citibank if the world is growing and interest rates are going higher. >> karen >> i like anthem's earnings. >> that's a buy. >> stevie, i wish my uncle was grasso. >> 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 and put this one in context. so call me at 1-800-743-cnbc or tweet me @jimcramer. did all the ceos of america

decide to pull in their horns? and this did so right at the right moment are these captains of industry just plain scared or were they merely trying to lower expectations all at once to more realistic levels that they can beat later this year on a day when the do you plunged 425 points s&p 1.34%. and the nasdaq nose dived 1.7% i can't escape the feeling that this was a bit of a self-inflicted wound one that fooled people at one point the do you was up a recovery of 130 points from the day's lows first, we had three separate companies this morning say the

wrong thing and it obliterated their stocks frankly, i bet every one of these execs wish they could take back their statements but no do-overs in this game. let's start with caterpillar this was the best quarter i have ever seen from caterpillar everything, i mean everything was firing on all cylinders and every mark was on fire c caterpillar sells in mining, construction, infrastructure the company is coining money like ei've never seen it this quarter, this quarter was as good as it gets that was the problem, the chief financial officer dropped a bomb

he said the outlook assumes that first quarter adjusted profit sale will be the high water mark for the year yup. it was literally as good as it gets which is crazy when you consider that cat raised its forecast by two bucks. to me it was confusing to others it was a chance to sell you can't hear a pin drop on a conference call or any analyst throwing up on the q and a had the lines been open at all, there would have been a moment of quiet and a cacophony of reflux puke up every share that was in miles of the blast zone. everyone in the call was still shaking from their projectile vomiting session was it rising commodity cost

was it worries about global trade, competition, anything or perhaps it was a mistake. maybe they didn't mean to say it you could sense the desperation when an analyst asked, maybe the term high water market, please, was it accurate, maybe well, the investor relations person who answered the question made it clear, no, no mistake. it is for real this is as good as it gets yes indeedy, and the term water market fit it like a tee wait, there is more. 3m this morning lowered the high end of its full year earnings forecast softer markets and commodity market, the company shaded down its guidance

that is five pianos falling off the empire state building. i am telling you outgoing ceo did not mean to wreck its own stock. i think they may have been stun. with the stock sinking at 1.18 points before closing down 14 all of these, how march was weaker 3m is a company i follow closely and we were stunned at the reaction too given the company totally telegraphed this news just three weeks ago it produced the biggest decline in nine years. i think you are getting a chance to buy a great american manufacture at a discount. and i figure more selling tomorrow that is what happens when you open the flood gates they are going to reload

tomorrow takes another day before it can be stent buying hand over fist. the best bull market out there, and there is always a bull market somewhere what is it it is defense. that's why it was so exciting to see a blowout number this morning from lockheed martin, the gigantic defense contractor. the numbers look stupendous. and this is a huge but, but lockheed market said its cash flow forecast wouldn't rise along with its earnings. the guide up this is one of those, you know what i felt like, i felt like skooby do. the company was simply trying to

play it safe the stock got clobbered as if it were hit by a missile. just at this particular moment the result of attempts to under promise, lockheed stumbled 6%. let's throw over the rest of the symphony, alphabet reported. and no matter, the company made it clear it spent fortunes and will step up spending because, well, i don't know, they can, they have to, they would, who knows. i'm not sure they are not great at communicating. but we will dig deeper into alphabet later into tonight's show look, i think the market could have handled any one of these or two of these or three of these but all of these at the exact

moment the fed traded up that was enough to tank us the real achilles heel of this market and today they ruptured. like when you pull down a window shade and let it fly talking about trade wars and how much the tariffs are hurting their bottom line. i am not talking about one, but both achilles were shredded. not long ago this market was olympian we have now hit the 3% on the ten-year and we have had so much collateral damage, everything, every part of f.a.n.g, every industrial, every tech unless the company says we listened, we like that we are done for the year, we are quibbled by raw cost, scared of

china. unless they say that, i think the stocks will bounce today we experienced a panic like we haven't seen in ages, wherever little bit of softness. the market wouldn't be able to recover all that quickly, pianos hurt, as do tuba, violins and piccolos they did create a ton of bargains but i don't think people feel like looking for them after today's carnage. gregory in california. >> caller: hey, jim, big booyah. >> massive booyah, back at you, partner. >> caller: calling about one of my favorite organic food companies, hain celestial. this trade is completely flat and now at a 52-week low

