>> the p in your bicep trade, peloton. >> paypal. >> well, pelopeloton. >> peloton is in carter's trade. guy? >> exxonmobil reports in the morning. i think you buy it after earnings >> thank you for watching "fast money. see you back here watching "fast money. see you back here tomorrow "mad money" starts now my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer! welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job, not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. let's talk about the megacaps. just because we haven't seen the likes of them before doesn't make them bogus!

they didn't get their trillion-dollar valuations by fooling the most people. they got there because there was nowhere else for them to go but up something demonstrated once again this very evening with incredible reports from amazon and meta and by the way, an extremely profitable report from apple let me ask the question. is microsoft supposed to trade at a discount to its valuation because it had 227 billion in revenues last year and $82 billion in earnings? how do you not give alphabet a big valuation? $100 billion in cash and nearly 100 billion in earnings? you want to keep meta on the farm what's a stock investor supposed to, do just sell them because they're big? after a day when the dow gained 2370 points, s&p jumped 1.25% and nasdaq rallied 1.3% we're faced with a confluence of events that make it hard to value anything amazon and meta platforms reported spectacular numbers and their stocks caught fire in after-hours trading, especially meta where business is so fantastic they're going to pay a

nice size dividend and boosted buyback. apple had strong headline numbers but china was not so hot. and china's what everyone seems to care about and focus on endlessly and that's why the stock got dinged in after hours. apple, i say even after a report that isn't as strong as that of the chinese-deprived amazon and meta, own it don't trade it. it's constantly disconcerting to me that people complain about how something must be wrong with the market given that a handful of tech companies represent such a preponderance of the s&p 500 i always come back and say what are we suppose the to do do we give them a haircut because they're so powerful, some hoshort sort of handicap this isn't draftkings. there's no points spread in the stock market there's no under, there's no over it's not like this is some restricted club where you can be blackballed because somebody doesn't approve of your sector consider the case of eli lilly versus tesla you know i've been on a campaign to can the term magnificent

seven because tesla no longer deserves it. something a delaware judge made easier when she threw out elon musk's package he's moving the company to texas. unfortunately musk has put the idea on the table that it may not be worth his time to take tesla to another level in artificial intelligence and all sorlths of other great stuff if he doesn't get double the stake in the company or at least double the voting power, maybe i don't want to do it anymore. musk doesn't want to be challenged by the outfits that analyze pay packages or the activist shareholders that swoop in without a lot of blocking i think he's the only ceo of the seven that wants to hold his company hostage for more money even as most of his other execs deserve a lot more due i mean, relatively how about the more valuable eli lilly with a regulatory drug that's been shown to help diabetes, obesity, hypertension, perhaps help the 365 million people who have osteoarthritic knees or those who have sleep apnea or who drink too much?

lilly's market cap now exceeds tesla's yet no one seems to begrudge them for that achievement. lilly's not called into question the way the tech guys are because it's a drug company. i bring this up because every couple of days somebody comes up with something to question the whole valuation process of the former magnificent seven yesterday was bank of america's turn they issued a note -- the big dogs account for almost 20% of the world's market cap apple the size of japan which is the second largest country in the msci that in itself is supposed to seem ominous i guess even more foreboding are the endless notes crossing my desk about how we have a bunch of undeserving companies leading the market that are totally unworthy of their valuations of course you're told in the end it's going to lead to a stock apocalypse not unlike will wh the dotcom bubble burst in 2000. to which i come back and say will you stop it please? enough already tonight three mega cap companies meta amazon and apple reported

and they collective lipp generated almost $330 billion in quarterly revenue and $59 billion in net income. in one quarter if you added up all the profits of the top 20 stocks back in 2000, guess what, you probably had a negative number. there's just no comparison with the magnificents more important, having lived through these days, the executives of these companies spent more time trying to figure out how they could get out of their onerous shareholder lock-ups to create hidden derivatives that would let them dump as much stock as possible i know a couple of execs who were busy selling stock right after they spoke positively about their companies on air some of them were shorting their own stocks with related entities that were hind by 2000 it was all about financial engineering the kind of engineering it took to take your money, typically small retail investors who first discoverctading then and engineer a real nice house in aspen and maybe a bungalow in st. bart's and when were they allowed to sell sto we -- what did they do? these companies did secondary offerings left and right instantly. with a gigantic slug of stock for sale of their own. okay helped by shameless analysts

