The Street

Transcript:

Caroline WoodsJoining me now is Andrew Graham, managing partner, Jackson Square Capital. Andrew, great to have you back.

Andrew GrahamThanks for having me back. It’s good to be here.

Caroline WoodsSecond time this summer. You were last here in early July. So we’ll check back in with you on on your how your market view has changed. But before we do, let’s talk about Nvidia because Nvidia just delivered another record quarter getting rewarded today, which was sort of the question will Nvidia be higher or lower after earnings.

Caroline WoodsDoes this put the AI spending slowdown. Fear is officially too bad.

Andrew GrahamNo definitely not. You know it’s just going to creep up again I suppose. I think Nvidia the most you know what you said is up today after earnings. They had four quarters in a row where they had excellent earnings and awesome guidance. And the stock went down. It didn’t go anywhere. And so the multiple is compressed down to 21.5 times as low as it’s been in a decade.

Andrew GrahamShould you own it? Yes. You should definitely own the stock. Is the the questions around circular financing and all the rest of it going to go away? No, it’s still going to be an issue. But hey, our bull market climbs a wall. I suppose a lot of these stocks have to do their own climbing of walls.

Andrew GrahamAnd Nvidia I think is, is is laying the foundation for the full stack of AI. And that includes, you know, owning the land and and the transportation and all of it.

Caroline WoodsSo you say, should you own it? Yes. Should you buy it here? Yes, yes. When you were last on and early July you actually picked Broadcom over Nvidia. Yeah. Do you still pick it here.

Andrew GrahamI’m not afraid of Broadcom or it’s sort of mini me which is Marvell which is going to report earnings tonight. Both I think have a great opportunity I think it’s coming later though. So you’re going to get customer clients or corporates, they’re going to have multiple Asics, right? Different different semiconductors for different purposes within inference.

Andrew GrahamAnd the probably in my my mind, the guess is that those are the incumbents like Broadcom and Marvell are the ones they’re going to want to go to for a partner in terms of developing those chips. Yes. It’s coming. It’s probably a 20 2829 kind of story. But yeah Broadcom has been a little bit weaker than I would like to see.

Andrew GrahamBut I’m not afraid of it at all. And and I think you give it a little bit more room than you would another stock because business is this is.

Caroline WoodsBooming and it has bounced since you were last on. But last time you were here we were seeing this pullback in tech stocks. And you said that was the opportunity to reload. It has since bounced. Yeah. So has that ship sailed.

Andrew GrahamNo not at all. I think the the bounce that you got was just after sort of a momentum on mine, which is I think in this cycle, this is probably the eighth time it’s happened and it just happened again. We had three weeks of calm, and then all of a sudden we got into August and you saw, you know, the momentum pairs like down 33% or whatever.

Andrew GrahamSo it’s really a unique time. I think it goes back to something which is the pain trade, which is always to look where everybody’s sitting on one side of the boat, you go have to take the other side of it. And I think as we go into September and everybody’s got their, you know, head full of September seasonal weakness and midterm elections, all the rest of it.

Andrew GrahamThe pain trades probably too much cash. So I think if you put it to work just look to put it to work. Admittedly it’s we’re in the middle of a summer vacation season, and so it’s a little tough to, like, derive too much signal from price action. But, I think when we get back and September conference season starts, I think you’re going to see, opportunity there because that conference season is usually an opportunity for for corporates, for management teams to guide the sell side lower.

Andrew GrahamI don’t think that’s the case. It wasn’t last year, and I don’t think it’s going to be this year either. We’re in the middle of a just a boom in earnings growth.

Caroline WoodsIf I have cash to put to work and I’m underweight tech, if I don’t have enough exposure to tech right now, do I put it to work today or do I wait until September when maybe we see or you know, some of the volatility that we could see around midterms.

Andrew GrahamSo what we do a little bit of technical stuff. We don’t like to admit it. And I’m a CFA I to schooled of you know I supposed to know that. But so we you know in the dark, in the shadows, we’re doing some technical work. They’re not perfect yet. They’re not there yet. And we want to make sure we’re buying stuff at the exact right time, because what we found is clients don’t like to lose money, so none of them look super easy.

Andrew GrahamI think Marvell looks good going into earnings tonight. I think they’re going to get rewarded. The deal they did with Google is $20 billion is transformational for that company. And I think the the buy side at the time was at $12 billion. So I don’t know if it’s in a lot of numbers yet. They’re going higher, I would suspect.

Andrew GrahamI think they get rewarded.

Caroline WoodsOkay. So Marvell is a pick your two highest conviction make seven picks. You know, last month or I guess, yeah, in early July, July 9th were Alphabet and Amazon. Would you say those are still your highest conviction picks?

Andrew GrahamYeah. And, you know, I throw Microsoft in there as well. And I think there is a, just a group of software stocks that seem to be built for this inference, a genetic, economy. Microsoft seems to be one of them. And so does Twilio. You know, it’s looking at the quarterly reports and so does Shopify, believe it or not.

Andrew GrahamAnd, Cloudflare as well. So those, those numbers, just hockey sticks straight up in Q2. I want to see what they do when they report next. But yeah, that’s that’s an interesting group. I think within software there’s that little niche in there. And those are the names that we’ve identified that I think look good.

Caroline WoodsThere are a lot of software stocks on steeper sales and Twilio, which is up more than 60% year to date. Cloudflare is up 50%. Names like snowflake up 50%. So you say those are the beneficiaries of this inference economy. What’s your view on software overall? Do you find any first of all, would you buy those names here?

Caroline WoodsAnd do you have any cheaper names that you could recommend.

Andrew GrahamWe would buy Twilio and here we own Cloudflare. Admittedly it’s an expensive stock right. A very expensive stock. But they’re really well positioned. So you wait for your, your, pick your spot on Cloudflare. I think when you’re talking about sort of the old, you know, the, the, the out of favor software names like, Salesforce, you know, just had a good earnings print.

Caroline WoodsIn favor today, up 20%.

Andrew GrahamFor sure. And I’m sure there’s a lot of people are short the stock. And you got to cover but they’re you know, they’re they’re showing signs of the ability to monetize their AI product. And at higher, higher levels, higher prices. So good for them. And I suggest, you know, it’s probably going to be others as well.

Andrew GrahamSo is it time to trade out of semis in the software? No, you probably have enough dry powder. You could add some for me. I would add those faster names. But on pullbacks, if you get them small pullbacks. But yeah, I would add those faster.

Caroline WoodsIf you could only add one snowflake. Cloudflare. Twilio. Which one would it be?

Andrew GrahamI think it would have to be Cloudflare. I mean, it’s been with me for a long time. We’ve owned it for a long time, almost as long as we’ve owned Nvidia. It’s a newer company. But yeah. So that’s, that’s I think the, the crown jewel. But we have bought little bits and pieces of Twilio, sort of adding it slowly as well.

Caroline WoodsAll right. We haven’t gotten to rapid Fire yet, but Cloudflare or Microsoft.

Andrew GrahamIn here Microsoft. Yeah. At the moment.

Caroline WoodsSo across all of tech chips, hyperscalers, networking software, cybersecurity. Where do you see the most upside from here?

Andrew GrahamNetworking. Networking for sure. So you’ve got scale across coming which is data center interconnect. Right now there’s about a million ports dedicated to DCI in the United States. That’s going to go to 20 or 30 million over the course of the next four years. That’s a big opportunity for anybody who’s in the Jericho L3 style switch making business, which is Cisco and Arista.

Andrew GrahamAnd those two names look great. And as you move further out the curve and you get into the scale up architecture, which right now is dominated by NVLink, which is, a product, of course, of Nvidia. That’s all going to change to Ethernet based products that, that these guys makes, Cisco and, and Arista. So those are probably our two favorite names right now.

Andrew GrahamPeriod. Full stop. And we want to own them for the long haul.

Caroline WoodsNot just your favorite names, though. They’re both up almost 50% or more than 50%. Not too late to get in.

