praised the company’s CEO, as he commented:
“Finally, it’s Coca-Cola. CEO James Quincey showed remarkable execution, bringing out even larger profits by taking share and offering new products that are selling quite well.”
The Coca-Cola Company (NYSE:KO) produces and markets a wide range of beverages, including soft drinks, juices, water, coffee, tea, and sports drinks. When a caller inquired about the stock during the September 25 episode, Cramer said:
“I think it’s a terrific stock. It’s one of the few consumer packaged goods companies that really has a lot of momentum. The stock’s come down a bit. I think it’s a great level to buy, and I think James Quincey is terrific.”
9. Danaher Corporation (NYSE:DHR)
Number of Hedge Fund Holders: 115
Danaher Corporation (NYSE:DHR) is one of the stocks Jim Cramer recently highlighted. Discussing the post-earnings rally of the stock, Cramer remarked:
“Then there’s Danaher, DHR, the life sciences and diagnostic equipment company, which has been a huge disappointment for my Charitable Trust for so long. Not today, though. Today, Danaher gave us the quarter we’ve been looking for with a promise that next year could be even stronger, and that’s why the stock shot up nearly 6% today.”
Danaher Corporation (NYSE:DHR) designs and produces technologies, instruments, and consumables for biotechnology, life sciences, and diagnostics. Cramer mentioned the stock during the October 1 episode and said:
“Some of these healthcare stocks seem played out already to you, perhaps. I mean, Merck was up 7% just today. Charitable holding Danaher also leaped more than 7%. But these stocks have been down so long, they look up to me. I believe they’ve got a lot more upside before they run out of steam. My Charitable Trust owns Danaher, and it has been a huge disappointment. It needs to demonstrate it can capitalize off of all the new drug companies coming public right now, or it will go back to the 180s.”
8. Nucor Corporation (NYSE:NUE)
Number of Hedge Fund Holders: 47
Nucor Corporation (NYSE:NUE) is one of the stocks Jim Cramer recently highlighted. Highlighting the pin action that led to the stock’s rally, Cramer commented:
“When you get strength in GM, that has tremendous pin action, which is how Nucor, the giant steel maker, could rally nearly 3% today. Again, very impressive.”
Nucor Corporation (NYSE:NUE) manufactures and sells steel and related products, including sheet, plate, bar, and structural steel, as well as steel joists, tubing, fasteners, and metal building systems. Cramer discussed the stock in light of tariffs during the June 2 episode. He stated:
“… Higher tariffs by themselves are not a good enough reason to buy the stock. I do not recommend paying up here. I’d rather wait for an opportunity to buy Nucor on weakness again… So why hasn’t Nucor been able to hold on to its gains from positive developments in the past? Simple. While tariffs on imported steel are certainly helpful, they’re not the only thing that matters to this business…
Nucor stock collapsed into the end of last year, giving up all its post-election gains and then some. In December, the Fed decided to pause its rate-cutting cycle after just three cuts. That pause crushed anything economically sensitive, including the stock of Nucor… And honestly, the steel tariffs themselves are a mixed development for Nucor in the sense that they put upward pressure on steel, which is good for Nucor’s average selling price but not necessarily good for demand…
In addition to the steel tariffs doubling, the aluminum tariffs are doubling too… Do not get me wrong, I very much support these steel and aluminum tariffs. I salute them. They aim to defend our producers against foreign dumping, and we know that tariffs are a great way to accomplish that. But just because I support these tariffs as a policy doesn’t mean they’re a good reason to buy Nucor or any other steel maker. The earnings outlook for Nucor, which is what the stock price is based on, depends on a couple of factors…
So here’s the bottom line: Yes, tariffs on steel should be good for Nucor in a vacuum, but we don’t live in a vacuum, people. There are other forces at play here. I’d be much more bullish on Nucor going forward if we just got some clearer signals that the overall economy is doing better and that there will be more demand for building things like cars, homes, and generally more macroeconomic strength. All of that’s more important to Nucor stock than incrementally higher steel prices courtesy of these tariffs.”