looking for a huge payday. there was simply no place to put any of this khmerrical merchandise. they were too busy going out to dinner with m&a partners trying to unload their company and salespeople and analysts all of whom were trying to get a merger going or some sort of activity that would allow them to make some money before the companies went under that's a great shorter, huh? of course there were a couple of real ones. i can think of one amazon that made it because it was always a legitimate operation but i know 330 other companies that came public during the dotcom period and they were worth billions and billions of dollars in the stock market, 18 months later most of them were worthless. and yet these are the companies that compared to the super six or eli lilly or tesla? that's just insane periodically because of my age i get to pull rank i was there right in the scrum bringing the profitless the street.com public to glowing reviews with a billion-dollar valuation and no plan to stop losing money i didn't like this i listened, i watched i heard i wrote it all down in confessions of a street addict begging the underwriters not to let it go so

high please because we couldn't of equal what the market was saying we could do given our hideous losses and the notion of comparing any of these modern megacaps to the best in the dotcom era is fatuous, lacking even a shred of rigor. here's the bottom line you may think these megacap stocks are now wrongly valued versus the rest of the market. i say you have to value them somehow someway and you can't just give them a gigantic bigness haircut because of their sales or earnings. but if you're saying these companies remind of you of 1999 to do you i say give me a break. i know who you were. you were probably in third grade back then if not in pampers or maybe the other guys like luvs by the way, if any of these scare taiktsz make you cash out of the companies that reported tonight you can always tell people that you would have made a lot of money but that money wouldn't have counted. let's see if anyone believes you. let's go to jerry in missouri. jerry. >> caller: hey, jim, thanks for taking my call >> of course, jerry, what's happening? >> caller: well, during the club's monthly conference call last week and a subsequent video you sent to the club you mentioned a trade that you like

for four chinese companies >> yes >> caller: so i purchased a few small positions in them and since then they're all down. >> yes, they are all down. >> caller: 10% >> that's okay i said buy small positions and i would buy more of these. they're the cheapest stocks in the market i have not liked the prc but i have to tell you that if you want actual -- if you bleevt chinese have to save their country as i do and the prc has to stop this nonsense they will start doing things that will amaze you. remember, i have hated the chinese stock market more than anyone else in this world. so for me to turn positive and to slowly recommend buying them is a huge change of pace for me. everyone else burned the hell out of you i just got started recommending them on a low basis and will buy more on the way down if i could. john in ohio john >> caller: boo-yah, jim. thank you for taking my call >> of course >> caller: long-time listener. my question is spirit airlines

i bought it in 2020. we obviously know what's happened with jetblue. where do you see the future for spirit >> here's the future >> sell sell sell sell sell sell sell sell sell sell sell sell >> can you give me a hand? >> sell sell sell sell sell sell sell >> can we go to commercial my arm -- one more todd in california todd >> caller: hi. how are you doing, mr. cramer? love your show >> thank you i'm trying to recover from a sell button. sorry. what's up? >> caller: no problem. hey, so i'm -- go? >> yeah. >> caller: so i'm an ex-paypal employee i was at paypal for over a decade and while i'm an engineer by trade i spent the last five years in a sales-related role, specifically as a solution architect. i worked spospecifically with t north american large ebbett-prize merchants and what paypal calls the global accounts team which between the two the

largest merchants that paypal has. >> okay. >> caller: i along with my sales counterparts spent an enormous amount of time, energy and money attempting to convince these merchants to move their credit card processing volume over to paypal >> all right >> caller: in almost every engagement i was involved in this was our priernl charge. this was the endgame, was getting the credit card volume from the merchants paypal deals with >> all right sounds reasonable. all right. look, here's my view on paypal there's a guy named alex chris i saw him interviewed by david faber, my colleague. and i really like what he had to say. and the guy is from intuit he's a hitter. own it lo look, am i jumping up and down about it no it's like the japanese stocks. inexpensive. you can buy some right here. i believe that and a little bit lower it's called investing. i really like it it's a cool thing. i've done it for a long time