Andrew GrahamNot too late to get in. I look, you know, we look at these things, I look at it every day. Unfortunately, I’m moving around a little bit today but spent a lot of time, you know, checking things out a rest. It looks great right now.

Caroline WoodsSo your price target was 7840 by your end for the S&P 500. Are you sticking with that. No.

Andrew GrahamWe’re going to lift it based on what we’ve seen from earnings and estimate revisions estimates. You know since the start of the Iran or whatever have gone up 16% for 2026. We’re going to do in the S&P. I’m going to do 32% earnings growth this year, something like that. And next year, if it goes down to 1213 I don’t care.

Andrew GrahamThat’s not a bear market. That’s double digit earnings growth. And you don’t want to pick a fight with that.

Caroline WoodsSo lift it to what.

Andrew GrahamSure. 8500. It’s such a tough thing, especially by year end. Like I don’t work on a calendar year and I’m like, on a rolling 12 month basis. That’s all that matters, is that we stay ahead of the curve that way. But, Higher. Yeah. Okay. Okay. Put a number on it.

Caroline WoodsIf I had $10,000 sitting in cash right now, how much of that money would you put in this market today?

Andrew Graham

Okay. Because I think it’s another opportunity here and there. Just kind of waiting for spots. Like nothing looks perfect, nothing looks easy. And a lot of it’s kind of murky because of the time of year, you know, and I think one of the reasons why I think what the Treasury probably stepped up their purchases because of illiquidity this time of year, it’s my least favorite time for the market.

Andrew GrahamIt’s dull. It’s boring. The price action doesn’t really mean as much as it should. But again, I think you’re going to have a really bullish September, corporate, meeting season. And, management teams will have an opportunity to sort of guide, you know, whether they give numbers or not. And I think you’ll see numbers go higher at those meetings in September.

Andrew GrahamSo we’re looking for September. Seasonal slowness. Seasonality is such a dumb concept anyway for me. And I would come on and and midterm elections, I think 32% earnings growth wipes all out out 12% next year 13% if that’s your guess wipes it all out.

Caroline WoodsSo I’m trying to look at the timeline though because that’s what yeah August 27th right now. And you’re saying September is going to be bullish. So yeah the other 8000 of that 10,000. What I having a pullback like tomorrow you think or.

Andrew GrahamYeah I don’t know. But I wouldn’t say so much pullback. It’s not just pullback. It’s it’s price and time for us. And you you can see it. And we’ve created technical screens that help us get to that moment where you can tell when things are sort of washed out. When things change I think soon.

Caroline WoodsWhat’s the signal that you’d be looking for? What’s the signal that a retail investor should say? Okay, I think right. Said by my chance,

Andrew GrahamThey’re they’re pullbacks to oversold levels and whatever you want to use as your guide there. So if you’re using a slowed stochastic or something like that I think that’s probably the best tool. And then within, you know, good technical chart, Patterson you’ve got to have that fundamental pipeline too. Like the good thing about being a professional is you’ve got all these sell side firms giving you, you know, stuff all the time.

Andrew GrahamYou’ve got this pipeline and, and it’s really important that you stay on top of these stories. So it’s it’s tough. Somebody comes on TV and tells you to buy marble and, you know, you might own it for a while and all the sudden the story falls apart. So staying on top of the story is critical. And it’s the fundamentals of our all the names that we mentioned are excellent.

Andrew GrahamIt’s just like they’re not quite there yet, and I’m hoping that they get there. And I think it’s just time. I think maybe even who knows, two weeks from now.

Caroline WoodsOkay. We’ve focused a lot on tech. Yeah. What are your favorite areas outside of tech to invest in right now?

Andrew GrahamHealthcare. Yeah. And then, you know, if you want to go back to the seeds now, the midterm thing, health care is the one that acts the best through there. It has defensive characteristics, obviously, and it’s had a good run to Lilly’s our biggest position in the broad health care universe. But we’ve recently added to our dividend yielding portfolio, have a lower beta, strategy.

Andrew GrahamWe’ve added some of the, you know, health care services names like Unh and CVS and so forth, grab the dividend and and go along. So, health care would be number one. I’m really interested in retail, and in consumer discretionary. You saw the flash PMI data last week for August. It’s probably lines with about 3% real GDP growth.

Andrew GrahamWe did 1.5% real GDP growth in Q2. That’s a pickup in business momentum. And I think that’s what you’ve got to brace for. And it’s almost like the cyclical stocks. And you can put consumer discretionary in that group look like they’re waiting for permission you know, to go higher. And I think that they could release higher as well.

Andrew GrahamI’m not sure which one to pick in retail and apparel and so forth. But in healthcare it’s a lot easier. The pharma names all look good. And I think the, the, the management, health care management stocks.

Caroline WoodsSo how do you play the consumer discretionary trade then? If stock picking could be hard because we did hear from a lot of retailers. You’re still hearing from them in terms of earnings. But a lot of winners a lot of losers. Yeah.

Andrew GrahamOur favorite is just the off of price stuff. You know the TJX which is had a big pullback but sort of a weird execution issue last last quarter. And something to do with their buying the wrong, you know, stuff. They didn’t have enough of it. So I would put that on double secret probation. But going back to, you know, Costco, King Costco and and those names, even Walmart after a stumble, that was a one time stumble.

Andrew GrahamSo, yeah, if you want to take the risk in the volatility down your account, you’ve got too much tech. Then you’d probably, you know, have those bigger names.

Caroline WoodsOkay. So we have our tech health care consumer discretionary in the portfolio. What’s out of the portfolio.

Andrew GrahamUtilities are out. I’m not sure if they’re over there in a big way either. Reads are very small with us. Again, it fits in that that dividend yield think lower beta strategy and and materials which we which we want to own. But we’re having a hard time, you know, finding the right the right stocks.

Andrew GrahamWe own Ivanhoe Electric which has a big copper mine coming online in North America and Arizona, Santa Cruz copper mine in, next year. So I think that’s a sight to look at, but it’s a smaller market cap. It’s not Freeport. Right. Our, HP it’s just smaller. So, that name we own, we do on some Freeport kind of running away here.

Andrew GrahamBut, yeah, it’s tough. And materials and the chemicals aren’t going to work if the oil’s moving through the Strait of Hormuz because Dow and Lion Dell, the reason why those workers are using natural gas as a feedstock to make polyethylene versus all competitors globally who use oil. So those are off the board. So materials are tough. Yeah.

Andrew GrahamThere’s a lot that’s off. We’re very heavy tech. I would say we’re 55% tech.

Caroline WoodsSo you gave a lot of names. I’m sure our viewers will be happy to hear a lot of those stock picks.

Andrew GrahamYeah.

Caroline WoodsIf you could only buy one safest bet of all the names that you’ve mentioned today, which would it be.

Andrew GrahamA risk to? I took a big deep and.

Caroline WoodsI said, that’s not Nvidia. I was expecting Nvidia. But okay. No, no.

Andrew GrahamIt’s going to be Cisco or it’s going to be Arista. And Cisco is like everybody’s like, no, I don’t want to on Cisco. So I think it’s their dad’s legacy.

Caroline WoodsYeah. Right.

Andrew GrahamThe old business or whatever. Their products are great. They’re very well received for the data center and of course, campus networking, Swift business, very well receive. And, I just I think that’s the name that’s, you know, you’re going to grab a dividend, sort of a slower name, faster name business. Arista.

Caroline WoodsOkay. Yeah. All right. Let’s pivot to our rapid fire round of this so that although we’ve kind of. Yeah, included a few of those in already you’ve played before. Quick questions, quick answers. No heading hedging. Are you ready?

Andrew GrahamYeah. There’s no clues either. There is no giving them side.

Caroline WoodsQuestions ahead of time. Ready. All right. Here we go. Yeah Cisco or Arista Networks.

Andrew GrahamAlso just did that I’m going to go at the moment Arista.

Caroline WoodsBuy this market or wait for a pullback.

