four and a half. interestingly enough, that doesn't include 10% on this negative preannouncement. >> that does it for us, see you back here next friday at 5:30 easter >> 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 if you want to make friends, i'm trying to make you some money. my job is to teach and put in context. so call me or tweet me if you thought this week was overflowing with earnings, you ain't steen nothing yet. it's not all earnings all the time today we had some macro data,

namely an incredibly positive gross domestic product number, 3.2% people were looking for 2.5% and that bolstered the averages with the dow claiming, the s&p climbing and the nasdaq advancing. but make no mistake about it, we are in the heart of earnings season right now and that is what's driving the action. i'm not going to waste a second of your time not even to argue with elon musk elon musk of tesla fame who called me a simulation, a simulation because i linked him with another great promoter, p.t. barnum. i don't know if he took me literally. honestly, how could i be a simulation here i am. it's just me, all by my lonesome on my set. how can you not love that? he and the s.e.c. have reached a deal about his tweeting. it will be a real free-fire zone on monday. let's dive into the game plan

for next week. on monday we'll find out how much avengers "endgame" made in one weekend. i've never seen a more anticipated sequel in my career buti've never seen an entertainment stock rally this much in anticipation of a billion-dollar opening weekend i bet disney can keep climbing if it beats the billion-buck bar. otherwise, let's accept the fact that after this run could be right for a little profit-taking. it's got to beat that bar. after the close we hear from alphabet, the artist formerly known as google. we're hearing chatter about how many bald quarters this company is going to give us the blowout numbers we've been waiting for what do i want to see from google wall street has been disappointed by the ad numbers but we have a subscription economy now, which means i'm focused on how much they can make by charging you for premium

youtube. alphabet's been giving away money for ages i bet they do a better job of monetizing their content starting now i'm looking for an upside surprise i also want to find out if google cloud can rival amazon web services did you see that stock, almost up 50 and microsoft azure, another big player wait for tuesday afternoon when we get results from apple. now, i am concerned, people, i am concerned that there's too many johnny-come-latlies in this stock, camp followers who bought it north these sunshine patriots won't be satisfied no matter what apple says, so don't pay too much attention to the action. pay attention to substance this is apple's chance to show that iphone users are willing to pay for subscription services. i want the lifetime value of not just an iphone owner but watch owners and ipad owners what makes these numbers so

important? because apple is transforming itself from a gadget maker into a brilliant vibrant play on the subscription economy if they want wall street to start treating it as aen co-super packaged goods company with a huge loyal base, it needs new metrics to get our heads around the business. if you valued apple like procter & gamble or clorox, you know, it's silly, right, because you know what, you'd have a $300 stock, not a $200 stock. but it's never going to get that valuation as long as the stock is covered just by technology and analysts who think the best days are behind them once we get the lifetime value numbers, that gives the consumer packaged goods reason to start covering the stock when we pick one research firm to be bold about picking coverage, i think lifetime value numbers would be what gets it done i would never tell tim cook how to make an iphone but i know

stocks like he knows iphone. it's all about the subscription revenue stream, for storage, pictures, health, credit, entertainment. this lifetime valuation per user is the best way to do it we heard from a couple generals on tuesday general motors and general electric i expect a lot of money to pour into gm because ford delivered a huge upside surprise that could be a very mistaken extrapolation. ford shot the lights out because it was trying to be a one size fits all automaker read my lips, f-150. the move today doesn't reflect strength in the auto market. it reflects weakness ford saw that weakness coming. i doubt gm will do the same. as far as general electric, i think the ceo is doing an incredible job i'm one of his biggest backers but his stables need cleaning. boeing, well, united technologies have told us that the aerospace business is strong and ge has a ton of aerospace.

they have a ton of power this is the quarter where they need to find a way out of the power box. i have no idea how to make that happen but a brilliant j.p. analyst who nailed the decline in ge simply will not go positive on ge until they solve the power problem. when they upgrade it, the stock will explode higher. but i can't predict how much lower it will go before that happens. it's too risky what else? after the close, amd reports intel's main rival we'll find out how much of intel's woes including a terrible number this morning that hurt the nasdaq, are company specific and how much are general. in many cases, intel's pain could be a mcdonald's gain they could be taking market share. we'll find out when we listen to the ceo's tale of the semiconductor takedown on wednesday we hear from cbs. cbs health we're going to find out how that aetna merger is working.

