today was the fifth trading day in a row wherethe s&p 500 swung by more than 4% either way, if it does it again tomorrow it will tie the record six trading days in a row set all the way back in november ofe the sell-off right now, take care >> 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 want to make friends i'm just trying to help you save some money myion is not just to put in context entertain but to educate and teach you so call me or

tweet me @jimkraim he were worst day since the crash of '87, the dow at the lowest close in two years >> no! >> s&p plummeting 9.8%, nasdaq 12.32%, a truly sickening day with a horrendous last hour. it's finally dawning on people we're in a real crisis here. i've been telling you this pandemic could be real bad news for stocks, since i came back from the super bowl we were underestimating the coming outbreak send us into i want to say a recession, because i think that it's pretty obvious that that's kind of where we're going. people did underestimate the coming outbreak and as far as i'm concerned it really isn't one of the situations where we can just ride it out we have to think about it. we have to figure out what to do we have to work together, and i've got some ideas, they're not simple ideas they're ideas involving opportunity, they're ideas involving what i regard as being

let's just say some things that happen that are good when the market goes down, but we're not ready yet. first, let's talk about what went wrong here. i've been saying that we were going to underestimate this situation. i've told you this market was headed back to lows we made the last time we were on the eve of recession, december of 2018. we've taken out those lows and we can go lower because this is worse than the fed mandated slowdown then. the markets trying to adjust to the vast economic downturn that is the only way to beat covid and we're not there yet. the averages likely won't bottom until people adjust to the new normal i've been warning you about for biggs. this is a big but. after the dramatic heart-stopping sell-off we have to think maybe it's too late to sell unless we get a short sharp squeeze that was you remember the short squeeze that we had on friday but these levels when everyone's

cashing in their chips in total panic and fewer russ redemptions knew need to consider what to buy when the bad covid and economic numbers come out in the next few weeks they're going to be bad. one of the things that drove the market down the president is talking about july, people are saying this can't last forever, it may not do that or anticipate july we have to be ready. you probably say jim, you sound more constructive than you've sounded. the market is so horrible. i'm more constructive because unlike the last big recession this time i find the people in charge, the real policymakers understand that something needs to be done in 2007, the fed and the white house were asleep at the wheel, totally unwilling to lift a finger to stop the ongoing disaster this time it's different whether you love trump or hate him, it's not about him. i think the people want to make it about him i'm going to take another tack i think it's about the professionals. fed chief jerome powell can make more of a difference than anyone in the white house when it comes to the economy

yesterday the actions from the fed chief everyone seemed to poo-poo. this i liked the fed made historic moves last night and the moves worked they worked why? because your bank opened for business this morning. it probably wouldn't have. all day the liquid injection failed because the stock market got obliterated. are you kidding me he wasn't trying to save the stock market he was trying to prevent bank runs and make the treasury market work. the fed had done this in 2007 we wouldn't have had the worst downturn since the great depression powell took another financial crisis off the table there will be plenty of losses, tons of bankruptcies and ballooning unemployment but because powell has his eyes on the prize providing liquidity where it's needed we have one less horrible thing to worry about, a big horrible. second this morning i stoke to steve mnuchin about his plans to stabilize the small business base of the country.

people think he wants to stabilize stocks that's not what the game is about. i can't, nobody can but he liked what the fed did and made that point labeling something a recession doesn't really advance the ball i like that. i've mentioned that what we really have a hiatus in business hopefully so much stimulus at some point wall street will be able to look through the current weakness and embrace great balance sheets that can thrive when the numbers level off we're trying to flatten the curve. i know it's too early for all that stuff we've taken out the lows from december 2018 but this panic is much worse than that panic this time there will be layoffs. hopefully they can agree to a giant stimulus package to tide working people over until we contain the virus. can someone understand the payroll tax deduction is great if you have a job, not if you're a 1099 and don't have a job. they have to think bigger down there. i wish i were down there, knock some heads together and straighten this out.

