let's see if there is one. let's see what is in the letter. >> that transcript should be interesting. >> great robert cray song "smoking gun." con ed along the roots of rates and stuff, e.d that's the final trade. >> e.d >> all right again, we are expecting at any moment now the gop response to house speaker nancy pelosi's announcement she is seeking a formal impeachment inquiry into president trump so we are looking at that podium because we are waiting for the gop leadership to come out remember, president trump and his response to nancy pelosi had a series of tweets, one of them singling out democratic leadership including chuck schumer as well as maxine waters for tomorrow what's the initial sort of things you'll pull up? >> some of the macro people are looking at watch what's going on in the consumer staples space, guys talked about utilities and what happened to the xlu. the dynamic of understanding when we saw the numbers coming out of germany today and know what's going on in terms of the

global trade war all of this comes together and says you should probably be selling industrials and autos. i don't think these are just one-day quick trades but do think the response from markets today was very interesting think of the rotation we've had over the last month and think of the reaction we've had in the last three days. it is beginning to build back on, hey, let's take back much of what we lost that is how we appear to be ready to open up tomorrow. >> the first leg lower in the markets happened when president trump was in front of the u.n. and talked tough on china, mark and the results from nike this afternoon would probably give some investors some hope that perhaps there are companies that could buck the trend is nikeidiosyncratic. >> it's been the consumer that has driven the market and the entire world not just the u.s. is relying on the consumer the consumer has been strong and rye sell yents in the u.s. a lot of these consumer names are still strong a lot of them are hitting all-time highs from

kimberly-clark to walmart to dollar general, they've all recently hit new highs nike, lululemon, companies like that with strong brands, they're going to continue to work. >> we are still awaiting the gop response to house speaker nancy pelosi let's get to eamon javers still outside the u.n. traveling with the president this week. eamon. >> yeah, a things to watch for one we don't exactly know who the republican leaders are who are going to be giving this response at this point or how many of them are going to be -- we will cece the top three leaders in the house of representative, just the top leader or the top two? that's something to watch for as republicans game out their response to what nancy pelosi has said she is opening an impeachment inquiry. that means they're beginning the process here of moving toward the possibility of drafting articles of impeachment. one thing that i'm going to be watching here as the leaders take to the microphone is this question of tone the president has been tweeting furiously in the past couple of minutes calling this presidential harassment saying

this is a witch-hunt will we see the republicans on capitol hill matching that tone of real anger and frustration that we've seen from the president over the past couple of minutes here or are we going to see them take a different tact from the one the president's been taking in terms of their response? they're going to be talking to a number of different audience talking to the american public first of all but they're also talking to their own conference of fellow republicans and to senate republicans if the house democrats are able to move forward with an impeachment effort here and actually impeach the president, remember, that's just sort of the political equivalent of an indictment then the process would move over to the senate where senate republicans will hold the key to the president's fate they'll have a trial in the senate and ultimately they will find the president guilty or not guilty at that point so these republicans now are going to be kicking off this process talking very much to that audience who will be deciding much of what happens from here on out, melissa.

>> all right karen has a question. >> i've got a question speaker pelosi, i believe she said that the whistle-blower report shall be delivered and that the law is clear on that and i'm wondering, is it is that so is the law clear on that >> well, the white house disagrees. the law does say that the white house disagrees and say they don't have to necessarily turn this over. there's some question about whether this -- the whistle-blower complaint, no one has seen publicly beyond a very limited group that's got access to the classified complaint, what we don't know is does it actually per tafrn to intelligence there could be some procedural argument where you could say it doesn't meet the threshold of a legitimate whistle-blower complaint and therefore we don't feel that we need to turn this over to congress obviously the democrats on capitol hill feel very differently about that the president has committed so far to turning over the transcript of that call with the ukrainian president. but he hasn't committed to turning over that full whistle-blower report. democrats on the hill say they need to see it the law requires it and want to see it for political reasons as

well. >> eamon, we want to get to the gop response let's listen in. >> listen to the speaker of the house. speaker pelosi happens to be the speaker of this house but she does not speak for america when it comes to this issue she cannot decide unilaterally what happens here. they have been investigating this president before he even got elected. they have voted three times on impeachment on this floor. twice they voted before one word of the mueller report came back. our job here is a serious job. our job is to focus on the american public. our job is to make tomorrow better than today. our job is to legislate, not to continue to investigate something in the back when you cannot find any reason to impeach this president this election is over. i realize 2016 did not turn out the way speaker pelosi wanted it to happen.