Andrew GrahamWell I guess broadly buy this market.

Caroline WoodsStay invested or raise some cash.

Andrew GrahamStay invested.

Caroline WoodsTech buy now or wait for another shakeout.

Andrew GrahamBy now.

Caroline WoodsSemis or software?

Andrew GrahamThat’s a really good one. I think still semi’s.

Caroline WoodsChips or networking?

Andrew GrahamNetworking.

Caroline WoodsGoogle or Amazon?

Andrew GrahamI’m going to go with Google.

Caroline WoodsNvidia or Broadcom.

Andrew GrahamNvidia.

Caroline WoodsChange of answer there. Snowflake or Cloudflare, Cloudflare, Palo Alto or CrowdStrike, Palo Alto, Okta or CrowdStrike.

Andrew GrahamCrowdStrike.

Caroline WoodsAnthropic friend or foe of the I trade.

Andrew GrahamWow, that’s a good question. I think they’re going to have to change the way they do things at anthropic, to be perfectly honest. Eventually get there. Maybe, I would say, friend, because they’re on the frontier there, you know? But,

Caroline WoodsFriend OpenAI or anthropic.

Andrew GrahamOh, boy. I would say OpenAI.

Caroline WoodsBitcoin at 80,000. Opportunity or.

Andrew GrahamOpportunity.

Caroline WoodsBitcoin or gold?

Andrew GrahamGold.

Caroline WoodsAll right. Finish this sentence. The one stock I’d buy today is Marvell.

Andrew GrahamInstantaneous gratification. You gotta print this this evening.

Caroline WoodsThe one stock I’d sell today is wow.

Andrew GrahamGosh, that is a hard one. Is there a pass button?

Caroline WoodsHow about the one stock I’d avoid today is.

Andrew GrahamYeah. I would, I would say I would avoid the, the hard disk drive companies. I think they’re pretty rich. There’s room for them to move higher, but they’ve, you know, had such a big run. So, you know, you’re in the Western Digital kind of world, and that stock has been a little bit weaker.

Andrew GrahamSo. But Western Digital in there, even though you’re picking a fight with an amazing, you know, growth trend.

Caroline WoodsThe next leg of AI leadership comes from.

Andrew GrahamWell, it’s open source models. And it’s going to, you know, it’s going to proliferate faster, with the open source models. And now that Nvidia is in that business, apparently, and others. And that was kind of my problem with the anthropic OpenAI question. I really think that lights it up here. Things are getting less expensive. OpenAI just did a, a price cut, as well.

Andrew GrahamAnd I think it’s just going to drive adoption really, really quickly. So this is the this is the part where it really picks up. And Jensen had some way of framing, you know, this is the golden age of of startups and so on and so forth. I would believe him when he says that. I know sometimes comes off a little promotional, but it feels to me like that’s the case again, when you go back that second quarter earnings press from Twilio and Shopify and all the rest of it, it looks like crazy hockey stick.

Caroline WoodsSo the most misunderstood trade is.

Andrew GrahamI again, I guess the pain trade is, I think, misunderstood when, when and where and what is where. It’s the place to be. And I think, like I said, cash is the is the main trade. So waiting for the midterms which I’ve heard from clients and so on. We love our clients. But sometimes, you know, we’re getting the consensus view and, the pain trades all about taking the other side of the consensus view.

Andrew GrahamAnd I do know that there is a lot of cash on the sidelines. And so, yeah, keep your eye on that. That’s been the most consistent trade all year. If you can identify where everybody’s sitting, you know, you go to take the other side. And and that’s paid off.

Caroline WoodsThe one thing that could break this rally is.

Andrew GrahamI think it’s, widening credit spreads. You know, there’s just so much that you can absorb. The investment grade market can take in, in terms of, of new issuance. And you’ve got, you know, Broadcom $60 billion deal that comes in. It’s hard to bring it to in the middle of summer vacation season. But all the debt issuance that’s coming in $250 billion from the hyperscalers next year.

Andrew GrahamIt looks like it’s $400 billion probably. And what they’d like to get done in issuance. And I just think you have to happen a little slower because the the market can’t digest that. They’re not natural buyers.

Caroline WoodsLike the smartest move a retail investor could make today is.

Andrew GrahamI would make sure. Yeah. Know what your own, add, positions when they’re oversold, only. And, try to hang on to the winners as long as you can. So a lot of sage advice in there, but, I’ve been doing this for 41 years. Yeah. You got to sell the losers and keep the winners.

Andrew GrahamAnd it’s pretty apparent once you buy it, you’re going to know right away if you have a winner or a loser.

Caroline WoodsBut you couldn’t think of a loser to sell.

Andrew GrahamI know, I know, it’s rough. I’ve already sold them. That’s the thing. So yeah, we don’t have any losers in the book right now. And those are the names that we follow. So we’re happy to take a realized loss as long as it’s small. Keep it tight, like 15%, and then we’re going to move on. We’re gonna keep that’s like a tax asset and then take that cash and redeploy it.

Andrew GrahamWe want to redeploy whatever cash we have right now. It’s we’re finding it difficult, but, you know, we’ll get there, I think, in the next couple of weeks.

Caroline WoodsOkay. All right. We’ll leave it there. Thank you so much. Really appreciate it. Thank you. Lots of good picks, lots of good insight. That’s Andrew Graham, managing partner in Jackson Square Capital. If you enjoyed this street talk check out our full interview with Anastasia Amoroso. She explains why the eye trade is changing and where to invest next.

While owning a camper and traveling the world is still a dream for my family, many lucky RV owners are staying at home instead of hitting the road. 

During the pandemic boom, consumer demand for RVs surged, driving rapid dealership expansion. And now, as the outdoor recreation boom has cooled and consumers are forced to cut their discretionary spending amid rising fuel and food costs, the industry is trying to catch up to that reality. 

One of the nation’s largest retailers of RVs, RV accessories, and RV-related services,  Camping World Holdings Inc. (CWH) has operated since 1966. It went public in 2016, raising $251 million. 

As of mid-2026, the company has a market cap of $672.45 million. Year-to-date and over the last five years, its shares have dropped 32.96% and 83.65%, respectively, to $6.51 per share. 

To battle the harsh industry environment, the retailer made operational changes, including store closures and consolidations. 

Camping World closes 13 locations in 12 months 

Camping World’s store footprint decreased by 10 store locations over the 12 months ended March 31, 2026, the company reported in its Form 10-Q filing with the Securities and Exchange Commission. 

The company’s financial statements revealed that Camping World actually consolidated 10 store locations, closed three stores, temporarily closed one location, and opened four new locations. 

During the first-quarter earnings call, newly appointed CEO Matt Wagner (since January 2026) attributed the improvement in Selling, General, and Administrative expenses (SG&A) partly to these consolidation efforts. 

“On SG&A, I’m very pleased with our progress. The 135 basis point improvement in SG&A to gross profit and the $29 million reduction reflects a fundamentally lower cost basis, not onetime savings. This includes $19 million of compensation reduction in the quarter and the consolidation of 13 store locations over the last year that sharpened the efficiency of our footprint,” Wagner said. 

Camping World documents also disclosed that in 2025 alone, the company’s full-time employee count dropped from 12,701 to 11,144. 

Camping World closes 13 locations over 12 months. krblokhin / Getty Images

Why Camping World has been closing stores 

Camping World has closed select stores over the last few years to improve profitability and raise unit count and margin profile per store. 

Based on the company’s filing, for the 12 months ended March 31, 2026, the company consolidated and closed stores “to improve overall cost efficiency of the remaining store locations.

“After enduring several difficult years following the post-pandemic boom, Camping World appears to have reached an important inflection point. Management has aggressively reduced inventory, streamlined operations, cut expenses, improved liquidity, and paid down debt. At the same time, the company has embraced AI to reduce operating costs and improve customer service,” Seeking Alpha analyst Brad Thomas recently wrote. 

