. i'm kramer and welcome to my world. >> they are nuts. they know nothing. >> i always like to say there is a bull market somewhere. >> "mad money" you can't afford to miss it. hey, i'm cramer. welcome to "mad money." i'm trying to save you a little money here. my job is not just to entertain but to teach so call me at 1-800-743 cnbc. you learn something every day and lately the somethings have been mighty. the dow plunged 92 points.

i know that when we try to examine what went wrong we can point to europe and the total powerlessness over there. nonaction has become the hall mark of the europeans. it is fought like we learn anything new here. our dashboard indicators looked incredibly reliable going into today. all trading down ahead signaling european leaders would do nothing to solve the problems that would spill to companies who do business over there. perhaps even more jarring, tr k frankly i was focused on europe. i am talking about the jarring to investor confidence that was the home grown night

catastrophe. british kept sending the soldiers. massive trading errors threatening to wipe out the business overnight. the $440 million knight had to absorb could force a fire sale and obliterate the company. it was a devastating debacle. and we may not have been able to predict that a brokerage with a huge share of shock could experience the decline even if it is run by one of the savviest business people i know. he was in my college class. we can use this new risk to recalibrate. that is maybe the most important, recalibrate what makes for safer investment. let's go over what we can learn. so we know what kind of stock we

need to avoid. even as the averages are still up nicely for the year, something you would never think is the case if you listen to the chatter about the investment every day. what is knight? largely companies involved in stock trading, does best when the companies are the best. one of the things we see time and again is that the process of trading is too fragile for the technology. this knight capital lost trying to fill orders for facebook. it was to a business where a couple of false key strokes can conceivebly wipe out the company. let's stand the knight capital story on its head. if knight represents a company that could conceivebly be destroyed overnight by a software glitch, what do we want? clearly the opposite of knight. we want to own shares in companies that don't have

anything like that level of vulnerability. yes, we didn't know until 36 hours ago that knight capital had that type of business risk. i don't know if the ceo knew it had that level of risk. i learn something new every day. we want to know what looks like the opposite of knight. we don't have to search far and wide to find it. another company broke news quietly. we are talking about clorox which despite the red ink today and market managed to stay positive up 6 cents. clorox. first clorox is probably one of the greatest brand names on earth. what about knight? how many of you heard of knight? it is a dominant trading firm. it doesn't mean much if the software error can wipe them out. all i know is to buy clorox when

i buy bleach. what is bleach? it's clorox. you don't say get me some knight capital. chllorox has other products witn the company. third, clorox has very little international exposure. these days don't you think many companies have exposure like g.m. how about knight? it trades with europe. fourth investors are disgusted with stocks. i am a market cruseder. we know that when you invest in knight you are doubling down on stocks and the individual investor because so many individual orders are rooted through knight from other firms but clorox the only commonality i can find between clorox and

wall street is that we need bleach to clean up this 21st century stables. knight is the king of what is known as dark trading. maybe clorox should have dumped in the pool. how about dividends? clorox yields 3.5% much better than the treasury. knight doesn't have a dividend. competition knight has competition all over the place. it is a dog fight every day for orders. kind of a preresurrection michael vick dog fight. clorox has dominant market share, number one and two. balance sheet clorox has so much cash on hand it is the last thing i worry about on clorox. as we talk knight is trying to come up with cash. so you can argue come on cramer that is such an unfair comparison. knight is a financial.

it is not expected to have a kitty litter division. you can't ask the ceo to start selling knight capital charcoal. brokerage is the business they have chosen. every day we discover a new risk factor to the market. now we have to add software glitch risk. we have to ask ourselves. go over your portfolio. can a software error wipe out any of your companies? i can't imagine how a software glitch can impact clorox. what can it do? make too much litter? that stuff lasts forever. it may not have therm nuclear war risks. we have a risky market as it is. we don't want to layer on more risks even if it might mean more reward. go with the knight clorox test. the only way in which clorox is

more dangerous than knight is if you drink it. this isn't a taste test. it is a risk test. clorox passes. knight fails. curt in colorado. >> i wanted to ask you about nyx, new york stock exchange and the trading glitch that happened yesterday. the stock is getting beat up like the phillies pitching staff. >> two straight wins. don't go there. here is the deal with the new york stock exchange. yield 1.48%. knight is the essence of technology and machines. the new york stock exchange has a hybrid model and catches errors much quicker. i think that makes it a better stock. let's leave it at that. guy in new york. guy. >> this is guy in new york. very happy to be speaking with

