Jim Cramer’s 19 Stock Q1 Recap: S&P 500 Winners vs. Nasdaq 100’s Worst Performers

In this article, we will look at Jim Cramer’s review of the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. The host of Mad Money, on Wednesday, discussed the top-performing names in the S&P 500 for the first quarter and broke down the weakest stocks in the Nasdaq 100.

Tonight, I want to go over the 10 best performers in the S&P 500 for the first quarter… [and] the 10 worst performers in the Nasdaq 100 because that’s a tech-heavy index, where the most heinous declines were in tech. I just felt we should put those two different ones, a nice contrast with each other… When you look at the S&P’s 10 biggest winners over the last three months, kind of looks like what happened today. Most of them are either tech hardware plays with exposure to the data center… or they’re materials and energy stocks that soared thanks to the war with Iran causing shortages.

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Talking about the quarter’s leading stocks, Cramer said that the mix included IT hardware names alongside commodity-driven chemical and energy companies that gained from higher prices linked to Iran-related constraints. He also pointed out that Moderna stood apart, as it benefited from a steady stream of positive developments that pushed the stock higher during the period.

Here’s the bottom line: The biggest losers of the first quarter were nearly all victims of AI displacement worries, even if some of those worries are less legitimate than others. Still, unlike the war, this is a problem that’s not going away. Iran might stop shooting at oil tankers in the Strait of Hormuz, but Anthropic will never stop gunning for the enterprise software plays.

Our Methodology

For this article, we compiled a list of 19 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on April 1. We listed the stocks in the order that Cramer mentioned them.

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 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

Jim Cramer’s 19 Stock Q1 Recap: S&P 500 Winners vs. Nasdaq 100’s Worst Performers

19. Shopify Inc. (NASDAQ:SHOP)

Shopify Inc. (NASDAQ:SHOP) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer highlighted why the stock declined despite “tremendous growth and impressive profitability.” He commented:

Finally, there’s Shopify, down 26% in the first quarter. This one’s like AppLovin. It’s got a great business with tremendous growth and impressive profitability, but its stock just got too high. Even here, it sells for 64 times this year’s earnings estimate. Frankly, I don’t think there’s a compelling AI disruption case against Shopify. These guys are mission-critical for small, and medium-sized businesses that operate online. Unfortunately, money managers are no longer willing to pay a premium multiple for this kind of company, and 64 times earnings ain’t cheap.

Shopify Inc. (NASDAQ:SHOP) provides a commerce platform that helps businesses manage products, orders, payments, and customer relationships. Cramer discussed the stock during the November 5, 2026, episode, and said:

How about a stock like Shopify? I picked this one, this internet behind-the-scenes player, because I’ve done the homework, that’s why. More specifically, I was able to get into this market’s kitchen and see how the sausage was made, and I didn’t like it. Shopify’s a big company, and its stock, like so many others, trades with the futures even though it’s Canadian. That’s why the stock started going down hard. It was just right in line with Palantir, as if there was something truly wrong with this company.

The cash flow, the sales, the earnings, the outlook, these are the kinds of things that I’m asking the company’s president, Harley Finkelstein, while he is on Squawk on the Street. I’m interviewing why the stock’s in free fall. I recall, six months ago, the exact same objections, the exact same pack of lies. I said, don’t believe them. It was at 100 bucks, stock’s up 60 since then. It was a bogus rap then and a bogus rap now. Harley’s expecting a very strong holiday season despite what you might’ve read in… any press story. See, it was time to buy Shopify, not sell it.

18. Adobe Inc. (NASDAQ:ADBE)

Adobe Inc. (NASDAQ:ADBE) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer highlighted the threats to the company, as he stated:

The ninth-worst decliner is Adobe, which was down over 30% in the first quarter. But that’s really just the latest indignity, I should say, for this snake-bitten former cloud king, which everyone knows is, or at least they assume, is toast. At $241 and change, Adobe’s stock is down more than 65% from its all-time high set in November, 2021. Stock now trades at just 10 times this year’s earnings estimates. It’s trading like a home builder for heaven’s sake.

But anytime OpenAI, Anthropic, or Gemini comes out with some new design tool, Adobe stock goes lower. They now have new competition, Figma, which has also been terrible, too, the stock, Canva, there’s a, that’s an ultra-cheap option. So why am I, who am I to say that Adobe stock’s gotten too cheap? It can always get cheaper. One day, the design schools will leave behind Adobe and start their students on Canva. That will make the end of Adobe’s design dominance, and it could be existential from there.

Adobe Inc. (NASDAQ:ADBE) provides creative, document, and digital experience software. The company’s solutions are used to create, manage, and optimize digital content and customer experiences.