maybe that can get the stock moving away from its low where it seems to be a den-season. we spoke to the ceo in one of his beautiful stores in midtown manhattan. health care is just so hated right now. so consider cbs a show-me situation, but last night, unitedhealth, rallied hard today, could be good for aetna at the same time, the best company that reports next week estee lauder, will put on a clinic, couldn't resist, about how to make money by helping people look their best why? the visionary ceo is the best manager in cosmetics he may be the best manager in any industry if you want to know what makes for a great conference call, listen to estee lauder because a great call means a great stock from a great company on thursday morning we get numbers from dow chemical a-5%

yield, and the stock went down we own it for a charitable trust. we own it as part of the dow dupont breakup the former parent reports. i think you're getting a gift with dow's safe dividend on friday, we get the nonfarm payroll for april and i'm betting it will be strong. unfortunately, that will be regarded as bad news because as soon as we get a phenomenal jobs number so-called experts start coming out of the woodwork, arguing the federal reserve needs to raise rates don't listen to these people strap yourself to the mast i'm not listening. stick to your knitting the bottom line, aside from friday's labor report, the most important piece of data we'll get until the next report, it's the earnings that matter and just like me, they are no simulation sandy in new jersey, sandy >> caller: hello, jim. this is sandy. my son brandon is 13 and he wanted to ask you a question

about his portfolio. i'm going to put him on right now. >> okay. >> caller: hello, mr. cramer boo-yah. i'm brandon from new jersey. and i'm interested in mcdonald's as one of my first holdings. i know the product very well and i feel like it will be around for a long time. what are your thoughts >> brandon from new jersey, you know what, i think you got horse sense! i see mcdonald's sneaking up to the is 90s be careful wait till the report comes down a little bit and then i would pounce >> buy, buy, buy mason in louisiana mason. >> caller: hey, jim. boo-yah. >> boo-yah i like your attitude what's happening >> caller: simulation or not, your profound insight is appreciated. >> yeah, i know. but, you know, my daughter even asked, why is elon mad at me i said he's not. pe just think there's a couple of me or something what's up? >> caller: i don't know what it is

xyfc, symantec there was a health committee meeting with the chief executives and the biggest banks in the united states and they highlighted cyberattacks as one of the largest nonbusiness attacks. is symantec a buy? >> it's a good enough company to fit the profile of what people are buying here. palo alto networks we think is a better company they're going to become public and put pressure on the stocks jim in utah. >> caller: hi, jim greetings from st. george, utah, j just outside the national park >> gorgeous. >> caller: i was having lunch with family members and there was a general agreement that your financial advice is spot on we thought you might want to start spelling your game ge-jim because your commentary is such a valuable asset to the small investor >> oh, thank you, man. thank you. >> caller: my stock is trinity industries, trin i've made some profit on the

stock but my brokerage is giving it a low rating. would you rate it a buy, hold, or sell? >> i think it's okay it has a 3% yield. i'm a big fan of the rails but the reason i am is union pacific, northern southern, and csx and that's the better way to play the railroad game we are in the thick of earnings season that was really nice comments jim gave me. earnings season, that is what matters. which stock could be sporting mountain-sized profits for your portfolio? i'm on the trail of one of my faves. a prime buying opportunity with uber expected to start selling shares in a few weeks, are the auto stocks road kill? not all of them. i'm telling you how ford understands how the secular wins and intel is dropping today. one chip stock isn't off the old block. an overlook play to power your portfolio higher do not his my sitdown.

