yield. >> tim. >> world famous arena. rangers opening type constellation numbers fine business doing better. constellation. >> see you tomorrow back here fo 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 make you some money. my job is not just to entertain, but to educate and teach you, put it in context. call me at 1-800-743-cnbc, or tweet me @jimcramer. we've going so used to being afraid that we've been selling stocks for days on end -- >> sell, sell, sell, sell, sell,

sell >> in part because we're worried that they'll report not so hot earnings that includes early this morning when the market got severely oversold before rebounding the no one wants to own a stock unless it can report what's known as a bte, a bte meaning a better than expected quarter the tyranny of bte has cast a pall over this market. but now the earnings season has actually arrived with pepsico kicking things off, many stocks are down big from their highs, and i'm starting to think that they've fallen so far that bte is the wrong concern [ buzzer ] instead, we should be looking for quarters that are not as bad as feared, or nabf, nabf yesterday wall street was

concerned that pepsico would fail to deliver and the stock went down in anticipation of that bad number. if there is any degradation at frito-lay, any market share lost to coca-cola you have to believe that this thing would get clubbed like a baby seal but as it turns out, pepsico's results were not as bad as feared it was a nabf quarter with strong sales in food and beverages. the stock had already been hit hard going into the report that this didn't bother anyone. that's nabf for certain. it gets better some of pepsico's divisions are truly on fire. gatorade seems to be returning to the old fabulous growth trajectory it used to have now frito-lay's products are being snapped up by millennials. there is a lot to like here. two days ago, this quarter would have been a nonevent today it sent pepsico surging to a new all-time high. that's not just because it was better than feared when the market gets this oversold, it can act like a

coiled spring with stocks rallying beyond where you ordinarily expect them to go to on good news so who else can deliver a nabf quarter? this is the list, people get a pencil and paper out this is the one list you need. first, i expect jp morgan, jpm to report a generally better than expected quarter. this is jp morgan's moment, the moment to shine. huge advisory business, plain old credit lending, they should all be very strong as banks generate more and more of the revenue from fees rather than interest, i'm confident that jp morgan will be able to raise numbers. jamie dimon talked about a balanced balance sheet i'm betting this one will be bte. second, i'm liking the look of american express the stock has been eviscerated, 129 in july to 112 today i don't think amex will report a

better than expected quarter, but thanks to that excruciating decline, it doesn't have to. it only needs to be not as bad as feared. nabaf. the businesses slow worldwide because of the trade war i'm skeptical. american express hasn't been able to crack into china in any meaningful way china is the epicenter of the weakness he is breathing new life into the business a self-effacing man is transforming american express from a company with a spotty track record to one with proven numbers like ones we expect from mastercard and visa. i think we'll get those again. next up there is abbott labs, a medical device maker if you watch the show for a while, you know i'm a huge fan of miles white who has created an enormous amount of value for shareholders over the years. we've been buying abbott for my charitable trust wrote where you can follow all the moves by joining the actionalerts.com

public the stock is down nearly 9% from its high very rare to see this. i think it's an opportunity. abbott also has a revolutionary new diabetes managing that management can crow about on the call the medical device makers are only part of the health care cohort that has been flying under washington's radar the democrats and republicans may be united in how they view the drug industry as repugnant, but i still think there is one drug stock that you can buy right here after this decline. it's merck they have tremendous momentum and reports on october 29. the stock is down about five points from its highs. to me it looks like a buying opportunity. i expect merck to raise its forecast thanks to the incredible growth of keytruda. it's better than nabaf what else? here is starbucks. starbucks doesn't report until the 30th, but its stock has been crushed. pulverized from 99 down to 84. that's thanks to excessive enthusiasm when it got to 99 combined with a one shade down