they seem kind of nicely wrapped up with amazon because they are all over whole foods with those organic brands they have your thoughts. >> even though it is in the better for you aisle, it is still in the supermarket not many companies in the supermarket whose stocks aren't falling apart. i am a little gun shy. rita in kentucky. >> caller: hey i see you every night. you are very entertaining and very informative my husband and i watch you every night. >> my wife would disagree with you, she sees me every night >> caller: i am from connecticut. and i was wondering what is happening with them. i got scared last week, they hit such a low i know all of the stocks are upside down now. but we are concerned

should we be concerned >> it was not a good quarter just simply not a good quarter huge dividend from costco. i prefer to be in the place where you buy stanley decker tools rather than the tools themselves this was an agonizing day. haven't seen this kind of panic in ages. but pretty thoughtless and you are getting bargains nobody made a dime panicking after today's triple digit decline, taking a moment to put the recent doom and gloom in context. alphabet shed today. are you left with alphabet soup, campbell soup? that's a bad stock with the weather warming up, is

it time to take a ride at six flags? i am eyeing six flags after earnings stick with cramer. >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer, #madtweets send jim an e-mail to madmoney@cnbc.com or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com. it took guts to start my business. but as it grew bigger and bigger, it took a whole lot more. that's why i switched to the spark cash card from capital one. with it, i earn unlimited 2% cash back on everything i buy.

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all right. take a deep breath and take a step back. today the yield on the ten-year treasury cost 3% what happened, the market got hit just like i told you it would. i also told you that 3% is not the end muof the world, and weakness like this could end up be a buying opportunity but they have to finish and we don't know when it will be.

tonight we are going off the charts unemotionally with the help of carolyn when runs the queen.com website. get a better sense of where the major averages might be headed on the one hand, brodin says bu bullish patterns remain in tact. so let's start with the nasdaq 100. index is made up of 100 largest stocks and the s&p cash index which is an important benchmark for the stock market okay, here we go we will start with the big picture. check out the monthly chart of the nasdaq 100. she likes to look at past swings and run them through the prism

of fibonacci numbers this helps to identify key levels where security is more likely to change course and it happens a head of time so you don't get caught well, the nasdaq 100's recent rally was not far from making a 161.8% brodin notes many rallies tend to terminate whenever she sees this, it makes her want to get more cautious. you don't necessarily need to slam on the breaakes but think about whether it is time to stop let's zoom in with the nasdaq 100. brodin thinks this one paints a more hopeful picture all is not lost while the recent declines have had the bears

salivating she thinks it is possible that the carnage might be over at least for the moment the idea is symmetry pointing out the nasdaq recent declines have averaging from 850 to 900 points before running their course that is interesting, right after each previous sell off, the index resumed its march higher when she sees that the nasdaq 100, running by 863 from its march peak to early april trough, it makes her think the latest down drift might actually be over. even if the index were to drop 900 points from its march peak, that would put it above the february lows. so that is important remember, we don't want, she doesn't want to breach these levels, that is what these mean. you don't want to suddenly go

here here is how she sees it. as long as the nasdaq 100 holds above its lows earlier this months, she thinks the odds favor a reassumption of the rally. her fibonacci projections is that the nasdaq could run to 7420 the charts have no emotion when the index started bouncing around earlier this month, she was hopeful it would be smooth sailing. but nasdaq hit a snag. the snag is easier to notice on this one just like on the monthly, she sees a bunch of reasons to be more cautious here the nasdaq 100 recent rally from the april 2nd lows put it within

striking distance of three fibonacci levels last week's highs came right around where she expected you would have run out of steam. you need to remember that broadin's access refers to the x axis of the chart which is time. index is likely to change course the nasdaq 100 high's last week coincided with six of these. she says when you see a confluence of all of these cycles, you need to anticipate a possible reversal. since the nasdaq 100 was rallying, going into this window, she is worried it might be due to get debt in here we have a new ceiling of resistance at 6,856 up roughly

lee hundred points if the nasdaq 100 is going to keep rallying to this high, crucial at this level. put it all together and she wants to see a couple of things before willing to go bullish here the index needs to hold above the february lows and it has to break out above last week's highs above 6,856. as long as it is between this level, this is the problem technical no man's land. that is why we are uncertain here if we break down below the february low, we could be in for a hideous multi month decline. i am sure some of you are saying, she is saying on the one hand and the other land, and she is giving you the levels we have to hold. if you check out the daily chart of the s&p 500 index, you see

similar situation. had a nice bounce going that ran out of steam last week before we can get confident about any kind of rally. that means we need to break out above 2,725 which is 3% of here. support established by the bottom back in february. and that is down a bit less than 4% if we break down below the february lows, we are going to be at a more technicalside down 4%, in for a world of hurt. the charts interpreted -- remain in the kind of no man land today's sell off didn't reck the charts but she thinks you need to remain cautious here.