you might think the megacaps are overvalued and that we're in a repeat of the dotcom era you may not like the way apple's treading after the bell. i say stop it already. if you keep using the analogy these are all just a bunch of joker companies europe going to cost yourself a fortune staying out of the way amazon and meta. maybe get a better basis for apple. the symbol e, the company behind chile's and imagineiano's soared after earnings is it time for investors to take a bite of the stock for the long run? i'm checking in with the ceo and amor sports hit the company with a bit of a mixed reaction how should you consider the name and the state of the ipo market as a whole i'm sharing what you need to know and it may not be the take you expected and banco santander, the number one bank in spain report yesterday. i'm running through the numbers and so far i like what i see let's speak to the executive chair. and stay with cramer >> announcer: don't miss a

second of "mad money." follow @jimcramer on x have a question? tweet cramer #madmentions send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc miss something heado dmeynbco tmaon.cc.m.

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when you look at this incredible run in cramer fave stock brinker international it's the parent company of chili and is imagineiano's a stock that shot up more than two bucks today. when brinker reported yesterday morning they delivered a nice earnings beat and management also raised their full year forecast hence the stock's phenomenal move so can this one keep climbing? let's check in with kevin hobman, president and ceo of brinker international. welcome back to "mad money." >> hey, jim, thanks for having me on the show >> i'm going to date myself

right now. i met mr. bringer many, many years ago when i worked at goldman sachs and he had explosive ideas and made you feel like you wanted to work there as a manager at a store. and he actually had specials and you said to yourself there is something between sxhmcdonals and those special restaurants you can't afford i feel it's happening again. maybe it's the advertising maybe it's the service you're bringing back what people don't know about norman brinker. i want you to speak about how you're returning the legacy to the way it was >> i appreciate the comparison to norman brinker. i would say i'm a shadow of norman brinker doug brooks, norman brinker, these are larger than life individuals. i've been at this for about two years. we've got a lot of work ahead of us but i appreciate you saying that the teams are doing an amazing job getting back, making guests feel special, making team members feel special the food is improving, the service levels are improving and that stock price is a reflection of how the teams are doing and how they're getting after it to

make guests feel special >> i'm a believer in the arc of a conference call. and you start with something that is a true building block. you're talking about the end of a turnover and the beginning of people who want to have a better life by working at brinker other than chipotle i've never heard that talked about with any other restaurant chain in the past 25 years, periodically starbucks. but what it says to me is you're getting people who want to work there and when there's a lot of advertising and it drives customers they're excited about all the hard work they have to do >> we are seeing incredible engagement with our managers we're at the top echelon of restaurants right now in managerial turnover. the main reasons for that, and i said it on the call, number one they're being listened to and they're seeing those ideas start to show up in the restaurant number two, the business is growing. so their compensation is obviously growing with that. and number three, i think they know we're all in this together. so it's our home office, what we call the rsc here, and the field teams working together to both make team members feel special and guests feel special.

and that's getting them fired up about being a part of our company. >> they must like it when they see the 20 incremental billings this last year, more than 50 billion incremental on top of that which tells me you have tremendous conviction in the food and drink you are offering right now. >> everybody wants growth, right? we want growth in the existing restaurants. we want to build new restaurants. and obviously as we continue to improve economics, same restaurant sales as well as expanding margins, both the things that we did this quarter, it's going to make it a whole lot easier to build. we're very excited about both new builds and we're even more excited about continuing to elevate the core business. >> tell me right now we saw some numbers out of american express last friday. 11% growth in restaurant sales if you were to posit what's happened with the cultural zeitgeist of the country, why is every single age group and every single economic group going out for dinner more?