>> don't miss a second of "mad money. follow @jimcramer on twitter have a question? tweet cramer #madtweets send jim an email to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com.

it's a family business that's withstood the test of time and mastered the elements of the markets the outdoors beckon in every season should investors beckon for columbia sportswear in their portfolios >> what just happened to the stock at columbia sportswear columbia, mountain hardware, a bunch of other brands. the last time they reported in early february, the stock vaulted from 92 to 160 in a single day since then it's kind of flat lined. last night they reported again and if you were thinking we get another phenomenal rally, the action is a little strange the stock is down $3 or 3% when you actually look at the

numbers there's a lot to like. they posted a 24% earnings beat with higher than expected sales up 8% year over year 200 basis points full year guidance for top and bottom line. they just gave you a 24% beat but they only raised their full year earnings forecast by 10 cents, so people think it might be worse than expected i think they're being conservative, doesn't want to overprice. don't take it from me. let's dig deeper right now with tim boyle, the president and ceo of columbia sportswear, learn more about the quarter and his company's prospects. welcome back to "mad money." >> jim, it's great to be with you as always. thank you. >> thank you, tim. i'm not going to get lost in the wall street se nmantics of bett than expected or not i see a company offering genuine authentic apparel in an era where lots of people do not like anything that is let's say a copy or is not the true deal

and if that's the secret behind your incredible success right now. >> well, you know, we really try and be true to our words, which, you know, authentic is one of our key worlds for the company and as we've said many times, there's -- nobody needs another brand of apparel of footwear in this space so many people to choose from. with ef to differentiate ourself by being an authentic provider of high quality merchandise under the four brands we focus on but really providing investors with a solid return and really as one of our retiring director, ed george, has said, you have to have a fortress balance sheet because who knows what's going to happen but we've got the balance sheet and the products to keep ourselves in great position. >> well, i love when you do your conference calls you try to point out something new. i happen to be an avid angler. i love fishing more than ever. this performance fishing gear is a major focus for you and you've

got a story line for that too, don't you. >> you know, yeah, it's interesting. i love to fish too i don't get a chance to do it as much as i would like even though it's part of my job to be a product tester i don't get a chance to do it as much as i'd like but frankly it's a bit of a unique position for our company. you know, most outdoor folks are focused on the outer wear portion of the business, which we have a great business as well, and hiking and camping and there aren't have many people in our space focusing on fishing for whatever reason. but it's an area we knew we could own and we spend a lot of time and effort focusing on that part of the business, that sport. and we're just launching a channel in instagram, focused on pfg and we think there's a big opportunity for us that doesn't exist with some of our competitors. >> i'm so glad you feel that way because i think it's an international sport that has tremendous resonance with a younger generation that you would have thought maybe have

thought was out of style they like to boat too. let me ask you something in your conference call, there's an opportunity i see for you and for me because you're talking about a key city attack plan for coming to new york city. what are you going to do in new york city and will you be here personally >> i will be there personally, but, you know, the city attack plan, which we've modeled on successful city attack plans that we held in houston, all about fishing, our pfg products, and chicago, which was really about our outer wear product, we're going to concentrate on new york city because there are people all over the world traveling there. we'll have some digital presence as well as some out of home presence as well as tv so i'll be there for a period of time at our store, but frankly, it's going to be about focusing over a period of time, finite period of time called six weeks, where we think we can make noise that will get us noticed in

better, more focused, laser this-like time we're also adding denver to our opportunity for a city attack plan, and there's going to be really about the users in denver where we believe we have an opportunity to really continue to resonate with those sports people there >> you have become i think maybe the single most successful company that i know in terms of using social media you're an old guy like me. how do we know that these things work so well >> well, you know, the greatest thing about social media and ecom and digital marketing, all those things, is you can really apply science, where, you know, out of home is a more difficult approach, yes, it gets noticed, but does it link to a sale and so with the digital world, we can really link through science investments in marketing activities all the way through to a purchase, and that's really -- and that allows us to be much more efficient we've said before one of our

goals is toism prove our spend and increase our spend to on marketing and we think we can do it more efficiently. we still are underspending some of our competitors we want to get up to the big number but in an efficient manner >> one last thing. it's your favorite brand what happened to cerel to have such an inprobably quarter and pop reich that >> we had some help from the weather so we had continued cold weather across the united states and north america, which helped to clean up old inventory as well as to help us sell some new product. but really, the key was the focus of the cerel team on making it a year-round brand, so we have spring product which has been incredibly successful we knew that the brand resonated with women based on our sales of fall product, wedges and other kind of commodities like that light weight winter weather footwear but the brand really carries through with sandals and other

types of products which are key for spring and that's what really drove the business this spring, and it's really key for us, because, you know, we have about 40% of our total company sales are outside of the u.s our partners around the world want to buy more but they have to have it be a year-round brand before they can invest in stores to sell the product. so we're well on our way and we're very excited about the potential. >> you should be this is a remarkable quarter, a remarkable year for you, all record breakers. thank you to tim boyle, president and ceo of columbia eatoeeouar grt s y, sir. what a company "mad money" is back.