7. General Motors Company (NYSE:GM)
Number of Hedge Fund Holders: 71
General Motors Company (NYSE:GM) is one of the stocks Jim Cramer recently highlighted. Cramer commented on the company’s quarter during the episode, as he remarked:
“Mary Barra’s General Motors delivered a terrific quarter. Strong demand for trucks that are exceptionally profitable. The auto business may be benefiting from the president’s laissez-faire attitude toward carbon emission. There’s the president again, helping business… okay, not helping the skies. I get it. The electric vehicles don’t make as much money as the internal combustion hybrids. That’s the strength of GM. And I know that when you have a president that’s not all in on EV, they are going to pull back because EVs lose them a lot of money.”
General Motors Company (NYSE:GM) is a vehicle manufacturer that sells its products under brands such as Chevrolet, GMC, Cadillac, Buick, Baojun, and Wuling. Cramer discussed the company during the July 8 episode. He commented:
“I believe these auto tariffs are real. They’ll change the landscape even if Japan and Korea start putting in giant orders for natural gas turbines and airplanes… Ford is the biggest winner because its cars and trucks have the most content made in the US, even more than General Motors, although GM’s a winner from these tariffs too…
We can get into the weeds of whether or not this is good policy. I think it’s got plenty of justification, but whether you like it or not, it is the policy. Even if you don’t believe President Trump will follow through on any other tariffs, he’ll definitely follow through with the ones on Japan and Korea, which means the stocks of General Motors and especially Ford are headed higher.”
6. GE Aerospace (NYSE:GE)
Number of Hedge Fund Holders: 100
GE Aerospace (NYSE:GE) is one of the stocks Jim Cramer recently highlighted. Cramer showed optimism around the company’s future quarters, as he said:
“Not to be outdone, GE Aerospace put up incredible numbers for commercial jet engines, and more important, aircraft service. That’s where the real money is. The robust airline industry involves an incredible amount of maintenance, and GE Aerospace takes care of it. I was blown away by how CEO Larry Culp could put up yet another stellar quarter. You know what, though? After talking with him, I think there’s more stellar quarters to come.”
GE Aerospace (NYSE:GE) manufactures commercial and defense aircraft engines, power systems, and related components. In addition, the company provides maintenance, repair, and overhaul services. During the October 10 episode, Cramer called the company’s stock a “giant winner.” He remarked:
“Aerospace is a phenomenal business. Phenomenal. Look at how GE Aerospace has done since it’s spun off its healthcare and power divisions. The stock’s been a giant winner, wasn’t when they had those other divisions.”
5. 3M Company (NYSE:MMM)
Number of Hedge Fund Holders: 64
3M Company (NYSE:MMM) is one of the stocks Jim Cramer recently highlighted. Cramer noted that the company is “back to innovating,” as he commented:
“The quarter from 3M, it was superb. This company used to be a fount of new products. They got bogged down by all kinds of litigation related to forever chemicals that wrecked groundwater. Now, 3M is back to innovating. 70 new products launched in the third quarter, 196 year to date. The electronics and safety end market, after putting up slow growth for ages,… better than expected.
As CEO Bill Brown, in his tour de force quarter, said, ‘Our third quarter performance gives us confidence we’re on the right track and reflects the culture of excellence we’re building inside the company as we continue to drive the rigor and op tempo necessary to deliver on our strategic priorities.’ Okay, that may sound like authentic Wall Street gibberish, but it isn’t for those who know how low 3M had fallen. It’s all you need to know is why 3M rallied $11 and 86 cents, 7.66% today.”
3M Company (NYSE:MMM) develops products across industrial, consumer, transportation, and electronics markets. The company’s products include adhesives, abrasives, safety gear, home and office supplies, and advanced materials for manufacturing and technology applications.
4. RTX Corporation (NYSE:RTX)
Number of Hedge Fund Holders: 71
RTX Corporation (NYSE:RTX) is one of the stocks Jim Cramer recently highlighted. Cramer discussed the reason for the stock’s rally, as he said:
“The best quarter today came from RTX. Yeah, the old Raytheon United Technologies, defense contractor, commercial aircraft engine maker, that’s putting up staggering numbers. Why? RTX makes the complex military systems that are needed to defend our country and defend the countries of NATO.
With the former getting special attention from the president and the latter seeing more spending by its members away from the US because of President Trump, it’s the perfect time for RTX. These guys are working overtime to replenish our missiles because we sent so many of our stockpile to Ukraine. Management points out that while drones are important, you need a more comprehensive missile system as a deterrent to save a country, and you may need a golden dome at home to shoot down everything incoming. That’s RTX. That’s how a stock rallies $12, 7%.”
