>> something so out of favor you have to like it. alibaba. >> steve >> tjx. >> guy >> that was pretty hokey, brian. >> google. that will get you done. >> that does that does it for "fast money." "mad money" with jim cramer begins right now my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job not just to entertain, but now educate and teach in context. call me at 1-800-743-cnbc. tweet me @jimcramer. here we are at last finally

getting the long-awaited baking, assuming there will no good news on the trade war for a long time, which is why the dow plunged 286 points today s&p plummeted 1.19% and the nasdaq dove but even rallied from lower levels. that's why i have brought this cake out, to symbolize that the bad news is being baked in, trying to be baked in. but the bakers still have some work to do they both think they're better off waiting out the trade war, rather than trying to end it everyone on wall street is trying to recognize that this has become the new normal. that means we need to assume the president will indeed slap 25% tariffs on the other $300 billion with the goods we import from china that's what's being baked in and the last thing the market wants is more tariffs. so i say we need to bake in as much bad news as possible before we can find a bottom that's the only way this market can put one in however, it's not going to be an easy process we might end up having a little

more downside. maybe a lot more downside. why do i say this? what makes the situation more grim than i like to be at here first and foremost, it's become clear that the trade war with china is a lot more than trade really, it's a global conflict over hegemony, who gets the whole world. china is the first to challenge american supremacy since the soviet union went under. a very 1980s mind-set. we had mike khouw on "squawk box" this morning and at times he sounded like the secretary of war. in other words, what started as a dispute over trade practices has become a more existential conflict, and that makes it much more harder to de-escalate things harder to bake in. second, as much as wall street hates tariffs, trump loves them. he is adamant in his belief that the tariffs will pay for themselves he thinks that the 21% of the 25% tariff is being paid for by the chinese in the form of price cuts that they themselves have to put through to keep our business in a lot of cases, that's true

that's why he is perfectly fine with leaving the tariffs in place, even imposing new ones. as he sees it, it's a great way to divert manufacturing business away from china while raising money for the government but the stock market absolutely hates tariffs because they weigh down global commerce they make everything slower, including gdp growth in practice, these tariffs are a sales tax on the consumer, which is not great but in the president's world view, it's china that's paying the tax, not us. now, he is not exactly right but if anyone tries to tell him otherwise, they're likely to get fired, and a lot of it, the chinese had to put through a lot of price cuts in order to keep our business that is positive. third reason things are looking grim, president trump believes the chinese government has a habit of negotiating in bad faith. that's why he is using the tariffs as a club to strong arm them into coming to the table, and then by standing whatever they agree to. that's why he is cracking down on huawei. we all knew huawei was a bad actor, but the government never did anything about it. that was wrong

i think that's one reason why it's taken so long for the market to bake in the trade war and reduce negativity. we keep getting this on again/off again reprisal nonsense we got some after the close today by giving them hope that some kind of thaw may be under way. maybe it isn't, maybe it is, maybe it isn't however, it's impossible for the stock market to find a bottom when there is still people hanging on, waiting for good news on trade or some kind of reprieve after the close we need to see genuine capitulation, people today we got a little. fourth, both oil and bond markets are telling us please be careful. the price of crude collapsed more than 5% today the yield on the benchmark 10-year, 2.2% levels not seen since 2017 that's the giveup we need to see in other parts of the market but not the equities the equities are still making the cake we still haven't seen the big estimate cuts we expect from the big analysts who weren't expecting the president to keep raising tariffs. they need to bake the new normal into numbers and that could cause morse selling. the treasury is presuming the

worse. maybe the stock market has to catch up with them fifth, trump believes it's easy for companies to move out of china. one more reason he is so eager to ratchet up the trade war with china. unfortunately, because many, many companies didn't expect the last round of tariffs to say nothing of what i expect will be the next round that. >> did not take action, not with alacrity now these companies need to change up their sourcing quickly, and this costs them money. that means numbers come down it's clear to me that a ton of companies have simply not moved quickly enough unfortunately, this market is very concerned that the white house will make no exceptions. that means few american business also be immune to the tariffs. you're going to have more cuts in the semiconductors after the huawei ban, and of course apple. apple, which is at the center of the cake, literally, sadly, apple is in a unique position