listen to the conference calls this earnings season it's become clear to me that the automobile industry is in real

trouble. most people think this group's experiencing a cyclical decline, meaning it's temporary and car sales will bounce back with the economy. i think it's a cyclical decline on top of a sector decline, long-term issues that aren't going away, maybe intensified. that may sound crazy when ford rallied nearly 11% but ford is the exception that proves the rule. they're pulling back from the unprofitable portion of the vehicle market worldwide everybody else has gotten hit, especially the stocks of technology companies that bit heavily on the industry, manufacturing companies, 3m, tool works, even tesla, intel. they've all been hammered. although intel, i don't know, the intel, there are so many things going wrong on intel it's not easy to tell if it's related. so what's driving the secular decline? i think people have a hard time getting their heads around this because the autos have been

central to the economy for nearly a essentially vry they always bounce back, right hold it. consider the forces against the auto business, forces that were considered head wind just a couple weeks ago, even as they now seem like permanent gale-force winds, eroding the industry's profitability before our eyes and at the epicenter of the pain you have the soon-to-be $90 billion frill la, that is uber for years we viewed uber as a terrific ride hailing service using technology to revolutionize taxis. but there's another angle to the story. uber is a sign that we've entered the twilight of car ownership and perhaps even the idea of ownership in general as the great teen zou, the visionary of zuora explained the other night. with the rise of uber and lyft, buying cars have become unattractive especially for college grads. when you add in the cost of

parking, insurance, gasoline, uber is a better deal than ownership and with the ipo rapidly approaching, this story will get a lot harder to maneuver ford seems to realize this only one time i've used uber i've been picked up by a ford super duty truck rather than searching for sales growth they're going for profitability. if you're an auto company trying to turn a profit you'll make fewer cars you'll make a lot more f-150s. of course you could argue, so what, it will be taken up by other competitors. i wouldn't be so sure. you wouldn't have industrials, 3m showing high single-digit declines in their auto business. contrast that with honeywell, which blew away the numbers and got out of the automobile turbocharger business. a bedrock business for them. itw and 3m didn't see it coming. we have the 3m ceo on set this monday, talking about this war now, the hopes for all these

companies had traditionally been china. they need the chinese economy to come roaring back after a vicious decline of auto sales. but no one's immune from the subscription economy, one reason ford has been rationalizing. they had ride sharing there. and ride sharing is just the tip of the iceberg even though demand is down, the automakers need to spend more money developing electronic cars, autonomous driving technology this eats into profits that goes for tesla, too, although anything from them is hard to grasp. if ford thinks it's a good idea to pull in its horns, i have to wonder about tesla's strategy. elon musk has worked manufacturing miracles, i admit. toyota should buy tesla. i'm always thinking. no one knows how much money is being lost as part of this head-long rush towards driverless electric cars is intel making money? can ford and gm go to the secular trend?

hard to say. as we approach the uber ipo, the industry isn't a bedrock part of this economy anywhere around the globe anymore and very few companies saw this coming. ford, honeywell did and they're being rewarded everyone else is suffering nick in south carolina nick >> caller: hey, jim. big boo-yah from myrtle beach, south carolina >> i fished there. what's up? >> caller: golf, beach, everything caterpillar. i would love to know your thoughts on adding to my position after solid earnings and eps guidance however, in their call they warned of china challenges still. >> you know what, you know what, i got to say, nick, they have taken the risk out of that stock when they said that. i think -- i like jim up we should have him on. because he understands the world economy and that's why i thought the double-down rated caterpillar not long ago was wrong. it's an inexpensive stock with a good balance sheet and i want

you to own it. phil phil >> caller: boo-yah, tgif >> is it ever. although i'm going to do this show from my apartment tomorrow. >> caller: that's a good thing i would love to see you seven days a week. always awesome seeing you. >> thank you >> caller: i appreciate all your advice and everything. >> thank you >> caller: it have a uestion, i'm thinking about investing in lockheed martin. they're up over 25% year to date do you think they've run up too much >> no. that conference call -- that conference call was the best in the defense stocks a lot of people liked raytheon but lockheed martin is set for life with the f-35 it's gone through hard times, the hard times are over. it's for me. ford understands how the secular winds are blowing. the rest of the automakers, i'm not quite sure i'll see who can give you the magic touch following earnings then i'm sitting down with the

man behind the revolution in the bond market. don't miss any guy with the ceo. rapid-fire, the next edition of the lightning round. stay with cramer monday, kick off the trading day with "squawk on the street." live from post nine at the nyse. i consulted with your grandmother's doctor.

