>> merry christmas >> springtime is christmas for home depot >> i'm melissa lee, thanks for of wag we will see you tomorrow at 5:00 for more "fast money." meantime, don't go anywhere. mitt romney with the one and only 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'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 save you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. thank you jerome powell for making this quarter point rate hike into a bit of a non-even. stock market roared going into

fed meeting and sold back down after the fed chief gave a good account at the conference. dow slipping 45 points s&p 500 losing . %. nasdaq .26%. the rally simd silly i don't know about you hence the decline after. i think we cleared a obstacle. there is still the rest of the obstacle left to consider. tariffs, government shut u.n. dos, earnings disappointments. and they aren't going away just because the new fed chairman did a real good job on his first outing one thing is certain though, it's undeniable that rate hikes, any rate hikes do indeed slow down the economy which is why that rally into the rate hikes seems so silly to me. i think it's a good moment to look at a group that's been bouncing all over the place but has historically done very well for those who think there is going to be a decelerating pace of growth because of the hikes

and you know what i'm talking about? i'm talking about the let for dead turbo charged stocks, known as fang. facebook, google, netflix, gavel be -- alphabet and now google. you can't write-off fang because these are dynamic institutions they are constantly evolving the bears view them a static which is why all the reports of fangs' demise have problem to be premature but we have got to keep testing them. it's not just the original fang. let's include both an ill and nvidia thank you philadelphia eagles for giving all of us from the city of brotherly love a reprieve from our terrible nasal twang.

let's break them down, unpack them i keep hearing that word in all the conference calls will facebook issues basketball legit or will they need to be addressed separately you have to look at amazon for years we viewed them as retail no way it would merit the current valuation. amazon took itself to the next level by making two additions. the web services and the advertising business the more i learn about amazon web services, and i've been working on it every day. the more i realize that its competitors at microsoft and google and ibm just can't come close to amazon's capabilities and i say that as someone who owns all three stocks for his charitable trust, meaning we own google, we own amazon, okay, and we own microsoft google being of course alphabet. and you can follow all of those. if you want to move your business into the cloud the

first choice is indeed amazon d. latest growth spurt came from people betting their heads around the fact that amazon could be a huge player in the advertising equation it's now a triple threat that uns bos back faster than any other stock in the market. including yesterday. when you look at it it didn't give up that much from the 40 point gain give it a break. $4 decline next up, apple's stock has being divorced from apple the company. on some days it's caught up in the technology mall. in others, investors treat it as the best consumer product story on earth that group weaker today. apple cares about a small scale surveys of component suppliers or reports that the iphone x is lagging or that the company is not innovating at the pace of other fang members or most pertinent. they do fear a backlash, a backlash against apple if president trump comes down too hard on china.

and theft of intellectual property when he tomorrow on the topic. the people who sold apple today off of china believe that apple could be retaliation road kill the thing, that's the wrong way to analyze apple the right way, i say take your cue from warren buffett who talks about apple's customer satisfaction is off the charts and how its a he ridiculous that the stock sells for 15 times earnings, proctor and gamble sells at 18. colgate, 2, estai lawed at 23 times. apple is superior to every one of those guys and i kind of like them especially el. today the survey monkeys generated the usual negative chatter but every time people sell the stock based on sales worries or china worries we remember the annuity streams the universality of the ecosystem and the stock bounces

back how about netflix is it overvalued at $137 billion geez, i remember when it was overvalued at $3 billion at the end of the day, the stock keeps surging because netflix knows exactly what we want thanks to the data set and artificial intelligence and the inbra of the ceo reed hastings i wouldn't chase it but the pull back is fine next up, nvidia, worth joining fang now that it has $151 billion valuation. in the old days they made gamer chips. then they made the best chips for automobiles, then for the loud then for data money. and for artificial intelligence. and the crypto stuff the ceo is currently harvesting chips that he and his team dreepd up ten or to 20 years ago. not last week, last monday or last year. they handle an immense amount of data without running too hot that's nvidia.