but she cannot change the laws of this congress she cannot unilaterally decide we're in an impeachment inquiry. what she said today made no difference of what's been going on it's no different than what nadler has been trying to do it's time to put the public before politics. thank you. >> are you afraid that you're on the wrong side of this >> kevin mccarthy leading the gop leadership with the response to house speaker nancy pelosi's announcement that happened about an hour and five minutes ago that she would pursue a formal inquiry, impeachment inquiry into president trump let's get back to eamon javers in front of the u.n. a very brief statement from mccarthy >> yeah, absolutely. kevin mccarthy and steve scalise behind him number one and number two republicans in the house of representatives presenting a

united front of unity against nancy pelosi i didn't hear the president's name come up there and i didn't hear an aggressive defense of the president's conduct here in the ukraine matter what they're doing can arguing that nancy pelosi by moving forward with an impeachment inquiry is in effect trying to steal an election which was fairly won by the president back in 2016. they're saying that's inappropriate and they'll do what they can to stop it we'll see how that plays out because this sets up now a very dramatic 24 hours where we're going to have the president releasing this transcript of the phone call, presumably the white house and maybe some house leaders already know what is in that transcript. the rest of us and the public don't know that will be dramatic tomorrow and a news conference in new york for the president that was originally scheduled to be around the united nations general assembly which is why here's here. now that news conference is going to be an impeachment news conference and going to be an opportunity for the president to face the press and defend his conduct here against a series of questions from reporters so that one will be a flash

point to watch tomorrow as well, melissa. >> all right, so an impeachment news conference which had not been an impeachment news conference the release of the unredacted transcript of the call with the president of the ukraine as well as potentially more details on the release of the whistle-blower report, all tomorrow >> yeah, that's right and, look, the drama for the democrats is they've sort of uncorked this impeachment champagne but now they've got to figure out what's in the bottle, right they've got to figure out ultimately what is in that transcript, what's in that whistle-blower report. they don't know the and the to those questions even as they're moving forward with a very precipitous step a political gamble being played by nancy pelosi tonight. >> thank you thank you all for watching a very busy "fast money. "mad money" with jim cramer starts right now. thank you. i'm cramer welcome to "mad money. other people want to make friends, i'm here to teach you

we'll put this in context. call me at 1-800-743-cnbc. or tweet me @jimcramer. partisan acrimony. i would love if we could value stocks on dividends and buyback than political turbulence or ran ranc cor. the s&p lost 0.84% the nasdaq nosedived 1.46% partisan acrimony, what can i tell you it is reigning supreme the democrats suddenly got serious about trying to impreach president trump based on what is obviously some ill-advised dealings with ukraine. allegedly they dug up dirt on joe scarborough. now that speaker pelosi is launching a formal impeachment inquiry i don't think the democrat also be appeased until the house of representatives vote to send the case to the senate where we're going to see this go to the senate. before you freak out for those who don't remember civic

classes, let me explain. even if the house impeaches trump you can't remove a sitting president without a two-thirds majority in the senate so until the democrats can convince at least 20 republican senators to turn on their guy, impeachment remains a sideshow is that possible you could never rule out anything these days but i bet trump could confess to being the zodiac killer and wouldn't lose more than 10 or 15 senators. it made sense what they sold today. we haven't seen this level of acrimony since the civil war when things in washington turn hostile, that can and always will hurt the stock market plus this whole thing was sudden when i spoke to nancy pelosi just last week she was adamant she didn't want to impeach she said over and over she wanted to beat trump at the ballot box but then we learned about the ukraine story and apparently that was a bridge too far for the speaker and her more rad cat colleagues although of course you can see the market started going down during a

very, very serious and stern trump speech but then, boom, what can i say you see what happened? say what you want about pelosi she knows how to corral her unruly caucus. she wouldn't launch this inquiry if she didn't think she didn't have the votes to impeach. i need you to recognize the senate will most likely acquit how much will that matter to the stock market we've seen this movie before when the republican house of representatives impeached president clinton everyone knew he'd be acquitted in the senate. how did that impact the market let believe give you a lesson. they need to look into misdeeds and render finding or create a special committee like they di for watergate. clinton had been under investigation by ken starr for years. in early october of 1998, the judiciary committee voted to recommend an impeachment inquiry. the dow shed 0.8% that day

