>> lori, great to you have here tonight. >> buy the u.s. when trump is beating biden, u.s. is beating europe. >> guy? >> spirits in the can, hey, mel? >> in a can, not the can. >> oh, a can. paas. >> thank you for watching "fast." see you see you back here tomorw for more "fast" and 5:00. "mad money" with jim cramer starts right now. my mission is simple, to make you money. i'm here to level the playing field for all investors. there is 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. hallelujah! other people make friends, i'm just trying to make you a little money. my job is not just to entertain, but to educate and teach. call me 1-800-743-cnbc. tweet me @jimcramer. have i some tough news for everyone who is soyfk a market

that is led by a handful of tech stocks. you're wrong. [ buzzer ] look at the stock of eli lilly that was up nicely today on news of an acquisition. they're buying a biotech company to expand into the inflammatory bowel disease space on a day the dow dipped, i think it's worth pointing out that there is no rule that says only the tech titans can lead us higher. sure, apple and amazon and alphabet and meta and same old same old are on the move. and yes, we can say it's ridiculous that they keep climbing. some people can cling to the idea. but i say wait a second, cowboy. where does it say that this club is restricted? where does it say nobody can join in except companies loaded with tech? perhaps we should stop wasting our time worrying how the gains are cloirsed in titans and how the company can do everything

right, where are those companies? again, there is no rule that a former stock can't lead this market like there ain't no rule that says a dog can't play basketball. [ barking ] which brings me back to eli lilly, the air bud of big pharma. think about what litlly has accomplished knocking on the trillion dollar door. by the way one close it was close to 900 billion before the stock pulled back from highs. lilly comes up with the weight loss and diabetes control that competes with ozempic. but unlike novo nordisk, lilly has huge balance sheet and can afford to put up complicated multibillion plans to pump out their drug that matters because production capacity will be the real gaining factor against the competition. it's why we didn't take profits, did not take profits in lilly for the charitable trust when we heard of all the competitors that jp morgan held at their conference at the beginning of the year. boy, we didn't jump ship when viking therapeutics burst on the scene with a positive clinical

trial for their own glp-1 drug. how did viking make enough to matter? i'd only worry about this one if big pharma, let's say pfizer, which failed its own weight loss drug trial swoops in and buys -- >> buy, buy, buy! >> -- viking. lilly's drug is just too good. while we know it works on sleep apnea, weight loss and diabetes, the biggest indication, probably heart problems and blood pressure are yet to come. that's not all lilly is doing. right now it's gotten approval for a drug that slows the progression of alzheimer's disease, long considered impossible the take on, because luna is safe for many people. this is according to my own sources and the brain in my community. we don't know the size of this market. we just know sadly it's growing like a weed, and this drug is one of two hopes, the other being from biogen. and now lilly takes the cash disappearing from its coffers and buys morphic for $3.2 billion, fulfilling a promise to

find new drugs. that's a 79% premium. i know that seems a lot. but lilly needs to focus on the burgeoning immeteorology with a pill to help manage ibs and crohn's disease. these are largest and growing diseases, some of the fastest out there sadly. what lilly has done is get behind a drug that might be more potent than its own competing drug candidates listed on its website. it's worked to ensure pfizer, or bristol-myers, which is similarly suffering. and let's not forget every time you hear that so and so might have a pill version of some glp-1 weight loss competitor, not just an injectable, remember that lilly is working on a pill too. why is lilly's strength so important to me and should be to you? simple. because it's an obvious winner outside of big tech. rather than bemoaning the limited breadth of the market, maybe we should be asking why other companies aren't joining the club. who is to say that only pure technology can win here? if you actually show smarts as a

ceo, if you have a vision, then you can belong in the mega cap universe too. there is no law that says you can't. this week, for example, we get earnings from jp morgan, maybe the best bank of all. $589 billion. the stock trades at a ridiculously low 12 times earnings multiple. why shouldn't it sell 22 times forward earnings instead? that's what people are paying for the average stock in the standard & poor. jp morgan worth less than the average stock? coca-cola was the biggest company in fortune 500. now pepsi is double the revenues of coca-cola. hey, maybe if it made more swift moves or bigger takeovers then it could be worth $1 trillion instead of $223 billion. a shrewd observer recently asked me by email how could exxon with $330 billion in revenues over the last 12 months not be much bigger than nvidia which rang up just $79 billion. nvidia clocks in at $3 trillion. this market values growth much

