pastures. >> she's the final trade right there. >> that, and agnico-eagle mines. and you are a stud. >> always brings me a drink when i get here. congratulations, way to go. >> fantastic job. we will miss you. >> thank you for watching "fast money," everybody. my mission is simple, to make you money. i am here to level the playing field for all investors. i promise to help you find it. mad money starts now. hey, i'm cramer . welcome to mad money. we are just trying to make a little money here. my job is not just to entertain you, but to educate and teach you especially on days like today. call me at (800) 743-2622 or tweet me. it's official, when

we get stocks we are no longer worried about the fed. the fed is more worried about a slowdown than inflation. the dow gained 512 points to a new all-time high. nasdaq climbed a little more than the others. when jerome powell said the economy has slowed considerably, that is good news. it means that the fed is now on the size of the stocks. not only is the fed no longer the enemy, it is much more likely to become our pal assuming the economy stays on this current, slower course. this is the about-face they were waiting for. it's the comeuppance for the bears who never embrace the possibility that could engineer a soft landing. it was a terrific soft landing. this one is so soft it barely

counts as a landing it all. there is nothing they can do except try to rip their legs out of the jaws of the bear traps. good luck. i am told they really hurt. when you get your first sign that the fed is finally done, there are two ways to look at it. you can say we are ready for rate cuts, perhaps as many as three next year. bonds will lose their traction. it's a goldilocks situation. that is certainly what we saw today. the best performing stocks for the housing and the bank stocks, not tech. a brand-new 20 million share buyback. the banks are new to the party. the bank stocks that are most shunned made the biggest moves higher. they are saying happy days are here because the rates are about to come down.

i said that there were two ways to look at it. what about that glass half- empty alternative? this says the fed is done tightening, might have to cut rates a bunch of times but that is because they raised to aggressively. you can only hope that nothing will go horribly wrong. just wrong. most of the reporters seem fixated on this issue. after the initial jubilation which will probably extend until tomorrow i expect the glass half-empty crowd to take over. jerome powell seemed as jubilant as he usually gets which isn't saying much. he actually took a shot at all of those will recession estimates gone wrong. it could still go wrong. not going to say we have a soft

landing but that's what i would do. we did get the soft landing. today interest rates have peaked. we now have the wind in our faces. obviously the market got ahead. there are no surprises. in unison, the inflation is now less important. this has now been restored. the first one you can get stocks without worrying about monetary policy. powell does not want to declare victory. i will declare victory for him. what about the rates because something could go horribly wrong. a lot of people said that immediately. they said the fed overshot and the economy is in trouble. i actually heard some people say this.

do they try to hook them on two horns? do you think these people have heard of xanax? i don't know how they make this ill-advised argument. the pessimistic camp said you have already missed the rally. this camp had its way. the good news is that everybody was buying something. that's how you get the market with great breadth. does that mean that the magnificat seven is now over? yes. when it comes to percentage games. i would take any of those over the seven. i never knew which of them was ewell brenner and which was steve mcqueen anyway. should you strap yourself in and not listen to the sirens.

the ones that say we are headed for a hard landing despite all the evidence to the contrary? yes. for now you need to ignore them. not everything has been down. they are at such incredibly low levels you can get almost all of them. the regional banks never came back after mid-march. they are incredibly cheap. i told you that caterpillar was a winner. they are made for this moment. the same goes for anything more related. ford, mgm. fine with me. so far there has been a ton of money made in all sorts of tech. all the things that tend to slow down. now it is time for bank of america j.p. morgan to shine. for the deep signals to rebound like crazy. the big money has already been made in tech although i think

there is still some small money coming. i prefer j.p. morgan, morgan stanley and wells fargo. that's why every member of the seven give up big gains with the exception of tesla. sure that easy money has been made in a couple of sectors, mostly tech. now it is time for a bunch of other sectors to shine. being crushed by inevitable recession. getting stomped on by the bears and bulls is over. these stops are not night. the plane has landed. the seatbelts are unbuckled. we are in the overhead taking down our bags and going down the gangway and getting the heck out of the airport. wade in north carolina. >> i was wondering if you think lulu lemon has hit the top or

if there's still room to grow? >> how about the fact that all the bear said it was a bad quarter and it went to an all- time high. they are stupid. it is a good stop. andy in california. andrew, speak to me. come on. >> hello. this is andy from the home of the new ai revolution in silicon valley. thank you for taking my call and thank you so much to you and your staff for all you do. i have learned so much from you. >> we are all fired up.. andy is the man. how can i help. >> i have a question about honeywell. i made a lot of money and honeywell. it seems like it has been stuck for about two or three years