the s&p dropped 1.4% the nasdaq got obliterated plummeting 4.8%. that honestly i think is analogous today where the nasdaq took the brunt of the pain something about these political issues that seems to impact tech far more than any other sector of the stock market. >> the house of pain. >> but after that the initial decline, the market recovered and it recovered rapidly with tech leading the way >> buy, buy, buy >> remember, this was during the middle stages of the dotcom bubble between the judiciary committee's recommendation and the house vote to impeach clinton roughly two months later, what do you think happened the dow zoomed 16% the s&p surged 21% the nasdaq skyrocketed 39% that was a remarkable move aided by an emergency rate cut by the fed. still if you let the impeachment story shake you out of the market guess what happened you miss one of the greatest

moves of all time. in fact, the first trading day after the impeachment vote the dow rallied 1% s&p gained 1.2% and nasdaq jumped 2.5%. it was a non-issue by the time president clinton was officially acquitted by the senate which, remember, was a foregone conclusion the dow moved up another 3.2%. s&p advanced 2.3%. nasdaq climbed 8.6%. every pullback during that period, everyone was a buying opportunity. it crushed every other asset clash. because impeachment was a sideshow it was kabuki. what mattered was the booming dotcom business and emergency rate cut from alan greenspan's fed that caused the market to catch fire if this turns out like 1998 all over again you may want to buy at the moment of maximum rancor. i don't know if we're there yet. kind of day one of the rancor. that's why i say probably not. i suspect we have to get to a more oversold position and hear the bears whine about all of

this political conflict that's going to definitely lead to a recession. >> sell, sell, sell. >> no, no, no. aaagh! >> of course it's not a perfect analogy. the market was in a better place back then as we ended up innating the dotcom bubble throughout the impeachment proceedings. i think you could buy some companies with good fundamentals if they keep getting slammed isn't that what history showed you. not just impeachment hurting senator elizabeth warren is breaking away from the pack and she's no friend of big business. she's no friend of wealth but we're still so far away from the primaries that i think these predictions, you have to classify them as premature plus as someone who followed warren's career i refuse to go along with the new conventional wisdom that a warren administration would spend the end of capitalism. could it bring on a bear market? well, you know what, how many days have we seen since trump came on that people come on tv and said, hey, we're about to

start a bear market so, sure, it could. yes, she wants to raise taxes on the rich definitely i expect she'll want to raise capital gains taxes too, possibly at much higher levels that wouldn't be great for stocks but it's not communism. that said if you believe that an impeachment vote will hurt his re-election prospect, something still unclear you're likely to sell if you have big capital gains and want lower taxes on the capital gains. those could be people who are selling but is this a sensible strategy i don't think so we've been raising cash for my charitable trust telling members that the s&p 500 needed to work off that overbought condition that we saw last week before we could start buying even after today's pullback this market is still a long way from being oversold you know i like markets that are oversold when you're as overbought as we were as week, i think it's best to wait until the pendulum swings back in the other direction. in other words, too early to start buying i skrut thiezed the market all day and found almost nothing

that intrigued me. too many stocks making new highs and only two making new lows we don't have the kind of washout we need to see before you can presume that the sell on the impeachment news is in the market oh, yes, you can still nail things like nike up big after the bell good gross margins but i don't want to be so sanguine like or not, as a constitutional crisis not a nike buying opportunity. i say there's no hurry to start buying here. by the way, remember, history says you'll have to try to pull the trigger soon rather than be left behind. >> all aboard. >> today's merely day one of speaker pelosi's sudden impeachment inquiry. no waiting until it gets oversold before you put a lot of money to work. ask me, we're still not there yet. up next, my exclusive with disney ceo bob iger. stick with cramer.

>> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question, tweet cramer, #madtweets send jim an email to madmoney@cnbc.com or give us a call at 1-800-743-cnbc miss something, head to madmoney.cnbc.com. plants capture co2. what if other kinds of plants captured it too? if these industrial plants had technology that captured carbon like trees we could help lower emissions. carbon capture is important technology -

and experts agree. that's why we're working on ways to improve it. so plants... can be a little more... like plants. ♪ man: can i find an investment firm that has a truly long-term view? it begins by being privately owned. with more than 85 years of experience over multiple market cycles. with portfolio managers who are encouraged to do what's right over what's popular. focused on helping me achieve my investors' unique goals. can i find an investment firm that gets long term the way i do? with capital group, i can. talk to your advisor or consultant for investment risks and information. talk to your advisor or consultant through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from using feedback to innovate... to introducing products faster... 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. to the wait did frowe just win-ners. prouders everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy a new samsung note. click, call or visit a store today.