up a few percent and they start looking pretty i am not a chart follower but given how many people in wall street take their cue exactly from this stuff, you need to be aware of these levels. in case we breach them in either direction. ahead my take on alphabet. open wallet won few friends on wall street. are you tall enough to get on this wild ride with a good yield? i am talking with the ceo of six flags. and the one thing that can help you determine which stocks can still be bought in a terrible sell off like today. i have got the answers i also can tell you which plays have long-term to be avoided unless something changes stick with cramer. hi! i'm mike ditka.

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you may not remember if today's market wide pasty, but last night alphabet did report a fabulous quarter it really was. yet even before the market went into its free fall today, this stock was getting slammed last night. the stock quickly reversed and turned negative as investors finding things to quibble about. getting crushed in the sell off. only finished down $51.17. nasty. now if you look at the stock, you think alphabet just delivered down side surprise but it was that kind of day. nothing could be further from the truth.

alphabet couldn't get much respect from wall street why can't alphabet get any love? i think the krurcrux of the isss that many investors don't understand how to evaluate the story. and as a result nobody knows what to do with the darn thing i think they are throwing it away but it has the best of both words. you don't get to be the g in f.a.n.g for nothing. even as it now has morphed into alphabet and a. just need to know how to figure the darn thing out that is my job and we are going to do it right now let's consider last night's remarkable quarter a b off of a $9.31 basis

aren't we supposed to consider that important the last time these guys reported, the numbers were widely seen as disappointed. i said it was disappointing. but it wasn't this time. alphabet is on fire. google search, better than expected cloud service, better than expected the only service is what alphabet considers their other bad segment. weapo ma'a ma'amo -- we mo. paid clicks were up 69% year after year i mean, seriously, search is alphabet's core business granted the cost per click add

pricing was down 19% as consumers continue to access content via mobile devices still, that is more than off set by the gigantic increase in paid clicks then there is what is called the google other business which includes all the various google apps up 36% the app division delivered accelerating revenue growth. icing on the cake, alphabet is benefitting enormously from tax reform down from 20% last year. a lot of skeptics argued alphabet would be less of a winner and it turns out it does a ton of business overseas, but they are a huge winner. if things are doing so great for

alphabet, why did this stock start selling off tonight even before the yield maybe all of the money matters from wall street got swapped with their doppelgängers. honestly, i wish it were that simple even as the company has more than a hundred billion dollars in the bank, investors got freaked out that alphabet is spending a lot of money. amazon, netflix can get away with spending much more. perfectly happy with these companies spending money like drunken sailors. now this spending comes in different baskets. yeah, you have your day-to-day operating cost and capital

expenditures on the operational side, people worry about alphabet traffic acquisition stock or tas the company spends 6.2 anyone billion dollars on traffic acquisition this quarter and this is what freaked people out, it is up 22%. translating into weaker margins. and that was the absolute most negative thing about this quarter and i don't think it is that negative. see, i think it is crazy that the stocks sold out on this one line item. alphabet management has been telling us its traffic acquisition stock would rise it was totally telegraphed these higher cost are a product of delivered position. it needs to double down on fast

growing market like mobile search and youtube advertising so you have to ask yourself, why are we fretting about the margins when the company just reported a monster earning beat. the revenue growth from mobile and youtube more than off set the company's shrinkage. and again, i was critical of the last quarter i blasted the last quarter then there is the other type of spending as people worried, capital expenditures spending $7.3 billion on personal property and equipment. triple of what they spent last year let's drill down again, almost a third of the cap x budget went to a single one off business bought a building in manhattan and trust me, they wouldn't be

buying manhattan property every quarter. as for the rest, we are talking about investments in business that you should really like. alphabet spending a fortune building out data centers. how many times do i come out here, all of these real estate investment trust, all of the things i talk about when it comes to the cloud, and this is cloud spending of the cloud is amazing opportunity. we want spending on the cloud. also spending on other bets like wemo again, long-term investment in the company's future not like they can't afford it. it is not like they are strapped to me the cap x criticism is off base amazon and netflix can spend a lot of money everybody likes it and when alphabet does it, everybody

