Mad Money w/ Jim Cramer 6/4/26

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**Jim Cramer** (1:05)
I'm here to level the playing field for all investors. There's always a bull market somewhere, and I promise to help you find it. Mad Money starts now.
Hey, I'm Cramer. Welcome to Mad Money. Welcome to Cramer. I'll do my friends. I'm just trying to make it some money. My job is not just to entertain, but to do some explaining. So call me at 1-800-743-CBC, or tweet me at Jim Cramer. So far, so good. That's all I can say about how the market's taking earnings disappointments and new stock offerings. Traditionally, you use obstacles to a raging bull.
Yesterday, Alphard did a gigantic equity offering to fund its AI build-out. At the same time, then we learned about two very high-profile alleged earnings disappointments from Broadcom and tonight's guest, CrowdStrike. But the market shook off those disappointments. The Dow only surging 875 points, the S&P jumping 0.41% and the tech-laden NASDAQ dipping 0.09%. But it was a dramatic turnaround for what looked to be a miserable session.

**SPEAKER_8** (2:17)
The House of Pain.

**SPEAKER_9** (2:18)
House of Pleasure.

**Jim Cramer** (2:19)
As someone who counts himself very concerned about the new supply of stock that's about to hit the market, right as we get not so hot earnings, well, today's rally was truly a welcome surprise. Earnings disappointments and big chunks of equity flying around usually mean tough times are ahead. There typically isn't enough money in the market to take care of business when business includes the aforementioned Alphabet deal plus the gigantic SpaceX IPO with its worrisome lack of earnings or Anthropic, which comes under the category of who knows? Yet the market shrugged it all off, even though this is coming at a time when there's still no resolution to the war in Iran and only a paper thin ceasefire between Israel and whoever the heck is supposed to be running Lebanon. I find that pretty amazing. I don't know about you, especially when you consider that oil companies are just now signaling there's no more inventory to cushion a hefty rise in the price of gasoline. So then what drove today's rally? Well, there are a couple of things that could be at work here. Most obvious is that the disappointing earnings may not be as crushing as we think. This is not the first time that Brokawm, which is by the way, is a gigantic company, has offered a measured forecast only to crush the numbers next quarter. The stock had gone parabolic into the quarter. And as we told CNBC investing club members when we sold some stock ahead of this quarter, this week, a parabola is never a good sign.
Plus, when we speak with George Kurtz, the CEO of CrowdStrike, tonight I think we're going to get a much better sense of how well the cybersecurity company is doing. And the notion of it earnings or a forecast disappointment, it may be misplaced.
So one, the disappointments really weren't all that disappointing. And now let's talk two, the delusion of deals. Something may be going on with the underwriting process that we haven't seen very often. We just had a phenomenally successful alphabet secondary price well by Goldman Sachs to the point that it looked like we had very few flippers and a lot more demand than we expected. It was an outstanding success, just a huge amount of demand.
Then look at this continuum, which just started trading today. There was so much more demand. This is a company that doesn't make any money at all. There was so much demand than anyone expected. The underwriters had to upsize the deal dramatically twice. The stock was a big earlier today, although it pulled back a little close. Still, it finished the session in the black, meaning most of the buyers held on to their shares rather than flipping them. That's nothing truly miraculous. I was prepared to see a sloppy deal that would go up a couple of dollars, then roll over, bringing the whole market down with it.