alphabet not long ago we were writing this company off for its inability to police you tube to the point where they are running normal ads next to neonazi cryptocurrency consent guess that they put their minds to it and have once again become a great place to advertise we always like their search. they kept making it better and better my hope is that wamo will take over this industry but this recent fatality should cause a pause in the strichlt as it should ultimately i believe the pause will be temporary because self driving cars are safer than people driving cars. alphabet remains the gold standard for the web yet the company got too aggressive in its forecast that's why it keeps getting hammered on its earnings reports and comes back because people forgot why they sold it. finally, elephant in the radio. facebook what can i say mark zuckerberg's statement today. it was a start i was going to call it a decent start. but i took the word decent out

of the if facebook addresses the situation by bringing in a top-notch outside counsel like paulwise who went to work on the tough nfl and fox issues to investigate the way they handled their user data, that's how you restore a lot of trust paulwise is a chips may fall but they don't play for dinner they are not trying please zuckerberg it would be helpful to hear from some of facebook's director, the ours directors ken sherl of american express. orb washington insiderer skin bowls. staims statements, even apologetic ones like the one posted by mark zuckerberg are not enough to apiece the jackals anymore. only an independent investigation ordered by the outside directors can do that now. i also recommended ken feinberg last night i reiterate that let me tell you why i don't think the feudo data breach matters long term. it's simple.

say you are outraged do you delete your account sure for a couple of days or weeks. you will matly there is no place else to go many people pan facebook they went off to instagram, facebook owns it twitter is not really a comparable product they don't serve as legitimate alternatives because there are none honestly, the reason why people are so ang roe at facebook because it has monopoly power over this portion of social media. it may event hewelly get them into trouble that independent could of power but monopoly is a great kind of problem. i'm close to hitting this buy button fang lives because fang is dine hillary clinton, not static. when you only few these companies as what they are not what they will be five or ten years from now you miss the whole story. that said this is not the ideal group to buy in a strong economy. i think fang is defensive because it has growth regardless of what happens in washington or even the broader economy

rate hikes in earnest always bring about a sea change shift to companies with growth that could overpower the business cycle decline. bottom line, in an incredibly challenged market you may want to fall back on fang this group to the going away it's recharging in preparation for its next move higher justin in north carolina justin >> justin. hey cramer how are you doing. >> all right, how are you? >> i'm doing good. my question is johnson & johnson, really big news last night from the cfo set to retire the stock price didn't seem to care do you think that will change or do you think investors should go ahead and buy this small dip >> i happen to be at a cfo conference sponsored by ey last night. i have got to at the time you, dominic caruso may be one of my absolute favorite cfos he is fantastic. he will be missed. but alex goresy has a deep bench.

j&j is as cheap as i've seen it in many years. don't run from run to adam in michigan adam >> a big booyah, jim, from mount pleasant, michigan. >> sounds good to me what's going on. my question is on fire it has two parts amid the rumors of an acquisition by cisco or sem an tech do you consider fire eye a buy hold or sell. >> cisco is not going to buy fire eye i don't know about semantic. i was impressed with the ceo i think fire eye is winner not a loser. i would be a buyer tony in michigan >> booyah from michigan mr. crime. >> i have got university of michigan going deeper in the 20. what's going on. >> imi'm curious about mutual m-u-l-e. how do you think investors are feel about the acquisition by sales force.

>> they have made a for fortunate. here's the problem i thought a lot of it was -- why would you over and over mention union lever and coke coal as thing that mutual soft has because those are dyed in the wool saps cla want to know what to buy regardless of what happens in washington, if we got a slow down because of the fed or we are worried about tariffs? i know it sound counter-intuitive but you want to look no further than fang, the new fang that will be the narrative tomorrow more tonight, the mcdonald's hasn't been serving up many smiles i still like my he had mcmuffin.

how fedex's free trade to twine the next big move in this market stick with cramer. >> don't miss a second of "mad money" with jim cramer follow @jimcramer on twitter have a question? tweet cramer, #mad tweets. or give us a call at 1-800-743-cnbc miss something head to mad mohn.cnbc.com. for m