you. a first time caller, long time viewer and reader and really appreciate what you do for us. >> thank you for that. these are hard days. it always feels great when you hear somebody liking what we are doing here. >> i am a student getting a great education. i am looking for a point for monsanto. looking for a stock to get in. >> we did that off the chart special with tim collins last tuesday. that was your chance at that level that is lower here. 52 week high. i tend not to like to come in at 52 week high and then an unemployment number that is soggy. that stock is going much higher. let's go to ed in california. >> this is ed from the rural mountains of northern california. >> i have been there maybe like mount shaster. >> about 30 minutes north. >> beautiful. what's up? >> on yesterday's show you

discussed the fed meeting and if i heard you correctly you stated this was a nonevent meeting and the interest rates would stay at these levels. if that is the case i would own in your thought and efforts about researching. i have owned it about the last 18 months and it is yielding 12.6%. do i hold? >> people are worried that annaly will have prepayment risks. people pay down the mortgages. you are in it for the long term. that company has kicked back more capital with share holders than almost any capital i have seen. i say stick with annaly. this market is precarious. i got to ask you a question. why would you layer on more risk? use this test. use the knight capital clorox test. look for consistency.

look for kingsfords and kitty litter. don't look for one more brokerage.

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european central bank giving us more talk and no action. i'm going to tell you the same thing as i did for months. you need to play it safe. domestic security, juicy dividends. companies like cramer fav is real. this is the shopping center real estate trusted lots of high quality properties. last night federal realty reported a very solid quarter. revenues higher than expected. the company raised the dividend 5.8%. this is the second annual dividend raise bringing the yield up to 2.75% and gave bullish guidance for the fuel year.

stock got dragged down today. i think this could be a terrific entry point. stock giving you a 122% return with reinvested dividends since i got behind it in may of 2009. let's talk to don wood and learn more about the quarter and get a better sense of where his company is headed. welcome back. >> thank you, jim. >> congratulations we are doing it again. i was on the call and the most salient thing that i heard was on like everybody else including kimco last night. you are borrowing money and building. why are you doing it? and how do you know you will get a good return? >> this stuff we controlled the land under this stuff for years and years. three places that we are building and underway for the first time this quarter in all three.

silicon valley which has been on fire and the property is great. we have owned that land since 1998. mid pike plaza which is right outside of washington, d.c. we have had interest in that property since the 80s. really cooking. assembly row is the third one outside of boston in summerville. we bought that in 2005. we had a power center working there. so we got as you know through that 2008-2009 tough, tough period we didn't give up on any of this stuff. it does take time in development to get everything set up when you can borrow the way we have been borrowing. >> which was 3.51% yield. you are borrowing at a level that the rate of return. explain the rate of return. >> this we did do a ten year unsecured deal. we did it at a 3% coupon at

3.74% effective year. 3% coupon in the 50 years in this country nobody has done that. that is a record. that kind of stuff with ten year unsecured money on top of a very reasonable equity means we have a competitive advantage in being able to put money to work. >> should i be concerned? this is mixed use. this is not just retail. some people might say what do they know about mixed use? >> we began doing it in the 90s. i think we do it smarter now. the key is when you think about what type of retail works there is nothing better than the type of retail that is socially based with restaurants and shopping and with a place where you can work in your office and a place that you can live in your residential, oo hotel. that mixed use is real. it is about as interproof as you

can possibly get. good, good stuff we are doing. >> i always felt good supermarkets. i see super value. can you if someone closes the store is that an opportunity or because of the money you put in it or do you lose money? >> seven super value locations in our portfolio. average rent is $10 a square foot. average market rate nearly double. when you take the acmes in the philadelphia area, when you take the other properties that we have throughout the portfolio with super value brand in it i got to tell you there is strong, strong upsides there. >> even with having to fix them up for the next guy? >> sure. absolutely. there is a lot of lease to market that is well above the rent. >> that is another way that you could be continuing to raise that dividend which is good news. >> i got to tell you, we raise

that dividend about a penny a quarter two years ago. two pennies a quarter last year. 4 cents a quarter this time. we wouldn't do that if we weren't looking very, very optimistically about the future. >> rates still going higher. >> 100 points base. we are 94.2% range and room to go further. >> you know me because you have known me for years. you have read my books. you know when i see a cfo leave i get nervous. why should we not be concerned? >> my former cfo who has been with me for 12 years. >> we loved him. >> you should love him. he is a great i.r. guy. he was on the business development side. this guy we made the switch for as been an advisor to federal realty for years. every move we made included jim.