more than it values plain old revenues. and i got to tell you, nvidia has the growth and space and much higher margins. and ford, which i think is breaking out,ed a $177 billion while tesla, considered by many to be a tech stock, not an auto had $95 billion in sales, both in the last 12 months. tesla is worth $800 billion and ford at $51 billion. if ford can come up with an electric car that outsells tesla and replicates that in germany and china? i think ford could be a mega cap too. there is no restriction on that. all the material differences that stepping stones to $1 trillion have been scaled by companies that simply can't innovating. amazon comes up. meta dreams up reels on tiktok. the artificial intelligence technology from other companies for free. simply because they want access to all apple's customers. chatgpt alphabet has the staggering popular youtube.

nvidia has a whole platform 20 go with its ships, including software. these companies maintain their status through invention. the question is is not why they're so sainted while others get left behind. that's obvious. the question is why other companies aren't doing the same thing, say, that eli lilly is doing to get in the winner's circle. or the company that came out of nowhere, but not really. the ultra fast gpus a decade ago. thing are so many companies with failures of imagination, they're their own worst enemies. the winners are colossal thinkers. much of the s&p would do well to show similarities to the tech titans. it's time to stop castigating a market and start recognizing that companies only reach those heights because they've earned it and others would be very good to emulate them. rhonda in kansas, rhonda? >> caller: boo-yah, jim. >> boo-yah, rhonda. what's going on? >> caller: jim, spirit aeros aerosystems, a boeing supplier. your perspective, please. >> okay. now boeing's buying them a

stock. i think that there is a persistent buyer of boeing in this stock market every single day. and my take is actually -- i know this is a little counterintuitive -- keep it, buy it. spirit is going higher. boeing has to buy it. and boeing saw the worst possible thing happening today and it's still flying. eddie in texas, eddie? >> caller: good evening, jim. >> good evening, eddie. >> caller: pfizer's read and performance heading into q3, is pfizer a buy? >> this someone of the toughest questions possible. and the reason why it's so tough is we must see something from cgen, the old cell genics. if not the stock yield will go lower. this is a make or break quarter, and we're all going to wait for it. i need to go to tom in my home state of new jersey. tom? >> mr. cramer. >> yes? >> caller: great to talk to you. listen to you every night. i just want to say thank you for all the work you do for all the little guys.

and i just wanted to ask you about disney. i've had it a couple of years, and it just doesn't seem to be going anywhere. >> no it doesn't. no, no, no, tom, please don't do that. my charitable trust has been buying some right here. it sells at only 20 times earnings. it's got box office sichuccess. it's got the theme parks. i'm urging you not to sell disney, and if anything, i would be inclined to buy some. companies only reach the trillion dollar status when they actually earned it. the question is not why they're so saint while others get left behind. it's why other companies aren't doing things to get them in the winner's circle. failure of imagination. on "mad money" tonight, many say the market knows all. so are statement stock markets clues what we'll see in the november elections? and rp mining the company after earnings and giving my key takeaways from the quarter. plus, i'm giving my take on whether nike can find its

footing in an uncertain market as promised this morning on "squawk on the street." so stay with cramer. don't miss a so effected "mad money." follow @jimcramer on x. have a question? tweet cramer, #madmentions. give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com.

give us a call at awkward question... is there going to be anything left... —left over? —yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! i want a massage, in amalfi, from someone named giancarlo. and i didn't live in that shoebox for years. not just— with empower, we get all of our financial questions answered. so you don't have to worry. i guess i'll get the caviar... just kidding. join 18 million americans and take control of your financial future with a real time dashboard and real live conversations.