is it work from home and then want to go somewhere is it something about what happened in covid that changed the idea of going out and having a nice meal? >> i think it's just universal, jim, that people just want to have a little bit of a respite from their every day things are so crazy, you know, whether you're working from home or you're working at an office, like the idea of having 60 minutes in your day where there's just -- you're getting treated incredibly special, like everything's about you, and the way our teams do that, it's really all about elevating the experience you can get food at home anywhere now it's at the click of a button. it's at the click of your phone. it's really about that service level for about an hour of your day, making you feel special and as long as we do that i think we're going to continue to grow, i think you're going to continue to see restaurants grow along with that. >> italian food. madgeiano, i wasn't looking for anything good. i'm not saying i don't like it we have a good one on route 10, i'd love to take you there

but what's happening there i would then put some chips toward that chain. >> yeah. they had a great holiday quarter. this is their big quarter. q2, our q2 the holidays are a big busy season not just for dining rooms but for banquets they absolutely crushed it the teams were ready to go we've seen some of that business come back now. so they're fired up. really the sky's the limit for maggiano's we just hired a new president dominik bert loni. he's come from mgm he's worked in all kinds of restaurant concepts within that company. and his big mantra is he's going to be bringing the magic back just like norman brinker did all those years ago, he's going to be bringing that magic back to maggiano's >> one last question people didn't know it. the largest seller of margaritas in america is -- >> chili's but you know what? i've got a new one for you, jim. >> all right >> every second of every day on average chili's sells a

hamburger to i acustomer it's 15% of our business it's about to get a lot bigger with some innovation that's coming that's another one to think about, not just margaritas also burgers >> that's why i like to say sometimes the market cap isn't big enough to address the success of the company and kevin, that's how i feel about what you're doing right now at brinker >> thanks so much. the future is quite bright for us we're just getting started everybody asks me what inning are we it's early innings for this growth rate. and i just can't wait to get after it on both brands in the future >> fair enough thank you for coming on the show kevin hochman, president and ceo of brinker, assemblsymbol eat

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the ipo market's up and running again this year but so far let's just call it hit or miss last week bright spring health services came public well below its proposed range and then the stock got slammed after it started trading. there was just not enough demand for this private equity-backed health care play but on the other hand two cancer oriented biotechs both had successful deals cg oncology. aravent biopharma. today we have another ipo, a sporting goods and outdoor

brands play called amer sports you may not recognize the name but you likely know their products, arc'teryx outdoor apparel. wilson tennis gear louisville slugger baseball bats among many others. initially amer sports was looking to sell 100 million shares at $16 to $18 per share then we started hearing about pushback from investors in part because the company's too exposed to china last night the deal ended up pricing well below the range at $13 a share and that was low enough to get the stock rallying today, closed up about 3% from the offer price. so far this is looking like another out of favor ipo even if its lowball price allowed the stock to get like i guess you'd call it a decent pop i've got to tell you this amer sports is a great example of the kinds of deals i wish we simply weren't seeing for starters it's a chinese-owned company and historically chinese ipos tend to be very poor performers and they take your money and just throw it into the chimney. amer was acquired by a c consortium of investors in 2019

led by anta sports, a chinese sporting goods powerhouse along with a chinese private equity firm and tencent, the chinese tech titan even after this ipo the consortium still owned a majority stake in the company meaning the public shareholders are hostage to their decisions they're going to take you where they want you. problematic. but maybe the numbers are so good that they can make up for it no while amer sports had impressive revenue growth last year looking like 23%, a lot of that's because china reopened its economy after the lockdowns of 2022 there was real strength in the direct to consumer business, tactical apparel and outdoor performancewear. but ball and racket sports were not so hot as for amer's profitability, well, that's really a bit murkier. when you look at actually gaap net income which we like to do on "mad money," the company is losing money with a net loss of over $200 million last year. their ebidta was up huge but ebidta does include interest expense and that's not very illuminating a private equity backed ipo that's loaded to the gills with debt you go to war with the balance

sheet you have not the balance sheet you want speaking of the balance sheet it's less than ideal, possibly hideous depending upon which numbers you use. the pro spektus amer sports presented its cash balances as of the end of september 23rd -- 2023, they did it in two different ways they did it actual and they did it in adjusted the adjusted numbers were updated to reflect the corporate reorganization that took place as part of the ipo process and they also included the expected proceeds from the deal that amer would use to pay down debt however, those adjusted numbers assumed an ipo price of 17 bucks. and proceeds of 1.6 billion when in reality they only raised 1.365 billion because they couldn't do the deal at that price. when you look at what amer calls the actual numbers, they've got -- this is incredible stuff. they've got $6.2 billion in net debt mostly in the form of a loan from one of the larger shareholders, anta sports, the chinese sporting goods powerhouse, more on that later using last year's rough ebidta

