and doesn't have one jamie dimon. i think you sell the whole group if banks are higher tomorrow i like cathie's strategy >> that's fitor us. enjoy toni braxton and the remix. "mad money" starts right now i'm just trying to save you money. my job isn't just to entertain but to teach you call me at 1-800-743-cnbc. or tweet me @jimcramer are we in a situation, a situation where the only thing we have to fear is fear itself

the dow is dipping and the s&p declined, and the nasdaq losing 0.94%. sell sell sell sell sell i think these numbers may obscure the real story i listened to the citigroup's terrific call this morning i sure got the sense is we have a lot less to fear than we think. in fact, citi may be the perfect metaphor we are so worried about the state of the global economy. yet we're missing some great opportunities. get a load of what ceo michael corebat. we see a disconnect in our business and what the markets are saying in fact, according to him we see the biggest risk of the global economy is one of talking ourselves into the next recession as opposed the underlying fundamentals taking us there what does it mean for you and

your portfolio first, we have been through a serious bear market. no one else is saying that but for me but that's exactly what happened even though it was short lived and while we fret about the slightest piece of negativity. it's hard to believe that stocks could plummet as hard as they did if everything in the rea economy is okay. citi is a classic example. it plunged $70 before war was declared on the u.s. economy down to $48. and the lows of a couple of months later any time the major bank takes that shellacking it means there could be a real economic slowdown along with the spike in bad loans. >> the house of pain. >> but when we read through citi's actual numbers the only meaningful negative reflected a 29% decline in fees year over year while that gave the appearance of weakness the truth is that trading has nothing to do with the real economy which was robust without any spike in bad

loans whatsoever that's the fear of fear itself speaking on top of that we are seeing a very different pattern developing in the last few times that the banks reported. we have gotten used to the bank stocks getting hammered after the results because they repeatedly run up into the quarter but not this time. this time they reflect the fact that people are talking themselves into the recession. instead, we have a situation that citi a company that made $4.2 billion in if the fourth quarter with the stock actually bought back 74 million shares of its own stock. and he intends to repurchase another 8% this year but that's extraordinary citigroup's momentum here and a treasury and trade solutions it's a mouthful but listen to this on its own i think this could be worth 70 or $80 billion.

half of the current valuation. this treasury and trade solutions is gigantic. a fast growing business. think of it as a multinationals that does everything from payroll to foreign exchange to supply chain to financing trade loans. remember, citi has an on the ground presence in roughly 100 countries. consider the financial technology like a square or a mastercard or paypal for international and when you compare them to citigroup which shares for less than eight times the earnings and the company has hidden assets and worth so much more on their own than within the bank yet no one is talking about breaking up the company. you know what else i like? citigroup is very big in asia-pacific securities. number two in fixed income number two in i merging and number three in equities why does this matter because of the elephant in the

room goldman sachs now my charitable trust owns both stocks because they're so darn cheap and i don't believe we're headed into the recession but one of the main reasons why goldman's stock is down so much is the reputational risk from the asian corruption scandal if you believe that goldman will get hurt in asia, then citi is important. but what about the rest of the stock market what does citi have to do? first the financial represents about 20% of the s&p 500 there are plenty of high quality regional banks that they have been accidental high yielders. they give you a yield more than 4%. we're be rewarded and now today

wasn't the best kind of day to analyze the phenomena. particularly the semiconductors they were strictly about stocks that have rebounded too hard, too fast but unless you got the semis on friday, you weren't buying it. apple got rocked on the news not only facebook with the stock that seems to be breaking out from purgatory after everyone saved the journalists who write for the penny savers thrown in your driveway has invested facebook and found them guilty. and oh, then there's amazon, down again on the divorce of the century which i think is starting to get ridiculous today we got a painful reminder of how stocks can be look at the file on 52% decline on pg&e with 12 million customers. they got eviscerated based on bankruptcy fears thanks to the california fires you need to be careful with every stock you own.