recently had a chance to sit down with bob iger chairman and ceo of the walt disney company he has a new book out called "the ride of a lifetime. something that is greatly needed for certain. take a look. bob, first of all, play with the open hand, i love this book and love it because i love business but i also love decency and respect and they dominate. people who show respect and are decent are winners in the book. >> well, thank you for reading

the book and thank you for pointing that out. yes, i think treating people with respect and being decent goes a long way in terms of a person's success and in terms of a company's success. companies that value their people and respect their people that are decent are typically successful companies >> you seem to treat everybody the same i'm not kidding. the employees are treated the same way as steve jobs is treated the same way as the great roone arledge. >> i started out at the very bottom in an entry level position, $150 a week employee worked my way up over all these years now with the company 45 years to, you know, gather the opportunity to run this great company. i still remind myself of who i was when i started and, you know, i try not to lose sight of the fact that while my title has changed that i haven't really changed that much as a person so i feel it's important to have empathy and relate to other people who are in similar

positions that i was in along the glay yet at the same time someone who we think as cantankerous and tough and unrelenting, steve jobs, seems to have -- crafted a relationship more than a friendship with you, and tell us about it i don't know anyone else who had it >> well, first of all, i think you can be fair and decent and still be tough at times. you have to make tough decisions. my relationship with steve came about because i became ceo and i thought we should put our television shows on some platform, some digital and he showed the ipod with the little screen and led to my posing the question to him about whether he'd ever consider selling pixar so us and the rest is history and became our largest shareholder, member of the board. something he never wanted me to remind hill of, that our relationship was not tied to a

board seat and ended up becoming not only a friend but in many respects a mentor even though he was younger than i and taught me some great lessons and bonded over a number of things. common interests, common desire to create great things, common desire to wow people you know, to surprise people which is what disney has been about from the begin sdmg the moment he tells you he will not live is a very tough part of the book >> yeah. >> it's obvious that you have tremendous respect for him apple has since progression perfected, i believe, but just tell us about how special this man was and how other worldly he seemed. >> the story you talk about is one that i remember vividly was about an hour before we were announcing the acquisition of pixar, $7.4 billion acquisition, asked me to go for a walk. sat on a bench we were at six -- pixar.

he told me his cancer returned and giving me an opportunity to back out i looked at my watch and the clock was ticking wildly i had no idea how to react and asked him for more information and ultimately gave me that but told me i had to keep it confidential only his wife and doctor knew at that point i thought, which, what an incredibly generous thing for him to do to give me that chance to be so honest, so candid, so trusting and, of course, i decided that i would go forward. i didn't know how i would ever explain to my board and others i had suddenly gotten cold feet which was arguing to do this for a number of months but i thought that it was not only incredible moment for me and in terms of our relationship but it spoke volumes about who he was >> were you surprised -- i'm reading it thinking at that moment he's going to say and, look, i need you to be the steward of apple i would like you to merge with us. >> no, we never talked about that we spent a lot of time in a conference room outside of his

office and walking on beaches in hawaii and other things musing about things we might be able to do together. we never talked about being one company. but he loved disney a lot and obviously he loved pixar he loved storytelling and he loved the combination of storytelling and technology. he called liberal arts and technology that -- i think he said at one point that made his heart sing you know, the combination of art and technology that's what pixar was, by the way. so i mused in the book and now steve is gone eight years, had he lived and i think there's a good chance we would have certainly talked about being one company, whether we would have done it or not i don't know but it's all conjecture at this point. >> in the meantime, i think tim cook has been unbelievable i don't think he gets nearly the credit you resigned from the board. do you think he has continued the legacy because i find wall street thinks there's a before and after with steve jobs. i look at it the opposite. i see tremendous innovation and see so much greatness coming out

of that company. you are on the board what do you think? >> i don't think you could even talk about it as from a board perspective. just as a consumer i use those products and want those products talk about a wow factor. they continue to wow me. apple continues to raise the bar in terms of quality and quality of service and experience and design and i don't think they lost the step at all they went through a tough period of mourning when steve went. i came on the board about that time so i saw some of it firsthand. i think tim has done a great job and no matter what direction you look, no matter how you point, i think you conclude that that company is one of the great companies in the world and steve's gone for eight years and, yes, he found it and it's his company in some ways but what steve did was long ago at this point particularly given the pace of change absolutely now i wanted to ask you about your doing things that i think are not necessarily short term in the interest of the dollar