from erflely september the traders, they felt like they were trump chumps if they owned the stock. they've been dumping it every since. at 84, i think it's a buy. don't forget they got that nitro. the millennials love the nitro i get sick to my stomach every time i have it honestly, i can drink this better than nitro. six, facebook. yeah, facebook, can you believe it facebook and what am i thinking, right? here's what i'm thinking even though the social media kingpin had a nice run today, it's still dramatically down from highs and it only takes one statement from one politician to reverse today's rally. as investors have rebelled against faang, this thing has become less toxic. i'm not blind, but honestly, i think they benefit from the fact that there are no longer the other big tech company that's been targeted. this company is no longer public enemy number one now it's public enemy number three or four, depending on the day. that's encouraging meanwhile, the users, guess what, they still love it

they haven't been talked out of it by washington or newspapers they don't seem to care than stuff, including the call today from attorney general to limit encryption stop it already. when you talk to the consumer packaged goods companies as i do, they adore facebook because it owns instagram and instagram is indispensable if you're trying to reach new customers. i do a facebook program daily. the bang for the buck is phenomenal i think you'll have plenty of opportunities to buy this one in the weakness before it reports on the 30th. even if we have an economic slowdown you still have to go to the drug store that's why i like cvs. now the stock has been creeping higher as analysts start warming up to its merge were aetna plus cvs is spewing cash so they're paying for you to wait for what i bet will be a nabaf. finally, there is shopfa a company that helps thousands of people set up their own ecommerce sites. we hear from shopify in three

weeks. we sold this about 60 points above where it is right now. i think you can sink your teeth in as it goes lower into another dip. there are dozens of other stocks that could work here stocks of high quality companies that have just been shelled. i don't know if the market is done going down, although i think we saw an important moment of capitulation during this morning's breakdown. but the oscillator is still not as low as i like here is the bottom line. when the labor day releases its big employment tomorrow, i bet there will be sellers. to me that's the perfect moment to pick up nabf names, betting, though, the not as bad as feared how about we go to brad in illinois, please brad >> caller: good evening. >> good evening. >> caller: i was frommed in the value of vantek. earlier they had a buyout and broadcom back back to the table. there is supposed to be a one-time dividend of $12 >> just stick with it.

rick hill is in charge there i know he is temporary, but rick is a moneymaker, and you're going to make money in it even at 23 i want to stand there and buy the stock. ali in minnesota >> caller: boo-yah, jim. i have a quick question with regards to the future outlook of general electric. >> sure, sounds good what's up? >> caller: i noticed the stock last year lost $22 billion it's got $108 billion in debt, and it's only got $35 billion to pay for its cash do you think this will be a stock that will go insolvent in the future >> no, no, no, absolutely not. as a matter of fact, i would say larry culp has the situation under control. 2019 is a reset year 2020 will be better. the problem here is not of larry's doing, and he is really cleaning things up i don't want to bail i think there could be more weakness, but i do not want the bail i'm going christian in nevada. christian? >> caller: hey, jim. how you doing? my question is i'm currently down in my position in sprint. should i sell now or wait?

>> you're on the wrong horse you need to be in t-mobile with a deal or without, you've got john legere working for you and ledger is the bomb watch for stocks not as bad as numbers and stop worrying about bte after this decline use weakness to pick up the ones i've given you here. on mad tonight, constellation with better than expected numbers, but the stock is still dropping feel like you need a cocktail after the move i'm going to talk to the ceo then ulta faced an ugly sell-off, but where should you stand with the stock i'm investigating. and after a wild few days in the averages, wondering how you should position your portfolio i'm here to help when we play am i diversified. so stay with cramer. >> don't miss a second of "mad money. follow @jimcramer on twitter have a question? tweet cramer, #madtweets send jim an email to

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what do we make of these numbers from constellation brands, stz? the big company known for corona and modelo this morning constellation reported what it first seemed like a pretty solid quarter. even after factoring in a 20-cent earnings hit related to the major investment canopy growth that's the tough cannabis producers situation, they still delivered a 12% earnings beat, up 2% year-over-year management raised their full year earnings forecast yet the stock ended up getting hammered, down 6% today. what went wrong? when you dig beneath the headline numbers, they're trying to sell their lower end brands to another winery for $1.7 billion. the deal has been delayed which makes these results harder to interpret. the company's investment canopy growth getting pounded of late put it all together and there was enough hair on this quarter to scare away the quarters we have to find out more