where they could be hurt by retaliation for both sides unless the president gives them an exemption and deems the iphone a national treasure, which i think it is, apple may have to raise prices for goods sourced in china to the point that samsung will have cheaper products well there is a terrible outcome there is a collateral damage no one was thinking about samsung might be the winner. now apple's stock was hammered again today. but i think the cake won't really be baked until we get some resolution that gets apple stock out of this limbo and causes it to go down at pace -- well, right now it just seems endless, doesn't it? maybe what we need is for the chinese government to utter apple's game without trashing a company that gives work to more than two million people in the country, and that's how negative sentiment has gotten here. just give us a little hey, i recognize they hire people put it all together and you got a toxic brew that weighed down the average today. and until we stop hoping that the president will make a deal with china some time soon, but the flip side here is that trump

always has one eye on the dow jones industrial average i think he looked at today's decline and felt compelled to say something positive about the possibility of some sort of twisted trade deal that would even include the seemingly intractable huawei take a look. >> probably a good possibility i don't know how china can do this, because i'll be honest, we're getting hundreds of billions of dollars brought in to our country it's possible that huawei even would be included in some kind of a trade deal. >> how would that look >> it would look very good for us >> the huawei part, how would you design that? >> oh, it's too early to say. >> but that kind of have your cake and eat it too chatter just prolongs the agony, and that's why this cake is so hard to bake the bottom line, every time we get slammed as people give up on the trade talks with china, president trump keeps taking out key ingredients. he should leave them in. eventually all the ingredients will stay in and the bears' cake will bet baked but until that happens, this

market could keep being very precarious let's go to eric in florida. eric >> caller: hey, jim, i got a question about grubhub i saw that this stock jumped up first three weeks -- first three days of the week, and i'm wondering if this has something to do with the assessment about uber in terms of it not being the wonderful ipo everyone was expecting. what do you say? >> eric, i think what people think is you got the uber, you got the -- all these different services, the post mates, the caviar, and it's just too competitive out there. you know what? even though they have a superior business model and a superior state of mind, the long knives are out for them ha let's go to victoria in california victoria >> caller: hi, jim. >> victoria. >> caller: i'm heavily invested in the transportation stock, specifically united parcel and fed ex can you tell me how you see these two companies responding

to the market as the trade deal gets resolved and what do you see as the future of the company? >> i'm not crazy about both of those, because let me start talking about diversification. i think ups which yields 4% is a very good situation. i think fed ex down at 160 where it's really come in is also good but these are precisely the kinds of stocks that will get hammered every day that this trade war goes on. as long as you recognize that there will be a v move up when things are solved, you'll be find but please accept more downside. sarah in north carolina, sarah >> caller: hi, jim this is sarah from lovely north carolina thor i really like this company which manufactures rvs out of elkhart indiana. they have 20% roe and roic numbers for the last ten years with very low debt but i bought the stock last year, and thor has brought the hammer down on me, and the stock

has dropped from 109 in september to the 50s it was up today, but will soar lift off my portfolio any time soon >> certainly not getting it to high it is a very well run company. it has a great product it doesn't matter how well run it's got costs that are going up it's got some labor issues, and it's got worries about the millennials not buying them like they did i think it's find if you take a longer term view is that a cop-out? i don't know in the 100s, it wasn't fine. in the 50s, it does seem fine. i'm okay camping world the stock is at 11 at some point that has to stop too. it's just that i haven't found the levels all right. neither the u.s. nor china is going to give in so easily in trade, people, despite the kinds of chatter you hear from the president. and the market needs to bake in as much negative news as possible if we're ever going to get a bottom with key stocks

on "mad money" tonight, as the losses begin to mount in this market wonder if it's time to buy i'm giving my take and then the more protected we become, a eye on the stocks. i'm calling up behind the scenes cell phone plays and what's next for the company? i'm eyeing the decline so stay with cramer. >> don't miss a second of "mad money. follow @jimcramer on twitter have a question? tweet jim at #madtweets. or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com.