However, industry pressures recently sparked rumors of the retailer’s potential bankruptcy as it battles the harsh outdoor industry environment. 

Camping World was recently rumored to be heading toward bankruptcy 

Earlier this year, a viral social media post on X (the former Twitter) claimed that Camping World was facing Chapter 11 bankruptcy due to $3.5 billion in unpayable debt. X user Roger compared Camping World’s case to the recent West Marine bankruptcy. 

Former Camping World CEO Marcus Lemonis publicly responded to the post, calling the bankruptcy claims “totally false.”

RV Lifestyle travel writer Mike Wendland pointed out that when the CEO of a publicly traded company feels compelled to respond to a random guy on social media, that raises its own set of questions. 

“Either the post struck a nerve because it was dangerously wrong, or because it was uncomfortably close to something that could be true, probably maybe a little of both,” Wendland said. 

Wendland further explained that although Camping World is not facing imminent bankruptcy, it faces the same set of challenges that put the biggest boating retailer in restructuring. 

In May 2026, I reported on the largest boating retailer’s filing for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The company noted several contributing factors:

Supply chain disruptions

Extreme weather events 

Shifts in consumer behavior

On the one hand, Camping World is currently under real financial pressure after losing about $105.6 million in 2025, seeing its sales drop further in early 2026, and seeing its stock crash more than 80% from its peak.

Moreover, the company stopped paying dividends to its shareholders earlier this year to better address its debt, Simply Wall St indicated. 

On the other hand, Wendland highlights that the company is not facing imminent bankruptcy. It has $200 million in cash on hand, successfully pays long-term debt, and most importantly, captures a larger share of the overall RV market than its competitors. 

Earnings amid “the weakest new RV retail environment in over 15 years” 

Camping World’s consolidation and other cost-cutting measures come as the retailer battles its most challenging environment in a decade. 

“In the weakest new RV retail environment in over 15 years, we executed on the priorities we set for this year, growing new and used unit share, accelerating Good Sam, and driving SG&A efficiency,” Wagner said during the second-quarter 2026 earnings call.

During the second quarter of fiscal 2026, Camping World reported:

Total revenue amounted to $1.93 billion, compared to $1.98 billion in the same period of 2025.

Total gross profit declined to $538.38 million, versus $592.26 million in the second quarter of last year. 

Total operating expenses decreased to $446.53 million, from $461.99 million a year ago. 

Net income dropped to $43.71 million, from $57.52 million in the same period of last year. 

Camping World also revised its 2026 full year outlook to “reflect what we know today in a highly volatile market.” 

The retailer lowered its previous guidance range of Adjusted EBITDA of $275 million to $325 million to a new range of $230 million to $270 million, for full year 2026. 

Wagner highlighted that the company is not pleased with what it has achieved during the quarter, despite delivering on three priorities in a difficult market: reducing SG&A expenses, growing RV market share, and accelerating Good Sam. 

“Our progress was more than offset by new RV industry trends that weakened during the peak selling season in May and June. Even so, we moved aged used inventory and prior-model-year new inventory as planned. These factors pressured vehicle gross profit and resulted in second-quarter earnings below our expectations. We are not satisfied with the result.”

Outdoor retail industry challenges are real as consumers cut discretionary spending 

Camping World’s challenges reflect a broader slowdown across the entire outdoor recreation industry. High interest rates, inflation, elevated fuel prices, and tariffs are forcing everyday consumers to cut back on big-ticket discretionary items such as RVs and boats. 

According to a McKinsey & Company consumer study, American families report an immediate intention to “pull back spending across most discretionary categories,” noting that even higher-income consumers are aggressively cutting back on ‘nice to haves.’”

Related: 29-year-old casual dining chain closes 4 locations after acquisition

During the Covid pandemic, however, both the recreational boating market and RV market actually boomed. Americans heavily invested in getting into the outdoors, either on the water or by camper. 

Boating market sales reached pre-2008 financial crisis heights, and Bloomberg called RVs “Covid campers” due to their sudden rise in popularity. As lockdowns receded into the past and consumers’ wallets tightened, the outdoor industry started feeling pressure again.  

Results from the RV Industry Association’s (RVIA) July 2026 survey of manufacturers found that total RV shipments ended the month with 19,948 units, an 11.9% decrease compared to the 22,633 units shipped in July 2025. 

RV owners are staying home: here’s why 

Earlier this year, during the 2026 RV Industry Power Breakfast, Toby O’Rourke, CEO of KOA, the largest campground network in North America, sounded the alarm on industry trends. 

O’Rourke highlighted that while more people are camping, camping frequency is down. 

“Two-thirds of all people who are camping are doing so just once or twice a year compared to 55% in 2019,” she said. “That’s a significant loss in camper nights at campgrounds.”

Data also revealed that 5% to 8% of people who own an RV didn’t use it last year, and that might be a conservative estimate. 

“This difference in participation has a big impact at campgrounds, but it also has a big impact at dealers because if people are not using their product, they’re not inclined to upgrade or purchase another one,” O’Rourke explained, as reported by RV Business. 

She added that people aren’t dropping out because they’ve lost interest in camping; rather, they can’t afford to do it as often, they can’t find the time, or both. 

“We need to make camping multiple times a year feel possible again because that will drive purchases,” she said.

Wendland commented on this in the podcast, adding that one of the things he keeps hearing from RVers is that “between fuel costs and just the general price of everything, people are being a lot more careful about when they hit the road and how far they are going to go.” 

Based on current fuel prices, campground fees, and food and activities costs, a long weekend ends up costing more than a week used to cost, argued Wendland. 

Related: 125-year-old mall retail anchor closes discount outlet, cuts 101 jobs

Most stock advice comes with an expiration date. Buy this now, sell that by Friday, watch the earnings report next week.

Jim Cramer just gave SpaceX (SPCX) investors a very different kind of timeline.

During the lightning round of CNBC’s “Mad Money” on Aug. 25, a caller asked whether it was safe to buy SpaceX stock after its slide from summer highs.

Cramer’s answer was blunt. Put it away and give it to your kids, he said. He wasn’t joking, and he wasn’t talking about next quarter.

For investors, that raises a fair question. Is a stock that has been this shaky really something you hand down to the next generation?

Why Jim Cramer is telling parents to buy SpaceX stock now

Cramer has covered markets on CNBC for more than two decades, and he ran a hedge fund before that, so his read on sentiment tends to carry weight with retail investors.

His pitch this time leans on history. He compared SpaceX to the 100-year railroad bonds that funded infrastructure decades before it paid off.

Related: SpaceX stock defies latest Wall Street forecasts

The point is simple. Some assets reward patience measured in generations, not trading days.

Cramer argues that judging SpaceX on a normal 90-day earnings cycle misses what the company is actually building.

He has been consistent on one condition, though. “I would never recommend SpaceX if Musk weren’t involved,” he said on CNBC, tying the whole call to the founder’s ability to raise money and deliver.

SpaceX CEO Elon Musk has tied the company’s future to Starship, Starlink, and orbital AI compute.Justin Sullivan / Getty Images

What the SpaceX stock price is actually doing

SpaceX priced its IPO at $135 per share on June 12, in what became the largest public offering in history. It quickly ran up to an all-time high of $225.64 by June 16.

Then the stock gave back most of those gains and touched a low of $104.83 in early August.

As of Aug. 25, SPCX closed at $137.95, up 2.19% on the day. That put it back above its IPO price and gave the company a market cap of about $1.87 trillion.

So the “give it to your kids” call is not a bet on a skyrocketing stock. It comes after a bumpy first few months as a public company.

The earnings and cash burn that spooked Wall Street

SpaceX released its first quarterly report as a public company after the market closed on Aug. 4, and the numbers cut both ways.

Revenue in the second quarter jumped 92% to $7.8 billion, beating analyst expectations of about $6.93 billion, CNBC reported.

The problem was spending. Capital expenditures hit $18.4 billion for the quarter, and the company posted a net loss of $541 million.