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when we're young, we're told anything is possible... ...but only a few of us go out and prove it. witness the greatness of anna hall on a connection worthy of gold: xfinity mobile. only xfinity gives you the most powerful mobile wifi network, with speeds up to a gig in millions of locations. and right now, xfinity internet customers can buy one unlimited line and get one free for a year. get the fastest connection to paris with xfinity. now that this market experienced a remarkable run during the first half of the year, and we're getting into the period bring the presidential election dominates the airwaves, can the averages keep running? going back to 1928, the s&p 500 rallied 75% of the time in

election years. that's three out of four. but the average gain is only 7.5%. now this makes things tricky, because the s&p is currently up more than 16% year to date, and we're doing one of the most candidly insane elections i've ever seen. high-ranking members of the incumbent's party scene urging him to drop out of the race after the horrifying debate performance. the challenge sorry convicted felon, though the sentencing is likely to be a slap on the wrist. it's hard to imagine biden being re-elected. but for all we know biden might not even be the democratic candidate. i hope we get another pegasus the immortal. the domestic hated pig nominated by the youth industrial party only international party, sorry want to get that right, the only presidential candidate to have been confiscated and possibly barbecued by local law enforcement. i bring this up because there are major differences between the two parties in economic policy. those differences will affect

the stock market. is there any way to define the results? we know it's a prediction machine and it tends to be pretty darn accurate which is why we need to know what it's saying. that's why we're going off the charts with larry williams, been the best in the business since i was a teenager. he has written over a dozen books and created a ton of proprietary indicators we use all the time. made some stunning calls for us in the past few years. he nailed the covid bottom and last october, able to pull back in the high-flying tech stocks this spring, and the fact that the pullback would come to an end in may. boom. so what does williams have to say about the state of the election year stock market? first take a look at the action. this is the dow jones industrial average. thises go back to late last year. the red line shows the dow's average performance in years where the president was not reelected. okay. gerald ford losing to jimmy carter. carter losing to reagan. george h.w. bush losing to clinton and trump losing to biden four years ago. you can say the incumbent loss

is average match the dow's performance well so far, but williams says you probably shouldn't read much going into this picture. going back to the 50, we've had only four election years where the incumbent lost. tiny sample size. not enough to draw a conclusion about how the election years where the incumbent won? so let's get this. now here we go. okay. check out the performance of the dow jones industrial average paired with how the dow did on average during years when the president got reelected. again, the pattern seems to fit the action pretty well until where the connection falls apart. although this one has a larger sample size. williams actually cautions you, again, not to take this chart too seriously. however, one thing noticed is the fact that the dow historically tends to perform pretty well going into august in years where the incumbent wins. let's think about that. that's why larry prefers to look at how the markets held up

during the average of all election years where we have lots of data, regardless who wins. here we go. this time check out the performance of the dow paired with the average performance in every election year since 1968, when the aggregate, you can see the dow tends to soar starting in the first week of august before pulling back over the course of october until the last week where the market starts rallying again into election day. get this. nearly the last 60 years, williams sees two patterns. first, stocks do well in august, which is highly unusual. that's a dreadful month. outside of election years, august can be really terrible. second, stocks tend to get hit over the course of october before bottoming a week or two ahead of the election, at which point they typically go back into rally mode. we've got buy opportunity and buy opportunity. and then of course buy opportunity. but that's already occurred. again, regardless of who is winning or losing, don't forget,

the stock market craves certainty. and except in rare situations like 2000 where we had the weight on the supreme court, election day gives certainty. as williams sees it, these are the two most reliable election year patterns. let me give you the bottom line. can the market tell white house is going to win in november? the historical patterns don't give us much of a guide to predict any outcome, especially in an insane year like this one where we're still is not sure who the candidates will be. the dow almost all rallies in august. what a takeaway, historically bad month, regardless who have is ahead. that's exactly the kind of pattern that you can make some money with. "mad money" is back after the break. coming up, with summer in full swing, who feels like a drink? grab a glass and join cramer for a look at constellation brands, next.

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sometimes, the misconceptions in this business are just too great to overcome, and you got to ask yourself if the market can stay wrong longer than you can stay solvent. take constellation brands, stz. on wednesday, the company reported almost stellar numbers, and yet the stock still plunged, dragged down by deep-seated misconceptions that can't seem to be put to bed. constellation is a strange amalgam of mexican imported