did the stock deserve the plummet? you have to wonder if this is a buying opportunity we've been looking for. the president and ceo of constellation brands to learn more about the quarter and where it's headed. welcome. >> thanks. glad to be here. >> the things that were moving parts, it was tougher to understand this quarter than others because of the wine and spirits delay with gallo, because of the way there is accounting for your canopy business can you walk us through it a little better? i think people may have been so confused that they did the wrong thing. >> yeah, we think so too, jim. when you look at our core business, our ex-can imports, they were up in depletions to of adjusting how many days were in the quarter. very strong. modelo was particularly strong, up 15% and was the number one growth driver with over 30% of the growth on the entire beer business so we had a really strong quarter. when you then add to that there are margins the best they have

ever been in the quarter, we think our beer business representing 80% of our total profit had a really, really strong quarter what i think people may have gotten mixed up in a little bit is some of the accounting treatments around canopy let's face it. 757 million is a big number, and that number is how much we're up in our total investment in canopy since we made the initial investment so we think the same as you, that this is a great opportunity for people to buy in because we think some people missed the success that we had during the quarter. >> canopy has come down. along with the rest of the group, there are a lot of short sellers driving down some of the stocks there is a lot of competiti competition. i'm being pitched one every single day do you think canopy because of perhaps some of the missteps bruce litton had done, or because it doesn't have a new ceo because the current ceo is retiring is just too hard to get your arms around or is this an opportunity that maybe i know you guys have a limit of how much you can buy,

but it does seem like it's the best capitalized cannabis story out there. maybe it's an opportunity for that one >> it is the best capitalized. and importantly, it is still the leader in total cannabis sales and with our acreage deal, which will be finalized when legal here in the united states, canopy will be well-positioned to win in the united states as well so we continue to be very bullish on canopy and its long-term opportunity to win in this marketplace do >> you think kit be the consolidator that everybody needs? because i got to tell you, bill, there are too many companies in this industry right now. >> yeah, i think so. one of the reasons is why we made the initial investment is we felt they understood government regulation, they understood the science better than anybody else in the industry so no one in our judgment is better positioned than canopy to win what we all believe will be a $200 billion business in the next several years, or more. >> all right so bill, what are things in the

previous quarter everyone is saying when are you going to do a spike sell you've got one now no one cares now it's really incredible how fible the analysts are i'm not. this category is exploding you just have to look in the refrigerator of any millennial what does it mean to have the corona hard seltzer, and when can i see it in stores, or is it there and i haven't gotten the time yet >> you're going to see it starting in march this coming year but remember what corona is. corona's dna is all about refreshment. when you add to the fact that corona is the most trusted brand from for the 21 to 54-year-olds, whether they be non-hispanic or hispanic, it is a perfect marriage between seltzer and the corona brand franchise and as we've said before, we were only going to do this if we could do it profitably we're going to make a lot of money entering this category, and we think with margin structure that is well above everyone else who is playing in it today >> how is that possible?

because everybody tells me they're making a ton of money. what's constellation brands at here >> well, as you know, our bottom line margin structure in this quarter was well over 40%. and when we see seltzer getting to an effective run rate level, that takes a significant piece of this year, we're going have a very similar margin profile on this product to our regular core corona business. so if you look at the other players in the industry, they don't have a margin profile, anything resembling what that will be. >> what i also want to know is we've got new tariffs. presidents just put on scotch and whiskey over there we're having a little trouble getting through this, maybe the canada/mexico trade agreement. what do the tariffs mean to you? >> they mean almost nothing to us, jim. we're not sure whether they would be any impact, if anything would be implemented in italy, and it wasn't. as you know, we have our rafino property in italy.

