Mad Money w/ Jim Cramer Mad Money w/ Jim Cramer 3/23/26
Mar 23, 2026
Keisha Steelman, President and CEO of Ulta Beauty and turnaround leader, discusses strategy and the omnichannel push. She talks loyalty membership, TikTok and merchandising moves. She covers store operations and the path to margin recovery through disciplined SG&A and targeted investments.
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Markets As Voting Booths For Narratives
- Market reactions are votes reflecting narratives and sentiment, not just fundamentals.
- Jim Cramer shows how president's social posts, bond moves, and gold swings each 'voted' on peace hopes and drove volatile price action that day.
Wait On Hot Drone IPOs Until Revenues Prove Up
- Treat ultra‑hot IPOs like Swarmer as extremely speculative until revenues scale.
- Jim Cramer warns Swarmer had <$310k revenue, $8.5M loss, and potential dilution despite a powerful war‑time story.
Narrative And Low Float Can Inflate Valuations
- Story and timing can drive massive short‑term floats for tiny companies.
- Swarmer rose from $5 to $65 on limited float, war themes, and Eric Prince's involvement despite minimal fundamentals.