beers. it's a high performer of all consumer good package companies. it's the beer, modelo, corona and pacifico that is drives things with an 8% increase in sales. remarkable. modelo is the number one brand in the united states. but especial grew 11%. and pacifico long necks up 21%. while beer sales were roughly in line, 260 basis points. wine and spirits declined 7%. but that's tiny. wine and spirits less than 10%. compared to beer it's not enough to move the needle. in theory, constellation's growth is so much better than any carbonated beverage or packaged food business. you can argue the stock should sell $300 easy instead of the $253 price target. but it doesn't. why? simple. constellation sales alcohol, and wall street has given up on alcohol. even if the consumer hasn't. so despite the company's tremendous 70% earnings groth,

the stock couldn't get any traction when reported. it is one of the worst performers that day. it got rocked again today down $5.32, or 2%. i like to think our small trim of constellation position for the charitable trust last week build up during a recent weakness didn't play a role in the decline. but i'm a realist. i know sometimes that can happen. in reality i think wall street turned on alcohol the way it made the work of bill newlands irrelevant. it's true constellation stock is running circles around the rest of the industry. up 5% while bud is down 8%, boston beer off 15%, coors lost 18%. the weakest part, wine and spirits isn't pressing the stock. an incredibly poor performer. it has fallen 26% thanks to weakness in the once invincible jack daniels franchise. in some ways the relative strength of constellation is more perspective than it seems. the analysts of the call seemingly wanted to be positive

but were concerned about a potential trump win. now that he has floated a 10% tariff from all imports, including beer, they were concerned how the beer brands were, quote, starved according to bonnie herzog, a very good analyst from goldman sachs, a proposition that was handily defeated by newlands on the call. and a question about beer, quote, endment, end quote, how it's going out of style in the wall street fashion show. just look at the declines on boston beer, never mind that constellation stock is up, in part because it keeps introducing new products like corona sun brew, which is a nonalcoholic potential blockbuster. newlands kept coming back to the fact that the brands are beloved with incredible customer loyalty. and that is so tough to refute. so why isn't the stock higher, though? how can a company that's generating huge free cash flow and is actually expanding with a greenfield brewery in veracruz spiking capitalist ventures to $3 million but isn't enough to buy back $2 million in shares?

this should be the king. and i think that when you think about them, i think you really understand what's going on. in the first, of course, is the glp-1 weight loss drugs led by lilly and novo nordisk. they're said to be reducing alcohol sales. nobody in this brewing business, no one in the booze business will admit to. this wall street thinks it's a matter of time. people who take the glp-1s do not crave alcohol like they did before. the medical profession is well aware these drugs turn heavy drinkers into light drinkers. wall street assumes they'll clobber beers. while it's more than the desire to get hammered, there is a belief from wall street that the younger generation has sworn off anything bad for their health and wellness. my generation grew up drinking light drinking is benevolent and wine is good for you in moderation. but the medical world has

discredited anything positive about alcohol which is literally a poison. finally, most devastating is the increased prevalence of cannabis with its easy, inexpensive high without a hangover. you know what you're getting here? you're getting buzz without hangover. and this is the holy grail of recreation, they tell me. yet the alcohol industry is in total denial about the competition from legalized weed, even as constellation owns a big stake in canopy growth, the most visible cannabis company. beer sales go down except for constellations, again, in part because of the loyalty of the fast-growing hispanic community mentioned multiple times in the conference call. none of this is helped by the endless selling of the sands family, a hidden detriment to the stock. it won't stop until maybe the buyback expands, which constellation can't do without jeopardizing its credit rate there used to be two class of stock here, the presiding one of the sands family and the common owned by mere mortals. money that made the company independent and maybe even impossible takeover. but then the biden

administration strident anti-trust basically eliminated any hope of constellation being acquired. [ buzzer ] against that, activists at elliott partners adversaried for a board seat and a plan to improve performance in '23. get this. welcomed by newlands, smart man, smart move. it was as smart as constellation's 2018 decision to invest -- i don't want to be too mean. as smart as that was, the decision to invest $4 billion in canopy growth, that was stupid. and that's led to hefty write-offs as the market never materializes. just like when it spent $1 billion buying ballast point in 2015 only to sale for a $41 million just four years later. man, this is the classic buy high, sell low company. y he has had to deal with the consequences which are finally almost behind them. which basically back to the beleaguered state of the stock. if you want to be a great

investor, you can't afford to be worn down by shadow-boxing against the bears. but when the bears have glp-1, health and wellness and cannabis behind them, it's almost become too much to resist. now capital expenditures will peak this year as the veracruz breweries spending tops out. very positive. this will lead to a more aggressive buyback, positive again. however, the simple truth of how a stock can go down hard on tremendous earnings albeit in line sales became too much for me as a money manager. no, we're not abandoning the stock for the charitable trust. it's see valuable. there is always a chance people realize the greatness of this business as we told members of the cnbc investing lub. the bottom line, constellations you could have the growth story be defeated by the premier challenge weight gain without weight gain discussed in the conference call. the elephant in the brewery hidden in plain sight. susan in california, susan? >> caller: hey, jim.