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you need decision tech. here'sshow me making it. like. oh! i got one. the best of amy poehler. amy, maybe we could use the voice remote to search for something that you're not in. show me parks and rec. from netflix to prime video to live tv, xfinity lets you find your favorites with the emmy award-winning x1 voice remote. show me the best of amy poehler, again. this time around... now that's simple, easy, awesome. experience the entertainment you love on x1. access netflix, prime video, youtube and more, all with the sound of your voice. click, call or visit a store today. ♪ as the losses mount -- [ crying ] -- we're starting to see the kind of capitulation starting that can only create bargains and allow the stock market to bottom however, we need to be sure. we got to try to measure this. we got to find out where the

bargains are most likely to be found. we need to know where to dive. we don't want to end up in the dumpster we do like to land in the grotto of zero. before we begin the specifics, this market is awful there is no denying it we have the largest cash position for my charitable trust we've had in ages. yet as we tell owners of the actionalerts.com club, we don't see much worth buying here we went over it and over it. nothing, because the stocks of the best-run companies are still very close to their highs while the worst companies simply aren't worth owning at any price, or at least they need to go a lot lower before they become enticing. it's not negative enough to trigger a huge rally maybe just an oversold bounce, unless we get some kind of real breakthrough with china, not a sound bite, not a tweet. real breakthrough i've repeatedly told you not to expect or believe without hard facts, not presidential rhetoric the market's got more downside second, if a company puts a great quarter, but management

also talks about how they're not sure what will happen if the president poses more tariffs, its stock gets crushed hey, that's why best buy got nailed today, down almost 5% best buy actually -- it reported a fabulous quarter go look at the statement management just couldn't give a coherent, cohesive answer about what would happen to its earnings if we get another round of tariffs it's simply too hard for them to fathom unless they know what these tariffs will be applied to in the meantime, nobody wants to go near these companies with chinese exposure third in the charts, i think they're actually in charge here. bruce, the technician i work closely with at real money.com where i blog every day, he says only six of the down stocks are still in an uptrend. that's awful the charts are indeed disastrous of all the stocks i've asked him to opine on that, dozens in the last week, dozens, only the managed care names are any good. everything else, well, look at best buy

it's about a point away from making one of the ugliest head and shoulder patterns i've ever seen fourth, this market feels so sloppy to me people keep drawing conclusions all over the place that seem driven by desperation rather than rigor bmo downgraded because they're worried about the african swine fever. they have more coverage of pork than anyone in the universe. 10%. that could crush them. except in retail, as chief financial officer jack hartung told me this afternoon, it's less than two% because chipotle doesn't buy any old pork, they buy higher quality pork. so i don't expect any kind of reaction at all. this is the kind of market born of fear. chipotle got slammed 5% on the most errant note i'm the first person to correct this, people and it's one of the few bargains i see, although you might be able the get it even lower if

you're patient because the market is so bad in the end, a potential rally is all about hope, as in there is still too much hope in this market people hope the president will relent on trade. they hope the chinese will capitulate they hope our economy will be able to slug off the tariffs because of the unemployment system they hope that the fed cuts rates. that's a lot of optimism and it needs to be crushed before the market can bottom. put it another way, we need to see more capitulation before i get comfortable buying stocks into the weakness here, because once we start doing it well again, it's going to be another onslaught of ipos. we lack the washout, people, an essential ingredient at all times in forming a bottom after a big sell-off that's why he need to see a gigantic down opening followed by a rebound that's what i'm looking for, and we aren't there yet until i see it you know, when it happens, though, you know what's going to happen it will only -- let's see, i'll have to tell you about it. i mean, i look at these things i follow capitulations crescendo sell-offs, real bottoms, and i will share them with you

i will i wish i could say today's lows will mark the bottom and the bounce this afternoon was the real deal, but that will only happen if trump or the chinese ease up on the trade war, and my crystal ball doesn't see it yet. that's why you need to wait here if you buy right now on anything other than a slam super growth stock down on a general market pullback, well, you're banking on hope, and hope should never be part of the equation. stick with cramer. hurry into sam's club for serta's memorial day mattress hot buy