to be able to bring him in should show us more opportunities as we go forward. >> because you are ready to expand. we are not going to change our business plan and come down in quality or any of that stuff but there should be more activity in terms of what we are looking at. when one or two of those things hit it was absolutely worth it. >> i wish more people were more involved with finance and they will know you borrowed it at the treasuries rates. two years ago. you borrowed the way we see big internationals. congratulations. don wood. he did it again. they are going to keep doing it. stay with federal realty. stay with cramer.

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when a growth stock loses its momentum there is no telling how far it can fall. either the underlying company gets the groove back or the stock lower and lowers until it is cheap enough to attract a new type of investors. maybe this is the problem with chipotle. for years it was the greatest story out there pretty much from the moment it came public. terrific food, tastes good. good for you, very rare combination in the fast food biz. the stock made people fortunes. last week a quarter for the first time ever management was talking about the slowing economy hurting business. nobody seemed to understand why. chipotle is a company with double digit costs. nobody in the single digits.

the stock fell from $403 to $316. since then chipotle is trading at $283 and change. we need more information which is why i am thrilled to have chipotle's chief financial officer on the show tonight. he was named number 12 in the top 25 cfos by the wall street journal. welcome back. >> great to be with you. >> i need to know on april 26th you said anybody is writing about it and talking about it they have to know that they should not be thinking about the pace of growth or this quarter or the last quarter. is that the take away? we should not be thinking about quarter to quarter or is there something larger at work here? >> the way we run the company we don't think about our business broken up into small quarter by quarter. we run it for the long term.

we think about things that increase our potential over time. things like sourcing and hiring the best people so we can develop them into the greatest leaders and then we focus on making sure our business model is strong. we feel like we are in great shape right now. the fact that the quarter we just reported we were proud of the quarter even though the sales are slow a bit during the quarter. we think the future that we have is very, very bright. we think when we look over time at the thousands of restaurants we build and the new economics we have today and the quality of leaders coming from our crew and with the fact that our food quality is already very high and only going to get better we feel good about the future. we don't tend to think about our business broken up into quarter by quarter. >> should we worry about to ease the pressure in the short term we are going to plan to hire area managers from outside the

company. >> almost all of ours are home grown. the managers are the most important position within our company. those are the ones that are in the restaurant hiring the crew and developing the crew. they are at the front line serving each and everyone of the customers. 98% of the managers come from crew. we have a level that is above the manager level that supervise several restaurants and supervise on average about 15 restaurants. as our culture has been built up from the crew and beginning to the mid management levels we have run into a temporary shortage. we would like to rather than slow down the development or speed it up too quickly so they can't develop we are going to hire a handful of managers from the outside. it is not going to change our commitment to the culture at the restaurant level where we want

to hire all of the crew thinking they can be general managers. the fact that 98% come from crew we think is a testament to that commitment. >> i am trying to put into context the idea that because of the superiority. whole food charges more. starbucks charges more and didn't have good numbers. coach charges more and didn't have good numbers. macy's and gap did. is there any concern that perhaps the economy is not as good a reason for some as others for the slow down? >> we are not a company that will blame outside sources typically. we don't like talking about the economy. it looks like it is a general slow down. the beauty of our model, though, a lot of examples you gave are companies that charge higher prices. the beauty of chipotle is we source these much higher quality ingredients. we have the ability to charge higher prices but we don't.