even the utilities the etf has put the whole group on sale allowing you to buy coned at a discount. even though the problems at pg&e are company specific the bottom line though, if citigroup is right that the only real fear here is the fear that we'll talk others into the recession then this earning season can be more positive than most people seem to be expecting. let's go to charles in maryland. charles. >> caller: yes, good afternoon how are you today? >> i'm good. how about you? >> caller: okay. my quick question to you is in respect to sprint, why has it been languishing so long despite the enhanced interconnectivity and what about the fcc in terms of government regulatories and the shutdown and if the fcc were to allow sprint and t-mobile to merge what would that look like? >> i'm not sure -- look, there are a lot of moving parts here

i'm sure some of the government is not up to speed because of the shutdown i have to tell you i think that i have to look at t-mobile on the basis of what the reporting last week and the numbers were spectacular so i think you can win either way i like the stock of t-mobile let's go to jack in new jersey jack >> caller: what's up, jim? i know you're starting to like the semi-conductors here and i'm interested in one that no one is talking about yet. that company is cylex. they are involved with the cloud, and aero space defense. they're 91% institutionally owned so what do you think >> i think you're right. i think there are fears -- they do a lot of business in china and it would be negative, but you're right i don't talk about it enough it is really doing well. it's on fire actually. how about joe in jersey. >> caller: hello, cramer >> yeah. >> caller: i watch your show every night and i've learned a lot. >> thank you so much >> caller: my stock is neo

incorporated ticker nio and they manufacture electric cars in china and the chinese tesla. with china's tougher regulations to go electric is this stock a buy? >> tesla is moving to china. elon musk is doing that. i'm not going to recommend a chinese stock. i continue to believe that those who want to own the stock of tesla, absolutely if you like the stock, and you like the car, you've got my blessing doesn't have great balance sheet though, but i'm saying no. we have nothing to fear but fear itself that sometimes could be where the opportunity lies on "mad money" tonight, it was a tough week for retailers last week but it could be worth trying one in 2019 and then with dollar tree, does

the buck stop here i'll give you my take. and my response to the cramericas who make me do extra homework i'll talk about the biotech that's worth buying so stay 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. place, the xfinity xfi gateway.

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last week, oh, boy, was it rough for retailers. we had a series of lousy numbers although some like macy's were worse than others. and a few of them weren't that disappointing at all kohl's and target i thought were good nevertheless, the whole group was sent reeling then pvh the parent of calvin klein and tommy hilfiger changed the narrative. they raised the fourth quarter forecast with ceo tirico pointing to outperformance across all of the businesses relative to the previous guidance despite the macroeconomic and geopolitical environment. even better they announced they'd be restructuring part of the company that barely needed a change in direction. the stock surged 7% the next day and you know what? i think this is just the beginning in the immortal works

of backman turner overdrive you ain't seen nothing yet that's right i think pvh has a lot more room to run tell you what, first you need to understand where -- well, where the stock was coming from. pvh had a rough time in the second half even though it rallied $18 from the christmas lows but it's still down $65 or 38% from the highs last summer what caused pvh to get crushed it's very much levered to the strength of the global economy they get 50% of the sales from outside the united states. it didn't help that the dollar surged higher versus other currencies but a -- been a big problem for pvh. on top of that the best growth opportunities are overseas including china. they source a ton of merchandise from the people's republic of

china. it had investors spooked when they reported at the end of august, even though the results were better than expected, the stock got clobbered. went down 10 parse -- 10% because investors thought it was light. that's the end of the cycle stuff that we keep hearing that says it doesn't matter what they say it's over. now when pvh reported in november the results were far from perfect while the company built wall streeting nears estimates thanks to cost cuts, their sales came in a bit light certainly lighter than expected. it was driven by softness at calvin klein on top of that they predicted calvin klein related weakness in the next quarter the stock got slammed, down 7% pvh rebounded because ceo tirico promised to fix what was broken. he did it when he stopped by the show still when the market continued to roll over in december, the stock got obliterated.