estimate of $600 million, that means you're taking a leveraged ratio of greater than 10, which is flat out horrendous and embarrassing when you use the adjusted number amer's debt load is 2 billion, implying a leveraged 2.3, which is manageable but we know for a fact that the adjusted numbers are too optimistic given where the ipo ended up pricing overall i'm using a very diplomatic term by calling it murky. rep remember how amer sports was supposed to use its ipo proceeds to pay down debt when ceo james zang came on money movers earlier today with my colleagues carl quintanilla and sara eisen carl directly asked him what he'd do with the money he just raised listen to this >> i would say the overall we will grow all these three brands in the future. i think the most investment for us will continue to focus on our retail shop low out and also

increase our overall digital infrastructure setup so less demand-driven areas. >> raising eyebrows here zing talked about investing in growing the brands and investing in digital infrastructure. but he didn't talk about paying down debt, which was the plan that's in the prospectus right here maybe he misunderstood the question but the plan was to spend it all on cleaning up the balance sheet. if amer sports does anything else that feels like something someone less couth than i am might call bait and switch in the end amer sports is for all intents and purposes a murky chinese company that's wrapped in some attractive global brands like arc'teryx, salomon, wilson. but as much as i like some of these brands the closer you look at the story the more red flags that you find. and to put a little color to this one other than nike there's never been a lot of success attributed to the kinds of sporting goods this company makes. almost like none

the best thing i can say about amer is it's had good growth for the past couple years. but that growth came primarily from china which has gone from roughly 8% of amer's sales in 2020 to nearly 20% in the nine months period ending last september makes sense it's e. since it's now owned by a bunch of chinese firms. but do you want that much china exposure in an environment in which their economy's in bad shape? every company i deal with that sells type the -- is getting annihilated by china i don't see why this would be any different at all they boasted a 6% growth rate during the nine-month period ending last september that's because they were up against incredibly easy comparisons now the lockdown has edgeded it's not repeatable. how many chinese consumers are -- salomon ski equipment they're having trouble affording the starbucks cappuccino i know the government is finally making real effort to turn things around but i think we're early. i could go on and on but i'm not because you know what?

i was having a real good day how quickly will amer's owners who still have large stakes in the company look to ring the register what if donald trump wins in november and we get a new wave of tariffs on amer's chinese manufactured goods and i'm still worried about that balance sheet. i didn't get over it in the last 38 seconds we can't even trust the company's ceo to tell us what they'll do with the money they just raised. so no, i don't want you to buy amer sports, not here, not now, not ever and i have one more message to amer's bankers, especially the lead underwriter, goldman sachs, which also happened to be the lead left underwriter for last week's dud of an ipo called brightspring health services listen, underwriters, give us? better options a successful ipo market is not a given it can't be taken for granted if you keep jamming these bad deals down our throats people might lose interest in the entire ipo space just so you can make like one month of your quarter? do not sacrifice your retail institutional clients on a class of real bad ipos bottom line at any given time there are good deals and bad deals but usually when the ipo cycle's just ramping up as it is right now the bankers at least try to give you some good

merchandise to draw you in then eventually they slam you upside the head with bad ones they're not supposed to start with the bad ones. i think the bankers are playing with fire when they try to sell stuff like amer sports i just hope it doesn't poison the ipo well completely. in other words, underwriters, just say no. let's go to sondra in florida, please sondra >> caller: hi. how are you? >> not bad how about you? >> caller: fine. b b boo-a. on arm there were some conflicting news on deep pocket investors for long and short for arm. i'm not sure, is it long or short? >> there are conflicting views, sandra, between people who are informed and people who uninformed that is often the case and i have to tell you that rene oz and arm holdings are good if it comes in we're going to buy it for the charitable trust. that's my game plan.

i just shared it with you. despite its underwhelming debut i still can't recommend buying amer sports down here. and to all the banks underwriting these deals, please give us some better deals before people lose interest in the entire ipo space because that's what's going to happen show some remorse. much more "mad money" ahead. including banco santander. very solid quarter i'm breaking down the latest with the company's executive chair. if you're an industrial stock trying to break out i've supplied some criteria a company might possess in order to hold weight in market and i'll reveal what they are. and of course all your calls rapid-fire in tonight's edition of the "lightning round. so stay with cramer! (ella) fashion moves fast. setting trends is our business. we need to scale with customer demand...