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lose its mojo. when a fast growing high flying moment up name breaks, it turns into a falling knife that will cut anyone who tries to catch it on the way down. for most of the last ten months that has been the exact story of ultimata beauty. the tragedy here is that you will at that had been as beloved as it gets it was a market darling. from the lows during the financial crisis so its highs laid haas spring the stock surged from $5 to $314

this happened during a time when bricks and mortar retail had very much fallen out of favor with the fashion show. ultimata was the hottest run fastest growing old school retailer around. changes everything you need to look your selfie best. they also provide salon services to get people coming back to the stores and back to the store meaning it's the back of the store where the salon is it is a great model and the stock made you a fortune on the way up then growth started slowing and suddenly ultimata lost its appeal the stock ended ups look 40% of its valley from peak to trough tumbling as low as 188 there in october. while it tried to make a comeback in november and december those gains were quickly repealed over the course of january and february. however, recently the action here makes me wonder if maybe just maybe ultimata beauty has finally bottomed even if it sounds like this first it started bouncing lower this month: but then last

thursday the company reported a not so hot quarter that was widely viewed as a disappointment and the darn thing, what did it do? it roared not lower. but higher from $206 to $221. when the stock surges on bad news you know what, that's a very bullish sign. in fact it is a classic tell of a bottom because it signals that your weak handed fellow shareholders at least capitulated when all the bulls who were going to sell have sold it usually means the stock in question is bottoming it's done going down hard. so you better believe it caught my attention when ultimata spiked on a less than stellar number all things considered, i think ultimata beauty is back. i recommend buying some because the stock has fallen to levels where it's too cheap to ignore its cohort in the bricks and

mortar section, have you noticed that's become the stand out. while the fundamentals aren't as great as they used to be they are good enough to justify buying the stock at this current valuation. particularly with the are the of retail moving. to get into why i like you will at that -- ulta, it's because it had been growing at an incredible pace for years. look at the same store sales, the key metric in retail after rears of outing up numbers in the low to mid teens they declined from 16.6% in the fourth quarter of 2016 to 10.3 pores. it's worse than the results ulta had been putting up earlier. at the same time margins were declining. everyone wanted out once the numbers started decelerating hence why the stock kept getting

hammered however, it's not like the story suddenly became terrible ulta is like an a plus student who turned in a a minus or b plus paper not the final. it is not a perfect retailer, instead a very good retailer at some level, a very good retailer is worth buying i think we may have found that impact after getting pounded in january and february the stock turned around on march 2rd. it then rallied 15 points over the next two weeks in anticipation of the company's next quarter some of that was simply because early march was a good time for the broader market a lot of it had to do with analysts coming off the sidelines and beginning to recommend the stock. it was enough time spent in purgatory. fast forward to thursday night when ulta reported results the numbers weren't bad but they came in below expectations pretty up much across the board.

revenue and earnings were light even as they announced 26.2% revenue growth point that's good. they were looking for 9% same store sales growth they used to blow that away. guess what, ulta gave you 8.8% wanted to a 34 point gross revenue. the guidance was a little underwell. ing. earnings and revenue forecast came lowser to hitting the new york but also fell short but just by a little not by a mile. in my view it was an okay quarter. wi when each and every line item disappoints you have got to expect the stock to get hit. initially shares dropped over 6% when they read those statements. within minutes of the release after hours trading, of course no one listened to the conference call. the analysts cut their price targets en masse when they

parsed the numbers but then something interesting happened when ulta started trieding the north carolina day the stock opened higher, not lower, $10. up 2% from the previous close. that changed everything. once people realized bold investors were willing to dip their tows back into ulta as stock we saw a wave of buyers. by the close on friday it vaulted 7.6% how is that possible simple the key here is that ulta reset expectations that's the term. an expectations reset. that's the term on wall street now you know anyone clinging to the hope that, lta was return to the status quo of turbo charged momentum were wiped out on thursday night the weaker numbers and trimmed guidance as well as commentary in the conference call might as well have said don't own our stock if you are disappointed