but now you have the context you had a lot of concern about pvh based on broader macroeconomic issues and the weakness of calvin klein was weighing on investors. when jay powell indicated to be patient about continuing to raise interest rates that was a week and a half ago now, that changed the equation shirts, how could it be? bear with me suddenly the macro worries weren't quite so worrisome that's what matters. it's all about fear itself but last week we got all of the lousy retail numbers to indicate that the holiday season was not that great between black friday and november and december. just when people started to freak out about pvh again they came out last thursday and gives us shocking, very good news. first management raised the forecast and upping the earnings guidance substantially from a buck 59 at least to a buck 75. turns out business was good. second, they laid out a series of challenges for the ailing

parts of the calvin klein brand just as manny tirico promised on the show they're folding the north american men's ck jeans and sportswear into the single team and merging the separate divisions. the company is relaunching the high end calvin klein 205 west nyc label under a new name please, thank heavens and new leadership you know murray hill -- what is that all about all told the restructuring will cost $120 million over the next 12 months. all right. but the idea here is that it will turn around the klein business i think the moves makes a ton of sense. especially since they're doubling down on the omni channel and how much we love omni channel on "mad money." put it together, a lot to like here pvh is doing better than expected whether you go by brand or geography even their chinese business is unchanged. north america is strong. hey, if they can breathe new

life into calvin klein that's positive the earnings are much, much more resilient than most people believe. even in the recent rally they trade at nine times next year's estimates. this is one of them. it does tell you that most investors really don't believe the company would be able to deliver on the forecast given the weak holiday season atmos of the department stores but if they can raise their guidance after macy's implodes it's incredible the stock is darn cheap. and perhaps best of all it cements the management credibility here that's what we care about. right? when they reported in november, tirico said that they had a problem, he admitted he was disappointed about calvin klein's operating mar sgrins he told us they had gotten in the wrong fashion -- they literally got the look wrong so to speak this guy is a straight shooter he has been on the show forever but he reassured us they get it right and calvin klein would have a bright future now tirico has proved he can

deliver. by the way, this guy is putting money where his mouth is when pvh stock got obliterated in december, he did some insider buying picked up 10,000 shares at 95. $51. that's a million stock purchased in the open market he didn't have to do and to me that turned out to be a terrific tell. bottom line. in the second half of last year, pvh saw the stock get crushed by a host of different worries. last week, they put most of the fears to bed it's down from the highs in the summer pvh, i'm with manny who's a buyer. i say there's a lot more upside to mark in florida mark >> caller: booyah, jim should i have gotten out of stitch fix. >> okay, there was a severe overreaction if katrina lake were to come on the show, i think she can tell a better story

if she doesn't come on the show, in the next three months, i'm going to take it for gospel that that last quarter who was not that good but not that bad is the beginning of a series of bad trades sadly let's see. i know that there's some upside in retail. just this evening dave & buster's reported a better quarter and also lulu. after a tough week for retail, pvh changed the narrative. i think the stock has plenty more upside. much more "mad money." dollar tree lures customers with discounts but what scar board's mean for the stock and then making cancer a cause and with news that chai niece exports fell the most in two years in december what does it mean for the trade debate? i'm giving you my take it's really controversial. so stay with cramer.

oh, hey, last week we learned that starboard value the incredibly successful activist hedge fund is taking a position in dollar tree and this dollar store stock caught fire. more than 5% on the news normally we like situation wrtion starboard geddes involved they're very good activists or insurgents you know what? i found this one puzzling.

see, 3 1/2 years ago dollar tree which is pretty well run acquired family dollar it has been holding back ever since. finally it looks like they're turning the family business around i think the guys at starboard seem to have a different take. they want to -- they want the board to consider breaking up the company. to unshackle the terrific dollar tree from the subpar family dollar guess what they're gearing up for a proxy contest. i find this whole thing kind of overwhelming snag seven out of ten board seats to make it happen? it strikes me as more of an opening bid than a general demand now we heard from dollar free's management a month and a half ago. i think the starboard value is off base but again i respect their work what's going on here and what should you do with the stock how about some context first you need to understand that this is a bit -- this has been a tough slide for the dollar tree shareholders

last year they reported three disappointing quarters in a row. march, may, august each time the stock got slammed, it was weakness at this family dollar division. even as the dollar tree stores performed better than expected one of my favorite places to go to the low in last october this stock lost more than 32% of the value. that's extreme that's why starboard wants to break up the company they see dollar tree as being joined at the hip with a loser business that's holding them back so they want to effectively roll back the acquisition of family dollar i get it last quarter, family dollar saw the same store sales go down by 0.4% that's significant much worse than the increase on the dollar tree side of things so the data favors starboard which fixed the underperforming darden, owner of olive oil they replaced the people, put new people and it took off