RTX Corporation (NYSE:RTX) makes aerospace and defense systems for commercial, military, and government customers. The company builds aircraft engines, avionics, and defense technologies, and also provides maintenance, training, and support services.
3. American Express Company (NYSE:AXP)
Number of Hedge Fund Holders: 70
American Express Company (NYSE:AXP) is one of the stocks Jim Cramer recently highlighted. Cramer said that the company reported a “monster quarter,” as he commented:
“Best of all… American Express reported a monster quarter that showed robust spending among younger people. Very solid credit metrics. Wow.”
American Express Company (NYSE:AXP) provides credit and charge cards, payment and financing products, and travel and lifestyle services. Cramer discussed the stock’s quarter in detail during the October 20 episode. He stated:
“What was so great about this quarter that American Express finally… [broke] its post-earnings losing streak? Well, to start, the results were just fantastic… In short, the overseas business is great, too. Even better, American Express raised the low end of its full-year sales and earnings guidance… The credit metrics are improving. Tell that to the bears. The percent of card members’ loans and receivables that are 30 plus days past due remains at just 1.3%.
That number hasn’t budged over the past five quarters… What was different about this quarter, different enough to send the stock into the stratosphere? Okay, right at the start of the conference call on Friday, CEO Steve Squeri, one of my absolute favorite CEOs, said that the recent launch of their new platinum card has been a success…
Here’s the bottom line: On Friday, American Express reported a fantastic quarter. And for once, its stock actually rallied in response. Highly unusual, people, but it makes sense. The numbers remain excellent, including the credit metrics. The new platinum card is a huge hit. Frankly, I just wish the stock had sold off like usual so I could tell you to buy it on weakness. But hey, there’s always next quarter.”
2. The Goldman Sachs Group, Inc. (NYSE:GS)
Number of Hedge Fund Holders: 73
The Goldman Sachs Group, Inc. (NYSE:GS) is one of the stocks Jim Cramer recently highlighted. Cramer mentioned that he liked the company’s quarter and said:
“I liked the Goldman Sachs quarter because they’re starting to see a lot of good stuff from IPO and M&A advisory fees, although I feel like a lonely alum backing that one.”
The Goldman Sachs Group, Inc. (NYSE:GS) provides financial advisory, investment banking, trading, and lending services. The company also offers asset and wealth management, private banking, and digital financial solutions. When a caller mentioned adding a position to the stock during the October 20 episode, Cramer responded:
“Oh my god, that is so right. Goldman Sachs is so cheap, and David Solomon’s doing such a good job. At 15 times earnings, I think you’re in fantastic shape owning Goldman. Large position for my Charitable Trust. It was a great quarter. I went over it with a fine-tooth comb. It was ridiculous that the quarter was not received as well, and it was a great opportunity to buy.”
1. Wells Fargo & Company (NYSE:WFC)
Number of Hedge Fund Holders: 75
Wells Fargo & Company (NYSE:WFC) is one of the stocks Jim Cramer recently highlighted. Discussing the stock during the episode, Cramer said:
“Now, we got earnings from the big financials last week, and I was quite heartened by what they had to say. Wells Fargo put up extraordinary numbers, indicating credit quality was very strong.”
Wells Fargo & Company (NYSE:WFC) provides banking, investment, mortgage, and lending services. In addition, it offers wealth management, treasury, and capital markets solutions. Cramer mentioned the company during the October 14 episode and said:
“But do you know Charlie Scharf? Well, you should. He runs Wells Fargo. In fact, he saved Wells Fargo after one of the worst non-existential scandals in banking’s history. Charlie’s all about reliable positive earnings. He’s about delivering, but he hasn’t been able to deliver because seven long years ago, the Federal Reserve slapped an asset cap on Wells Fargo. It was devastating, and Charlie had to redo everything about this bank, top to bottom.
The Fed’s now lifted the cap, and lo behold, Charlie’s turned Wells Fargo into a hub of commerce, including corporate finance with a huge amount of stored-up capital. Today, he told an amazing story about a bank with tremendous earnings power. Wells can buy back stock, he can grow the institution, and it stands as a perfect metaphor for the real economy. And that’s why that stock led the entire S&P 500. It’s been a long time since I’ve seen a bank stock lead the S&P 500 with a 7% gain. That’s right. A bank stock had the biggest advance, making me look like a genius for once because we own Wells Fargo for the Charitable Trust.”
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