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♪ on hideous days like this one, where it feels like the whole market was weighed down by trade war worries, you know what i like to do i like to look for the stocks that manage to hold up in spite of the gravitational pull, the averages it's the kind of day where we can really see some great ones that surfaced. and you know -- you want to know

what i thought was good about today? i thought the cell tower stocks, american tower, crown castle, and sba communications i mean, it's long been a favorite of mine, but let's drill down here. what makes the group so resilient? you know i've liked the cell tower cohort for years now they have brand-new catalyst it's the roll-out of 5g wireless networks which makes their tower real estate each more valuable like the semiconductor conducts that everyone was piling into, the cell towers, they've got very little exposure to china. say a 5g chip from xilinx which we like very much which has been crushed since the president blacklisted huawei, these can't be blacklisted there is nothing in their dna that's going to hurt them. even without this catalyst, the cell tower business has a lot going for it american tower, crown castle and sba communications invest in the infrastructure that powers your wireless networks. then they charge carriers a fee to use that infrastructure,

fee-based business, subscription base list. once you build a tower, you can just add another antenna to it when you pick up new client. so the margins are terrific. the same piece of real estate could be in at&t, verizon, sprint and t-mobile. plus, the industry has been in growth for the past years. question now use cell networks for everything these day, and this boom in data usage require morse an more infrastructure so what happens when you add even faster 5g to the mix? we know the carriers are spending fortunes. sprint and t-mobile argue 5g is the reason they can't compete with at&t and verizon unless they merge i think they have a good point i didn't initially john legere explained to it me i'm suspicious but i think he has a good point. and my old antitrust professor is probably rolling over in his grave. he was the godfather of

antitrust. normally the regulators are not supposed to permit a four-to-three merger, a deal that takes the industry to three major players, it's terrible it's the definition of anti-competitive behavior. but we've already allowed at&t and verizon to be become so concentrated that the smaller competitors can't compete with em this not much of a choice but to let sprint and t-mobile hang together or at&t awill hang them simply it is a terrible balance sheet and won't be able to compete anyway i would gladly take three healthy competitors than two healthy competitor, one good competitor one left behind to atrophy. why not have the third be competitive. spend more money on towers i bring this up because the 5g build-out requires an enormous amount of investment, and that's good news for the cell tower plays. with each successive generation of cellular networks, there is greater and greater need for

infrastructure after all, streaming netflix takes a lot more bandwidths than making calls on your motorola ra flip phone 20 years ago. it's been 20 years wow. meanwhile, this one industry that benefits from the heightened trait tensions with china. why? because it's turned it into a national priority for countries all over the world that's why trump keeps going after zte and huawei in the past, the biggest obstacle to putting up new cell towers was red tape. you to deal with local, state, federal governments at every step of the process, and it's worse. it can take years. but now we have a national policy last fall, the federal trade commission, the ftc stepped in with its 5g fast plan, which streamlined the process of getting approval, making it harder for cities to block the deployment of 5g, and putting caps on the fees they can charge with these new rules, the shackles came off and the tower companies were free to build basically, the latest results the new regulatory regime has been a real boon for the entire industry so let me walk you through them

one by one, starting with american tower, which is the big daddy, okay. it's the largest independent owner, operator and developer of wireless real estate on earth. there are 41,000 properties in the u.s. 130,000 in the r.o.w., rest of world. the least domestic with only 53% of revenues coming from the united states. when american tower reported a strong quarter three weeks ago, ceo james taklit long a cramer fav from the old days explained. in the u.s. it should grow at 30 to 40% annual clip. they're already seeing their tenants boost the spending as the 5g roll-out investment begins all these companies ay s aries . that's not amt's fault they have been steadily boosting their payout it's just that the stock price keeps rising faster than they can keep up. the one problem with american tower, it's got some issues in india, which accounts for 20% of its sales. but other than that, this is a steady eddie cell tower play