however, the last time dollar tree reported back in november the whole story changed. sure the actual results weren't so hot they reported another disappointing number and weakness at yes, family dollar but this time i think there was a silver lining. as ceo gary philbin explained family dollar is turning the company has been renovating the underperforming stores and the ones that get remodeled are doing much better. listen to this >> from the very beginning we have said we needed to fix the stores and the confidence we have now, jim, with the renovations is where we said let's put our foot to the pedal and go for the renovations up to 1,000 next year. >> well, you have 8,000 so it could be a multiyear rollout of renovation and better numbers. >> well, we think so just not renovations i should say at least a minimum. let's shoot for 1,000 and do more if we can but i do see it being a

multiyear trajectory i need as many stores done with renovations that allows me to have confidence that the stores ahead as me i have as many behind me. it's a sheer equation of arithmetic at this point. >> i like that that stock -- that stock is so right. ever since that last quarter and that interview, well, stock trajectory has turned around management understands the biggest problems and they have a plan to fix it last monday starboard said they'll take a stake in dollar tree and they have a very different plan extremely different. they want the company to explore strategical plans for family dollar like an outright sale and establish a strategy for the dollar tree stores which is very different from the current situations where everything costs $1 that's how i got the five pairs of sunglasses that look just like ray bans that keep fooling my wife. i think starboard makes a compelling point dollar tree is the last remaining dollar store where every piece of merchandise costs

the same amount of money there's reason that everybody else has transitioned to the different model. at the very least they should get a pilot program to see how multishared pricing would work still, starboard's ideas for what to do with family dollar they're a different story. as they see it, dollar tree has failed to integrate the family dollar brand and at this point the best thing they could do, well, it would be to give up and just sell this part of the business company bought family dollar for $8.5 billion in 2015 the market is currently valuing it at $1 billion to $3 billion and in their view, a stand alone dollar tree would get a much better valuation it's best of breed and their stores are great they have such fabulous merchandise, look at this one. it's a hat i always love places that tell you what the merchandise is. questionable what it was it's a hat now, starboard does believe family dollar can be turned around but they think this is the kind of turn that will be easier for private equity firm to pull off. which is why they want

management to potentially put the weaker chain up for sale the company would get less than they paid for the business mark my words much less. but starboard argues that they could get more than the 1 to $3 billion than the stock is paying for family dollar they want them to move on. but based on what the company just told us about the remodeling initiative when it reported, i think they have a chance to put -- to prove to starboard they can deliver a turn around. management has figured out how to remodel it in a way that bolsters the sales and last, here's the key line for the conference call that caused the stock to soar. you have heard us say our renovations are comping in the mid to high single digits that's true when you look at the footprint of renovated family dollars. however, we're seeing higher comps which gives us the confidence we're executing well. end quote. those are great numbers and when gary philbin came on the show, he talked about renovating a thousand locations this year out of of roughly 8,000.

this could be a huge driver. they have gone from an albatross to an annuity stream starboard is right that family dollar has been a total mess if not a complete disaster. however, dollar tree seems like they just found the formula that will turn things around. right now as they roll out the plan an activist fund tells them to think about giving up on family dollar entirely now the stock caught fire on the news i think this could be a win-win. that's why this is important here buy buy buy buy buy. either dollar tree pulls off the turn around or starboard takes some heads and you know i have to tell you and unlocks the value that way little more brutal so while i disagree with some of the points, i have to like that they're giving you multiple ways to win the bottom line, even though dollar tree is run up dramatically from its lows, the stock is still down nearly 20

bucks from the highs i think it's a bargain here. even bigger bargain than brim's or whoppers. i bet you it's only filled up here as long as star board gives them time to prove it can work, in exchange for a board seat or two i bet there's more upside and dollar tree, it's a buy. why don't they have that little cellophane window? they'd probably come up to here. jim in california, jim >> caller: hi, jim first of all, many things for your very insightful guidance and a good heart over the years. >> well, i sure do try thank you. that makes me feel good. we're back in new york and immediately greeted with positive positive energy. i like that. what's up? >> caller: all right well, i was born in jersey but i moved to a better place, san jose here. my question is on shopify.