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this was a brutal day for the semiconductor cohort intel plummeting 9% after a troubled quarter but maybe they're the chipmaker to watch what if we can get a better read on the entire group and the semiconductor business when it comes to certain ends of it from cypress semi, the maker of programmable inserts on a chip for appliances and the severe weather net internet of things they reported a spectacular quarter.

up 7% today in response. the company delivered a top and bottom line feed for guidance for the next quarter almost perfectly in line with expectations that may not sound impressive but the semiconductor business is supposed to be awful right now. the entire rally is based on the p the perception i better in the not-too-distant future offsetting slower numbers from industrial and automaker end makers the stock is up 36% for the queer year but sells for 14 times earnings i think it has upside. let's take a look with the president and ceo of cypress semi a better sense of the quarter. welcome back to "mad money." >> thanks, jim, for having me. >> you have a great story. one of the things that i think that's really amazing is that you talked about a 20% lift in the second quarter for internet of things. no one's seen that in semis. why is your company so

specifically bullish about what's happening right now >> well, there are two aspectings of it the first aspect obviously is what we have been executing which is the technology we're providing. but more importantly over the last two years we have divers y diversified our customer base and our end segment base this iot. iot is very broad. you have to be everywhere all the time we've been able to build that foundation over the last two years and now we're enjoying the 20% growth across all of these segments and customers >> look, you've got mitsubishi, boston scientific, medtronic, but you mentioned amazon, a stock up big today give people an example of what you would do for an amazon >> so for amazon, obviously, for -- i'm not going to go into a lot of specifics but if you look at what technology we provide to amazon specifically, we have connectivity, wireless, wi-fi, blue tooth, and which

differentiates us versus other players that might have wireless assets as well, is the combo chip that combines wi-fi and blue tooth together. that's a very unique capability we have. it's very hard to replicate. and that makes us a very sticky solution we do that in addition to some of the things you mentioned in the intro. >> you're the fastest, most reliable and most durable in that combination, not just the idea of a combo put together this is a proprietary technology you have >> that's right. that's right it has to be solid and reliable like you said because we take that into automotive and we dominate the wireless connectivity for automotive also and that solution has to work all the time, every time life of cars is going to almost 11 years now so it's got to work all the time >> off car behind you. i talked earlier about how i am concerned about the potential ride sharing problem, the secular decline of autos but you

unlike a lot of the other industrial companies, have actually -- you're getting a major new percentage of per dollar amount per car and it doesn't seem to be stopping even though the auto business itself is slow, how are you able to do that >> so again, it goes back to our strategy of diversification, including what i mentioned, iot also in automotive you have to go broad you can't bet on electric vehicles or combustion engines what we've done over the last two years, we have focused our new technology, our innovation, on the cockpit, or the passenger vehicle, which is where a lot of the oems put a lot of differentiation. when you do that, this is not where customers are going to skich when there's a component that is declining or a unit declining. the sales will keep driving the high end of that market. everybody wants a premium entertainment center in that car. everybody wants to have the latest instrument cluster.