Here is what investors reacted to:

Revenue growth was strong across Starlink and AI compute

Cash burn ran billions above what Wall Street modeled

Free cash flow stayed negative

Shares fell 13.6% the day after the report, showing how sensitive this stock is to any sign that the spending won’t slow down soon.

How the share lockup added more pressure

Timing made the drop worse.

Roughly 911.5 million previously restricted shares became eligible to trade on Aug. 6, more than doubling the public float from about 639 million shares to 1.55 billion, Reuters reported.

At the time, that put more than $100 billion in stock in position to trade for the first time.

More supply usually means softer prices, and additional unlocks are spread across a dozen-plus dates into late 2026.

Cramer flagged this exact setup weeks earlier, telling viewers to wait for the lockup to hit before buying. His long-term optimism and his short-term caution were always two separate messages.

What SpaceX is building to justify the price

The generational case rests on businesses that barely exist yet.

Starlink is the profitable engine today, with about 12 million subscribers and a $1.66 billion operating profit in Q2. 

That funds everything else.

The bigger swing is AI. SpaceX has turned its Colossus data centers into a compute-rental business, signing agreements with Anthropic, Google, and Reflection AI, CNBC reported.

Fortune estimates the agreements could generate about $26 billion a year.

More SpaceX:

Jim Cramer sees the writing on the wall for SpaceX investors

Top analyst sees trouble looming for SpaceX stock

5-star analyst sets alarming SpaceX stock price target

The company also wants to move those AI data centers into orbit, using solar power and the cold of space for cooling.

On Aug. 25, SpaceX announced a $100 billion Starbase spaceport in Louisiana, CNBC reported. 

It will be the company’s largest launch site, with construction starting in 2027 and the first launch targeted for 2029.

Where Wall Street disagrees with Cramer

Not everyone sees a generational bargain at these levels.

Morningstar, one of the most respected independent research firms, reaffirmed a fair value estimate of $62 per share after the second-quarter report, arguing the stock still prices in optimistic outcomes for Starship and orbital data centers.

Others are far more bullish. JPMorgan holds an Overweight rating with a $240 target, and Morgan Stanley’s bull case reaches as high as $600, according to according to Investing.com.

That contrast tells you something important. The analysts who cover this stock cannot agree on what it is worth within a few hundred dollars a share.

Skeptics also point to the data center contracts, which are lucrative but can be canceled with 90 days’ notice, making long-term revenue harder to count on.

What this means for you before you buy

If you are considering SpaceX because Cramer said to, a few practical points are worth holding onto.

Before buying SPCX, consider these realities:

The stock carries high volatility, and more share unlocks are coming through late 2026

The company is not profitable yet and is spending heavily

The bull case depends on Starship reusability and orbital AI that are years from proven

A generational holding still requires you to survive the near term without panic-selling.

For most investors, that means sizing the position small enough that a further drop won’t force your hand. 

Cramer’s own advice supports this. He warned people not to build a large position into the unlocks.

If you believe in the decades-long vision, dollar-cost averaging into a modest stake gives you exposure without betting the outcome on a single entry price.

The bottom line on Cramer’s SpaceX call

Cramer’s message to parents is genuinely long-term, and it is not a promise that the stock goes up from here.

He is asking investors to accept sharp near-term swings in exchange for a bet on Starlink, AI data centers, and space infrastructure that could take a generation to mature.

The risk is also real. Morningstar’s $62 fair value and the ongoing cash burn are reminders that the price today already assumes a lot goes right.

For readers, the honest takeaway is this. If you buy SpaceX, buy it the way Cramer framed it, as money you can leave alone for years, not capital you will need back soon.

Related: JPMorgan resets SpaceX price target after earnings

After nearly two decades in business, a longtime bakery has closed its remaining storefronts following years of financial turmoil, a bankruptcy filing, and mounting pressure on its operations.

The company had once expanded beyond its local roots, distributing its products across multiple states and building a retail presence. Now, customers will no longer be able to visit any of its physical stores.

Founded in 2006, The Cookie Factory is a regional New York-based bakery known for its cookies, pastries, cakes, and baked goods.

The Cookie Factory closes all physical locations

The Cookie Factory has closed all of its remaining retail locations, ending a 20-year run of physical stores. Its website is no longer available, which has also terminated the company’s nationwide shipping operations.

The affected locations are:

Collar City: 520 Congress St, Troy, NY 12180

Halfmoon: 1705 US-9, Clifton Park, NY 12065

The company had previously distributed its products beyond New York stores, with its baked goods available in as many as 25 states.

Although its retail locations have closed, The Cookie Factory’s products will continue to be sold at select retailers, including Hannaford Supermarkets, Stewart’s Shops, and other locations.

Related: Iconic seafood chain brings back controversial deal amid closures

The company owners, brothers Chris and Joe Alberino, announced the closure in a farewell message on Facebook.

“As we close this chapter, we do so with a tremendous amount of gratitude and an unbelievable collection of memories that we will carry with us forever,” the owners wrote in the statement.

The announcement came after the company had temporarily closed its stores for vacation from Aug. 17 through Aug. 24. The locations did not reopen.

Why The Cookie Factory is closing its stores

The Cookie Factory has not provided a specific reason for permanently closing its retail locations. However, the business has faced a series of financial and operational challenges in recent years.

The company’s financial problems became public in 2023, after a failed merger with a former business partner. The dispute was followed by significant unpaid bills and claims from suppliers and other creditors.

An entity affiliated with The Cookie Factory filed for voluntary Chapter 7 bankruptcy in September 2024 in the U.S. Bankruptcy Court for the Northern District of New York. The bankruptcy filing sought liquidation, but a judge subsequently allowed the bakery to continue operating while the case proceeded.

The bankruptcy proceedings detailed more than $2 million in claims involving lenders, vendors, and suppliers. The company’s financial difficulties were also compounded by fallout from a 2023 product recall, according to the filing.

The business faced another major setback in late 2024 when a portion of the roof at its primary commercial bakery facility on River Street in Troy collapsed, creating an additional operational challenge.

The financial pressure continued in 2025 and 2026. A foreclosure action involving the company’s Troy property resulted in a judgment of roughly $2.25 million, according to a 2026 court filing.

The company’s River Street commercial bakery was eventually sold at auction in June 2026.

With the company’s remaining retail locations now closed, The Cookie Factory’s physical retail presence has come to an end.

The Cookie Factory closes all physical locations.Will Waldron/Albany Times Union via Getty Images

Rising costs continue to pressure food-service operators

The challenges facing The Cookie Factory come as food-service operators continue to deal with elevated costs and uneven customer traffic.

The National Restaurant Association estimates that total expenses for an average restaurant increased 36% between 2019 and 2026. Average hourly earnings for restaurant employees have risen 41% since February 2020, while average wholesale food prices are up 35% over the same period.

Those higher costs have continued to put pressure on restaurant profitability. The National Restaurant Association reported that 33% of operators said their restaurants were not profitable during the first half of 2026.

Consumer traffic has also remained uneven. The association said inflation-adjusted restaurant sales are projected to increase just 0.8% in 2026, while higher menu prices have accounted for much of the industry’s nominal sales growth.

For specialty dessert businesses, those pressures can be particularly important because products such as cookies, cakes, and other treats are generally discretionary purchases rather than everyday necessities.

Competition can add another challenge as consumers have more options for occasional dessert purchases.

Here’s some of my previous coverage of store closures:

Dessert chain quietly closes locations, exits multiple markets

Popular beverage chain closing multiple locations nationwide

Popular frozen yogurt chain closes most locations

Business Insider Senior Reporter and industry expert Katherine Ortiz has previously pointed to customer visit frequency as a key factor in determining which specialty dessert concepts can sustain their businesses.

“How often people realistically want dessert is what ultimately determines which chains endure and which burn out,” said Ortiz.

“When too many concepts flood the market offering the same product for the same narrow occasion, the model goes stale, no matter how beloved the brand once was.”