two things. i want to let you know i love your teaching, and i've got my daughter and my grandson into stocks, thank you very much. >> yes, that's what i want! that's how you can get wealthy in this country. i mean that. >> i agree. and that's helped me. i am just into champiipotle, wh you have been in love with for years. what do you seethe direction next year stock wise? >> let me tell you, susan, it's a great question. i have said when they did this magnificent gigantic split, there would be a lot of selling coming from people who say you know what? i have too much chipotle. they did a very effective speed limit. got the stock down to 59. we are still handling, still working off that split. i will make no decisions about this stock until i sense that the churn is over, and the churn is not over. now we're going to go to arthur in new york. arthur? >> caller: boo-yah, jim cramer from poughkeepsie, new york. >> oh, how are you doing?

that's where my in-laws are from. >> caller: oh, you're kidding me. >> i love it up there. >> caller: the hudson valley is beautiful. now my question is to do amazon. its long-term prospects, considering that years ago many of the conglomerates had to divest of a lot of businesses and unable to be profitable carrying all these businesses. what do you think? >> arthur, i got to tell you, i'm not going to agree that under a more aggressive ftc and justice department that am don would have to great up. if it did break up, these businesses are worth so much money that i still withhold the stock for my charitable trust. and it's been a major position of mine for about a decade. i'm sticking with it. thank you for the call. okay. we aren't abandoning constellation. we did what i call a schnitzle.

i'm bagging on the chance people still recognize the greatness of the business. but boy, it's been tough. i'm taking another earnings deep dive into nike as i promised you this morning on "squawk on the street." the stock has been swooning after cutting its full year guidance, but could it lace up a turnaround? how do you like my puns? and then hey, the pressure is on for pal ahead of a it isdown with the senate in the house this week. but could he hold a winning hand? i have a message for the doubters. and of course all your calls in the rapid-fire in tonight's edition of the "lightning round." so stay with cramer. the american dream, it's an unbreakable spirit. the courage to compete and persistence to prevail. which state will dominate? >> america's stop states for business, revealed thursday. cnbc. but it's not the critic who counts. with every swing and block, your game plan never changed. ♪♪ some still call it luck. let them.

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for nike? [ crying ] can this formerly unassailable sneaker company turn things around? back in 2007 a truly dismal quarter and the stock lost 20% of its value the next day. some would call it a haircut. i call it a beheading. the stock is now at the lowest level since march of 2020. hey, that was covid. and it still hasn't been enough to attract value hunters. just today, just today the stock, it fell another 3% finding new lows. >> sell, sell, sell! >> it is incredible. hence the question, can nike still be saved? is there any real hope here? is there is, i think the stock is a good buy-down in 73. it does seem like a hopeless situation. we have to admit that is true, nike is a value trip. already fallen 59% from its highs in late 2021. this is nike, one of the great senior growth stocks of all time. which is it?

when nike reported a week and a half ago, the actual quarterly results were fine. the sales came in weaker than expected, down 2% year-over-year with key reasons north america, europe, middle east and africa struggling to grow, even though everybody loves to worry about nike's chinese business, greater china was their only reason with higher than sales. even though company sales were not so high, nike's profitability was terrific, a 17% earnings beat off an 84% basis. the stock was going to trade up when this first happened. they had 53% adjusted earnings share growth, for heaven's sake. nearly all came from cost cuts, including a 2% head count reduction in february. in the end, it with australia mixed quarter from nike, something that could explain the small sell-off, but definitely not the 20% tumble we saw the next day. >> the house of pain! >> the real problem, okay, so management gave us a grim four-year forecast. talking about mid single digit sales shrinkage when they were