we charge about the same as other restaurant companies in the fast casual arena. the reason we do that is we want to be accessible to everybody. we want people to be able to enjoy a meal at chipotle. our prices are quite affordable. we have moved into secondary trade areas and markets that are smaller or medium sized and moved some of our open restaurants in smaller towns where the incomes are average or maybe a little bit below average. we have customers that are sensitive to the economy. so we think the economy is at least partially to blame for the slow down we just saw. >> should we worry about dollars effecting the business? we have 15% growth in taco bell. i don't want to put in the same sentence taco bell and chipotle. could there be a mexican trade

down occurring? >> we don't see evidence of that. we also don't think while our customers -- i wouldn't say that our customers don't eat at taco bell but we think our experience is different. we don't think our customers are on their way to eat lunch or dinner thinking taco bell or chipotle. the way we cook our ingredients and the overall experience has gained a loyal following at chipotle. we also don't see that there is a mexican trade off. our customers don't talk about deciding to get a burrito and where to get it from. they talk about a meal they want to enjoy. they don't think burrito first and then chipotle. they think i haven't had chipotle for a few days or a week. we don't think it's a mexican trade down either. just one minor clarification is our score of 12.7% in the first

quarter and 8% in the second quarter. the underlying trend in the first quarter and we reported this was really an underlying. we picked up 100 basis points and 170 because of the better weather. we think it was a trade down from about 10% down to 8%. we lost a little bit of pricing and had tougher comparisons. we think the down shift we saw was something less than one full percentage point. some people were thinking we went from 12.7 to 8%. we warned and guided. the guidance for the year has been single digits because we knew comparisons were tougher. it is a relatively slight turn down. >> you probably think as i do that at this point it is kind of an overreaction. that kind of down shift was what a lot of companies would go for. >> i tell you, jim, we understood that there probably would be a decline of the stock

not nearly as much of this. it does seem like an overreaction. we don't spend a lot of time figuring out what our stock prices should be. we spend most of our time running the company. we know we focus on things that make chipotle special to our customers. we have lots of shareholder value over time. while we can't control the volatility of the stock in the short term it did seem like a surprise to us. >> the less than positive trends have continued in the last three weeks. >> what happened, we kind of went down to a lower level at the end of april and may. there is no deteriorating. we will roll out pricing. we had about 360 base points of pricing that will roll off. we don't plan to increase prices at this time. we will see that.

that is not a change in underlying transactions. >> chief financial officer of chipotle. thank you for coming on the show. great to see you, sir. >> thank you, jim. it's a high stock. it's a stock that people have to pay a premium for. you have to make your decisions. selling has been a little too aggressive in my opinion. stay with cramer. and train by myself, intom

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it is time. it's time for the lightning round. and then the lightning round is

over. are you ready? time for the lightning round. start with joe in new jersey. >> this is joe from nuttily in the great state of new jersey. i would like to shout out to my almost 18-year-old niece breanna who started in the market thanks to you. >> i like that. we get them young and they stay in. >> my stock is arm holdings. >> arm holdings is good. they are good because of a play on apple. if i'm going to play on apple i'm going to buy apple. >> let's go to george in georgia. >> big boo yeah to you from hot atlanta. >> nice. thank you for coming on the show. >> just wondering what you think of meoh. >> this is a good time for the commodity makers. if i will own a chemical company

i will own dow. it does have a really good yield. if i want commodity i will bring you to that. let's go to charlie in new jersey. >> future cramer. >> boo yeah back to you. >> had stocks reaching the price of 60. i'm wondering if there is another one now? >> we are in it because they have a consistent yield that goes higher and winning in the change from 7,000 from oil to natural gas. i need to go to jim in kentucky. jim. >> big boo yeah from the orange capital of the world. i would like to get your thought

on two harbors. >> i'm going to say they are okay but i will send you to annaly. one has 14 and one has 12. annaly has a great long term record. let's go to brad in texas. >> i'm from texas. i'm a police officer and a financial blogger. my stock is cobalt international. >> thanks for doing what you do. thank you for serving. that is a high risk high reward stock. what i'm goingto do is say it is an energy stock that is a speculative stock. even though it is a higher price it is in the class. as long as you understand the risk i'm going to bless it, otherwise no. let's go to kyle in wisconsin. kyle. >> a big boo yeah. >> hi, kyle. >> u.s. airways lcc. >> i think if you have to own an

airline which i don't want to. if you put a gun to my head but you take the gun away from my head. this company could be buying amr. i will bless it for that trade. i need to go to john in connecticut. john. >> boo yeah, jimmy john from bethel connecticut here. thanks for your help just manufactured this week. >> we can do it. that's a victory. >> glad to be there. i had a pretty good run in health care. i'm wondering if you think there is anything left in the tank? >> you bet there is. doesn't have the exmoesher people should worry about. i want to go to floyd in my old home state of pennsylvania. >> go eagles. >> go eagles. what's up? >> my stock is mv --

>> if you are going to own a speculative technology company i will send you them. the semi conductors are so hard to own. that is a good one. that is the conclusion of the lightning round. [ male announcer ] let's level the playing field. take the privileged investing tools of wall street and make them simple, intuitive, and available to all. distill all that data. make information instinctual, visual.