For The Cookie Factory, years of financial problems, property-related setbacks, and operating pressure have now brought an end to its physical retail footprint. Its baked goods, however, will remain available through select retail partners.

Related: Popular frozen yogurt chain closes most locations

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Why we love this deal

Keeping your home’s outdoor spaces illuminated is important this time of year. As summer turns to fall and the weather becomes less muggy, everyone wants to spend more time outdoors. What better way to enjoy the fall months than by lounging on your patio set while listening to your favorite music? However, in order to do that once the sun goes down, you’ll need some good lighting. While a full-sized gazebo with built-in lights is a nice luxury, it’s not in the cards for everyone. That’s why a good extra-long set of string lights is a great buy for enjoying the fall nights in style. Amazon happens to have a set like this on sale, and we think it’s worth a look.

The Amzrap 200-Feet Solar String Light Set is marked down to only $60, which is 40% off the regular price of $100. If you’re looking to light up your life and your backyard, for that matter, then this is the deal for you.

Amzrap 200-Feet Solar String Light Set, $60 (was $100) at Amazon

Courtesy of Amazon

Shop at Amazon

Why do shoppers love it?

This set of string lights offers everything you want in backyard lighting. It’s cost-effective, attractive, and practical to use. As far as cost is concerned, these can help save money on your monthly bills. Because the lights are solar-powered, they won’t pull any additional power from your home’s grid connection. That means you can have them running every single night without fail, and it won’t cost you a single additional cent. 

In addition to being economical, these lights are beautiful as well. They’re designed to look like vintage incandescent bulbs, with an illuminated filament. The elongated bulbs give the set a retro look that fits in nicely with all types of decor schemes. A black cord and black bulb bases give the set a subdued look that blends in easily, no matter where you choose to hang it. Speaking of hanging, because of the extra-long length of this model, it’s easy to stretch over your entire patio, giving off a warm glow to the whole area.

The lights have so many features, you’ll never get bored with them. The extra-large solar panel gathers power from the sun all day and disperses it as needed to the bulbs. There is a remote control that comes with the set, allowing you to control every aspect of the lights, including a timer function and dimmer. They’re also weatherproof, so you don’t have to worry about damage due to rain or snow if you choose to leave them outside year-round.

Related: Amazon’s 8-pack of solar fence lights is just $28 ahead of Prime Day

Amazon shoppers were impressed with these string lights. One called them “magical,” adding, “the lights are just beautiful…Solar charging has been more than adequate.”

Shop more deals 

Gigalumi 6-Pack Ground Solar Lights, $25 (was $28) at Amazon

Addlon Solar String Lights, $18 (was $24) at Amazon

Lianglome Solar Fence Lights, $34 (was $44) at Amazon

The Amzrap 200-Feet Solar String Light Set is a great option for anyone who wants to keep their backyard or patio nice and bright, even at night. Just don’t wait too long to get yours, as they may sell out quickly.

In January 1983, Apple offered a free Apple IIe computer to every eligible school in California under a program called Kids Can’t Wait. The idea, according to Steve Jobs, was to reach a generation of future customers before they ever compared products elsewhere.

Google ran a similar play decades later with free Chromebooks, which helped cement its dominance of school hardware. The pitch to schools has barely changed since. Only the free product looks different now.

OpenAI is running a version of that same playbook. The company announced that ChatGPT for Teachers is expanding to 55 additional school systems across 20 states, adding more than 100,000 educators and staff.

The free program now reaches over 300,000 teachers and staff across more than 100 K-12 organizations in 30 states. That puts OpenAI ahead of any single AI product tied to Microsoft or Alphabet inside American public schools, at least by headcount.

Access was never the hard part. Anyone can already open ChatGPT in a browser for free. What districts actually needed was legal coverage, and that changed this week.

The privacy agreement is doing more work than the chatbot

OpenAI is introducing a 16-state National Data Privacy Agreement built on the Student Data Privacy Consortium framework. It lets a district evaluate ChatGPT for Teachers once against a shared checklist instead of negotiating a separate contract from scratch, according to OpenAI.

That deal matters more than the headline numbers. School procurement moves slowly because every district’s lawyer must independently confirm a vendor meets FERPA, the federal student privacy law, along with state rules.

A shared agreement removes that bottleneck for the 16 states it covers, plus California under a separate deal.

Related: OpenAI picks perfect moment to childproof ChatGPT

OpenAI says no other AI vendor has published a comparable multistate agreement covering K-12 student data, a distinction the company is using to differentiate the rollout, according to its announcement.

Leah Belsky, OpenAI’s vice president of education, frames the offering around control rather than access. Districts get role-based permissions and administrative oversight that let schools implement AI within their own legal requirements, she said, according to Texas Public Radio. That is a pitch aimed at general counsel, not classrooms.

OpenAI is fighting a distribution war, not a software war

ChatGPT already leads other AI chatbots in teacher engagement, according to education technology researcher Tom Daccord. But Alphabet’s Google has folded Gemini directly into Workspace for Education at no extra cost, and Microsoft added a Unit Plans feature to Copilot for Education this year, according to Forbes.

Both rivals already sit inside software schools use daily. OpenAI has to win districts as a new habit, a harder sell than an upgrade to a tool already installed.

OpenAI has usage data to back its pitch:

More than 1.9 million messages sent by teachers between January and mid-July concerned time-saving tasks, according to a privacy-preserving OpenAI analysis.

Roughly 900,000 of those messages dealt with report cards and progress reports, and 800,000 concerned lesson planning, the same analysis found.

That kind of usage data is what OpenAI can show districts that neither Google nor Microsoft can claim at the same scale in a single classroom specific product.

OpenAI is expanding ChatGPT for Teachers to 55 more school districts.ALEX WROBLEWSKI / Getty Images

Schools are a cheap place to buy trust before an IPO

OpenAI’s annualized revenue run rate topped $40 billion this month, roughly double where it stood at the end of 2025, according to Bloomberg.

The company also completed a $7 billion secondary share sale in August that valued it at $852 billion, reported CNBC, ahead of a widely expected public listing.

Rival Anthropic has posted similar acceleration, reporting a $47 billion run rate in May, which raises the pressure on OpenAI to lock in every category of future customer before a listing, including one that is not paying yet.

More OpenAI:

OpenAI just disclosed something genuinely alarming

OpenAI just admitted something that has the AI industry on edge

Tech expert predicts an OpenAI collapse

None of that revenue comes from teachers. ChatGPT for Teachers stays free through June 2028, extended from an original 2027 cutoff, according to OpenAI. But habits formed for free rarely stay free once a company needs to show investors a return on the users it collected.

Enterprise software has run this playbook before: land a user cheaply, make the workflow indispensable, then raise the price once switching costs are high enough to stick.

The real test comes when the free period ends

Teachers who build lesson plans, grading rubrics and family communications inside ChatGPT for three straight years will not switch tools easily in 2028.

That habit, not goodwill, is the asset OpenAI is actually building inside the education system.

The open question is whether that loyalty survives a price tag, or whether it transfers instead to whatever AI tool a teacher’s next employer already pays for.

Districts betting on free access today are also betting on what OpenAI decides to charge once the giveaway ends.

Related: OpenAI investors must consider latest CFO comments

Jim Cramer is not telling you to get out of ServiceNow. He is telling you to get smarter about how much of it you own.

I want you to sell half and then let the rest run.

Cramer said that during the Aug. 25 Mad Money Lightning Round, when a caller asked about ServiceNow (NOW).

Twelve words that carry a specific message about position management. It is worth unpacking for any investor sitting on gains from the April low.

NOW hit its all-time high of $239.62 on Jan. 27, 2025. It then collapsed to approximately $81 in mid-April 2026. That’s a massive drawdown that shook out a lot of its believers and investors. Its 52-week high remains at $194.73.

Since that $81 low, the stock has recovered fairly to the current $125.80. That is a meaningful move. 