looking for 1% uptake. nike predicted a sickening 10% decline in sales, far worse than the 3% hit than wall street was expecting. >> [ booing ] >> at the same time, management doesn't think they'll have enough cost cuts to bail them out especially with everything they're investing in the upcoming olympics brought you by nbcuniversal. nike's return to sales growth is going to take a lot longer than the bulls had hoped. the ceo said the 2025 fiscal year, the one that just got started would be a, quote, transition year which is a phrase no shareholder ever wants to hear, especially from a company already coming off 12 months of flat sales. transitioning to what? explaining the outlook, matthew friend cited a laundry list, boy is he down beat, weakness for classic footwear franchises including converse, down terribly, down 18% last quarter, lower growth from nike digital,

increased macroeconomic incertainty, especially in greater china, and uneven, his word, consumer trends. especially in the europe, middle east and africa. the biggest disappointment? so many of nike's former strengths seemed to have turned into weaknesses. the company's lifestyle business, growing at a double-digit clip for the last several years declined last quarter with widespread weakness. even the once unassailable jordan brand was down doing so poorly, down 10%. they don't see it proving any time soon. and then there is china, which was a key source of growth for years. a key leg for every bull case for the stock. now that leg has been injured even as the numbers as i mentioned very low bar upside. the morning after its earnings report, something astonishing happened for this incredible growth stock. nike got hit with six separate downs. >> sell, sell, sell, sell, sell,

sell, sell, sell, sell, sell, sell, sell, sell, sell, sell. >> the company indicated the turnaround will take longer than planned. many on wall street are wondering if ceo john donahue, he the right man for the job? he is a tech veteran who previously ran service now on ebay. did a great job for taking over at nike in january 2020. is that a strong enough sports background to be nike's ceo? i like the guy personally, but he was brought in the tech, like the direct consumer initiatives that now seem to be faltering, which brings us back to the key question. is there any hope for nike going forward? let's start with this. if you're betting on nike here, you're betting that the latest quarter was what we call kitchen sink quarter, meaning a quarter where management rips the band-aid off and gives investors all the bad news at once. they throw every action but the kitchen sink. that wouldn't surprise me. maybe nike's gotten tired of leaking underperformance and decided to assume the worst when

it comes to guidance. if this was a kitchen sink quarter, it could be a buy opportunity. >> buy, buy, buy! >> because it means the estimates are low. sales down 10% this quarter and down single digits for the full fiscal year. and those are incredibly low bars. i'll also say this. nike's stock sells less than 23 times earnles forward estimates. cheapest the stock has been since 2017. of course, the valuation argument only matters if nike is capable of meeting its own estimates. while nike has missed sales estimates, it's beaten the earnings estimates in 15 of the last 16 quarters often by a wide margin. there is a good reason to feel confidence in the earnings, even on the struggling sales front. frankly, i've been down as you know for a very long time now. i have been worried about powerful competition, particularly from on is one i've been recommending for ages.

now everyone else hates nike so much, the expectations have gotten so low, i think you should never underestimate the power of low expectations. still, i feel a lot better about turning positive on nike right here, right now, if we had more of a turnaround plan from management. how about some incredible blueprint going forward? right now the company seems focused on making things less bad by reducing supply in the marketplace, launching fewer new products. that's just not exciting. it's not a hook. so i want to hear a credible plan from management about how it can get its business growing again. if they can or won't give us that, then we need new management. however, the 20% selling seems like a good opportunity for buying. analysts only downgraded after that hideous guide. what took you so long? even without a well educated turnaround plan, without anything dazzling me, i think the stock can work simply if things turn out to be less terrible than management projected. maybe the olympics is a positive catalyst. 3/4, that seems like all they

were talking about. maybe back to school season is solid and the consumer in the u.s. and europe stronger than people realize. maybe none of that happens so nike changes its ceo. that's a positive development. a lot of good things could happen here. so the bottom line. i know things look bleak for nike right now, but the expectations have finally gotten low enough that i think the risk reward continues to the upside here. if you're still hammering, today i'd rather be a buyer than a seller. "mad money" is back after the break. coming up, pop open those umbrellas and tee up your toughest questions. cramer takes on all comers in the "lightning round." next. okay, team! oh, thank you so much