i purchased in several increments back beginning early 2017 it's grown 147% in my portfolio to now be about 14% of my total equity portfolio. >> okay. >> caller: i believe in long term investing and plan to continue holding on. do you agree >> okay, one, i typically don't like any one stock to be above 10% and i think shopify is terrific there was a negative series of articles written about i found that they're groundless. this is a great business it is about omni channel experience that's what you want so a discipline says cut it back but the stock itself is good all right. i think the stock of dollar tree is a bargain here. i just hope that starboard practices patience when it comes to improving family dollar's business much more "mad money" and good news if the dog ate your

homework i did it for you and i think you can make some money. and why it's now or never when it comes to pushing it with china. and then your questions with lightning round so stay with cramer mom and dad got a new car. it's not theirs, it's mine. the rx350l with three rows for up to seven passengers. lease the 2019 rx350 for $449 a month for 36 months. experience amazing at your lexus dealer.

every time i get a call about a stock i don't recognize or don't follow well enough to give you a considered response, how about we circle back to do it and do more homework so i can give everyone who calls in a good answer. but the last few months have been pretty darn crazy we had a real backlog. start with frank in pennsylvania he called about exilixis it is focused on treating cancer they have a treatment for renal cell carcinoma and a treatment for advanced melanoma that they're marketing. now frank really nailed, i wish i had told him to buy it the stock had beengetting hammered for much of last year remember the big biotech grade the worries about any

competition in the kidney cancer space. it got obliterated at the beginning of the year. however, less than two weeks after he called about it, they bottomed they reported much better results and they have been off to the races, rallying nearly 70% from the lows. wow! darn thing is rocketing more than 15% so far in 2019. well as the stock got a boost after eli lilly shelled out a fortune to buy a new company and i liked everything i heard now, this is a small biotech focused on the cancers where do i come on this? at a time where it seems like big pharma has gotten the urge to merge again, i think this stock can be worth buying for takeover speculation this is a rare biotech company that has earnings and it's cheap. trading at less than 15 times the next year's earnings estimates. i like this company here

it's down 4% today if it continues to climb you have my blessing to snap it up on weakness. remember, it's speculative on october 18th, john in virginia wanted to ask me about max-r technologies and this one by the way has had the opposite trajectory. it's plummeted down to earth over the past few months it has been awful. this is an aero space company. making satellites related to equipment and services the current incarnation of this business was formed nearly at the end of 2017 when the old mda holdings merged with digital globe. now the stock has been a total disaster mergers haven't been going as well as expected a week ago, they lost control of one of the satellites and so far they haven't been able to get it back, attract and provide the useful imagery it's unclear if they will. it's difficult to repair objects that are floating throughout in space. and in response the stock lost 32% of the value last monday getting hit with another 20%

decline on tuesday nearly every analyst downgraded it to sell today we learned that the ceo is stepping down. being replaced by the former president of the digital globe a company they bought over a year ago and the stock popped 7% on the news look, i hate to tell you to avoid a stock that is down 90% over the course of the year. but this one is just -- it just seems too risky for me hard pass. stay with cramer take control of your financial future with the new mad money.com. plus special access to "mad money" 101 with rules and techniques to break down the market for all investors. >> the red flag that makes me drop a stock immediately - >> everything you need right when you need it the new madmoney.cnbc.com. minimums and fees.