given that the vast majority of our business is done here in the united states and is done with brands that are made here in the united states, plus in mexico, we will have no impact whatsoever relative to the tariffs. so we're good to go. >> one last question you got slemescal, high west, t in my play selling tequila you now get craft gin. put these all together are you going to get something in the end that is going to move the needle for this big company? >> well, you know, let's not forget sfedka, up over 6% in the most recent quarter. and we've got a lot of opportunity with the brands you mentioned to grow our spirit portfolio. we're excited about it a lot of it is craft a lot of it is where the consumer is moving, the whole premiumization trend, but that whole sector of the business is going to be important to us going forward. >> all right, terrific i'm so glad you came on, bill. it really clarified a lot of good things that is bill

newlands he is constellation brand's president and ceo. thank you so much, sir good to see you. >> you too, jim. >> stay with cramer. tell him we're flexible. don't worry. my dutch is ok. just ok? tell him we need this merger. it's happening..! just ok is not ok. especially when it comes to your network. at&t is america's best wireless network

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is. how do you know when it's safe to circle back to a stock that suddenly turned toxic [ buzzer ] >> buy, buy, buy >> take ulta view. for years ulta was one of the hottest sizzling growth stocks in retail. a little over a month ago the company reported a very disappointing quarter. [ crying ] and the stock got taken to the woodshed. >> sell, sell, sell! >> losing nearly 30% of its value in a single session. it was a horrific decline. the stock kept falling after one analyst after another expressed their betrayal but over the past couple of weeks, ulta started getting its groove back.

the stock surged from 225 to 265, although it's come down from those levels after getting hit with a suboptimal analyst initiation from goldman sachs this very day. still, even after this $5 dip, ulta is well off its lows and we want to know whether it's still a buy from then or if it's bounced too much, or if it's too high was this just a relief rally or is something really changed here that makes this story, which was just horrible more compelling i think it's the real deal let me tell you why. first you need to understand what went wrong here in many ways, ulta was a victim of its own success for years they delivered spectacular double-digit same-store sales growth, some of the best in the whole retail cohort under the leadership of mary dillon. the company did a tremendous job of getting people in the stores. they lure you in with their salon services and cosmetics and hair care and skin care. of course they get you signed up for their incredible loyalty

program which has millions and millions of people it was an all around great business with an all around great stock. it was a listening-time cramer fav. ulta became a market darling and the problem with darlings is when they fail to meet expectation, their stocks get completely eviscerated after a huge run at the beginning of this year, the buyers seemed exhausted. at its highs, ulta's stock had more than tripled in less than five years. >> plus, in april we learned there was some heavy insider selling. >> sell, sell, sell! >> during the first quarter executives sold more than $260 billion of stock they sold less than $54 million in all of 2018 the insiders included ceo mary dillon with the benefit of hindsight, those insider sales told you it was good time to ring the register on this one

mea culpa. i should have seen it. insiders sell stock for many different reasons. it's not necessarily a sign that something is going wrong ulta was huge so they were only being prudent when they took some profits still, it was not something i like to see. so that was the setup going into the last day of august when ulta reported a sub-par quarter and the stock fell off a cliff how bad were these numbers this bad wow. while the company missed across every line item, same store sales growth came in at 6.2% wall street wanted to see 6.6% net sales a little weaker than expected and posted an earnings miss off of a $2.90 basis. the growth was already slowing, but this was more of a slowdown than anyone expected we're used to having this thing beat the number, beat the number, beat the number. i expected a blowup. worse, there was some real

execution issues ulta's earnings grew at a slower pace than sales for the first time in years. if the results were tepid, the guidance was downright disturbing ulta slashed sales from the 6% to 7% range down to 4% to 6% range. that's a brutal decel. for total sales, they edged that down to somewhere between 9 to 12%. so it might have just been high single digit growth. and management took a meat cleaver to the earnings numbers, cutting them mid point of the forecast from just under 13 to just under 12. mary dillon talked about headwinds. talk about a word you never want to hear. headwinds we are seeing in the u.s. cosmetic market hmm. not long ago, ulta seemed like it had tailwinds now it's got headwinds what is the problem here dillon mentioned that most of the top cosmetic brands, both mass market and prestige were experiencing negative growth for the year

ulta thought this was temporary, but dillon says we now believe that the softest we've seen so far in 2019 will continue through the remainder of the year oh, man, that just stinks. she goes on to explain the culprit, okay? the main issue driving the softer cycle in cosmetics is that the newest and innovation that have been the focus of most brands this year has just not driven the kind of incremental growth we've enjoyed for some period of time, end quote. in the past you'd have new styles, new rituals that would produce better numbers but dillon tells us the most recent cycle of innovation has not driven these behaviors resulting in a soft cycle for the cosmetics category, period end quote. so the makeup business is hurting, although don't you dare tell the key ulta supplier, estee lauder the company just reported spectacular numbers.