with anything less than same store sales. the company had put up such incredible numbers for so long that investors freaked out when they delivered merely good results rather than earth shattering figures but the latest tells us they have got over that hump. rather than selling off the stock soar because the numbers were worse than expected ulta is taking action to improve their situation including making investments in e-commerce, retaining good employees and ai all in order to generate better earnings growth. that's why the guidance was light. they are spending money to make money. the key here came from the cfo he said come 2019 the company expects the grow earnings at a 20% clip driven by modest expansion n. short, you now have something to look forward to icing on theic ka, ulta rolled

out a buy back authorization i know that sounds small for some of the bigger companies but that is around 5% of the market capitalization of ulta beauty and i think that's very well timed. here's the bottom line about one of my old favorites that we had to walk away from. when a company reports a supposedly disappointing quarter and a stock surges anyway that's it that's a classic sign of a bottom which is one of the reasons why i'm recommending ulta beauty stock right here throw in all the growth boosting initiatives management talked about at the conference call and the fact that it is trading at 20 times earnings. remember it used to trade double that it's gotten plain too cheap to i goer no. much more mitt romney ahead. mcdonald's, the fast-food chain is off to an uninspiring start in 2018. hey, maybe it's time to sell or could the recent dip be a value meal for your portfolio?

does your portfolio have what it takes to survive the unknowns in the market i'll be the judge when we play i'll tell you how the chief economic adviser could impact this market going forward. so stick with cramer

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i realize this is a more challenging environment than we had a few months ago remember i keep talking about the controversy? some stocks have come down too far from their highs and you have got to start thinking about pouncing on them. for example, did you know that the stock of mcdonald's, run by steve easter prook is currently in correction territory, down nearly 11% from the january highs. that's after the stock's rebound from recent lows three weeks ago it was down 18%. that is nearly bear market territory. sure the stock went up too high. but now we have to ask, has it

come down too low. mcdonald has been one of the greatest stories in the industry he took over, revamped the breakfast. rolled out franchises, the stock is up 60% since he came in more than double the gains of the s&p 500 of the same period at time when so many restaurants were struggling, mcdonald's was on top of the world. that makes the recent selloff more jarring while the stock has been bouncing in recent weeks the pullback was severe enough that i think it's worth reassessing the story to make sure mcdonald is worth owning in this new more risky environment. not only is mcdonald's stock attractive, i think you are being given a good entry point it is not as amazing as a few weeks ago but. the whole point of this show is to help you become a better investor let me explain why makd might be right. now we've got this federal

meeting over but everybody is not that happy steve easter brook engineered one of the greatest restaurant turn around in history when took over mcdonald's was lost at sea with shrinking global same store sales. last year they were up 5.3%. not just good compared to where mcdonald's was but much better than the vast generate of publicly traded restaurant ins cha at the same time, the company became a much more efficient rater. gross margins surged from 38.5% in 2015 to astounding 46.5% last year that's a huge gain translated into double digit earnings growth. and talk about shareholder friendly do you know in the three years he has been in charge easter brook's voracious buy backs shrunk the company's share count by 17% oh, yeah he's trying to take mcdonald's private. how did easter brook pull all this good stuff off?

one of his earliest moves was to placate the company's franchisees. before he came in they were disgruntled. after years of underperformance, who can blame them but the franchisees are mcdonald's they run the vast majority of locations they fleed to be kept happy. he enlisted the right ideas. he treated them like valued partners, took them seriously got them on board with his turn around plans that made it easier for him to roll out all of these new initiatives. digital deyosks. a mobile app with 20 million use autoers in the u.s. alone. about time and even delivery. now available in 20 shou locations around the world of course there is the value meal and the all day breakfast both of which have been successful easter brook made mcdonald's a better place to be when he took over i got in touch with him i said my first advice to him was to clean up the bathrooms. people laugh when i tell them that story but easter brook took me seriously and the improvement here is a microcosm of what he