freaks out you need to judge alphabet like a growth company perfectly fine for a growth company to spend a lot of money on growing business. alphabet stock is extremely cheap. by the way, that is cheaper than coca-cola which is going to be lucky to have 4% or 5% growth. 21 times earning with a 29% growth rate makes it a ridiculous bargain on that basis, alphabet is a true value that means you can buy it here and buy more of it if it goes lower. today's brutal thrashing is letting you pick up alphabet down near to 5% even as they just reported a fantastic quarter. i would not look this gift shhos

in the mouth when you look at the carnage today, it would be pure arrogance to try to call it bottom here. just leave room for those who know even less than those who sold today will in georgia. >> caller: hey, jim, how is it going? >> trying to sort it out. >> caller: i think we can hang in there your thoughts in amd right when the bell rings they just dropped and i know a lot of people will say, well, the earning speed is already factors in to the price, but with amd seeing a sell off and i have heard analyst say they might beat earnings. >> divide it into two.

first texas -- and the stock went up. advance micro is in a battle with nvidia and intel and i think it is doing a great job. if it reports on a day like today, no one will like that no matter what they say, but tomorrow it may be different okay listen to me this is not a bottom in tech this is an opportunity to do some buying of the terrific titan that is alphabet don't let it go to complete waste. next six flags and all your calls, rapid fire and tonight's edition of the "lightning round." stick with cramer.

once there was an organism so small no one thought much of it at all. people said it just made a mess until exxonmobil scientists put it to the test. they thought someday it could become fuel and power our cars wouldn't that be cool? and that's why exxonmobil scntists think it's not small at all. energy lives here.

with pg&e in the sierras. and i'm an arborist since the onset of the drought, more than 129 million trees have died in california. pg&e prunes and removes over a million trees every year to ensure that hazardous trees can't impact power lines. and since the onset of the drought we've doubled our efforts. i grew up in the forests out in this area and honestly it's heartbreaking to see all these trees dying. what guides me is ensuring that the public is going to be safer and that these forests can be sustained and enjoyed by the community in the future.

. solid consistent earnings will matter sometime or least matters when everything calms down when that happens i don't want these reports to get lost in the

shuffle. six flags the largest operator of theme parks on earth just delivered a strong quarter company lost 74 cents a share, winter is the worst time of the year smaller than the 79 wall street was anticipating each of those guests spend an average of 4% more than last year and this mostly domestic company expanding overseas today they announced three planned theme parks in china although that may depend on our trade dispute plays out. this stock is getting hammered in recent months let's take a closer look at the chairman and returning ceo of six flags entertainment. mr. reed anderson, welcome back to "mad money."

>> great to be here. >> i have been looking for this quarter to be as good as this fingers crossed thinking that what had happened, perhaps the stock is going down for the wrong reason this was a terrific quarter. in anticipation of the ten-year treasury going past 3%, you are caught up in this vortex. >> we are, but i believe you need to focus on performance and we have had our greatest fourth quarter of all time this quarter is our best first quarter in the company's history. and i look at us as the ultimate growth and yield stock and we are delivering over 5% of dive denied yield getting the results that we are doing, i think the share price will react to that. >> you don't get more and more interest as it goes along, how

about your record of dividend increase. >> eight years of dividend increases and since i last saw you, six months ago, we raised the dividend by 22%. and our goal is to continue to increase the dividend. as you know, every single dollar that is excess in what we need to invest in the companies in the park, we get back to either dividend or buy back. >> let's understand that it is not just about theme park revenue in that given day. you have an active pass base that to me represents an earning stream that you did not have when we first met. >> absolutely. we transformed the business and we have been focusing on recurring revenue and how we create a recurring revenue model. and the best way to do that is focus on the active base when i last saw you, we talked to single day visitors and now

moved on to season pass. and it is at all all time high up 10% on last year. >> how do we account for the international expansion. how does that work in terms of revenue to you >> first and foremost, we have five major imperatives in which international is one just this quarter adding four new parks. three in china and one in saudi arabia and they are one piece of a puzzle which we have very strong growth in every single one of those five imperatives. >> one of the reasons why i like your stock so much is that i can't just go out with a bunch of guys and build theme parks all over the country. >> first of all, it is a great industry, but great industry if you are in it already. we are the leading regional theme park in the world. in the region of half a billion dollars to build a theme park.

but once you are in, you have this recurring revenue, great industry, strong as you have seen our per caps in the quarter. strong growth. pricing is happening we have got in full, in part dining program that is increasing and you haven't mentioned it, but we are adding water parks as we go. that is also having a great effect. >> well, look, i am so glad you are here i wanted someone sane in an insane day explain how you get a bond with upside. >> as i have said to you all along and you saying the same thing, growth plus yield difficult to achieve we do it and we will continue to do it. >> excellent thank you so much. chairman and ceo of six flags.