this is what cypress does. this is where customers are differentiating when you go to the lot and buy a car. and that's why i've always talked about content, growth, and content creation we've been doing that a couple of years now and when the market started to turn, we will keep enjoying that growth and we have >> i've got to tell you one of our xaif v favorite companies was swallowed up, harman, and we just think the world of that company and you're one of their partners, right? >> that's right. that's right >> so i need to -- >> we provide for -- >> right because they're really the brains of most inside enterta entertainment. one of the things, today we heard about how bad flash is you saw it coming and knew to get out of it. what does that mean for shareholders in terms of leaving a nonproprietary business and

concentrating on proprietary business >> that's a very important component, so at the end of the year, like you said, we saw it coming, it is not core to our strategy, which is focusing on differentiation and content. it would have been an added pressure on our gross margin, which we have done a great job increasing and expanding our gross margin, so we dee v decided to carve that business however, what is left is our nor business but that's not the same as what you hear from our peers or competitors. we focused our nor over the last couple years on the high density nor, our ship density today is four times what the rest of the market ships so we're really in the high end, high reliability, and in automotive all aid us systems need our nor, and that's why for us, nor is a growth, even if the commodity nor that you hear about from others is in decline, our nor is

stable, rising is stable, and there's future growth as we see more and more penetration in automotive >> the assisted driving. it's a fanstic story you're really rising above everybody else you personally decided to take your company -- and a lot of commodity and make it all proprietary. thanks for coming on "mad money. th that's cypress semi. stay with cramer - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide.

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it is time it's the lightning round >> sell, sell, sell, sell! >> and then the lightning round is over. are you ready? the lightning round. california >> caller: hi, jim thank you for your show. we are laughing a lot. my stock is kroger >> that's a tough one. it's a tough one i'll tell you why it's so tough.

because you're up against amazon and walmart and you're up against target, and it's too much uncle! i'm going to have to say uncle when it comes to uncle uncle kroger thomas in nevada thomas >> caller: a big boo-yah from las vegas, mr. cramer. i was wondering if you still like akamai. >> the comeback continues. they have the best technology, really good manager. i'm going to say buy, buy, buy cheryl in florida. cheryl >> caller: greetings, jim, and thank you for taking my call >> all my pleasure what's going on? >> caller: awesome opi, office properties income trust. >> when i see that 8% yield it makes me think wait a second, hab maybe there should be a red flag thrown until we find out more scott in minnesota

scott. >> caller: jim, a great big minnesota boo-yah. >> welcome i had a super bowl boo-yah when i was out there. what's going on? >> caller: looking for a place to make more none. with nokia's recent beating and the upcoming 5g craze, is it a good time to jump? >> ericsson is a better bet. louie in florida louie! >> caller: philly louie. >> like the old days what's going on? >> listen, i'm an old-school casino guy, i grew up in jersey that way, give me the heaven, las vegas sands. >> it is a buy, buy, buy excellent. terrific don't forget, it has got a very good and solid yield 4.5% while you're being paid to wait paul in texas. paul >> caller: boo-yah, jim. >> boo-yah

>> caller: my stock is lyc, lyondellbasell >> i prefer dow chemical you get a 5% yield, a little better make that swap and upgrade the lightning round! >> the lightning round is sponsored by td ameritrade >> let's hit it! there's so much more ma mad ahead. i love it. i feel like i haven't slept in three days that's how much i love this show whether in the stock market or in this glass. maybe i read too much asop as a kid. john ledger, i mean, he's something. i heard him the sing i think at the garden wrong guy. no need for like the trash talk. this isn't barstool. >> see what we got, one bite, everyone knows the rules here. look at this guy zoom in on that.

a bite of pizza. he's wearing it. >> no! read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪

all these fresh-faced ipos flooding the market, they should be extra skeptical of newly minted stocks even the ones that belong to good companies, they're often overpriced every now and then i see one too ak i attractive to ignore.

the electronic trade platform as has old-fashioned financial instruments. the stocks give me a 10% gain. how did i know trade web would work it's part of a broader scheme exemplified by market trading access it's made you a fortune. they've rallied about 400% over the past five year, up 45% since we last spoke to the roe crowe roughly nine months ago. it keeps climbing. marketaccess reported a solid quarter wednesday, so 66%, short traders would have been a big winner but you don't want to forget tbt a original standout in the space, which after that represents a much bigger bargain. so the founder, chairman, and ceo for marketaccess welcome back >> thank you >> fwlagss scongratulations one