has done for the whole company one more thing last year mcdonald's sold its chinese business to a bunch of private equity guys for over $2 billion. with everybody fretting about the easy were's tariff on china, possible retaliation, intellectual property changes the president is rattling about, what can i say, the decision looks better by the day. why has the stock been hit because mcdonald's had the misfortunate of rt recognize its laters quarter on january 29th guess what that was. that was right as the market was taking a real turn for the worse. even though the company delivered a big top and bottom line beat, better than expected same store sales and excellent guidance it got slammed any he with a it fell 3% part of it was the market got hit but part was because it accelerated too quickly. as much as i thought the quarter was a good quarter there were legitimate reasons for people to

say. first, and thun with is mind boggling the cfo told us, and i quote, looking forward, we expect 2018 results to be even a little more choppy with u.s. tax reform -- that went into effect january 1st of this year choppy choppy that stopped a lot of buyers in their tracks everything is going nicely and then the cfo he tells you thing are going choppy this is choppy what the heck does choppy even mean three analysts called out that one word in their react to the quarter. this one shook a lot of people up second, there is tax reform. after the surprise passes of the huge corporate tax cut, many restaurants stocks surged as investors figured they would be major beneficiaries. since they tend to pay full freight tax wise it seems some of them forgot that mcdonald is a sprawling global operator not some pure

play domestic chain. the company predicted it's going to have a 25 to 27 effective tax rate down from 35 or 33. it's still a lot it is higher than many of the analysts had hoped for the problem of course is they still need to pay tons of taxes overseas to be honest this shouldn't have been a surprise to anyone who has actually done the home work. but this mistake happens all the time wow, tax rate too high finally mcdonald's told us the top priority for its tax reform savings would be an accelerating of its investments in reimagining the restaurant the company is spending $6 million to give u.s. businesses a face lift. to the investors who appreciate easter brook's vision and success this was great news. to the ones who wanted a larger dividend and think that investment is a mistake it was a disappointment and that's why the stock start selling off. then we got hit with the marketwide declines in early

february and mcdonald's came down with everything else. remember, cash strapped hedge funds tend to sell their winners first as a source of funds mcdonald's is part of any dow and s&p index. when it goes down, it goes down with them. the lass leg came on march 2nd when the analysts at rbc published what i can only describe as a hit job on mcdonald's stock lowering the price target from 190 to 170 the reason, the analysts slashed their same store sales numbers their forecasts because the company's new $1, $2, $3 value menu is off to a slow start. that took the start to its lowest level in nip months it was a buying opportunity with the stock up since my view, the fundamental story with mcdonald is still intact. i think mcdonald has a lot going for it if they give us more quarters like that last one i think the stock switches directions pivots

and pulls higher the bottom line, the buy back in mcdonald is overblown. the only part that the company is going to invest in tax savings is good news as far as i'm concerned the current discount is a gift the only thing that happened is that its stock got too hot too fast and that's now been taken care of by the sell off. better be ready to go. let's go to michael in california michael. >> hey jim, after watching your interview with grub hub ceo i'm kicking myself because i missed out on the pro earnings pop. jim is it too late to get back in or should i wait for a pullback i want to hear from grub they have enough delivery people. i know it is a high quality problem but it is a problem. there is too much demand for grub hub and not never people

who are willing to deliver i think they are going to solve that problem but they are a good company. i want them to address what i just mentioned before i'm going to tell you to get into it. >> galen in illinois. >> booyah to you brother. >> thank you for calling >> yeah, i appreciate everything you do love your show >> thank you >> you get the stock i've been watching for a while been flat, it's kind of taking a dip here lately, that's coca-cola. what's your take on that is it a buy? >> this whole group has gotten crushed again. one of the reasons why it's gotten crushed is costs are higher for freight key keep hearing that. it is a 3.6% yielder it sells at 20 times earnings. i'm going to say something that i have said about this stock for many years no one ever got hurt owning the stock of coca-cola but for me, no coke. pepsico. the golden arches may have lost