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this week we'll be getting results from the largest european banks including one i have long had a soft spot for, banco santander. number one bank in spain, number four in europe by assets and one of the largest in the world by individual counts. yesterday morning they reported a solid quarter with in line revenue and nice earnings beat thanks to strong results in europe and brazil. the management was optimistic about the year ahead and they also said to expect 50% dividend growth wow. earlier we got a chance to sit down with anna botin take a look. >> ana, welcome back to "mad money. >> great to be with you, jim >> thank you well, it's been a remarkable year you've expanded in a very, very what i would say successful way with double-digit growth when i thought you'd be doing high single digit most importantly, you're

returning more money to shareholders than i think any american bank certainly and you can do that because you're so well capitalized >> absolutely. yeah it's been a great year as i say, record results and you know, delivered the right way. growing customers, growing the top line, double digit, growing profits double digit and very importantly for shareholders, increasing shareholder remuneration tax dividend per share up 50% if approved by shareholders and with buybacks and dividends totaling 5.5 billion returned to shareholders this year >> i think one of the reasons you can do that is something that i think i always have to say i'm sorry but americans don't realize how many accounts you have and how little risk you take with those accounts >> well, yes we have 165 million customers worldwide. that's about half the entire population of the u.s., by the

way. that makes us one of the largest banks by number of customers and as you say, we're in growth markets, so we have many retail small accounts in latin america we're number one. it's a region with more than 600 million people with structural secular growth and very important, almost 50% of adults don't yet have an account. so being the number one bank there is a huge growth opportunity in countries that are increasingly stable, especially countries like mexico, brazil where, again, we serve 85 million customers >> i think a lot of people are what i regard as xenophobic in our country. they don't realize that you want to be in a growth country like brazil, you want to take advantage of the wondrous growth right now in mexico, but you're in germany, you're in peru, you're in poland, you're in uruguay. of course united kingdom morocco. how can you keep track of all these places and as i look at the growth, other than argentina, which is

asterisk country, you seem to want to be in the great growth of countries that are lesser developed that are gett ting toe more developed >> the reality is we are something very special because we have the global scale if you look at how much we invest every year, in the u.s., for example, number of customers. but we also have local scale so when you mention all those countries the reality is that we have five large countries and actually nine countries where we are an at-scale player that includes the united states in the consumer auto business. this is really important we can compete globally and we can leverage that global scale with a local scale and very importantly, we have three main businesses which as you said at the beginning gives us a lot of stability and diversification. those three businesses are retail banking, consumer banking and the corporate bank that again is 85% of our total and we are now managing the bank through these global businesses, which means that for examplein the u.s. we're going to bring

our own proprietary technology to benefit the u.s. retail banking system we'll be launching that this year so again, our global scale allows us to compete in local markets where we also have scale and get more profitable over time >> you've done something remarkable in our country, particularly along the lines of what you just talked about, retail, commercial you are the big presence in miami. and those of us who live in new york recognize if we go down to florida that that may be the next wall street they certainly have a better tax regime we have a lot of emigres to miami. tell me what business is like there right now. >> in the u.s. we're very excited about potential. we're really focusing on those global platforms, on those replieses where we have scale. one of them is wealth management in latin america, in europe and now in miami so we are going to expand from our miami footprint across other states in the united states

serving the private banking. but very importantly, we see a lot of upside in the overall let's say u.s. consumer with our digital platform we'll be launching this year in '24 >> now, let's talk about your competitors in europe. this morning deutschebank, it's been retreating for a very long time another 3500 people are being let go there i find that the banks in europe tend to be in retreat other than santander. so what are you doing differently versus the banks that have disappeared -- as we know, a major one did last year. or ones that are storied that seem to be stagnant. >> we are playing to our strengths. as i said, we are focusing all our capital, our investment in businesses or regions or countries where we can really leverage this global scale with a local in-market scale. again, the united states we're an at-scale auto player. we're number 5 in the country.