absolutely worth owning. that said, with the stock less than a buck away from its highs you should see that chart. you might want to wait for pullback before you pull the trigger. next up, there is crown castle cci. it's the second largest player, which is 100% domestic for years crown castle stock lagged behind american towers, but this year it's beginning to break out, and now it's my favorite in the space. it's not just that crown castle has no international exposure, although the fact that you don't have to worry about india or brazil is a real positive. it's that the company spent years building out so-called small cell towers, little units that can fit on a lamppost these small cells have much less coverage than massive towers, but they help maintain a strong signal think of them as the last mile of the wireless logistics exchange what we're going to need a ton of these small cells for 5g. as in millions upon millions of them as ceo jay brown explained on the laters conference call, towers are like overhead lighting they give you general illumination, but small cells

are like lamps focussing the light in a particular area although if you want to take just one thing away from that call, it's this, i'm going to quote, we believe that the network infrastructure needed to support 5g will dramatically increase the command for our tower and assets over time that was the big quote that made me want to do this piece to begin with put it together and you a stock that was practically tailor-made for this moment. plus a 3.5% yield which is nothing to sneeze at it. finally, sba communications, the smallest of three. gets 80% of the revenue from the united states. it is my least favorite though i've always liked it it benefits from the same benefits of crown castle and american tower it has the weakest balance sheet of the three worst of all, management doesn't seem that jazzed about 5g. in fact, while sba communications report and excellent quarter, management didn't mention 5g at all in their conference call. when the analysts tried to ask them what 5g meant for the future, these guys seemed oddly

eager to change the subject. it's a nice simple growth story driven by the ever rising need for more bandwidths. but if you want a 5g player, i think you're better off with american tower or crown castle when you see a group rally on an ugly day, wow you might want to check out what is driving the strength the cell tower stocks are in raging bull market mode for the coming build-out of 5g giving them an extra catalyst which is why i'm a big fan of crown castle and american tower, even if we may lose a carrier competitor to a gigantic merger. denise in california, denise >> hey, jim, first i want to say i'm almost 57 years old and i never knew anything about investing. >> okay. >> caller: it was kind of scary to me. so thank you so much for what you do about teaching me about investing. >> thank you that's nice. >> caller: a few months ago, it's down, obviously is this a reaction to what's happening with china or is it overblown? should i sell it now or hold it? >> and which company was it? >> arista.

>> arista, annette i have a soft spot i know they're a competitor. i think they have a done a remarkable job people felt the quarter wasn't that strong. i would love to have jay street come on and explain it the other way, because have i been recommending cisco, but jay street has put up terrific numbers over time. larry in florida, larry? >> caller: hey, jim. >> larry >> caller: yep. >> go ahead. >> caller: question for you. centurylink, ctl i've been scanning into it since they cut the dividend and they shut the new business plan. >> right >> caller: and i like the fact that they were cutting debt, being the largest offenfiberoptn the country. potentially a buyout since they cut the dividend and i'm scaled into it, so i'm not a bad number, but just wondering should i sell it

>> larry, i can't recommend this stock. i've been hating it all the way down i've been saying that there is no room for these guys i don't think you should own it. they've done -- they're doing their best, but it just ain't good enough. such an ugly day, but cell towers are shining i'm a fan of crown castle and american tower much more "mad money" after this week's plunge in malinckrodt is there any hope for this stock? or is there a bottom in sight? not clear. i'm going to give my take. and then a cancer-fighting biotech up nearly 70% year to date and oil call in tonight's edition of the "lightning round," so stay with cramer.

♪

even in a terrible week for the averages -- >> the house of pain >> -- one stock stands out as the worst of the worst i'm talking about malinckrodt, mmk, the once storied pharmaceutical that's been around in one form or another since the 19th century for the past few years, malinckrodt has been a total horror show, with the stock plummets from $134 at its peak in 2015 to 8 bucks and change as of today but even after a breath taking a multi-year breakdown, malinckrodt got annihilated this week, since last friday, last friday now whenever you see a stock fall apart like this, it is always worth examining what went wrong so it doesn't happen again to you if only so that you can avoid similar situations that's simply evil holy cow the stock lost 24% of its value on tuesday when the company announced that it was suing the department of health and human