their mojo as of late but i think the pullback is overblown. the stock of mcdonald's i'm looking it here. much more mitt romney with larry kudlow taking over as trump's economic adviser i'll tell you what it could mean for the stock market, tariffs, trade does your portfolio prepare you for a what's next? i'll tell you about that and rapid fire and lightning round. stick with cramer. >> announcer: tomorrow, kick off the trading day with squawk on the street live from post nine at the nyse. >> very nice >> good talking to you today i'll see you for the first round. >> tunisia versus england. then -- yeah it's going to be fun. >> it all start at 9:00 a.m. eastern. nah. not gonna happen.

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i told you last that the best way to create a washington proof portfolio -- can you believe it, we are back in that world is to be diversified the same goes for market volatility you have got to stay

diversified. diversification is a concept i always circle back to because it stands true no matter what is going on around you. that's why we play am i diversified. without further ado. let's play another around. you call me, you tell me your top five holding and i tell you if you are diversified enough or if you need to mix it up let's start with a tweet from @sports fan 832 who says am i diversified, goldman, apple, floink, raytheon, honeywell. all right. here we go look at this all right. these are -- wow club members honeywell, apple, gold nanoand raytheon are four of our names honeywell is a diversified manufacturer, i think they are terrific, they are splitting up. apple, i aown don't trade it goldman sachs is the ideal stock to own in this moment of

volatility and it's inexpensive. netflix is the most expensive stock in faanng. and i understand the raytheon. when the president speaks to anybody in the middle east he says buy stocks from raytheon. that is the biggest defense contractor in terms of the president being an arms salesman in chief so we have defense we have tech we have entertainment. we have finance. and we have industrial that is perfect! now we have got to go to richard in new york. richard? >> hi jc paying attention to your due disciplines and constant disciplines i was able the retire early using your knowledge, best degree, buying on a dip what a wonderful thing i thank you whole heartedly. >> that's what we want what's going on. >> today i'm calling to ensure that i'm diversified netflix, facebook, apple, bank

of america, and general dynamic. >> whoa. okay well, let's see. all right. you have got facebook. now, zuckerberg did not do what i wanted he did not go the extra mile he did a statement it was not what we thought should happen. therefore the stock can't rally until he puts my game plan in, which i talked about at the top of the show. so facebook is -- let's call it social media floiks is entertainment. we went over that, expensive stock in faanng. more expensive than amazon i can make a case on that based on amazon's different divisions. appel, own don't trade bank of america ideal the in the rate hike world. we have got a bank y got technology we have got social media i am differentiating we have got entertainment and we have defense and i like it. let's go to bud in ohio. bud? >> booyah, skedaddy, thank you for taking my call. >> quite, quite.

sure, bub bud, what's up. >> jim, this is a new portfolio i put together for a nephew's education. these five stocks do have one common feature they all had an effective tax rate of over 35% last year but i'm hoping they are otherwise diversified. they are fastenal, ssnc technology, flir systems, beckham dickenson and my turn around play is alaska airlines am i diversified. >> yeez i'll tell you that alaska air okay okay all right. let's take a look at this. we are going to call this software for financial services. all right. we are going to call flir. we are going to say it's cyber defense -- thermal imaging cyber defense. let's just call it defense okay defense. we have got finance. we have got airline that i'm not crazy about. fasten -- that's just because the airlines have gotten

horrible with the southwest news today. fastenal, construction supplies. i like it. and bd is doing terrific health care, defensive service, airline, it's well diversified but not with my favorite stocks. can't have everything. "mad money" with jim cramer is back after the break hi, i'm bob harper,