we fen a lot of americans' cars so they can get to work. both subprime, near prime and prime now. why is it we're competitive? because we're the number one auto lender in europe and in latin america. we work with many of these auto companies in europe. they want us to come with them to the united states again, that means we can grow leveraging a business where we are number one now what we want in the u.s. is to grow on the other side. we have a retail bank in the u.s. it's a regional bank in order for us to be competitive we need to bring our own technology, we need to expand across the country so we can actually raise small customer deposits, open more accounts so we can grow on the other side so again, we are very, very disciplined and very focused on putting our capital where it leverages and makes our strengths even stronger, if i may. and that is really the key to the way we think about growth. so no new countries, no new businesses those five businesses that we've

actually organized the bank, we changed the reporting this year, that is where we will focus. >> all right one last question because you are a person of the world. some of us see nationalism rising some of us see tensions where environmental concerns are taking second fiddle frankly to security, national security. i know you're inherently an optimist but can you give me a view of the world as you see it right now? >> so the world is clearly -- i said that in my statement yesterday. is increasingly volatile geopolitics clearly is getting more difficult it's going to have implications for businesses but if i may, you know, that's something santander has been dealing with for many years. you know, we operate in latin america. so it's actually a place where we can operate and we are very confident 2024 will be even better for santander. we've guided to 16% return on tangible equity this year in '24, which is actually, you

know, a pretty high number even compared to the american banks. >> well, ana, i want to thank you for coming on. congratulations on another good year the return of capital will be most welcomed by all shareholders i know many americans are thrilled to get that from banks they're currently in, they should just look at santander. thank you for being on the show. >> thank you for having me hope to see you soon >> thank you that's ana bot v tin, executive chair of banco santander the symbol is san. and i think it's a remarkable opportunity. more "mad money" after the break. (grunting) at morgan stanley, old school hard work meets bold new thinking. ( ♪♪ ) partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation.

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it's time for the "lightning round" on cramer's "mad money. buy buy buy, sell sell sell, play until you hear this sound and then the "lightning round" is over. are you ready, skee-daddy? time for the "lightning round" on krrmd's -- doug in alabama. doug >> caller: hey, jim. boo-yah. >> boo-yah, doug what's up? >> caller: well, i've got chewy on my mind i've had it i know the last 60 days it was $18 december 1st it's $18 again >> i think it's fine i think it's -- the last time we had them on they were starting to tell a little bit better story. i think it's very low. and that's something worth taking a look at let's go to jason in new york. jason. >> caller: boo-yah, jim. shout out to my beautiful pregnant wife danielle >> boo-yah, jim. >> hey, how are you doing? >> caller: we're doing great over here. we have a quick question for you. something you can maybe make a little sense of. the airline stocks have been not really recovering like the cruise line stocks

one of the stocks in particular, jetblue, obviously they have their merger issues with spirit. but that was just killed by the judge there. >> but you know, look, i've got to tell you, jason, and congratulations to your wife, my problem is jetblue, these are airline stocks and airline stocks should have been making a lot more money and i'm not going to start inventing reasons we should own them. i don't have any except periodically in a couple of trades. andrew in florida. kau >> caller: i want to say thank you for everything you do. the research you and your team does it's very much appreciated >> definitely. i appreciate it. and i'll pass it on to the team, which cares passionately about how good the product is and trying to make everybody look good what's going on? >> caller: with the housing market going kind of crazy these days, especially with the diy explosion over the last five years, materials going through the roof and really just hard to find as well, so much in demand, i'm in a position in home depot.