now. do i just write it out for another industrial? >> honeywell is made for this moment. it is the kind of stock. it is down 5% for the year. next thing you know the fed does this, switches direction, one of those members should have said what i meant to say was by honeywell. easy money may have been made in some sectors especially tech and ai. now it is time for the economically sensitive areas to shine. so pick up some homebuilders, they have moved a little if you want to. it is a nice ride there. always on the lookout for the best of the stocks. it might just be the one nvestors should be able to afford. the infrastructure spending is set to continue into the new year took i think the benefit

is really interesting at these levels. i am running through everything that you need to know with the ceo so stay with kramer. >> don't miss a second of mad money. if you have a question tweet cramer. sent him and email or give us a call at (800) 7426 .3-22 the cloud makes it possible to expand your infrastructure. but to make it powerful enough to connect your data wherever it is, you need cdw and netapp. cdw experts will work with you to understand your needs, then customize a netapp cloud services solution to integrate data management for all your clouds,

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>> you remember when stocks got crushed when interest rates are rising, now they are coming back down. the fed might even take down the short range.

this is why you want some exposure to the real estate investment trust which has already started rebounding like crazy since october. warehouse and other logistics facilities which put up great numbers this most recent quarter and is already rallying nearly 34% from the lows in late october. we spoke to investors and analysts at the new york stock exchange to present the longer- term investment case for their stock, rolling out some very encouraging targets. people liked what they heard which is why the stock jumped nearly 6% today. we had a chance to speak to the cofounder, chairman and ceo. take a look at this. you have what i considered to be a joyous investment day. you have really talking about how to dominate. wire you the most dominant company in your sector? >> we don't want to be the dominant company, we just want

to be really good at serving our customers. i think the ustomers are the key. we pretty quickly figured out then when you are our size with about $200 billion in assets, the next deal no matter how good it is not move the needle. if you put the customer at the center of your business and serve them even 5% better you can create tons of value. unfortunately the real estate industry was not built around customers. it's an adversarial relationship between landlord and customer. we have turned that equation around and i think that is our secret sauce more than investments or buildings or anything like that. >> you would not have unbelievably good companies like amazon, home depot, and fedex, i would go so far as to posit that when i get something i order in the morning and it is there in the evening you are playing a role in that. >> 3% of global gdp goes

through our buildings. the chances are. in the u.s. that is much bigger. chances are that your package is coming through one of our facilities at some point. >> when i first met you, big domestic company. now you are capable. you are in a lot of places. >> we are in 20 different countries on four continents. those countries represent a little over 70% of the global gdp. >> i look at your stock. i say i know it is a real estate investment trust. i regard it as a growth vehicle that pays a pretty good distribution. the correct way to look at your company? >> i think so. i think the biggest curse of our company is that we are almost bound by trading like reit and most of people think of us as fixed income.

we have been growing double digits for as long as i remember both in terms of earnings and dividends. that picture will continue in the future based on everything we have seen. we have a huge market between where the leases are and where the market runs. we aren't talking any further growth. there will be further growth but even if there is not and we just capture the spread, it is a shoe in for a really strong earnings. >> i find that analysts periodically want to knit.. they will talk about occupancy. the utilization rates are extraordinary. when they do say that maybe things are little soft, you point out that there is very little new construction in your business. >> actually, there is a fair amount of construction this year. if you look forward, starts are down 65%. we are at 4% vacancy.

i think we will get up to about five and then go right back down because of the slowdown in construction. by the way, we have gotten spoiled because vacancy rates were in the 3.5 to 4% range the last 2 to 3 years. i've been doing this for 40 years and they have never been under five other than this cycle. we are talking about historically low levels of vacancy and historically high levels of rental growth. even if you throw all of that out, just capturing the rent growth that has occurred it is a tremendous boost to earnings. >> when you get a company like duke you are able to convert that into a much more customer centric operation and then take share or please the people and the numbers go higher. >> so that is the playbook. we usually pay a premium, we have to pay the premium to purchase the company. we generally get that back with

cost synergies. we have gotten pretty good at getting those. a lot of companies talk about synergy, but if you really look at it we don't get it. we have proven it time after time after time. the track record there is pretty good. that is not the big price. the big price is what other services and products we can sell on top of real estate to the new customers that we get by virtue of these relationships. whether it is solar energy, whether it is storage solutions, whether it is electric vehicle charging or operating essentials, whether it is private capital management like some of those assets, all of these are different income streams that very few real estate companies have. >> i feel like i am leaving out superlatives here. 5 billion square feet. how about 500 megawatts of rooftop solar.