services,s as well as thor is for medicare and medicaid agencies because both have taken action against their drug called atguard gel. suing the government it's fitting that it was the final nail in the could have been this has long been a controversial product before mall cot acquired it in 2014 that was this company's undoing, practically from the moment they bought questcar that it has been one leg down after another when management makes a truly catastrophic mistake, it can be very difficult to quantify the downside because the pain may be reverberating for a long time. that's what happened when they bought questcor. that's how it goes they emerged in 2013 when it was spun off by q individual yum q individual yum was spun off itself its purpose was to gobble up other drug companies and build itself into a major

pharmaceutical colossus, reasonable for the first couple of years that strategy seemed to work from 2013, through the spring of 2015, malinckrodt was red hot. and then it all came tumbling down thanks to one very bad decision. i have to say some equally bad luck these people are very nice people i've met them. in 2014 malinckrodt shelled out a $5.6 billion, a huge amount to buy questcor, and questcor was all about one 3r0k, athgar gel what kills me is for years the bears have been telling us athgar is a total scam it was all about forgotten until questcor acquired the rights to it in 2001 for just $100,000 $100,000 for five bil? wait a second. how did they end up selling itself to malinckrodt for billions on the strength of this one franchise? simple no one else was making the gel, so they used the power to raise prices by truly insane amounts and then questcor started

marketing the drug aggressively. originally it was only a treatment for a wear disease found in babies, just babies they started billing it as a treatment for multiple sclerosis, kidney disease and lupus. again, athgar had been accused decades ago when the requirements weren't as strict as they are now. questcor made a fortune and that's why malinckrodt wanted to buy it even at the time i felt it was not sustainable. sure enough, less than a year later we started seeing a major backlash and this is an outrageous example an old drug charging an arm and a leg for. by 2017, a bunch of high profile short sellers starting coming after this malinckrodt, getting all of its profits from this one shady product. i'll do it here. andrew left of citron research called them the most reviled company in the pharmaceutical industry, and that is really saying something, even though

that i believe he is given to hyperbole. in september 2017, the "journal of the american medical association" noted that atcar was one of the most expensive drugs in the system but most of the sales were coming from a small group of doctors who were prescribing it heavily that raises eyebrows. since then we learned about two lawsuits alleging that malinckrodt bribed doctors, using kick back to help raise sales. for years now, the stock has been clobbered because malinckrodt's numbers are slipping as customers switch to other less expensive drugs so what happened this week on tuesday the lawsuit against the federal government to, quote protect medicaid patients access to actar gel they effectively decided to cut medicare reimbursement for actar. that is death knell. regardless of the legal merits of the case, it's hard to argue they should pay more money when they're also being accused of

price-fixing a real bad set of fax. what happens if malinckrodt loses this lawsuit this case the company says they're looking at a 10% reduction in actar related sales. it could cost them as much as $600 million retroactive rebates. while it accounts for a third of malinckrodt sales, it represents a much higher percentage of the company's profits. more than 100% to notorious short seller jim chanos. every time it seems they had been punished enough, there were new developments that pushed the stock lower. this week is the latest example in a very long pattern all of these were about news events, frankly. that's not the only problem here the whole reason malinckrodt bought questcor in the first way was to diversify away from the generic business painkiller this is not a great time to be in the painkiller business, read opioid, please last year malinckrodt announced it would be spinning off the generic business to unlock

value. at first investors seemed excited to own a leaner meaner based on actar while the downfall has been tough to watch, it's like a car accident, at the end of the day, the company's problems are really of their own making the fault, dear malinckrodt, is not in your stars, but in yourselves it was clear that questcor deal was problematic from the very beginning. that whole business was powered by a little more than sheer greed, and it didn't take long for the public to sour on the allegedly corrupt practices. it turns out the actor sales were unsustainable for years the stock has been hammered as we findout more about this story here is the bottom line. right now malinckrodt trades at over one times earnings. sounds cheap if they somehow win this lawsuit against the government, it's going to roar higher but i don't know i think malinckrodt may not be worth speculating on they're actually even at this price maybe too much risk. can you imagine? you want to wage they're the actar related business is already baked in

i know the stock has come down a lot. but if you insist buying it because you like the risk reward you are on your own. but then again, in this market, aren't we all? "mad money" is back after the break.