is it still worth buying more? >> it's had a very big run i'd also suggest swk we sent a great bulletin out to club members swk, which is -- that's stanley black & decker their numbers haven't come back after the diy. they've come back for the professional it's got a 3 1/2% yield. i think it represents more value. sam in massachusetts sam. >> caller: boo-yah, jim. >> boo-yah >> caller: i can't talk to you without mentioning the club. i just signed up for another year the best investment i make every year i've been doing it for years it's a no-brainer. >> thank you >> caller: and one more thing. if we could have a destination club meeting, you know like bermuda let's have a bermuda club meeting. >> don't look at me. i wanted one i'm just -- in the end i am just a player >> caller: i tell you what, if you call a club meeting in bermuda i'll call the airlines,

make sure i can travel with a couple cases of -- >> i'm going to reiterate my attempt to get that done how about that and i am such a diplomat boy, my ma would be so proud she'd say look at jimmy, he finally figured out how to say things without alienating all the bosses what's the stock >> caller: i can't believe that. but anyway, listen, could you lay some market wisdom on me about schlumberger >> they're doing well. the aramco thing yesterday tricked everybody. i think you should buy some slb. thank you for that i'm going to head to the bahamas right after the show is over and that, ladies and gentlemen, is the conclusion of the "lightning round"! trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights.

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many industrials have struggled this earnings season but now we're learning what wins infrastructure spend, which benefits from long-term mega trends fueled by massive government spending, and also aerospace because we've got a worldwide airplane shortage.

take this morning eaton one of the greatest industrials of our era laid out a fantastic quarter and road map there's not much to it even as it allowed the stock toto shoot up more than 7% today. basically eaton's about infrastructure and they've got very strong underlying demand. just listen to what ceo craig arnold had to say. quote long before we were talking about mega projects we were talking about secular growth drivers, energy transition, we were talking about the electrification of the economy, we were talking about digitization, end quote. any industrial that plays in those areas is indeed hitting it out of the park. here's how leon tapatian, ceo of nucor put it, that's our largest steel company. "we believe the american steel industry is still on the front end of mega trends, working their way into steal markets we're starting to see some increased activity in certain markets like bridge and highway, semiconductor chip players, ev factories and renewable energy." he went on to say that the strongest growth is coming from the sharp roiz in advanced

manufacturing and infrastructure investment both expected to rise double digits over the next two years, end quote how about tt, terrain technologies which shot up 7% on the strength of its heating, ventilation and air-conditioning businesses involved with infrastructure ceo david regneri. qu0e9 global commercial heating and air-conditioning markets continue to be robust. we're thriving in key verticals such as data centers and high-tech industrials, end quote. this remarkable company saw commercial hvac bookings mid teens and even stronger up mid 20s. that's incredible. by the way, i expect similar numbers from carrier reports next tuesday carrier's stock is down for the year in part because of a complicated transaction that will ultimately help it grow its ierpn business but judging from trane the core business is strong the other way for the industrials to win is aerospace as we know from rtx the old united technologies that merged wit withion. they have a backlog that's the envy of the entire industry. honeywell has tremendous

exposure to aircraft even though the overall company is still what i would call a work in progress club members know we bought some stock in honeywell today for the charitable trust i say join it you might be tempted to buy too especially when it's down so low. but the best one bar none is general electric which had such an amazing quarter it can't build engines fast enough. believe me, boeing's stock hangs in here despite a tremendous string of bad publicity that's going on for years for the simple reason they're one of only two large-scale commercial aircraft makers on earth and we don't have enough planes to sate the endless demand for travel who knows when china turns around and the rising middle class starts taking overseas vacations again? why do these mega trends mean so much to me because the bloviators who do nothing but thumb suck about the fed's next move the top down guys they constantly miss these stories because they don't want to get their habds dirty reading through the conference calls i don't know how they can do their jobs when they opine about the economy without knowing what the industrial ceos who create the economy are actually saying. maybe they think it's a waste of time funny. i think most of these fed watchers are a waste of time

stop trying to guess jay powell's next move and not start listening to the countless companies that are telling us exactly what's going on. that and not some silly guessing game is how the big money gets made i like to say there's always a bull market somewhere and i promise to try to find it just for you right here on "mad money. i'm jim cramer see you right now on last call, a regional bank beat down on a mountain of debts turning bad, we will tell you what it might mean for your money. it's new and in the oil industry surprise, what's next for prices. >> if you can dream it, you can do it. call it the taylor swift effect, unexpected brands flood the super bowl. a new vision, the vision pro is hitting stores tomorrow. does it justify the steep pric