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lightning round is sponsored by td ameritrade it is time th when the lightning round is over, are you ready skedaddy ed in california ed >> greetings from cramer fornia. >> i like the weather. what's going on. >> after the earnings report, they got this big selloff in dollar tree. overdone or party over. >> no, no, no. dollar general is the right bun. dollar tree did miss they bit off too much to chew. robert in nevada

robert >> booyah, mr. cramer. veteran here long time viewer slash investor. first time caller. my question is, honeywell. after the correction, it's bouncing off support around 149, trading in a band up to 154. buy, sell or hold? >> we have been telling our club members, pull that trigger honeywell is right let's go to craig in illinois. craig. >> yeah, jim, big booyah from palestine, illinois. >> what's going on >> marathon mpc, it's been, be the last two months of 1 now the last two days it's up to $73 >> do you know why that is because that is the best managed refiner that is. i continue to recommend it not walking away we have him on air

the only guy that wants to come on air in the whole group. why? because they are so good. >> alex. >> booyah from the heart of eagles country. >> you bet you are what's up? >> about a year ago you recommended a stock which i was lucky enough to cost factor in below the ipo price. sold it all the way up now i'm playing about the house's money. tell me, what do i do with canada goose. >> i reiterated goose when it dropped to 32 made to sense when we talked to the family. don't get greedy this market is heavily influenced by the tech goose i think canada goose is a good long term hold david in illinois. david? >> hey jim how are you doing >> i'm doing well. how about you? >> good. first time caller and big fan of yours on "mad money" and squawk on the street. >> thank you thank you. >> one of my favorite check stocks is zag.

they had year over year gross increase in sales. 29%. the return on equity exceeded their cost of equity you know, what your outlook on them >> the guy i like this, i think the ceo, he stepped down he retired and that was one of the problems with the company and the quarter wasn't that great either i should have been more negative when i was asked about it last and that, ladies and gentlemen, is the concludes of the lightning round. >>announcer: the lightning round is sponsored by td ameritrade. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade.

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what kind of impact will larry kudlow, the president's new chief economic adviser really have on trade policy. >> i think it's legitimate to question this because his predecessor gary cohen wasn't able to sway trump to way of thinking on free trade in want to know where larry kudlow sits. all you have to do is listen to fedex last night fred smith, the founder and ceo of fedex speaks just like larry kudlow he can speak to free trade global commerce is his business. it's larry's doppelganger. he doesn't minutes words saying quote i'm certain everybody listening to this call has an electronic device in your hand

go to your google button and type in def, meaning definition, and put in the word tariffs, t-a-r-r-i-f-f. everybody at the table do it today. smith goes on the to say that the benefits of tax reform will be offset by new taxes from new tariffs. what about the need for a steel industry for national defense purposes holy cow smith is so scathing on this listen, if we have for national defense needs in particular aluminum or especially steel requirement we would suggest to fedex these be bought by the government the same way that we buy up 35 fighters or m 1 a 1 abrams tanks respectively, end goat that's a good idea but it's not practical. congress ain't going to authorize that smith goes on to say why he is a believer in free trade

he says i would like to give you numbers that would surprise you. our trade debt sieve ten years ago was 4.9% of gdp. it is now 2.9% it's down by two percentage points for a couple of major reasons. he goes on to cite the growth if fracking and the fact that we have a trade surplus in services which includes services like fed fedex. more important, smith thinks tariffs are simply bad in his opening comments he says fedex is concerned about the increased protectionism tariffs as history has showed it's counter-to growth. the better approach is free exchange of products and services end quote there you have it. fred smith comes closer to kudl kudlow's views than everybody else we had on kudlow and cramer which larry kudlow are we going to get the one similar to fred smith's vision or trump's vision that's a good question

if the pro free trade fraction preveels i think we go higher. if president trump hammers china with huge tariffs and the prc retaliates retaliates against our tech giants. think apple. you do need to realize that the stock market agrees with him and needs him to reveil if we are going to go higher stick with cramer.

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okay, we got through the fed meeting today. how about the protectionist tomorrow or as some would say the bite tomorrow. the president is going to initiate on intellectual property where the chinese have been pernicious all along? it's too hard and we hear apple chatters that bad we are going to have a bad day. i'm jim cramer, i will see you tomorrow

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