Markets' Volatile Week, Adobe CEO to Step Down, Cramer's Buying Strategy 3/13/26

SPEAKER_1 (0:00)

Thy ticket, Lady Jennifer of Coolidge.

Jim Cramer (0:03)

Well, many thanks, good sir.

SPEAKER_3 (0:05)

Heareth my Discover card.

SPEAKER_1 (0:08)

They accept Discover at Renaissance fairs? Yeah, they do here. Discover is accepted at the places I love to shop.

SPEAKER_4 (0:15)

Getteth with the times.

SPEAKER_5 (0:17)

With the times?

SPEAKER_1 (0:18)

You're playing the lute.

SPEAKER_4 (0:21)

Yeah, and it sounds pretty good, right?

SPEAKER_5 (0:23)

Discover is accepted at 99% of places that take credit cards nationwide.

Carl Quintanilla (0:27)

Based on the February 2025 Nielsen Report.

SPEAKER_7 (0:30)

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Jim Cramer (0:59)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (1:12)

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at post nine of the New York Stock Exchange. Faber has the morning off. Oil somewhat steady as the Iran War moves now into its third weekend. Some renew reports that countries like France and Italy and India are actually engaging with Iran, try to secure safe passage through Hormuz. Stocks meantime, look to hold after the lowest close of the year yesterday. Eco data, a bit of a stagflationary tone, hot core PCE, lowest GDP print in almost a year. A roadmap today, quote, unparalleled firepower, unlimited ammunition and plenty of time. The president digs in on Iran. Adobe is under pressure. Shantanu Narayen said to depart. That kind of overshadows an earnings beat. And why the Teamsters are now calling on the DOJ to block Paramount's Warner Brothers deal. Let's begin this morning with the markets as we get ready to wrap up what's been a volatile week for oil and stocks, Jim. And I guess discussion of military strategy and what the end game should be.

Jim Cramer (2:08)

Yeah. And it's hard. I mean, obviously, there's overnight comments that the president made and Secretary Hex has made. It's difficult. It's difficult because, look, I'm a stock guy. And we have to opine on political and I made some comments yesterday about the war on Iran. I got to make it clear. I was not saying what should happen regarding the destruction of the country's infrastructure or what I want to happen to the people who overran. I want this conflict solved diplomatically. I think it can. I really do. I'm going to present something I think could. But again, I'm a stock guy. I apologize to anybody who thought I had supported the destruction of the Iranian people. That would be the... It's got to be avoided. It's just got to be avoided. And I want to make that clear. And I don't want to sugar coat it. I did not say it the way I should. And you have to own it when you get something wrong.

I opined in an area that I'm not as good at. Because that's not what I do. But I just feel like Secretary Hexley was speaking this morning. The president made some comments last night. And they're related to what could happen to Iran and oil and to Russia. And if you don't try to fit it all in, Carl, I think you end up not being as valuable as you like. But I do apologize.

Carl Quintanilla (3:19)

I don't think you need to apologize. But the market as a whole, Jim, is trying to widen its bandwidth and understand big questions that are difficult to grapple with. You mentioned the Defense Secretary today. 15,000 targets now hit. They do expect today to be the highest volume of strikes against Iran. Take a listen to what we got in the briefing a few moments ago.

SPEAKER_8 (3:41)

They are exercising sheer desperation in the straits of Hormuz. Something we're dealing with. We have been dealing with it. And don't need to worry about it.

Carl Quintanilla (3:52)

Some of the commentary from the president, Jim, as you point out, watch what happens to these deranged scumbags today.

Jim Cramer (3:59)

Yes, see, that's what I was worried about. And I was thinking that they might adopt a strategy that the United States has adopted that is suboptimal for a lot of different reasons. I mean, there are a lot of people who could be impacted by this. I know that the secretary was talking about, or at least the paper saying that he didn't want the restraint, which includes not random killing of people. And I think that the restraint is good, because I'd like to think that you can solve this by getting... You know, you always like to be constructive. Maybe you cease fire or pause. It doesn't sound like the president wants to do that. I know the Iranians want reparations. Maybe you give them development loans from the Gulf states. I do think that despite the fact that the Germans and the British don't want the oil released from Russia, Russia has got a lot of oil, and they're not pumping it all. And I think that that's the spare capacity. So that would be why oil is down.