Cramer now has a lesson on trade management. He’s essentially saying to make sure you pay yourself first after a profitable setup. And I couldn’t agree more, because that’s something I embrace in my setups, too. If you bought the dip, it is reasonable to bank half and ride the rest with house money.

Also Read: ServiceNow Inc. Latest News and Stories 

What the Q2 ServiceNow results showed

The reason Cramer says “let the rest run” rather than “sell it all” is visible in the recent Q2 2026 results, reported July 22.

Subscription revenues grew 24.5% year-over-year (YOY) to $3.877 billion 

Total revenues of $3.987 billion grew 24% YOY. 

Current remaining performance obligations reached $13.20 billion, up 21%. 

Total remaining performance obligations (RPO) hit $29.0 billion. Source: ServiceNow Second Quarter 2026 Results

The company statistically beat the high end of guidance across every topline and profitability metric. To me, the headline for the Artificial Intelligence (AI) story is what I found intriguing. ServiceNow AI crossed $1 billion in annual contract value in Q2 2026.

Agentic deployments of ServiceNow AI increased ninefold in just nine months, according to CEO Bill McDermott.

In an environment where most enterprises are still searching for AI’s ROI, ServiceNow is the platform delivering it.

The full-year 2026 subscription revenue guidance was raised to $15.76-$15.78 billion, reflecting 22.5% year-over-year growth. 

For Q3, guidance calls for subscription revenues of $3.975 billion to $3.980 billion and a 31% non-GAAP operating margin, according to ServiceNow Q2 2026 Results.

Following the strong Q2 report, a recent report by TheStreet showed that Bank of America raised its price target to $150 from $130 in August, maintaining a Buy and citing ServiceNow’s positioning as the workflow context layer for enterprise agentic AI.

The structural AI story behind the ‘let the rest run’ thesis

Cramer’s “let the rest run” language is his way of signaling long-term conviction without encouraging investors to size up further at current levels.

The AI Control Tower product is the clearest expression of what makes ServiceNow structurally defensible. McDermott has called it the market standard for enterprise AI governance. Nearly all 50 U.S. states are using the platform, according to a July press release.

Anthropic is the first design partner connecting Claude directly to ServiceNow workflows. NVIDIA integrated AI Control Tower into its Enterprise AI Factory design. Microsoft extended the governance layer across Microsoft Agent 365. AWS surpassed $1 billion in ServiceNow Marketplace transactions.

Related: Jim Cramer resets investors biggest Nvidia fear 

The long-term financial targets from the May Analyst Day are the numbers that justify any continued position. 

By 2030, ServiceNow targets more than $30 billion in subscription revenue, 30% of ACV from AI, and a combined growth and free cash flow margin exceeding 60%, according to a ServiceNow report.

I remember covering ServiceNow’s CEO kill-switch interview in July, in which McDermott described the AI Control Tower as the tool that stops AI agents from going rogue. 

I think that positioning (governance, not just automation) is the reason 50 of the last 54 analyst ratings are Buy or Strong Buy, according to TipRanks. The same report shows that the average analyst price target over the past three months is $141, implying roughly 12% upside from current levels.

ServiceNow AI crossed $1 billion in annual contract value in Q2 2026.David Paul Morris/Bloomberg via Getty Images

Why Cramer’s ‘sell half’ advice makes sense

The honest context for Cramer’s recommendation is the entry point question. ServiceNow at $81 in April was a different proposition than ServiceNow at $125 now.

The stock is still down 17.88% year-to-date and 27.25% over the past year, according to Yahoo Finance, meaning investors who held through the 2025 decline are still underwater from a 12-month perspective.

But investors who bought anywhere near the April low are sitting on meaningful gains, and the stock still trades well below its $239 all-time high.

More AI:

Nvidia just made a move Wall Street wasn’t ready for

Microsoft just took sides in the AI policy fight

OpenAI just disclosed something genuinely alarming

Selling half locks in a portion of the recovery while preserving full exposure to the business thesis. 

If the $30 billion subscription revenue target and the agentic AI deployment acceleration play out through 2030 as management describes, the remaining half participates in that upside without the psychological and capital risk of holding a full position through what remains a volatile stock.

The baseline is that smart money management is selling some when you have it, not when you need to. With $29 billion in RPO, 24.5% subscription growth, and $1 billion in AI ACV crossed, it’s fair to say that this is a business worth holding. Just perhaps not all of it.

Related: ServiceNow CEO admits there’s a solution to AI’s biggest problem

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Why we love this deal

With fall coming up and mornings getting cooler, some warm and cozy slippers can set the tone of your day. They’re ideal for cold mornings when you’re making coffee, long stretches of time working on home projects, or quick trips outside to grab the mail. Starting your day off or ending your day in comfort can help create parts of the day you look forward to, allowing you to relax during the day and make daily tasks feel less tiring. They’re especially handy on hardwood floors or cold tile, which can be an unpleasant way to start the day.

The Goewy Fuzzy Suede Slippers are a comfortable option that keeps your feet warm without overheating, while also looking stylish enough to wear out for quick errands with some jeans and a sweater. With prices starting at $10, they’re a smart purchase for fall and we can’t help but notice that they look similar to high-end brands.

Goewy Fuzzy Suede Slippers, From $10 (was $26) at Amazon

Courtesy of Amazon

Shop at Amazon

Why do shoppers love it?

The exterior of these slippers uses a durable and breathable faux suede, while the inside is lined with coral fleece faux fur for comfort and warmth. The slip-on design is comfortable and easy to use, and the large fur collar traps warmth so your feet stay toasty, even on cold floors. The combination gives the slippers a super soft, insulated feel without having an over-complicated design. The insole adds another layer of comfort, using faux rabbit fur and high-density memory foam that offers cushioning and supports your feet for all-day comfort. 

Related: Walmart’s ultra-cozy $26 slippers are 52% off in 19 fall-themed patterns

The soles feature a thermoplastic rubber construction that stays quiet while walking around the house, allowing you to go about your day without waking up the household, and also provides an anti-slip texture that can help prevent accidents. They can be worn outside for short trips to the mailbox, picking up the kids from school, or relaxing in the backyard, and pair well with pajamas or jeans for a casual and comfortable fall look. The classic shape is reminiscent of higher-end slippers, while the embroidery webbing adds character and a pop of color. They’re available in a variety of colors, but the light brown color offers the best deal in sizes 7 through 10. 

Details to know

Sizes: They offer double sizes from 5/6 to 11/12. 

Color: Choose from tons of colors, with the light brown color being the best deal. 

Materials: The faux suede and fur are breathable but hold in warmth during cold weather, and the soft sole is slip-resistant and quiet. 

“I am absolutely shocked that I got such high-quality slippers for an unbelievably low price,” wrote one buyer. “I actually bought two pairs. They are beautiful, so well made, cozy, very supportive, and won’t slip.”Another shopper wrote, “I needed some basic house slippers, and I’m so glad I bought these. My kids wear Uggs, and what I can say is that side by side, they’re close to the same. These have a thick memory foam sole in them that I didn’t expect. They feel the exact same as my kids’ brand that’s just like them! I wanted similar comfort but without the price tag.”

Shop more deals

Weweya House Slides, $10 (was $15) at Amazon

Gowey Open-Toe Fuzzy Slide Slippers, $10 (was $25) at Amazon

Oow Memory Foam Knit Slippers, $15 (was $27) at Amazon

The Goewy Fuzzy Suede Slippers are perfect for fall, mimicking the popular slipper style that’s been trendy for years, while keeping an affordable price tag as low as $10. Shoppers can save up to 62% at Amazon.

For years, investors have watched a small group of mega-cap companies drive much of the S&P 500’s performance.

The Magnificent Seven — Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla — accounted for the bulk of the index’s gains, and investors saw little reason to bet against them.