it is time it's time for the "lightning round" say the stock -- >> buy, buy, buy, buy, buy, buy! >> sell, sell, sell, sell, sell, sell >> and then the "lightning round" is over are you ready, skee-daddy? let's start with phil in pennsylvania phil >> caller: hey, jim, action alerts plus member here. >> yes >> caller: hey, my question is whether or not with this recent market downturn there is a buying opportunity with cypress semiconductors >> i wish it were down a little bit lower, but i do think he tells a very, very good story. with that said, semiconductors, you know how people feel. >> sell, sell, sell, sell, sell, sell >> it's tough to fight kevin in minnesota, kevin? >> caller: jim, thanks for taking my call. >> of course >> caller: hey, jim, when is the stock of american airlines ever going to take flight >> i've got to tell you, i look

at that stock, and i just, you know, they fixed the balance sheet. it's doing really well, but no one wants it they like continental, by the way. that's the only one you can recommend that has a loft fervor to it. let's go to nick in texas. nick >> caller: jim, jim, jim, greatest show on earth >> thank you, nick, nick, nick what's up? >> caller: long, long, time first time i was foisted on to disability early and i hope you never close your show up help us as long as you can >> all right will do. >> caller: went to 43, down to 23, back to where it is today. and i'm looking for a better stock performer with a good dividend if second part, if i was in ap for those years, i would have been a much happier man, of course >> right >> well, american electric power hit its all-time high today, but he's been unbelievably good.

we know he's money i got to tell you, blackstone, i think it's happened, frankly it's time to ring the register there. there are other ones that have bigger -- look, i actually prefer verizon and con ed too let's go to craig in florida craig? >> caller: boo-yah, jim, from summerfield, florida. >> okay. >> caller: love your show. >> thank you >> caller: my question tonight is about united technology i bought it just before they announced they were going split into three companies. >> sure. >> caller: i'm not sure how to evaluate it going forward for a long-term investor, do you stay through the split or sell out? >> long-term every time we get negative news on china like we did today. >> sell, sell, sell, sell, sell, sell, sell, sell, sell >> ka-ching, ka-ching, this is greg hayes see bringing out value the value is going to come by year end i think the stock at 130 has 10 down and 30 up i like that. but at 120, people say you idiot, you put me in this stock and it put me down ten

so it probably goes downten first. let's go to deborah in nevada. deborah? >> caller: hello >> deborah >> caller: yeah, hi, jim love watching your show. >> thank you >> caller: just curious about -- >> we like the speck we like the spec of shockwave. specs are made to be broken in this market. and that, ladies and gentlemen, is the conclusion of the "lightning round"! >> the "lightning round" is sponsored by td ameritrade ♪♪ ♪♪ ♪♪

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interesting. another ugly day for the averages where everyone was freaking out about the trade war, of course what groups are we still speculating on how about health care. consider the implications of tg therapeutics i know a small cap early stage biopharmaceutical company that is focused on fighting cancer and bioimmune diseases a lot of times you ask about this stock during the "lightning round. it's been a wild trader historically for 2014, terrific year. company benefits from a string of positive developments, including positive clinical trial data for one of their lead drugs for marginal zone lymphoma, although it won't be marginal if you visit. they have pulled back from highs of late. i got to wonder if it's worth buying particularly because we don't have to worry about trade wars let's take a look with michael weiss, the ceo of tgi

therapeutics welcome back to "mad money." good to see you. have a seat. i didn't know it my staff told me it's been almost four years since we've seen you so why don't you talk about the journey? because you've got a lot of things you're on the cusp of >> yeah, so it's been a busy four years some ups and downs i think you mentioned in the opening but recently, we've had a really nice string of good results. we have marginal zone lymphoma is heading hopefully to an approval and along the way, it's been -- i think tg is a bit of an unconventional company. >> yes. >> versus some small cap biotechs who typically go after a very small indication in relapsed patients. we decided to go after first-line patients. we're trying to create cures for patients and to do that, you have to do early, but it takes a long time. so that long time creates some volatility along the way. >> okay. i think people are going to say marginal, explain the wording there so people know how big it