clearly the largest areas. >> it is the largest rooftop not industrial scale and farms, we were second to target. i think we just passed them. i think week will keep going. that is only 4% of our roofs. we have the other 96 to go. by the time we are done with this it will be a utility scale provider of renewable energy. we are putting a lot of people on resources to grow their business. we are 1.2 billion square feet. >> one last question. you have what i consider to be a consumption model. you are exactly where you need to be. it is convenient. now it's hard places to get. you have a lock on a lot of the real estate. >> it is interesting. this business is not rocket kind -- science.

we are in consumption. people and population changes do not change that much. if you have a position in los angeles, new jersey, new york you are serving as people and they don't make more that real estate. >> i remember in the dark days of 2008 you were the first stock that bottomed because you have such strong controls and balance sheet. you have really run your capital correctly. we will have more on the fabulous analyst day, coming up. >> details on a power player that has been beating the s&p for years. an old cramer favorite reenters the ball when mad money returns.

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a few weeks ago i told you about the 14 stocks in the s&p 500 that outperformed the benchmark index every year for at least the past five years. one is a specialized contractor that builds, repairs, and maintains all sorts of energy and communications infrastructure. this one intrigued me. because i had not been keeping up closely, i wanted to do my homework before recommending it. nobody ever got hurt by a little due diligence. if you are doing the research i really like this stock. there's a reason it has been able to beat the s&p for five years. they actually do business as hundreds of smaller regional operating companies. each of which is a specialty contractor that is tailored to customers in its area. you still get all the benefits of the scale because you can

negotiate with suppliers and clients as one company. it adds up to impressive numbers. it is consistent. from 2010 through 2022, the company saw a 14% compound revenue growth rate while earnings per share put an 18% clip over the same time. by contrast, aggregate earnings for the s&p 500 had a 7% compound growth during that time. no wonder they keep outperforming. so this stock has been running circles around the markets up nearly 48% versus 22% for the s&p 500. at first it was smooth sailing. they climbed all the way to 212 on september 1. then they got hit with a downtrend september and october. came right back down by november 1. that turned out to be the momentum turn.

it was right before they were about to report their earnings. they had no reason to give up on them right before the quarter. it just felt like everybody was bracing for bad news given the collapse over the previous couple months. when they reported the results, they were great. the stock shot up 10% in a single session and has not looked back since. you might ask what explains this trajectory? from january through august the engineering and construction. they specialize in energy and communications infrastructure. these are the areas that are major winners from the big infrastructure package. the stock is tailor-made for that. there is now a lot of money that has been allocated to hardening the electric grid and improving access to rural broadband. you better believe they will get a bunch of those contracts.

at the same time the oil and gas producers are eager to export overseas which means more pipelines. again, more business for these guys. that gets us through the end of august. why did the stock rollover in september? remember, that is when alternative energy was getting killed. they do get 22% of sales from renewable energy infrastructure. fairly or unfairly it ends up being painted as an alternative energy stock. we learned that next year energy plans to hit the brakes on expansion plans. that directly impacted them. they are possibly the largest. even that does not justify that. we are talking 22%. that decline is insane. fortunately they reported a good quarter november 2. a week

later goldman sachs published a very short, very smart upgrade. they argued that next year energy spending worries were overdone especially since they said that their customers reiterated their commitments to their capital spending projects. they went on to argue that the long-term record with its deep relationship with customers and the lack of skilled competitors all mean that it makes sense to pay a premium for the stock. i agree completely. they currently sell for just 25 times over. i think it is more han justified. wall street pays for consistently strong numbers and that's exactly what they give you. plus, we have a huge wave of infrastructure spending on the way. this company will be a direct recipient. it does not hurt that the market has slowly changed its stripes since interest rates peaked in october. the fed is now

signaling the possibility of more cuts. that is true for the solar complex stock pushed by higher rates. residential solar energy is pushed by financing, not by energy. throughout the entire solar space lower rates translate directly into higher demand. it is absurd that it translates but it certainly does not hurt that they appear to be in much better shape than they were just a few months ago. i think government investments in improving the a trick. present better growth given that it comes from utilities. i feel like they do not get enough credit for that business. i thought that it was the best way to play the federal money, but this was cleaner, less convoluted. somebody, let me give you the bottom line here. they have seen the stock beat the s&p every year for the past five years. i bet it can keep