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♪ it is time! it's time for the "lightning round." cramer, that's right, buy some, play this sound -- [ buzzer ] and then the "lightning round" is over. are you ready, skee-daddy? time for the "lightning round." cramer is going to start with how about mandy in california? mandy? >> caller: yes, jim, that's me. i'm a first time caller and also an investing club member. >> excellent. >> caller: first of all, thank you for the vast amount of information, wisdom and experience that you have been sharing with us. >> you're very kind. thank you. >> caller: so, im, i saw that a good opportunity for me to buy to be indirectly involved in private equity invests to buy a stock like kkr.

>> i couldn't agree with you more. kkr is the foremost. the other i'd recommend is blackstone. those are the two i feel most comfortable recommending. beyond that i don't feel comfortable. i tourist these people and know what they're up to. i need to go ned in ohio. ned? >> caller: hello, professor cramer. >> how you, ned. >> caller: ceo of cramerica how. you today? >> i'm doing very well. back from vacation, strong and excited. how can i help you? >> caller: well, sir, i wanted to talk to you. i looked at the top five steel producers in the united states, starting with nucor and including u.s. steel and two others. and i noticed that they've underperformed, and several of them have lost 30 to 40% of their value in the last three or four months. >> correct. >> caller: with the infrastructure spending catalyst that's supposedly out there, 45,000 bridges in full repair. >> right. >> caller: and port, airports,

railroads, automobile, steel should be in demand. >> it should be. but the fact is, ned, the problem is the price for different grades of steels is falling. that's why nucor can't find any fitting you mentioned cleveland, and that's the one i want to focus on for a second that could have the most spring that could be just a coil spring down here. however, understand that the price of the commodity when it falls, people do not buy any steel stocks. now i need to go mark in washington. mark? >> caller: yeah, hey, i'm calling from beautiful ocean shores washington. curious about hertz, htz? >> caller: well, i think that you live in a beautiful area, and i don't want you to own that stock and then look out the window and think about that stock instead of the beautiful area. let's go to carl in california. carl? >> caller: hey, i'm worried about a company i see a lot of what they sell available on

amazon for less. what do you think about ferguson? >> caller: boy, i tell you, i see ferguson stuff everywhere. i think ferguson is a very, very good company, but you're -- if you want hvac, people are saying look, then you got to own train. the train is probably unbelievable right here or you have to own carrier. and people don't want to own ferguson. those are the two that i recommend that are really well run. let's go jason in new york. jason? >> hey, jim, first time caller, long-time viewer. jim, you're the energizer bunny of finance. >> caller: thank you. how can we make money together? o . >> caller: i'm interested in a oil stock. i want to buy petrobras. that a good investment? >> there is a place called the river grill. it's near me. and they have pbr on top. and i'm willing to pay any amount for that pbr, but no amount for petrobras, pbr.

no, sir, the answer was not buy on that one. hey, nice shout-out. he has never gotten a free one either. how about dave in massachusetts? dave? >> caller: hi, jim. how are you tonight? >> oh, i'm great. thank you for asking. how are you doing? >> caller: i'm doing well. thank you. and thanks for all that you do and for taking my call. >> thank you. >> caller: i was calling -- you're welcome. i was calling to get your thoughts on arlp in general. >> it's had a very big run. and i've got to tell you, it is coal-based. i know the yield looks great. i think you're peaking on a coal seibel here. i am not going to get in front of a peak of a coal cycling. let's go to bill in massachusetts. bill? >> caller: a big boston boo-yah for you jimmy jams. >> i'm trying to figure out whether to buy or sell. i kind of talk about it in the office. we think about we're going cash in our considerable stake in the eagles, which is represented by my season tickets and by the sellers. what's going on? bill?

went on to long about the celtics. i thought scott wapner had a darn good show today. come on, one more. let's go to jerry in missouri, please. germry? >> caller: hey, jim. welcome to my call. of course. what's going on? >> caller: recently you suggested one of the world's cheapest stocks was chinese. you still like it and do you see any catalysts that will cause alibaba to rally? >> alibaba is the cheapest stock in the world i believe on growth and breakdown value. one of the greatest investors i know believes this too. i think you have to hold it here. i'm not being aggressive, but you to hold it. and that, ladies and gentlemen, the conclusion of the "lightning round"! [ buzzer ] >> the "lightning round" is sponsored by charles schwab. is coming up, is jay powell close to achieving the unthinkable?