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>> announcer: lightning round is sponsored by td ameritrade >> booyah from the bay area. when you're on the hunt for

winning stocks, you should be focused on one word -- innovation ♪ >> if you zoom out into the future and you look back and you ask the question, what was apple's greatest contribution to mankind? it will be about health. >> on the era of this increasing data and the needs for data, our presence is just much more expansive today than it's ever been. >> people may be the team of 2019 people taking control. >> what we see is we have a set of medicines that really transformative it cures children potentially of a terminal disease that's pretty extraordinary. >> at the end of the day, the best recreational products are informed by science and science if done properly should turn into protectable ip. >> we represent the future we've about creating and innovates and cocreating around customer engagements we're just at the dawn of this era. >> so much to learn out here

i love it. >> there's nothing more empowering than applying technology to society to drive impact >> totally disruptive and making people have better and more fulfilling lives >> yes. >> i love going out there. it really is innovation. you have to see it personally or you can't believe it that's how impressive the companies are. i hope you enjoyed all the shows. thank you for both the people here and of course also for the people in san francisco to make everything happen. and now it is time -- it is time for the lightning round sell sell sell sell -- when you here this sound, then the lightning round is over. are you ready, skee-daddy? john >> caller: it's john in florida. jim, a belated happy new year and a healthy one to you and yours. >> excellent >> caller: okay, jim, i'd like

to know your opinion on dinavax? >> very controversile in terms of the disease i think it's too low to sell but i don't have a catalyst. jeff in louisiana. jeff >> caller: hey, jim, a big booyah from the big easy sorry about the eagles last night. but i'm calling about the world's biggest steel producer - >> the only one i'm recommending is nucor i'm steadfast about that own nucor. tony in nebraska tony >> caller: hey, jim, booyah. how are you doing? >> i'm good, how about you >> caller: not too bad hey, thanks for taking the call and thanks for all you do for investors like me. we appreciate it. >> thank you >> caller: my question is about immune therapeutics. looks like the peanut allergy is going to market this year. they're looking pretty good financing wise i was wondering what -

>> i agree with you. i think the stock is too low part of the bear market in biotech. yet i believe the peanut allergy going to be very big and more people are impacted by it than people realize scott in florida >> caller: hi, thanks for taking my call. i'm calling on a company out of north carolina he spoke at the jpmorgan health care conference this week. todd pope of transendrix they have an fda approval go through today. >> i did not speak or listen -- look, there's a lot of presenters i wish i could have got to everybody i did not -- i have to do work and i have to come back. let's go to ryan in maryland ryan >> caller: hello >> hey >> caller: i was wondering about the starbucks stock and i'd like to shout out to mr. marks my business teacher. >> i think that starbucks got hit by a downgrade last week by

goldman and it was very chilling yet i think that kevin johnson acquitted himself well i think there's probably two down and maybe five up look, the stock was at 52, 53 so it's hard to say buy it here that's my take let's go to kyle in north carolina kyle >> caller: booyah, jim given squares recent cfo departures would you -- a long time hold? i'm looking for the stock -- >> absolutely. i love the students that are calling today. square is not a value stock. it's a growth stock. yes, we will all miss sarah pryor, she went to next door where she's doing a great job. i think square's franchise is a terrific franchise i think they'll do just fine and i think the customers like square at bar san miguel, we use square, we like it let's go to gerardo in

connecticut. >> caller: i was asking about alibaba tonight. i got in at 174, it's been down. just want to know if it's a good time to purchase more? >> i'm not a recommender of any chinese stocks that said, if you have to own one, it would be alibaba which is an amazing company. i worry about the trade talks and a breakdown will cause a breakdown in alibaba's stock let's go to randy in california. randy. >> caller: hey, jim, booyah. hey, quick question. c wind, clear way energy been building a long position in my retail accounts what's the drop -- especially today, but over the last - >> it's been terrible. it's been terrible for this kind of -- flotsam and jetson play. when i see yield that's a

challenge flag i have to challenge that one i do not know if that company is doing as well as we think. as once thought. let's put it that way. let's go to amy in nevada. amy. >> caller: hi, jim this is amy calling from las vegas, nevada. >> okay. >> caller: thank you again for all your help and advice. >> you're welcome. >> caller: oh, thank you today i'm calling because of this stock that i purchased in the beginning of october pat q -- it dropped 30% since. >> yeah. that's because -- look, we have to take advantage of the fact that idexx labs which was at 256 is down to 189 i like that a lot more and that, ladies and gentlemen, is the conclusion of the is the conclusion of the lightning round! what's the hesitation? eh, it just feels too complicated, you know? >> lightning round is sponsored by td ameritrade h 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 you mighyour joints...ng for your heart... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life.