outperforming in the future. it's a unique business that stands to benefit immensely from the massive wave of federal infrastructure spending over the next decade or so. they are also a relatively safe way to play alternative energy as they are not exposed to residential solar panels. don't expect wall street to give them the benefit of the doubt. let's go to rate in florida. >> hi, jim. how are you? >> i'm doing well. how are you. >> ready good. my question for you is should i purchase exxon mobil at a 52 week low or do you think there will be a better opportunity with the acquisition of pioneer from the dilution. >> they have almost a 4% yield. if you want to on an oil stock i would start right here with exxon. david in virginia. >> greetings from beautiful

virginia. >> how are you. >> good. i called back in march about investing in boeing when they receive substantial orders. since then, the stock has risen 25%. the chinese just announced advances in the goal for their own indigenous airline. do you think it is time to bail? >> absolutely not. we have a multi-year move going here. i think that you want to be a size of that name. >> quanta services has be in the s&p for five years. i bet they can keep outperforming in the future. adobe is falling after the close. i am getting a sense of where they could be headed. all drug companies face one thing when it comes to their drugs. what is the best way to invest?

i will free up a strategy for handling that. stay right here.

every quarter when adobe is about to report, i warn you that the friday before that they sell all post earnings. they expect better numbers for every subsegment. the guidance was not perfect. the earnings forecast was fantastic, but the forecast from 2024 was considered below. as a result, the stocks got hurt after hours.

it's up 85% from a year go. maybe this is just what we are used to which is one of the few companies that is already making money from artificial intelligence. is there anything to worry about? is the chairman and ceo of adobe -- he is joining me. >> thank you for having me. >> i think that sometimes you have to focus on the quarter with $5 billion. we have double-digit growth in every segment and suck -- subsegment better than expected sales with strong margins and healthy bottom line. to me this is the story of the evening. >> thank you. as you point out t was absolutely a phenomenal year. we had the most number, a record number of subscriptions ever in the history of created cloud. when you think about document cloud, the pdf business, that

was a record. the new innovation that we are delivering in the digital expedients segment. our first $100 million corti is good quarter for adobe. over $700 million in the book of business. you pointed out profitability. as he pointed out we are the first large company that delivers on these models and interfaces. the team has done an outstanding job and i could not be more proud. >> i want to go into that one through the context of the future. you listened to sam altman. he's talking about going lightspeed. guidance is difficult but i do know that small and medium-size business people have no interaction with ai other than from your company.

>> i think what technology has always done is make it accessible to every individual the ability to take what is in there had to be able to do commerce or whether you are large and a price to predict. i think that ai will be a profound impact that enables people to be more productive. i believe the people who use ai will replace people that do not use ai like computers replacing . i am not one who believes in those fears. as it relates to the guidance, tremendous to the highest number

. we intend to go execute against that tremendous opportunity that we have. my shelter -- my shareholders will benefit from a. >> one of the things i was surprised to see was the document cloud. i know things can be a little bit faster. it is amazing to me. bank of america, the va, mastercard, volkswagen, these are huge companies that are just discovering the document cloud. >> these are the accounts that are looking at engaging with customers. i want that to be based on the

adobe platform. and we look about all of the content we are preparing the whole content supply-chain. documents certainly represents the currency of information within an enterprise. how can i take all of that information, the knowledge management that exists and make that so every knowledge worker in the enterprise can become more productive. that is where pdf really comes in. it is innovation that we deliver on mobile devices and we have delivered over 1 billion pdfs using that. we think that is a diamond in the rough. we will continue to invest.

>> so i do not see any overlap. the competitors would be disenfranchised if you merged. don't you have to say the market is so big that this would not hurt it. >> what we see is this confluence of creativity and productivity. when you think of it like that it's like every tech company when you have the platform, companies like microsoft, google, apple, amazon that see this opportunity. what we are trying to do is say every surface that exists, whether that is a web browser or a mobile device or a desk top, we want to take the

ability for what has been done with respect to creative collaborative software and the web, combine that with what adobe has done and make it even more. ai will change all of that. thinking about markets and the conventional way is just the wrong thing to do. we think it is an adjacency. we believe in our merits but the regulatory environment is challenging. >> totally. they should be thinking about the competitors who have not conformed yet. one last thing, creative cloud. the content is accelerating. this could prove to be upside to your guidance. >> we certainly hope so. we will continue to do that.

we opted to 1.75 and we ended the year at 1.9+. we are more focused on making sure we can delight customers, create really compelling technology that is working best for adobe. on all those friends. i am really excited and optimistic. >> it is about the strength of the customer base and it is about young people and students. thank you for coming on the show. >> we can't wait to see the

eagles play. >> thank you so much. mad money is back after the break. coming up, cramer takes your calls and the skies the limit. it's the lightning round, next.