is >> so marginal zone is a form of indulent lymphoma. it starts in the marginal zone of the b cell. so it's a location of where the disease starts in your b cells it's the second largest form of indolent lymphoma has about 7,000 or 8,000 new cases a year. >> so it could be. >> we do morphin drug designation. >> that's a lot of people. >> it's a lot of people. maybe not what some people call an all tra orphan. it's an orphan, but a good-sized market a lot of patients who have this disease. >> i know you said in your q&a that you do have these informal meetings with the fda. i didn't know that people just -- you said you had a nice talk with the fda at one point what's that like when you're going to the fda and say listen, i got a drug and i think you ought to really think about it >> it's great when you're happy when they say that and they give

you positive feedback. when you say that and they give not so positive feedback, not so good so the meetings are always super professional they're super smart. they see everything. so you have to realize we're in a our own little cocoon and we're working on our drug. they see every drug. so they're getting inputs from so many different companies at a very deep level. so when you talk to them, they're super smart. they know what's going on. and we're coming in and we're hoping that what we think is great is great >> is great. >> and sometimes you're right and sometimes you're not >> how about the ms formulation? where are you there? >> ms is looking really -- >> it's big. >> it' day. they're a multibillion club. i look at a company like them versus tg therapeutics how it is possible you could possibly beat them >> look, i think it's a value proposition to the patient, right? it's what you bring to the patient. big or small, i won't say novartis was once a small company, but i assume they were.

who can remember that far back but celgene was a small company. amgen was a tiny company it was genentech before. >> that's a good point. >> so you can compete if you have a good value proposition for the patient. and in ms, i think we have a great value proposition. we're coming in with a drug and a class of drugs which is known to work. our drug has worked in phase two. the drug that's on the market did $2 billion in its first full year of sales. it's on its way for $4 billion in the second year of sales. so it's a huge market. they're expecting just the cd-20, which is our target part of that market to be $10 billion. so we're going to come in. we're going to come in with a convenient once every six-month dosing it's going to be a one-hour infusion so super convenient to the patient. it's also great for the infusion suites they can move patients in and out very easily. and also, look, we're a tiny company. we don't care that much about price. so we can be very strategic, very competitive on pricing. and again, price is not just

about lowering the price it's about creating act soes the patients and that's really the keys >> you don't have -- you're very minimal revenue. you do have cash. >> very minimal. like zero. negative >> i didn't want to -- all right. true okay i was going to say no revenue. but that does always concern our viewers. so listen, the guy has been on almost four years ago, and there's no revenue so why should we believe in tg thera? and you like so many, you hear on the "lightning round" all time. >> yeah, it's great. >> why should i if i call on the "lightning round" say to that caller you know what even though they have no revenue you got to stick with it. >> because developing drugs is a long arduous process but when you get, there it's big. and we're looking at markets ms is a $10 billion market if we just had 20, 30% of the market, which we don't think is unreasonable cll is another $10 billion market again, 20, 30% market share not unreasonable

we're talking huge markets a lot of small biotech markets go after the nichy markets we're going after something that is much bigger. >> i want to caution people, it's speculative when you call in, do i don't see why i say hey listen, if you want a spec and it comes in, think about what either one of those would do to the stock of tg therapeutics. i want to thank michael weiss, ceo of tg. thank you so much for coming on the show good to see you again, sir >> thank you >> stick with cramer that's premium serta comfort without the premium price for a limited time only at your local sam's club the flexible class schedules d me tremendously. allowed me to go to work full time, run my catering business and be a mom and parent. when i reached this accomplishment, it was like, it's here, it's happening, it's now. we at southern new hampshire university are the ones who succeed.

we are the ones who break through.

♪ look, you have to understand that this market is trying to find a bottom, but there's got to be more capitulation. there's got to be more negativity baked into the cake and yes, we have to resolve the apple situation, because that's the one that's on everybody's tongue will the chinese take action will the president take action i don't know but we got to get some resolution first i like to say there is 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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