and cents at disney but longer term has kept the brand to be what it is, the way you treat people, the humility you show and things you do for people who work there which most companies don't do you don't talk about it. >> well, we talk about it internally running a big public company is obviously complex. a lot of ceos would say the same thing particularly one like disney with so many different business, so much different touch points and you have to have your investors or your shareholders in mind their interest in mind most cases and you have to have your customers' interest in mind and have your employees' interest in mind there is a delicate balance there. you can't falter in any one direction and so we've tried really hard because, look, the company disney is known for the product that it creates and that emanates from people, from creative people and people that work at our theme parks and could point in so many directioned. you have to treat them well and give them opportunities so we created a program that we call

aspire where we earmarked $150 million and free education for our hourly employees in the u.s., 88,000 of them and 40% of the them have signed up and said put me in. it's free education whether it's vocational education, high school equivalency, college degree, graduate degree, all you have to do is be working for the company and the number of people, 8,000 are already doing in that have come forward to me and said that is creating opportunity for us that's putting your employees if not first at least top of mind along with your customers and your investors. >> you have to do that disney too, people want disney to be a good citizen of the world and that starts with being a good citizen in the places that you work. >> i'm going to say because of the roundtable not to be getting a lot of credit that you've done for years. there are revelations in the book and i need to flesh some out. there's a moment when you say we got to buy twitter then you walk away

why? >> well, i got cold feet for the right reasons. >> you didn't tell us. >> well, i was -- i thought we'd be taking on responsibility that we shouldn't take on it was too complex in terms of twitter's place in the world and everything that twitter is used for and just didn't feel disney to me. you know, it was interesting because we thought it would be a good platform to distribute our content on and to get closer to consumers which is critical in today's business environment but i thought there are things disney does well and there are things disney doesn't do well but there are things disney shouldn't even try to do well >> that's one of them. >> that was one of them is there there is a moment where you're talking about fdr and jfk's inaugural speeches and reading the rfk indianapolis speech and doing things because you're thinking about running for president but you didn't >> right i kicked it around i did a lot of reading i like speeches by the way, would have done that had i not been kicking it around a bunch of people came forward and say, why not i happen to believe that america was ready for an outsider someone that didn't come from

the system donald trump is certainly a product of that and i'm a patriot at heart i love this country. look, i'm in many respects, you know, the american dream lower middle class kid that ended up as the ceo of disney by working hard so i kicked it around but then rupert and i started talking and ended up rupert murdoch ended up buying the assets of 21st century fox and decided to stay longer at disney. >> a lot of metaphors. one from my boss, brian roberts. you have at one point someone bursts in, says, they went hostile and it could have been an ugly moment and then 50 pages later you're sharing a car with him like nothing happened. you seem to have a resilience and no resentment. >> well, i think resentment in many respects is a waste of energy whether it's, you know, psychic energy or physical energy i have a nice relationship with him. i respect brian. there would be no value at all in me having resent -- or being resentful of them.

he's built a great company with his dad so be it we're competitors and also partners they distribute a lot of our content. i have other things to worry about. >> let me talk about something that i wish you had extended but you're not political other than that moment you're thinking about it if you were in charge of trade, you have the best chinese -- i don't know how many -- you said you've been to china more than almost anybody i think in our country. could you solve this >> i don't know. >> you know the chinese. >> i've managed to -- through my role and others to create a great relationship with china an our customer there is, they love shanghai disneyland. >> they love america. >> and so i don't know -- i'm not going to presume that i would know how to deal with the trade crisis or trade issues between us and china i do think, though, that a good relationship but a relationship that is valued both ways between china and the united states on trade and other issues is vital. >> okay.

all right. now, i want to tip the hat to someone who works with me. my partner david faber who you mentioned gave you a holy crap moment that i think is one of the funnier moments in the book. >> yes in the middle of the competition, shall we say, between us and comcast for the fox assets, i was in europe and i was actually headed to our office in london and in a car and my phone rang. my mobile phone, myapple phone by the way and it was david he said, wow, that's some news do you want to comment i said, what news. he told me brian had thrown in the towel and i said holy crap i guess i can say that on "mad money. yes, david is a news breaker there. >> it's impressive reporting and i thought it was great that you gave him credit. you give credit out in a way that makes me think that you know it doesn't cost anything to

give credit. throughout the book you credit people with your greatness, things that have worked. again, tell people -- this is a tremendous business lesson you make people feel good. >> it's not about cost, it's about the truth. yes, i run the walt disney company but there are 230,000 employees. i don't come close to really running the company. you know, they run the company and i have a great senior team most of the big decisions of the company are made by them of course, i get involved and i'm there to support them. i'm there to challenge them. you know, i can be demanding of them certainly when it comes to quality and behaving with integrity but i give credit not because it's cheap to do because it's the truth >> okay, that's good apple, bittersweet, i think because you had -- you felt -- >> leaving the board. >> i feel they have have a powerhouse entertainment slate why isn't that something disney wants to be affiliated with.