hallelujah. >> still strong growth in every category, especially skin care and dillon says she is trying to fix the makeup business, trying to leverage the consumer sides and more closely with their brand partners to turn things around geez, when your company has a fabulous track record and you slash your guidance, your stock gets a highlight first the analysts cut their estimates on this. how could they not five firms downgraded ulta with morgan stanley arguing this was a thesis changing end quarter. that's why the stock plummeted nearly 30% in a single day and spent the bulk of september licking its wounds no one wanted a seemingly broken growth stock in this environment. the crazy thing in the past couple of weeks ulta has made a remarkable comeback. usually it take morse than a month after such an ugly shortfall. it's almost like someone switched -- a switch has been flipped here and investors have been given the okay to get back into ulta

what's changed remember how the insider selling early this year really should have been our signal to ring the register on ulta just get this. late last month we started seeing insider buying. september 26th, mary dillon shelled out about 208,000 to buy 1300 charles hallbrand, biggest sort of insider sales this past spring suddenly started buying again. in a series transactions from september 26th to september 30th, snapped up 50 to $60 million worth of stock that's huge. unlike insider selling, insider buying only occurs if the stock is going to go higher. maybe they just need cash. estate planning, divorce but insider buys, that's just powerful once wall street saw that the people who know ulta best had become buyers, that's when the

stock bottomed since then, it's been a big move, although we were lucky today, and that means if you want to buy it the pullback, more than $5 2% my view, right now ulta sells for 19 times next year's earnings estimates it's no longer trading like a high-flying growth stock it's much closer to value territory. the cheapest i reckon since dillon took over and that's why i think the stock is a buy the bottom line. yes, ulta's last quarter was a disaster i wish i had seen it coming. but with insiders buying again, the stock looking cheap versus its growth rate, i think ulta is too tempting here to ignore when it's going down, even if it's looking at permanently lower growth, mid single digit same store sales figures. it's still pretty darn good for retail i recommend buying a little ulta here and maybe a bad employment number, whatever that would mean to get a chance to buy even more on the way down let's go to spencer in florida spencer? >> caller: baba be a -- ba

ba-ba-ba-boo-y ba-ba-ba-boo-yah, jim is it a good time to invest in 5 below or wait? >> my charitable trust took a profit in it because we felt we had such a big gain. it went down and then it started coming back. and we think the business is really well run. we were worried about tariffs, frankly. but then they came on and said listen, maybe we do have to raise price a little bit i think five below is fine i want to buy it in the teens. i don't think you should buy it up here. but retail is making another move and this is part of it. david in new york, david >> jim, thank you for taking my call >> of course >> caller: i'm currently -- spend most of my time trading. i just want to ask you about your thoughts on the real real you previously mentioned it was a good buy. >> realreal is in what has become truly a class of second rate ipos, this is a members

only company for luxury goods, and i like it. i think a lot of people worry this could be the next stitch fix. i didn't think stitch fix was that bad, frankly, but we'll go into that later. i think realreal is real ultmassachusetts tattoo enticing to ignore right now. buy low here and grab some more if the market rolls over there is much more "mad money. so you have to wonder, does your portfolio have what it takes to fight the unknowns in the market hey, let me be the judge we're going play we haven't played in a while, am i diversified. then when is a win not a win when it's a trade war win. i'll explain and all your calls rapid-fire in tonight's edition of the "lightning round." so stay with cramer for your heart...