17. Thomson Reuters Corporation (NASDAQ:TRI)

Thomson Reuters Corporation (NASDAQ:TRI) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer highlighted the impact of AI on the stock, as he commented:

The eighth-worst name in the Nasdaq 100 was Thomson Reuters, down nearly 32%. And this is another example of a business services play getting hit by AI competition fears. Thomson makes software that compiles financial data, which we use here at Mad Money, and they also own Westlaw, a similarly essential online legal research service. You don’t need Westlaw, though, if you have a system that can comb through all the decisions they’ve written in just a few seconds. Can Claude do all the things these platforms do? Wrong question. The right question is, do you want to stick with Thomson Reuters while we wait to find out? Money managers won’t do that.

Thomson Reuters Corporation (NASDAQ:TRI) provides information and technology tools for legal, corporate, and tax professionals. The company delivers workflow solutions, generative AI applications, and international news services.

16. DoorDash, Inc. (NASDAQ:DASH)

DoorDash, Inc. (NASDAQ:DASH) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer was bullish on the stock during the episode, as he remarked:

Number seven, odd, one, DoorDash, down nearly 34% in the first quarter. That’s right, DoorDash. AI displacement bears have been coming for all the sorts of online marketplace stocks. Why? A company like DoorDash is all about network effects, but the AI doomers say these network effects go away once all information is available to everyone via AI platforms. I don’t buy that. Once the user base is there, I’d think it’s very hard for these marketplaces to be toppled, and DoorDash is now the cheapest it’s ever been. I like it. I think the stock of DoorDash can be bought here.

DoorDash, Inc. (NASDAQ:DASH) runs a commerce platform that connects merchants, consumers, and delivery partners. The company provides delivery, payment, and marketing solutions, along with subscription and white-label services for businesses. Cramer called the stock a “relative bargain” during the episode aired on October 7, 2025. He stated:

DoorDash’s ad revenue now exceeds $1 billion on an annualized basis. That’s real money. You know what? I think it’s a principal reason why the stock’s been so robust… So, where do I come down on the stock here? Well, surprisingly, even though DoorDash is already up almost 65% for the year, the stock’s still relatively inexpensive, at least compared to its growth rate. Right now, DoorDash sells at roughly 43 times next year’s earnings estimates, I know, not that cheap.

But when you consider… this company, with nearly 30% earnings growth expected next year, that price to future earnings multiple looks very reasonable. It’s one of the reasons why I include it… Let me give you the bottom line: Yes, consumers are desperate for value, but that doesn’t necessarily mean low price. Sometimes it means paying up for a service simply because it’s a relative bargain. DoorDash is a relative bargain. The convenience of delivery service is worth a lot more to people than the cost, which is why the stock’s been on fire, and why I’m betting that it’s not done going higher.

It is worth noting that since the above comment was aired, the company’s share price has declined by nearly 46%.

15. Intuit Inc. (NASDAQ:INTU)

Intuit Inc. (NASDAQ:INTU) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer noted that he is hoping for the company’s comeback, as he commented:

Sixth worst, another one I want to kind of stick my neck out a little bit here, Intuit. It was down nearly 35% in the first quarter. I’m willing to stick my neck out. Why for Intuit? Because even if the AI platforms can develop similar software, they don’t have the brand that consumers and small business owners know and trust, nor do they have Intuit’s network of experts that can get you out of a jam. And by the way, the accountants like Intuit. Remember that. This stock got hit hardest in January and February, but then actually up 8% since CEO Sasan Goodarzi spoke to us on February 26. I’m hoping that’s the start of a larger comeback, and I think it deserves to. But I know it’s going to take time because people have written it off.

Intuit Inc. (NASDAQ:INTU) provides financial management, tax preparation, marketing, and personal finance solutions.

14. Zscaler, Inc. (NASDAQ:ZS)

Zscaler, Inc. (NASDAQ:ZS) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer highlighted his preferred cybersecurity bets over the stock, as he said:

The fifth-worst Nasdaq 100, wow… Zscaler, down almost 38% in the first quarter. Zscaler is a cybersecurity play, and Wall Street’s convinced that cybersecurity’s vulnerable to AI displacement as any other kind of enterprise software. Now, as you heard directly from CrowdStrike’s George Kurtz last week, Palo Alto’s Nikesh Arora last night, that’s actually dead wrong. And here I will draw the line. It’s dead wrong. Of course, if you want to bet on cybersecurity, I’d much rather own CrowdStrike or Palo Alto Networks than Zscaler. We own both for the Charitable Trust, but in fairness, Zscaler shouldn’t have been hit all that hard.

Zscaler, Inc. (NASDAQ:ZS) provides cloud-based security that protects users, applications, and data through its zero-trust platform and threat-defense tools. During the March 4 episode, a caller asked whether they should exit their position in the stock as they mentioned holding CrowdStrike, Rubrik, and Cloudflare. Cramer responded:

You got a tough one, because first of all, I like everything you have. But second, I would say Zscaler, I would not sell it here, but I would want to sell it if you’ve got all those other stocks. Get that bounce going. We’re starting to see some of these stocks really bounce, but do lighten up because you’re a little too in, you have too many of these kinds of stocks, and there’s too many days of pain. I don’t want you to have that much pain because you’ll end up leaving the game.