incredible returns i want to talk about transparency and democracy because when i traded bonds we had no transparency, no democracy. you've changed that. >> we sure have. trading automation and the growth of electronic trading is only helping with that the data we have now available to our clients is allowing us to predict the next trade in about 25,000 qsips >> that's is a remarkable figure from someone who's traded bond >> every individual bond has an i'd feer fier or qsip, so we have credible means of predicting the next trade in those bonds. >> through artificial intelligence >> and the data that we have that allows us to create models to predict that next trade that's the one piece that you talk about democratization of the market, that's all about open trading we moved from a world from client to dealer trading to anyone can trade with anyone else around the world, bringing

new entrants into the credit markets, reducing transaction costs. >> old world versus new world. describe what used to be i know in my world versus the way it is now. >> the old world, and we've talked about this before, trading bonds like high yield like you did was really hard you had to be on the phone calling around to find a price, difficult to trade, no real electronic means of execution, no real central trade tape for data the new world is a tremendous amount of realtime data at the ready for pretrade price discovery, a wide-open global electronic market, and new entrants flocking in, and we're mixing in etf share trading as another way to transfer risk in the bond markets >> when our viewers hear etf, they want to be in bond and etfs, a little scared, not scared, concerned. how does an individual investor benefit from that? >> well, two things, right

and etfs are clearly a very efficient way for individual investors to participate in the global bond markets, a lot of growth there i agree with you a sensible way for the individual investor. the other way most individual investors also invest through mutual fund. as we're reducing the friction cost or the costs of trading for those mutual funds, that cents to their portfolio returns so what we do love to drive trading costs down ultimately does help the individual >> that is the way you should invest these fixed-income instruments. i was worried about you because we had s&p global on, doug pederson, terrific guy, and the issuance in the fourth quarter was incredibly low because it was a terrible time. i said this is where we get the test for secular growth or more cyclic cyclical you had a blowout quarter. >> we're a little like "mad money. e thrive on a bit of chaos

>> thank you >> in the fourth quarter, new h issuance was way down, but high yield spreads were blowing out, the move into year end with the limited balance sheet was making liquidity scarce and clients flocked to new access. and we drove more transaction costs savings back to our clients in that quarter than ever before. >> i used to trade international bonds. and you know why i traded? because there were so many anomalies, inacucuracieinaccura craziness that you could make a fortune because it was blind man's bluff. internationally you're fixing that >> we are, and we're really pleased about the trends we see in our business, in europe, in particular if you look back five or six years ago, international client volume was only about 10% of our volu volume it's almost now 30%.

europe has been a big part of that and they've discovered the benefits of this marketplace driving transaction costs lower, so we're really pleased this has moved from primarily a u.s. story to a global story. >> one last question it is wrong to say that really you guys are head to head competitors. you're kind of both after the same kind of thing, right? >> we sure are they're both very successful global electronic fixed-income businesses so we were not at all surprised they had a successful ipo. and that they've traded very well since because there's a scarcity value in electronic trading venues it takes a long time to build these networks and it costs a lot of money so if you look at the ones that have been successful, there are people like trade web and marketaccess that have been in the market for 20 years but they participate in the liquid end of fixed income, the rates market and our focus is almost entirely on the credit markets, which is

where it's historically been harder to trade bonds and we're making that easier >> that's really important because i know we've recommended trade web, but when i heard you were coming on, trade web has gotten too expensive versus marketaccess what a phenomenal story and it's a good story for you as an investor stick with cramer. its for my future. annuities can provide protected income for life. learn more at retire your risk dot org. my time is thin, but so is my lawn. now there's scotts thick'r lawn 3-in-1 solution. with a soil improver! seed! and fertilizer to feed! now yard time is our time. this is a scotts yard.

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to managing website inventory... and network bandwidth. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. this week, one of the most iconic american companies, 3m, reported a truly hideous quarter. you know what, we've got to find out more about this because i've always said this is a perfect stock for long-term portfolio hunters of both dividends and capital appreciation, which is why i'm so glad that michael roman, the ceo, will come right here on monday and we'll find out the truth about 3m there's always a bull market somewhere. i promise to find it see you monday

>> welcome to the shark tank, where entrepreneurs seeking an investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪ my name is jackie courtney, and i live in brooklyn, new york. when i got married a year ago, i had a hard time finding a dress that i loved and that i could afford. i, like most brides, want that dream dress that i've seen in magazines. those dresses, however, cost upwards of $10,000, which is a price, in today's economy, that most girls can't afford. my business, nearly newlywed,