However, that trade stalled in 2026, and the equal-weight version of the S&P 500, which gives every company the same influence regardless of size, is now leading

As of early August, the Invesco S&P 500 Equal Weight ETF (RSP) had returned 13.1% year to date, compared with about 10% for the cap-weighted Vanguard S&P 500 ETF (VOO), according to Benzinga.

RSP surpassed $100 billion in assets under management for the first time in August, after attracting more than $12 billion in net inflows in 2026, CNBC reported. 

That milestone marks the clearest sign yet that investors are repositioning beyond mega-cap dominance.

The Magnificent 7 stall in 2026

Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla collectively lost 1.9% in the first half of 2026, while the broader index gained 9.3%, Bloomberg reported.

That gap reflects a broadening of market leadership beyond the Magnificent Seven, while performance within the group has also diverged sharply. Microsoft was down 18.64% year to date as of July 16, while Apple was up 20.70%. 

Tesla was down 14.15% year to date as of July 16, while rival BYD delivered 557,090 battery-electric vehicles in the second quarter and reclaimed the global BEV sales lead, according to Investing.com. 

Related: Bank of America spots new curveball for Magnificent Seven stocks

The four major hyperscalers, Microsoft, Alphabet, Meta, and Amazon, are now projected to spend a combined $725 billion on AI infrastructure in 2026, up from earlier estimates of $670 billion, according to Financial Times analysis of the companies’ earnings-call guidance.

Brent Thill, a technology equity analyst at Jefferies, called it a “show me” phase, investors want to see that spending translate into profits.

The Magnificent Seven are projected to post 22.8% earnings growth in the fourth quarter of 2026, trailing the 25.3% expected from the other 493 S&P 500 companies, according to FactSet. 

The Magnificent Seven traded at about 25.8 times forward earnings in February, compared with 21.8 times for the S&P 500, according to Yardeni Research.

That underperformance carries added weight because the market entered 2026 unusually concentrated: the 10 largest S&P 500 companies accounted for nearly 40% of the index by mid-2025, a level not seen since the mid-1960s, according to S&P Dow Jones Indices.

What equal-weight exposure costs over 5 and 10 years

RSP holds the same 500-plus stocks as the standard S&P 500, but weights them equally. Technology drops from 38% of the cap-weighted index to 16%, while industrials and financials each rise to about 15%, according to Invesco’s RSP product page.

The rebalancing needed to maintain equal weight creates turnover, transaction costs, and taxable capital gains every quarter.

Erich Pingel, Vanguard analyst, says markets evolve alongside broader economic change.

“The market’s shifting composition is a feature, not a flaw … As industries rise and fall, investors adapt, causing the market to continuously reflect the structure of the economy,” Pingel said.

More Exchange Traded Funds:

How smart investors use ETFs to legally bypass IRS wash sale rules

Veteran manager buys 2 ETFs as market shifts

One dividend ETF makes $1,000 a month possible

The fund held roughly 4% in cash as of April 2026, a drag that doesn’t appear in the 0.20% expense ratio, Yahoo Finance reported. 

Over the five years ended March 31, 2026, VOO returned about 76% cumulatively versus roughly 47% for RSP. 

Over 10 years, a $10,000 investment with distributions reinvested would have grown to about $37,460 in VOO, based on Vanguard’s 10-year performance data, versus roughly $28,940 in RSP, based on Invesco’s 10-year performance data, a difference of about $8,520.

RSP currently offers a higher dividend yield, according to Invesco, while VOO’s yield is lower, according to Vanguard; the exact percentages vary by yield methodology and measurement date.

Equal-weight S&P 500 exposure offers diversification and smaller drawdowns, but higher costs and weaker returns can compound significantly over time.SOPA Images / Getty Images

What the equal-weight shift means from here

Equal-weight strategies captured this year’s wider participation, but over the past decade they trailed the cap-weighted index by more than 100 percentage points.

That gap narrows when mega-cap earnings growth slows, as it has in 2026, and widens when a handful of winners dominate.

Investors buying RSP at $100 billion in assets are betting that the broadening holds, that the other 493 companies can sustain earnings growth strong enough to justify pulling money away from the names that carried the market for three years. 

The FactSet projections support that case for now, with the rest of the S&P 500 expected to outgrow the Magnificent Seven on earnings by the fourth quarter. But equal-weight is a market-breadth trade, not a conviction trade. 

It pays when leadership is dispersed and punishes when it reconcentrates. If mega-cap momentum returns, equal-weight holders will feel the cost of that bet quickly.

Related: Vanguard’s global ETF fixes the S&P 500’s biggest weakness

The parent of contract brewing company Great Southern Beverages filed for Chapter 11 bankruptcy protection to stop an eviction process and reorganize its business.

Great Southern Copackers LLC, which previously brewed craft beers for clients including Orange Blossom Brewery, Cigar City Brewing, and Publix Super Markets’ 1300 Mile Brewing, filed its Subchapter V petition in the U.S. Bankruptcy Court for the Middle District of Florida on Aug. 20, listing $1 million to $10 million in assets and debts.

The Lakeland, Fla., beverage manufacturer’s largest unsecured creditors include Lakeland Industrial 1 LLC, owed over $364,000 on a lease agreement, and Sea Isle Spiked Iced Tea LLC, owed $100,000 on a business contract, according to its petition.

The debtor’s bankruptcy filing imposes an automatic stay on any legal actions against Great Southern Copackers while its case proceeds in court. The company’s brewery faced a threat of eviction by its landlord and contract disputes, according to the Tampa Bay Business Journal.

Great Southern Beverage has ceased brewing beer and will shift to making non-alcoholic beverages.Shutterstock

Landlord files eviction process

The commercial property owner of Great Southern Beverages’ facility, The Becker Organization, filed an eviction proceeding on June 11 in the Polk County Court, alleging that the defendant owed $364,118 in back rent and property insurance, the Lakeland Gazette reported.

The debtor also owes over $89,000 in delinquent wastewater and electric accounts to Lakeland Electric, which led to warnings and temporary service cut-offs, according to the report.

Great Southern Beverages’ CEO Jeremy Roberts acquired the brewery, formerly known as BrewHub, in 2025. The brewery had financial issues before Roberts bought the company, according to Lkldnow.

Owners operate another contract brewer

Roberts and his business partner Andrew Phillippe, who operate Florida-based contract brewery Brew Theory, brought in more partners to complete the BrewHub deal, which had been negotiated for about 10 months and closed in May 2025, according to Brewbound.

The 75,000 square-foot Lakeland facility can produce up to 3.5 million cases per year.

Roberts will attempt a turnaround as Great Southern Beverages ceases its beer production and will shift to making ready-to-drink products.

“Obviously, craft beer isn’t gonna be it. You know, the consumer demand isn’t there, but RTDs are still strong,” Roberts told Lkldnow.

Founded by former Busch workers

BrewHub was founded in 2014 by former Anheuser-Busch employees Tim and Diane Schoen during the craft beer boom. Over the next 11 years, the brewery faced the Covid-19 pandemic’s effects on the industry and changing consumer behavior as young adults were not drinking as much as the age group had in past decades, according to Lkldnow.

Older adults also began to shift their preference toward drinking spirits.

Alcohol consumption at all-time low

Craft breweries continue to suffer from a national trend of American adults drinking less alcohol, as a Gallup Poll survey found, for the second year in a row in 2026, that 54% of U.S. adults ages 18 and over drink alcohol, matching the all-time low from 2025, which was the lowest number since 1939.

The share of American drinkers has fallen sharply since 2022 when 67% of U.S. adults drank alcohol, according to Gallup’s Consumption Habits survey.

Several craft breweries have filed for bankruptcy protection in 2026, including Anniston, Ala.-based brewery and restaurant Coldwater Mountain Brewpub LLC, which filed its petition in the U.S. Bankruptcy Court for the Northern District of Alabama on July 15 and Burnsville, Minn.-based beer brand Trove Brewing LLC, which filed a Subchapter V petition in the U.S. Bankruptcy Court for the District of Minnesota on June 3.

Related: Dining chain sued after closing all locations