13. Workday, Inc. (NASDAQ:WDAY)

Workday, Inc. (NASDAQ:WDAY) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer noted that he “used to adore” the company, as he remarked:

The fourth-worst name in the Nasdaq 100 was a company that I used to adore. It’s called Workday, and its stock was down 40%. The company makes enterprise software for corporate finance and human capital management. Hey, you know what, this is another double whammy situation. It’s an enterprise software company, strike one, and it’s focused on human capital management tools, strike two. You know why?

Because the rise of AI means layoffs. I have a lot of respect for Workday. I’d like to say that the concerns here are overblown, but I tried to say that at the end of January, and then almost immediately, the company’s CEO, at that point, Carl Eschenbach, stepped down, and Workday reported a mixed quarter with plenty of issues for the bears to pick at. I’ve learned my lesson. Don’t try to be a hero in this group.

Workday, Inc. (NASDAQ:WDAY) provides cloud-based applications designed to help organizations manage financial processes, human resources, and business planning.

12. CoStar Group, Inc. (NASDAQ:CSGP)

CoStar Group, Inc. (NASDAQ:CSGP) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter.

Third-worst was one I really wasn’t that familiar. It’s called CoStar Group, down 40%. Now, you can think of it as kind of a Zillow of commercial real estate. Problem is, this quarter was brutal for companies that compile and organize useful data, a business model that can easily be duplicated by the big AI platforms. Is that the right read, though? Doesn’t really matter for now.

CoStar Group, Inc. (NASDAQ:CSGP) provides information, analytics, and online marketplace services for the real estate industry. During the March 2 episode, Cramer highlighted AI fears around the company and said:

The second biggest loser in February was another victim of AI that I am very concerned about. It’s called CoStar Group, and that was down 27.4%. CoStar offers online marketplace services, data, and analytics for the commercial real estate market. It’s sort of like a Zillow for commercial properties. Their stuff is proprietary, but maybe it becomes a lot less valuable when AI can easily write code to gather the same data. That seems reasonable to me, a real fear. Just like EPAM, CoStar reported a strong fourth quarter report in February, but paired that with a disappointing forecast. So many of these stocks have been crushed by AI worries, and the ones that got hit hardest are like CoStar, where these worries have actually started to hit the numbers instead of just being a possibility down the road.

11. AppLovin Corporation (NASDAQ:APP)

AppLovin Corporation (NASDAQ:APP) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer explained why the stock fell off despite it being a good business. The Mad Money host commented:

Second-worst performer, wow, much-loved company AppLovin, down almost 41%. This is a former market darling, which helps mobile game developers and other digital businesses to grow their reach and monetize their platforms through advertising. Had the business to itself. It’s honestly, it is a very fine business, by the way, with fantastic growth, impressive profitability. But the stock got really expensive. Entering this year, it was selling for more than 45 times earnings. That left the stock of AppLovin very vulnerable. If your stock has a high multiple and there’s even a whiff of concern that it could be displaced by AI, then investors will sell first and ask questions later.

AppLovin Corporation (NASDAQ:APP) provides a software platform that helps advertisers and app developers market and monetize their content. The company offers advertising solutions, analytics tools, connected TV services, and mobile games.

10. Atlassian Corporation (NASDAQ:TEAM)

Atlassian Corporation (NASDAQ:TEAM) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer said he is not willing to stick his neck out and bet against the “AI displacement trade” for the stock, as he remarked:

Every single one of these, this is amazing, every single one of these is an AI displacement story, even if competition from AI hasn’t really started hurting them yet. It’s premature. But Wall Street’s convinced the damage is coming, and I’ve gotta tell you, I’m starting to agree with them. The worst Nasdaq 100 stock, first quarter, wide margin, Atlassian, down nearly 58%. The company makes collaboration software, particularly for software developers, hence its symbol TEAM. Given that AI has gotten very good at writing code, that’s the basis of the AI displacement narrative, Atlassian’s basically ground zero.

Investors think that there’s no need for software developers to work together on Atlassian tools. Oh God, they were so popular at one point. In fact, they may not need to work together at all. They can all just work with Claude. Of course, Atlassian’s still doing fine now. They reported a beat-and-raise quarter in February, but good luck telling the sellers that. There are places where I’m willing to stick my neck out and bet against the AI displacement trade; this is not one of them. I think it feels too darn risky.

Atlassian Corporation (NASDAQ:TEAM) develops collaboration and productivity software that connects teams and streamlines workflows.