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when the tape starts the look like a christmas tree, i understand why you might begin to feel a little concerned but remember, panic is never a strategy but what is part of a good strategy is maintaining a portfolio that can come face-to-face with volatility and still get you through. be defensive with earnings season getting under way, it's even more important to make sure you keep

a diversified portfolio that can deal with the ups and downs of what's to come that's why we play am i diversified. what do you do you give me a call you tell me your top five holdings i tell you if your portfolio is diversified enough or maybe if you need to mix it up little let's start with scott in the illini scott, what be cooking >> caller: jim, how are you, buddy? >> couldn't be better, thank you. >> caller: it's scott from chicago. after 30 years of being in the s&p 500 futures pit, i am finally trying to figure out if i am diverse o diversified. >> i'm honored that you called in, because you obviously have a good handle on everything financial. let's go to work hope i can help you. >>. >> caller: well, i hope you can also i've got ajrd, microsoft, nvidia, exalon and cerna >> this is one of my favorite defense stocks i have a friend who works for it nvidia was up huge today that's because i think it's about to get approval and micron

stabilized exelon is a terrific utility cerner is a health care company and microsoft a great tech microsoft and nvidia do tend to trade together i'm going to say let's keep nvidia let's go with microsoft and let's get a retailer in there. and i'm going to select as of tonight costco and then i think we have total game, but that has to be done. i don't like that overlap between microsoft and nvidia, also known as my dog i have a great dog picture today of nvidia if you go to twitter can i go to joaquin in california joaquin? >> caller: boo-yah, jim. thank you for having me. >> you bet. >> caller: long-time fan of the show i appreciate everything you do >> thank you thank you very much. >> caller: so the five stocks that i have are disney, costco, american water works, boeing, and visa >> all right let's go to work here.

[ buzzer ] [ buzzer ] [ buzzer ] [ buzzer ] buzz okay disney is entertainment. american water works is a terrific utility boeing a defense company visa fintech and costco is one of my favorite retailers retail, entertainment, utility, fintech and defense aero wow. ♪ hallelujah >>. [ buzzer ] [ buzzer ] stuck on that one. let's go to vic in illinois. vic? >> caller: hello, mr. cramer first time caller. like to know if i am diversified. >> of course let's go to work >> caller: okay. roku, amd, cvs, qualcomm, itsy >> wow man. [ buzzer ] [ buzzer ] [ buzzer ] [ buzzer ] [ buzzer ] [ buzzer ] okay here we go roku, you know what we're going to do? call it entertainment. there a little too much

entertainment here and i don't want everything sold qualcomm we're going to call -- we're going to call that communications software. amd, well, i got to tell you, these two are going to go together, because we're going get rid of qualcomm. cvs, big position action alerts. i really like it i tell club members one of the cheapest stocks out there. and etsy, let's call it an online retailer. we need to bring in something here, again, we can use, let's see, why don't we put in honeywell. i like to have a diversified industrial that's doing incredibly well that would fit in place of qualcomm i know we're going to cut back on yield, but i like it. all right. let's go to dave in kansas dave >> rock chock jayhawk, jim. >> okay, i love the jayhawks always been a jayhawk fan. ever since wilt. what's going on? >> caller: outstanding my symbols are cme >> okay.

>> caller: deo >> yes >> reporter: klat. >> love. >> caller: pep peyx. >> oh, boy, we've got some work to do here [ buzzer ] ♪ hallelujah >> that was easy >> okay. fintech, which i love by the way. that's a great company a great coach called me and asked me about it. it's a winner. kla. that's semiconductor capital equipment. it's really good paych paychex. payroll processing pepsico, blowout quarter today diageo uh-oh, uh-oh, two beverage company, but they don't trade together why? because this is hard beverage, meaning alcohol. so we've got an alcohol company, a soft drink and frito-lay company. my executive producer likes those especially hot on fire chips. i have to eat them with a fire

extinguisher nearby. fintech, but we call them payroll processing i just love this company, kla semiconductor equipment doing incredibly well. and great fintech companies. i'm liking i'm liking what i hear i'm liking, and am i done or do i have more? "mad money" is -- "60 minutes" is back after the break. make fitness routine with pure protein. high protein. low sugar. tastes great! high protein. low sugar. so good! high protein. low sugar. mmmm, birthday cake! pure protein. find our coupons in sunday's paper.