cnbc app has realtime market data get stock quotes get your own personalized alerts >> it's your opportunity. >> the cnbc app. download it today. ♪ when i went out the san francisco last week, i heard the same thing from a surprising number of people in the tech industry who do not like president trump one bit. and what they said was if we're going to take on china, now's the time to do it. they may not be fancying the president, but they're on board with the trade war given the timing last time we learned that china's exports were down 4.4% and imports were off 7.6% it's the worst since 2016 the trade surplus with the u.s. hit a record in 2018 this harsher than expected view

may be more realistic than you think. why are so many techies willing to say, enough already when it comes to cracking down on china's unfair trading practices? i think it's because the china's economy has never been more vulnerable than it is right now and if we're ever going to do anything about china this is the perfect time if we're ever going to stop the companies from the ridiculous technology transfers anding you right theft. this is the moment everyone out in silicon valley recognized that china has become let's say on varying degrees an outlaw you know what i mean it's because chinese are playing by different playbook than everybody else so it's only their fa our government crackdown and say you know what, if you want access to american markets or any other market for that matter you need to play by the same rules that everyone else plays by the consensus out there is that that the chinese may be forced to cave. more than $500 billion worth of

goods to the united states, but beyond that a lot of the executives believe that the chinese economy is much weaker than we think. look at what they're relying on to keep things afloat. i heard about one year junk bonds and ridiculously unwise risky letting that the government favors to keep the economy alive. the reality of the situation may be that china is teetering here something that keeps coming up and behind -- in behind the scene discussions in anyone who looks at it from the financial angle. the united states holds more cards. you better believe that china could go into recession. if we lose the china market i don't know, you may not otice. most importantly though, china has been a bad actor for ages. and we're never going to get a better chance than the one we have right now our economy is driven. they're so debt laden they need to keep growing their exports. the only way they can grow the chinese middle class at the moment china's consumer

any is saturated and there are far too many empty buildings for the government to keep pouring money into the make work programs i'm really speaking in this case about employment here is stronger the truth is that many chinese businesses are overlevered many of the lending institutions are in very precarious situations the trade war is not about soybeans, people it's about balance sheets and believe it or not, our balance sheet is much, much, much better than theirs. i do believe that things have gotten heated and mercurial. that's not enough sentiment to get something done before the president's tariffs automatically rise from 10 to 25% in a few weeks but again, the surprising number of executives are willing to accept the pain. precisely because they know there can be real gain when the chinese finally open their markets. you see it's when not if because china's economy is actually far weaker than people seem to

realize. that's why they want to press it and you know what? i agree with them. stick with cramer. one-millionth order. millionth order. ♪ there goes our first big order. ♪ 44, 45, 46... how many of these did they order? ooh, that's hot. ♪ you know, we could sell these. nah. ♪ we don't bake. ♪ opportunity. what we deliver by delivering.

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when i went over the charts this weekend you know i ordered that s&p chart that we saw which was incredible i was shocked to see how many stocks have just been crushed and it really is true. we have gone through a bear market one of the reasons why citi was able to rally is that when you see a stock like that making that much money, you just have to say to yourself, something is very wrong here. so many stocks i follow are selling at eight, nine, ten times earnings that means they're inexpensive. do we need a catalyst, maybe it's a trade deal. all i can say is if we think the market is expensive, i think you're wrong stocks are not expensive as a matter of fact, they're inexpensive. like to say there's a bull market somewhere and i promise to find it right here on "mad money. i'm jim cramer i will see you tomorrow.

>> narrator: in this episode of "american greed," a family at war. michael scripps, heir to a multimillion-dollar media empire, is charged with stealing millions from his mother, melissa. >> he sort of gets up in the morning, yawns, picks out, "i think i will send myself $17,383." >> narrator: but for years, melissa does not even notice. she has her own issues. >> melissa looks at me, goes, "hi. i'm melissa. would you like to smoke some opium?" >> narrator: and in this family, money is no object. >> there was talk about chartering private jets for their pets. >> narrator: and $90,000 goes to one night with high-priced