why the fed chief is well equipped for a stroll down capitol hill. stick with cramer. boo-yah, jim. your integrity makes you the boo-yah saint of wall street. >> boo-yah, jimmy chill! >> boo-yah, jimmy chill. >> ba-ba-ba-boo-yah, jim. >> quadruple, that's a lot of boo-yahs. ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. ♪♪ go deeper with thinkorswim: our award-wining trading platforms ♪♪ unlock support from the schwab trade desk— our team of passionate traders who live and breathe trading. ♪♪ and sharpen your skills with an immersive online education crafted just for traders. ♪♪ all so you can trade brilliantly. ♪♪ so this is pickleball? it's basically tennis for babies, but for adults.

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jay powell may have a winning hand after all. the federal reserve chief is on the firing line tomorrow. when he goes in front of the senate panel. and on wednesday when he heads to the house. and i think he is in good shape, even if our elected leaders disagree. remember, this is a man who raised the feds fund rate 11 times. many of those double or triple rate hikes taking the key rate from near zero to its current

range between 5 1/4 and 5.5. it's the highest level in nearly 20 years. usually that would be terrible for the economy, right? but we have seen a number of bankruptcy or massive layoffs or a spike in bad loans? no. how about none of it. instead, we've got generous numbers of jobs that still need to be filled. last friday nonforeign payrolls increased by 200,000 positions. average hourly earnings up 3% from the previous month and up 3.9% from a year ago. workers are still getting raises, but at slower paces. where is all the bankruptcy? at the same tonight unemployment rate climbed to 4.4% which may influence the fed to start cutting rates as soon as september. especially since last month's uptick in unemployment came from government and health care which accounted for 70,000 and 49,000 jobs respectively. social assistance contributed 34,000. these are not economic sensitive area, people. there is nothing they can do about the government jobs. no amount of rate hikes will put

much of a dent in health care spending either. so if we have a tame consumer price index number on thursday, it's a good bet powell can talk about having room to cut rates, although they ma be too far for him to speculate about during his testimony, too early. if powell can pull this off, he may do the unthis i believe, giving us the fabled mythical soft landing. in 2022, there were so many doubters for every part of powell's agenda, the wage inflation, not to mention the supply chain problems courtesy of covid. i usually try not to spend too much time wasting, talking about the fed, yes, wasting time about the fed, although often it's unavoidable. i prefer to talk about stocks. i want to point out that millions and millions of people have been hiding in high-yielding cash, avoiding a statement that could have made them fortunes if only they hadn't been scared away from the asset class by all the predicts of an inevitable hard landing. nearly all the experts argued that a soft landing was

impossible. they thought powell would need to absolutely wreck the economy in order to contain inflation. they frightened everyone. looks like they were wrong. [ buzzer ] i want to call out all the team who endlessly doubted powell. they doubted him when covid struck and took rates down quickly to what could have been a severe recession. sure he misjudged the rates of inflation. the only actual mistake he actually made was dealing with rampant housing inflation. the median u.s. home price up almost 30% since the end of 2019, that's too high. the rate hikes raise the mortgage rates, but they didn't stop the buyers because so many had so much cash. at the same time, higher rates made the housing rates worse because existing owners don't want to sell their problems to buy knew ones as that would mean trading ultra low-rate mortgages for high-rate mortgages. meantime, home builders don't want to puppet new homes when they see mortgage rates going high because they worry about being stuck with inventory. housing is a real no win ahead.

still,knowing that if a different president gets elected, powell most likely not be kept, i say we salute this man. yes, he may finally have a winning hand. but then again, he created that hand. i always like the say there is a bull market somewhere. i promise in for brian sullivan right now on last call. one of wall street's most powerful law firms turns up the heat on anti-israel protesters applying for jobs. willmore companies follow? that is a rob. paramount and skydance agreed to merge, but new drama among media giants may just be getting started with and we will meet the chef who turns a $90,000 pay cut enter one of her hometown's hottest restaurants. all that and more over the next hour. last call is