"mad money" back after the break.

>> announcer: lightning round is sponsored by td ameritrade it is time it is time for the lightning round on cramer's "mad money."

that's where i take your calls rapid fire [ buzzer ] -- and then the lightning round is over. are you ready, skee-daddy? it's time for the lightning round on cramer's "mad money." starting with ann in new york. >> caller: hi, jim, how you doing, big booyah to ya from long island new york defense stock is crazy today and i bought spirit arrow in january. i am holding it in my roth i am 60-years old. >> right now the market is anti defense stock andanti aero i suggest you hold tight anthony in new york. >> caller: how is it going >> long day, frankly what's going on with you >> caller: you know, same thing. your thoughts on bmy.

>> bristol myers has sold off so much i will tell you i don't have a catalyst to make this thing come back other than a take-over. and i don't see one coming maybe it surprises you rich in wisconsin. >> caller: booyah from my twins. >> what's going on >> caller: huge catalyst coming in october with the release of red two. what are your thoughts on take two? >> the whole video game is in turmoil. i want to see take-2 earnings before i say but you do have a high quality situation. nick in colorado. >> caller: booyah to you

i like to say my favorite segment is put together by your excellent staff, the week it was. buy, sell, or hold dunkin. >> i am a hold of dunkin riley in georgia. >> caller: thank you so much for taking my call what do you think of wendy's >> buy i am going to say buy. i need to go to paul in texas. >> caller: booyah, jim my stock is unvr, univar. >> i can't feel that way a and that, ladies and gentleman, concludes the "lightning round"" >> announcer: lightning round is sponsored by td ameritrade eet g.

what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade

i have been telling you that when we get a big bad sell off like we had today, you need to stay calm and cautiously treat it as an opportunity to pick up baby stocks that get thrown out with the tsunami of bath water ask yourself does this company

have pricing power or is it at the mercy of its customers classic example united technologies secret sauce, it has the ability to raise prices on everything it makes. so much demand for its aerospace products, air-conditioning on the other hand, the consumer good companies have almost no flexibility whatsoever on price. many had lower pricing to keep up with competitors. they are doing so much damage to the industry's more established players. united technology had to take a hit from rising steel and copper prices not every industrial can do this caterpillar told a different story this morning as did 3m however, companies like kimberly

clark, proctor and gamble and food and consumer companies have rising raw cost. they don't have the growth industrials have to mask it. in this market we are beginning to see something that is just deadly, the sense that maybe this is the last good quarter. even reporting good earnings, investors are saying commodities are going to go worse. rising treasury yields make the consumer product stories even tougher because their dividends look a lot less attractive when the dividend is at three maybe consumer products companies will find a way to get pricing products back. stranger things could happen

i think you need to temper your frustration. right now people are panicking even if you believe commodity is going to come down, and the company can figure out how to raise prices eventually, it may be too soon to buy the stock hand over fist even though i found it might be tempting the one thing that i i want to emphasis is that we have companies with pricing power let's go back to proctor gamble. facing competition from online competitors that can sell cheaper razor blades and send them right to your door. even economic expansion is telling. if the web has made consumers less willing to pay up, then the consumer packaged goods company are in trouble and may need to

take radical action. they may turn out to be value traps. united technologies on the other hand has that power. pricing power, you have it, stock bounces. you don't, let's just say that's another story. stick with cramer. or a lasting impression without it. ♪ ♪ don't turn your house into a home without it. ♪ ♪ don't go live... or even share a moment without it. and don't watch her dance like nobody's watching without it. whatever you do, don't forget that the more you live forward, the more you need someone at your back. ♪ ♪ the powerful backing of american express. don't live life without it.

>> you know, i have been cautious here because of tnt, the ten-year and tariffs nothing today made me feel like those are behind us. but we did get to the 3% level we just need to find the other shoe which is the tariff if we find that they are tempered it is going to be as close to an all clear as we can get. otherwise we will have to do waiting. i like to say there's always a bull market somewhere. i promise to try to find it just for you right here on "mad money. i'm jim cramer, and i will see you tomorrow

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