>> it was hard for me to life the apple board. steve did talk to me about joining the board before he died and because he had been on the disney board, he -- i couldn't be on the apple board. you know, it's not considered appropriate. i think it ulee -- i think the new york stock exchange doesn't allow it the interlocking board memb membersh memberships. i believe that is what it is when he died i was asked to essentially you know, become replace him on the board, not replace him in total but and i just loved -- i loved my eight years on the apple board. i learned so much. and, you know, i think i brought something into the boardroom too because of my perspective. we'd love to be associated with apple. they do distribute our content and our apps the reason i got off the board is as they got more and more into creating television shows and movies, it became more and more clear to me that our paths were conflicting rather than converging and just thought it was the right thing to do. the business is still relatively small for apple but it's

meaningful to disney and wasn't right. >> one last thing, tremendous theme throughout, the great leaders have i've discovered is optimism you talk about the negative power of pessimism and the positive optimism. i just want to leave -- i find so many people are pessimistic right now. it's driving me crazy. you have remained optimistic through all sorts of turmoil including personal turmoil in the book, tragedy to the theme park, a difficulty -- difficult relationships with people, someone who said you're -- you are never going to advance at disney and throughout the theme is optimism. how do people main init. >> by the way, optimism is a core principle of good lead s r leadership as a kid i saw world war ii movies, you know, you'd have some captain or lieutenant or officer of some sort saying, we're going over this hill you know, come on, fellas. if that guy is a pessimist who

is going to go over the hill with him i think if you equate that to business it's in many respects somewhat similar it's an interesting world. change is so rapid, so profound that it creates a huge amount of anxiety and in some cases cynici cynicism in some ways they view it as dystopian in nature. we manufacture fun you know, we enlighten people. we tell stories that are optimistic where the future is bright, good will try up over evil there is value in adventure, the value of love, friendship, family, respecting your elders, i could go on and on, that's disney in this world what a better time to be in this business and it's actually -- i just met with 325 disney executives in florida at orlando and i said to them, another reason to be optimistic, there are many if you're at disney is that factor. look where we are in the world today. >> boy, do we ever need it that is bob iger, like i need to

tell anybody the book is "the ride of a lifetime." i want you to take it. i learn a ton. never too late to learn. younger people must definitely read it. it will change your mind about business and life. thank you so much, bob. >> thanks, jim. >> appreciate it this is apple card. a new kind of credit card. created by apple, not a bank. with a better way to track where you spend. a new level of privacy and security.

daily cash you get back every day. and no fees. not even hidden ones. oh, and if you happen to be somewhere that doesn't accept apple pay yet, there's this. nice. ♪

i've been railing about the rise of etfs for years sometimes the fact that everything trades as part of a larger basket creates larger opportunities a british drug company with a twist, they study cannabis to find new medicines even though it's a legitimate pharmaceutical company with an anti-seizure drug it's been included in marijuana etfs the cannabis cohort has been

awful. in fact, gw pharma is down 40% from its highs even though it's in great shape and reported two fantastic quarters and the u.s.' launch of their drug is a success and got approval in europe the stock down another 8%. weighed down by the cannabis etfs and cannabis companies we follow i think you might be getting a remarkable buy opportunity let's check in with the ceo of the company with a better read welcome back to "mad money." >> thank you, jim. thank you for having me back. >> justin, given the size of the european market because i have to believe if it's anything like the american market you will have a lot of success here >> yes, well, just yesterday as your introduction mentioned we reached another historic milestone for the company, for patients and for the field of cannabinoid science. we have 28 countries in europe that approved end pidilex and

market of 500 million people and had a great experience of launching it in the united states and really i think the company is in the best shape it's ever been. >> that's what i wanted to ask you about. the wall street estimate were so low. does that mean wall street didn't realize, a, that there were more people who have this affliction or, b, that there was good awareness and therefore you had better sales at the very beginning than anyone could expect >> well, i think awareness of this medication has been as high as i think any medication that i've seen in a prelaunch environment. but i think more important than awareness is the fact this is a treatment that is desperately needed by this patient population, physicians see this as a new advance in epilepsy care and therefore are placing it at the forefront of their thinking when it comes to