"lightning round" is sponsored by td ameritrade >> it is time! it's time for the "lightning round. cramer -- >> buy, buy, buy. >> sell, sell, sell! [ buzzer ] and then the "lightning round" is over. are you ready, skee-daddy? drew in texas, drew? >> caller: boo-yah, jim. how you doing? >> i'm having a good day how about you, drew? >> caller: i'm doing well. >> that's good >> caller: i got a question for you about yeti >> i like yeti i think it's in good shape and i want to buy it kevin in georgia, please, kevin

kevin? >> caller: hey, how you doing tonight? >> i am doing well we're bonds trading down here. what's going up? >> caller: i'm looking for your opinion on the egg fertilizer industry and your take on mosaic. >> mosaic? no mosaic, that's a commodity business i have always shied away from commodity businesses on the show, and it's never hurt me that's my view let's go to canyon there is a cool name in texas. canyon >> caller: show me the money, jim! >> i'll do that. >> caller: stay with me, jimmy. >> sure, i'm with you. >> caller: show me the money last year on this day, square was $98. the fundamentals look about as good as a slice of the longshoreman and is it time to unload the clip here >> well, longshoreman where my wife lisa who was on a video today that i give her bull market fantasy, here is the problem. you are going to run into the fact that they lost sarah friar, and the stock has not moved up

ever since sarah left the company. it's incredible how one person can mean so much i think that company is a good company. david in california, please. david? >> caller: boo-yah, jim cramer. >> boo-yah, david. >> caller: i'm calling again for your insight and guidance. this time on raytheon, rtm it made a little pop when its pending merger with us first -- >> i got to tell you, this combination between raytheon and united technologies is simply brilliant. >> buy, buy, buy >> i don't understand why people are so worried about everything here greg has this completely under control. it is a buy, raytheon. that's a merge between raytheon and united tech. let's go to romy in virginia romy >> caller: hi, jim this is romy in virginia i have a question in reference to bristol-myers. >> bristol-myers krorz that's right >> i think the merger, the merger with celgene is going to be a winner. >> buy, buy, buy >> it is true that i like the

abbvie-allergan more, but it's a dynamite combo let's go to denise in virginia denise >> caller: hello, boo-yah, jim this is denise from virginia my husband and i are top fans. >> thank you >> caller: and recently, he's looking at jbg smith for a long-term stock portfolio. so tonight i wanted to surprise with a call to you >> if you're going to be that good of a thing, i'm going to send you back to ventoss i don't want to go far afield like you are let's go to daniel in pennsylvania daniel daniel >> yes >> come on, my brother what do you got? >> caller: yes >> you're up it's jim >> cramer. >> yeah, it's cramer >> caller: thank you for the valuable service your helping for the unsophisticated investor. >> thank you >> caller: what is your opinion about akhanna oil and gas?

>> don't buy. >> sell, sell, sell, sell, sell, sell >> don't buy >> it's real bad actually, i don't want to touch it matter of fact, i often talk about, and it's about where stocks can go to if they're bad, and that's because there is no such thing as negative numbers brian in texas, brian? i hear you, brian. >> caller: hi, jim you know, i'm in texas i'm originally from flatbush and utica. >> okay. there you go. >> caller: i've invested for income at this point am i going to be happy that i bought british petroleum yesterday? >> yes i got to tell you, my charitable trust owns it. we're shocked at how bad the stock acts, but it is a fossil fuel company and the millennials have rebelled. i think it's a very good situation, but i recognize how much fossil fuels are hated. let's go to one more let's go to tom in new jersey. tom? >> hi, jim listen, i want to thank you for

the skills you've passed on to me >> oh, terrific. thank you. >> what's your thoughts on waste management >> it's come down just enough. i was hoping it would go to 112. >> buy, buy, buy, buy, buy, buy, buy, buy, buy! >> enough to be able to say i feel very good about it. and don't forget we have mr. fish on, and he is a very good ceo. this is the level. and that, ladies and gentlemen, is the conclusion of the "lightning round"! [ buzzer ] >> the "lightning round" is sponsored by td ameritrade rked . well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪