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a place where innovation meets determination... and businesses lead the world. the new new york works for business. find out how it can work for yours at thenewny.com. today's disappointing decline mainly because of more promises undelivered by the ebc. that is why i focus on the importance of finding companies that are geographically safe. there are plenty of opportunities out ther and the key to thriving in this market

is being defensive. what is one of the most important components of defense? diverseification. that is why we play am i diversifi diversified? to make it so not one sector can crush you. this is where we call you or tweet me. you tell me your top five holdings and i tell you if your portfolio is diversified enough. let's start with a tweet. mad tweet. am i diversified. he has stat oil, starbucks, ibm, verizon and aqua water. let's go to work on this. stat someone downgraded. oil you got technology in ibm. water in ocwaw. you have teleco utility.

you have starbucks, oil, tech, restaurant chain, water and teleco. that is perfect. that is absolutely perfect. some people say you only select people who know what they are doing. criticize me for something different. we try to be uniform. we try to get everybody involved that we can. let's go to anthony in new york. >> boo yeah from brooklyn. >> i was in brooklyn last night. back at you. >> i would like to know if i am diversified. my top five are dunkin brands, investors real estate trust, ups, jp morgan and caterpillar. >> let's go to work with this. the brooklyn nets almost sold out at the barclays center. jp morgan a bank.

caterpillar a machinery company. dunkin brands. a food retailer and ups is transport. we have transport, machinery and retailer. bingo. brooklyn rocks. how about sam in michigan? >> boo yeah, jim. >> boo yeah, back. >> i have chesapeake energy, apple, covid ian, colgate and craft. >> we have had that company before. he is delivering and delivering. the rest of the group is not delivering. colgate premiere package. chesapeake a little too natural gas liquids and nat gas which is really trouble. i would be careful in that. apple is tech. colgate and kraft are both

consumer package companies. you can own both. it is breaking up and that is easy to do. we have to get rid of colgate and we are going to select a machinery company. let's pick caterpillar. you have to make the change and then you will get it. let's go to steve in tennessee. >> am i diversified? i have sprint, standard motor products, products, altria and clorox. >> we are going to call this auto related. sprint the stock was down for the first time. seattle genetics is speculative bio tech.

clorox is a tough one but not as hard as the kraft colgate. i'm not going to go there. i would say this is tobacco. it is separate enough. bio tech, teleco, auto and tobacco. bingo. very nice quarter for clorox. i love consumer package. let's go to michael in illinois. michael. >> citi bank, ingram america, chipotle, goldman sachs. >> that's four. is there a fifth? we are going to have to get you next time. the game is a game of five, not four. and that's it. that is the end of am i diversified. we play it every week. "mad money" is back at the end of the break.

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do you have any teenagers?

have you ever been able to find out what they want from minute to minute? if people think teen retailers can be gained i'm bombarded by saying this is the month abercrombie and fitch? i ha obviously my 18-year-old knows best because the numbers were formally down 33% and down 15%. these companies have completely missed the mark. the case with them the problems are complicated by the fact that they have a lot of european exposure. for aff down 27%.

anybody that thinks the stocks can gain never raised a teenager. we know what can gauge is those that offer what they want hence stocks like macy's gap, ross stores, costco and understand customers to a t. you want more risk with more worth then go to amazon. there is no inventory to begin with. not that long ago j. crew went private in part because it never get the credit it deserved. i don't blame them. two years ago i told my daughter about how j. crew's made well division was absolutely amazing and she had to see what they were doing. the next day she went in and it was hideous. a few months later i asked her what she wanted i want a

gigantic gift certificate from it. she looked at me like i was from mars. you wonder why he took the company private. abercrombie and fitch is still publicly traded. some businesses are simply unknowable. others are consistent. suffice it to say teen retail is about as critical as it gets. i have no idea if the weakness is going to continue or if this is the opportunity you have been waiting for. neither does management. don't bother to try. trust me. i have a teenager. stick with cramer. something yo.

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