treating these types of epilepsies that for quite some time now have had very few if any treatment options. >> can you please tell people what it means to be a child of 8 or 9 who has epilepsy before gw pharma and after >> well, i'm fortunate that as a parent i don't have children with epilepsy but i've met hundreds of families that are in this position and i have to say i admire each and every one of them as a parent looking at children who have seizures daily and who have exhausted treatment options as well as other form of n nontherapeutic interventions such as diets, there really has been a sense of hopelessness and i think what end pidyolex has provided is a renewed sense of hope and seeing that in the united states with thousands of patients now on this medication and i think the world is there

ready to accept this also. europe has embraced the prospect of epidyolex the eyes of the world have been on epidyolex and families with these conditions are united in their enthusiasm for this as a treatment and a desire to see if this medication can benefit their children. >> right now i have been as enthusiastic about you and your company for more than 100 points i have to admit i didn't call the top because i don't want to but i do want to get to play devil's advocate svb piece that says here are some of the causes of the weakness one, its growth in the upcoming quarters could slow as a result of fewer new patient starts on the product. possibility? >> look, we've had an amazing first half to this year. i am very confidence about the second half of this year and the outer years as i mentioned earlier. we're in the best possible position i've ever seen for this organization

so it's hard for me to construct a scenario where things aren't going to continue to get better for this company like any organization i'm sure we'll face challenges in the future but at the forefront of this area of science, regulators around the world are approving this medication, significant demand and interest in our epidyolex product and at the forefront of a new area of science, i think the prospects of this company are truly exciting and i can reassure you and the investment community that i think there are a lot of reasons to be optimistic and very few to be pessimistic right now. >> if you had a crystal ball, how many other different illnesses do you think that a version of epidyolex could help patients. >> the field of cannabinoids through at proval and recognition of the epidyolex science and unmet need has opened the door to the pipeline that we have at gw pharmaceutical for cannabinoids

and the biggest dilemma we face in our r&d organization is actually just so many opportunities and prioritizing those opportunities, so i wouldn't say the opportunities are endless but they are numerous whether they're in psychiatric conditions, in other neurology conditions such as multiple sclerosis, spinal cord injury, a range of childhood condition, epilepsy, broader epilepsy, autism, the list does go on and i think if i look at the next 20 years we've been in a company existence for 20 years looking at the next 20, it's very realistic to expect a range of new first in class treatments based off cannabinoids across a range of disease areas and we are the company to make that happen i see very few alternative organizations that i think have the wherewithal, the science, the reputation and track record to make cannabinoids a reality across other disease states. >> i couldn't agree more and thank you so much, justin gover,

ceo of gw pharma thanks for coming on "mad money. good to see you, sir. >> thank you > this stock is it being pulled down by inferior companies who are posers that's why i like gw pharma. "mad money" is back after the break. do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life.

...owning and running the biggesta small business is finding the right people. in hiring our first recruiter, we decided to post a job on linkedin. they had to have worked... ...at a recruiter firm and be bilingual. when we saw ana maria's profile... ...she had a ton of experience in hr. the interview went really well. and she seemed like someone who could really sell mckenzie to perspective employees. we found the best person to find the best person for us. post a job today at linkedin.com/grow

it is time it's time for "the lightning round. >> buy, buy, buy. >> sell, sell, sell. [ buzzer ] >> then "the lightning round" is over are you ready, skee-daddy? art in california. art. >> caller: yo, what's up, boo-yah, mr. cramer. >> stmp. >> that's just all that is gigantic short squeeze we do not play short squeeze long or short. >> don't buy. >> let's go to jeannine in pennsylvania >> caller: hi, jim love the show. it's always so much fun. >> you're very kind. thank you. >> caller: so i have a stock that's in good hands but wonder if it has a ceiling. aqua america wtr. >> i've known it all my life action literal from 1983 when i first took an interest in it under a different name

i think you should own it. wish all stocks were like it and they have good water that's where i became just like i am bob in tennessee please, bob. >> caller: jim, fantastic cramer my stock is southern company it's up 45% this year. >> what can i say? it's a utility we could be bringing about a lot of other utilities look, its yield 1is 4 i like dominion. because of this inverted yield curve and how low rates are all utilities are stars. alex in california alex >> caller: boo-yah, big jim. how are you doing? >> i'm doing well. skee-daddy how about you? >> caller: doing good. i know it's been one heck of a busy day for you and your staff. they've done phenomenal on the staff. >> they've been overworked and underpaid. there, i said it what's up? >> caller: i had a question on