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lightning round is sponsored by charles schwab. >> i love you, man. i have been watching since day one. thank you for the wonderful lines you provide us. >> i want your program every day. >> thank you for being the greatest in the world. we consider you the money market major and we thank you for all you do. >> i love your show. >> we think your show is the most entertaining program on tv. it is time for the lightning round. the lightning round is over. are you ready? we want to start with mandy in maryland.

>> hello, assessor cramer. love your show. long time fan. how are you doing? >> go ahead. >> thank you for taking my call and helping us with our investments. i like to do a shout out to your staff. they are wonderful. >> fantastic staff. >> yes. and you are fantastic. i'm trying to get ready for next year about what to invest. i was thinking of buying net. >> i think you are little late to that party. it had a gigantic spurt. why don't we do this. wait for a pullback. i think it has moved too much. now i'm going to diane in california. >> hello, jim.

>> everybody calls me cramer. >> i am calling o find out about warner bros. >> this is a great question. the fed announced it will probably be cutting rates. that is the thing that warner bros. discovery needs more than anything in the world. i need to see a quarter that demonstrates a lot of cash flow . if that happens we will get on it. let's go to fernando and new york. >> hey, jim. i want to give you the biggest booya you have ever gotten in your life. >> that is maybe the fourth biggest. i'm doing fine. how are you? >> i'm doing awesome. i wanted to ask about zip recruiter. it has a moderate by rating right now. the consensus of

three by rating, two hold and zero cell. >> it is probably not bad. i do not see a catalyst there. it's probably okay. i think for just a couple of points. i wish i could be more enthusiastic. let's go to chris and new york. >> hi. here is christopher to ask the question. >> i was wondering what are your thoughts on american airlines and how high you think it can go. >> they are just doing okay. i'm more favoring delta right now. i will be entering southwest tomorrow. we will take a look at that one as well. and that is the conclusion of the lightning round. >> the lightning round is sponsored by charles schwab. coming up, the big pharma is a back and forth affair. one stock seems to have a

prescription for long-term success. cramer is filling you in next.

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>> i strive to be intellectually ambitious. i want to make connections and find the data to help you see around corners. in covering technology i am reporting on change. ambition can create change. it is not easy to run a drug company. patents can expire and they are worth next to nothing. that is where pfizer finds themselves. many of their excellent drugs have come off patent. they do not have enough new drugs in the pipeline hence the data announced today. many investors piled into pfizer earlier. these guys had $37.8 billion in vaccines and $18.9 billion in paxlovid.

they plan to use that money for acquisitions. we recently found out that they are seeing a huge shortfall in covid related treatments. they originally expected $21.5 billion in covid related sales. when they reported their earnings they cut the outlook to 12.5. today they rolled out the 2024 guidance including an expectation for just $8 billion in sales for covid. of course, notwithstanding the ceo is going on a spending spree to bolster the new drug pipeline. they paid for a revolutionary migraine drug and shelled out $43 billion for a terrific anticancer drug. pfizer has been unable to meet projections for the migraine drug. apps the chief spokesperson i

thought it could do much more than $1 billion in sales this year given how effective it is. revolutionary relief and 15 minutes from a migraine? miracle. this is looking like 861 million this year. until just now, that made the situation even more dire. it is potential for breast, ovarian, lung, and bladder cancer. there will be much to show right off the bat. i will give you this history because i want you to understand it is hard for a drug company. if they don't have a decent pipeline they can't show growth. their stock has gone down from $29 and 2013 two $26 today. total value destruction. these patents happen to be the best of them. today johnson and johnson quoted a downgrade from wells fargo because of the patent for

the big drug solera will lose its exclusivity. this treatment for all sorts of autoimmune conditions, psoriatic arthritis, ulcerative colitis. once those patents are expired it will make enough. what is the antidote? i think the best one is eli lilly which spent years developing game changing drugs. they will be talked about constantly in the investing club meetings. one of my favorite investors this morning said that he thinks eli lilly is by far the biggest and will be the first trillion dollar valuation thanks to its research. we have positioned them for the travel trust which you can follow by joining the investing club. the relentless nature of the company is trying to tackle the hardest of diseases. they do not have a patent cliff like nearly every other in the

industry. the ceo has created the best growth company in the ndustry without making major acquisitions. it is not too late to get on the board even with this move. i like to say there is always more market somewhere. right now on last call, call it the everywhere rally. if you think stocks here are doing well, look overseas and we will show you the top countries minting money. targeting elon musk? a bombshell claim against the biden administration and the commissioner joins us. speaking of musk, tesla is recalling millions of cars over the autopilot feature. should it give us pause? pfizer fail, the pharma giant below the pandemic panic lows, how things have gotten s