when is a win not a win? when it's part of a trade war. yesterday, in the midst of the worst sell-off in ages. >> sell, sell, sell! >> there was a moment where it looked like wall street genuinely believed the president might take his wto victory against europe and simply use it as a bargaining chip to get better deals after all this ruling against europe for dumping airbus planes was 15 years in the making why not show to it use some graciousness and negotiate better terms long-term from the eu on from where the trade practices are even more egregious. that's where the thinking went president trump wasn't thinking of it. he slapped new import duties on instantly, right in their faces. here is the new tariffs, wines, scotch, other goods imported from europe. that's the last thing wall street wanted. the street is hoping for yes, indeed, a measured response to distinguish good guy europe from

bad boy china. so after punishing opening, why did things not crater and we actually bounce? there is another group of investors that believe it could have been more punitive here they're happy trump didn't go after lvnh or herms me, hence this tie or some of the other finer leather goods, really make a mockery of things. this is all becoming insanity. if you don't where the president stands on trade at this point, you haven't been paying attention on this eshould. trump wants tariffs everywhere to reverse long-standing trade imbalances everywhere. he thinks the united states has been a patsy all over the world and regards this wto ruling as a win. he wants to use it to escalate our simmering trade war with europe as well as keep going on with our trade war in china. and that is bad news for the stock market see, in short, while this ruling was a win against europe's unfair trade practices, i think it will be a loss for our economy and our stock market i say that as someone who has backed the trade war with china to the hilt. but this is not the time to for

new tariffs, not when we're fighting a potential economic slowdown in our country. really, though, i'm astonished that some money managers and commentators still haven't figured out what president trump's goals are. he has been pretty much yont about it i think the police department had a two-pronged strategy on trade. he wants to confront our hallal lies and bludgeon them into opening new plants at the same time starving china of new investment but any kind of sales tax hurts our economy, which brings us to the second problem the white house was hoping that the fed would back them up and cut interest rates aggressively, offsetting any damage from the trade war. unfortunately, if you wanted to accommodate the federal reserve, he should have appointed different people was powell doesn't seem himself as a team player he beliefs his role is to be independent. so powell has raised interest rates last year and now he is dragging his feet on more rate cuts and without the fed on board, what are we left with? the dollar is too strong for manufacturers to thrive,

especially in a slowing global economy. it's not like the new tariffs on wine and olive oils are going to create more jobs instead, our largest enterprises are paralyzed with indecision as executives don't know where the next are going to hit. it seems so capricious, so a arbitrary. last night we spoke to paychex, the payroll processor, and the job creation they talked about is very real we have a real labor shortage. that's a good send for anyone who works for a living but the last thing we need at this moment is a two-front trade war. hey, look, i'm all for crack down on china. probably harder to align that a lot of people in the white house. i know that europe has plenty of unfair trading practices of its own. in theory, president trump is not wrong to go after the eu in practice, i think fighting a two-front trade war could be self-defeating for our economy and it's too bad judging by the president's attitude, he is happy to keep imposing more and more tariffs everywhere that's something we can't afford much more unless the fed is on board, which it's not.

mr. president, it's time to get a deal done. something not unilateral just to show that we still have a funning government when it comes to trade these day, even though i am a hard-liner, maybe harder than you, i am wondering, well, let's just say, if we'll ever get anything done. stick with cramer. - [spokesman] if you've tried college but never finished,

(group cheering) snhu lets you transfer up to 90 credits toward you bachelor's degree. - [woman] it doesn't matter how old you are, you can do it, you can finish. - [spokesman] finish your degree at snhu.edu you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade,

who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. when we get the unemployment number on fridays, we have had a lot of erratic tweets from the president. and if you want the market to stabilize, mr. president, this might be a good time to start tweeting about other things than the stock market or the fed. it's just let's say a jerome powell free from attack day. and then the market will probably go higher no matter what let's take a little moratorium on tweeting about the fed. i like to say there is a bull market somewhere i promise to try to find it just for you right here on "mad money. i'm jim cramer i will see you tomorrow.

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