qualcomm they acquired rf360 and what is your thoughts. >> i like qualcomm 3.3% yield aggressive buyback may not be instant but it is creeping higher. how about we go to dave in arizona. dave >> caller: hey, big boo-yah from surprise, arizona. >> well, i thought so. let's go >> caller: okay. smg. it's a lawn care company. >> i know smg. it's also a cannabis company gone up too far too fast, 64% increase i'm going to have to say -- >> don't boy, don't buy. >> even though i like it very much and that, ladies and gentlemen, is the conclusion of "the lightning round." >> announcer: "the lightning round" is sponsored by td ameritrade re behind schedule. but sophie's enthusiasm cannot be dampened. not even by a run-away donut.

we powered through it in our toyota prius. because a star's got to shine, no matter what. it's unbelievable what you can do in the prius. toyota let's go places.

oh, wow. you two are going to have such a great trip.

thanks to you, we will. this is why voya helps reach today's goals... ...all while helping you to and through retirement. can you help with these? we're more of the plan, invest and protect kind of help... voya. helping you to and through retirement. >> announcer: "lightning round" is sponsored by td ameritrade what really happened on friday when the chinese trade delegation pulled out of their trip to montana? why the heck were we told that the chinese had canceled when it turns out our government canceled it. something we only learned yesterday from steve mnuchin in an awkward press conference with the president. if you back up the tape this was big news the averages got pulver advised friday because the cancellation made it seem like the broader negotiations were china weren't going well stand foss reason but you know

what, it turns out the chinese didn't cancel. we did where it did come from i have gone over every bit of news the original source wasni coal rolf, the director of national affairs for montana farm bureau federation who implied the chinese were to blame and choose said nothing to contradict it. the montana farm bureau federation isn't a federal agency it isn't even a state agency somebody they became the linchpin for a chain of information that caused the market to roll over. nicole doesn't even work for the government but do blame the treasury department. apparently they asked the chinese to cancel because robert lighthizer only found out we weren't prepared which is fine what's not fine is that nobody from the federal government thought to disseminate that to the press and heard them blame the chinese and let it stand worse, they didn't even tell the president. consider the totally bizarre

interaction between president trump and secretary mnuchin at the press conference yesterday it sure sounded like trump accepted the media's explanation that the chinese canceled the montana good will mission out of nowhere. how is the president getting the information from the montana farm bureau federation rather than his cabinet worse of all this story got no follow-up press even in bozeman, montana, which shows how murky is the moment the news broke, the market sold off. how could mnuchin and lighthizer look at that action and say nothing to the president or the market in general hey, if you want to sabotage the trade talks this would be a great way to do it the president and the stock market deserve better. my ultimate takeaway don't get your opens up about a trade deal until you see it in writing. until we get an actual deal it is impossible to tell what's really going on. i wish i knew what lighthizer and mnuchin were up to was this some kind of stand off between the hawk answer doves?

were they trying to evade blame or just clueless and just not even inform the president of the united states? i don't know neither do you so the next time you hear some story point trade negotiations from a random nongovernmental source, hey, maybe you should take it with a grain of salt stick with cramer. had a coach i. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade. through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing your fleet...

to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. filmgate is growing really staffing a small bquickly and... is challenging. ...i needed to fill a production coordinator role. i was looking for someone with specific skills. so i posted a job on linkedin.

maribel had all the skills i was looking for... and looking at her profile... . ...i saw shared connections. that was a plus. but the most important thing... ...is the ability to connect to people and she had it. and i knew... ...she was the one. post a job today at linkedin.com/grow why do i say don't give up the market we had all this stuff and nike reports and it's a beautiful quarter. all this stuff and cintas reports and both stocks go up. we could be paralyzed and say woe is me and be unhappy or miserable like most of the population because of what's going on in washington or look for the stocks of great american companies that continue to deliver. including nike by the way in china and western europe, united

states and omni channel online or say, no, i can't. i'm too scared i'm opting to look and listen and hear the good stories. i always say there's a bull market somewhere i promise to find it right here m m amu on "mad money. i'jicrer i will see you tomorrow. sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪ peter ferreira, and dennis iannoti, who are seeking an investment for their pumped-up nut butters. hi, sharks. i'm neil cameron. i'm peter ferreira. i'm dennis iannoti. and we're... all: nuts 'n more. we are seeking $250,000 for a 20% equity stake in our company. good ol' p.b. just got a face-lift.