9. Moderna, Inc. (NASDAQ:MRNA)

Moderna, Inc. (NASDAQ:MRNA) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer highlighted the bullish environment around the stock, as he said:

Finally, aside from the data center plays and the commodity plays, there’s a one-off in the top 10 list, and that’s Moderna, up 72% in the first quarter, the sixth best performer in the S&P. Moderna cleaned up during the pandemic, but then spent years lost in the wilderness as they never came up with anything that could replace the COVID vaccine. Lately, though, the stock’s been breaking out, settling key lawsuits that have been an overhang, getting its new flu vaccine reviewed by a previously hostile FDA. And then last month, we learned that Dr. Vinay Prasad, that’s the vaccine skeptic who RFK Jr put in charge of the vaccines at the FDA, he’ll be leaving at the end of this month. Great news for Moderna, which is primarily a vaccine company.

Moderna, Inc. (NASDAQ:MRNA) makes mRNA medicines and vaccines to protect against illnesses like the flu, COVID-19, and some other viruses. The company also works on treatments for cancer and rare diseases.

8. Occidental Petroleum Corporation (NYSE:OXY)

Occidental Petroleum Corporation (NYSE:OXY) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer highlighted a mixed forecast for the stock depending on the Iran conflict, as he commented:

Next up, I was a little surprised that with crude oil up more than 70% year to date, there were only three oil plays among the S&P’s top 10 performers, APA, Texas Pacific Land, which you know we’ve liked a lot, and Occidental Petroleum, which frankly we haven’t liked at all… How about OXY? Occidental Petroleum’s up 58%. Ever since OXY, as it’s known, acquired Anadarko nearly seven years ago, it became the higher risk way to play the price of crude. People do that. Instead of buying a crude index, they buy Occidental. When oil goes higher, this stock rallies hard, but when oil comes down, the stock gets pulverized. Basically, OXY’s a big loser if peace breaks out and a big winner if Iranians insist on keeping the Strait closed.

Occidental Petroleum Corporation (NYSE:OXY) explores for and produces oil, natural gas, and liquid condensates and handles their marketing, processing, and transportation.

7. Texas Pacific Land Corporation (NYSE:TPL)

Texas Pacific Land Corporation (NYSE:TPL) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer noted the stock’s decline during the week, as he said:

Next up, I was a little surprised that with crude oil up more than 70% year to date, there were only three oil plays among the S&P’s top 10 performers, APA, Texas Pacific Land, which you know we’ve liked a lot, and Occidental Petroleum, which frankly we haven’t liked at all… Next, there’s Texas Pacific Land, that’s a quirky story, which had 65% gain, making it the ninth best performing in the S&P. These guys own a bunch of land in the Permian Basin.

And while they don’t own the mineral rights, they lease their surface holdings to energy companies that want to drill while also selling them water, which is essential for fracking. But the stock’s down more than 14% this week, which is what you would expect if the war ends. This is kind of a prelude. The Strait reopens, and the price of oil comes down.

Texas Pacific Land Corporation (NYSE:TPL) manages large areas of land and oil royalties and provides water sourcing and disposal services. The company generates revenue through land leasing, easement grants, and the sale of raw materials, in addition to its perpetual oil and gas royalty holdings.

6. APA Corporation (NASDAQ:APA)

APA Corporation (NASDAQ:APA) is among the stocks in focus as Jim Cramer reviewed the S&P 500’s top performers and the Nasdaq 100’s biggest laggards for the first quarter. Cramer mentioned that the company has no exposure to the Persian Gulf, as he remarked:

Next up, I was a little surprised that with crude oil up more than 70% year to date, there were only three oil plays among the S&P’s top 10 performers, APA, Texas Pacific Land, which you know we’ve liked a lot, and Occidental Petroleum, which frankly we haven’t liked at all. APA, the old Apache, finished the quarter up nearly 75%. That’s good for fifth place in the index. This is a major independent oil and gas producer that’s been a long-term underperformer, but crucially, they have no exposure to the Persian Gulf.

APA Corporation (NASDAQ:APA) is an independent energy company that focuses on the exploration, development, and production of crude oil and natural gas in addition to handling natural gas liquids. During the episode aired on June 26, 2025, Cramer highlighted that the stock was cheap compared to its assets, as he said:

Finally rounding things out… APA, the old Apache, [it] can run, but they can’t hide. This is an oil and gas company, primarily natural gas. Apache’s been a huge disappointment over the years. Maybe now that it’s APA, it won’t be. Well, anyway, maybe M&A’s picking up.

I had to wonder whether there’s something going on here because otherwise it shouldn’t be going up. I still prefer Coterra for natural gas. Still, no denying that Apache’s cheap versus its assets, and no denying that it’s not a tech company.

It is important to note that since the above comment was aired, APA Corporation’s (NASDAQ:APA) share price is up by over 124%.

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