there are opportunities developing over, what is it like bernie sanders here? developing out there with the averages down 30% from the highs. the vix fear gauged highest level ever, worse day since '87 a day that felt a lot like today when i traded. there are opportunities here and now and you won't catch them using broad index funds. this is the time to pick individual winners are losers. 60% index fund for years we've been told we're morons trying to pick stocks and the best could you do is hope to mirror the performance of the averages but the problem with the index fund you own the winners and losers and the difference has become too stark to make sense. that's where the opportunity comes in, people there are many industries truly on the ropes here and i expect to remain on the ropes for a long time unless they fall flat on the canvas. if you invest in s&p 500 index fund you have to own the bad, the very bad, the disastrous and small group of easily identified winners. i don't want to own the airline stocks reminds me of 9/11 when the

industry was crippled. it bounced back after a $15 billion bailout. day three of what is looking like a total collapse in air travel aerospace either, not with boeing struggling, debt being down, that's a bad one like 2007 i know i wish it weren't so another problem economic activity is dropping too soon for a bounce-back, hope they don't bleed into the other parts of the finance world, same for restaurants, entertainment i just got word from new york today we have to close our restaurant and bar, too many people gathering i wish social distancing makes this whole group uninvestable the great hookup with bar stool for sports betting, everything is canceled, the stock at $39 last month, eight bucks today. someone upgraded las vegas sands. nobody feels like buying anything unless ordering from amazon i think there will so much

excess inventory they will offer consumers incredible deals we're not there yet. the whole industry is toxic. macy's has fallen 75%, sports 2.5% yield, kohl's down 17%. nordstrom off 60%, 9% yearly the other stocks are screaming the earnings are in danger and dividends will have to be cut. retail is a zast we are the exception of the largest companies. i know the banks are cheap and now that the fed has taken action i believe they'll come out whole given the fed is willing to throw money at them until other people agree you fodder for the bears before the bottom it's not 2009 while many of the banks were in single digits. they lost principle support when they pledged to buy back stock autos, oh, please, please. suppliers, no. commodity no, paper, no, steel, no you think maybe i'm too bearish? listen to jim fitterley, ceo of dow chemical in the show, tapped too hard and probably too soon

i said last week buying the best for a spring loaded rebound but prepare to lose money before we get you and i bet you 99% of you are not willing to and better learn how do it. if the data is just going to get worse and it is, we'll see the denominator get big, the stuff it's like algebra. why am i telling you to be opportunistic? the makers of literally everything you might find in the supermarkets saw their stocks dropped and the packaged food companies rallied and so did many of the drug stocks. they gave back the gains in the late afternoon, some closed up big, conagra, need until a hay stack but we look for needles. i think we're going to get some big coronavirus numbers now that are really going to saltz people's strength in earnest, getting more lockdowns like in san francisco may not be able to shop grocery stores will still be open we underestimated how bad it was

going to be. some of us did but today gave us a template for what works when the economy is on hiatus stocks of companies that make things we can't live without cabinet, pantry, oen a horrific day the averages down 12% to 13% we got to stop buying average instead we should buy quality recession proof stocks because that's what works when the economy is on hiatus time to hold your nose and buy a couple winners get started. as for the losers, no more selling without a big up day like on friday to get you better prices than you can expect and into the teeth of this panic let's go to jay in ohio, please, jay. >> caller: boo-yah, jim, how is it going >> jay, slightly better days but i'm still around how about you? >> caller: i'm doing well, thank you. >> good. >> caller: i got a quick question for you, interested in adding silver or gold into my portfolio, trying to diversify up my investments. wanted to get your thoughts about the precious metal market

and which is the best way to invest in coin and/or stocks >> people have given up on the precious metals think we're in a deflationary storm and i say you know what? i always find room for gold. i think that you want to own gold and i don't mind that gold is going down. i think you buy some right into this weakness. i actually think barrett gold bottomed and that's the way i'd do it buy g-o-l-d. stick to the quality recession proof stocks as they come down, this is what you have to buy into those openings when we're frozing, down 7%, that's what works. it will work again on "mad" tonight we'll get a big bump, thermofisher received an emergency okay produced up to 5 million saltz kits a week. i have the exclusive and the head of cvs health discussed with trump the coronavirus i'll talk about the latest initiatives and demand crushing global pan demme ek, how is dow

positioning it self? i'm talking with the ceo stay with cramer >> don't miss a second of "mad money. follow @jimcramer on twitter have a question, tweet cramer #madtweets, send email to madmoney@cnbc.com or give us a call at 1-800-743-cnbc adhi sometng he to madmoney.cnbc.com. but in my mind i'm still 25. that's why i take osteo bi-flex, to keep me moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex - now in triple strength plus magnesium.

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until this pandemic is contained or just burns itself out, covid-19 is in the driver's seat and it's a very bad driver. there's nothing more important than getting this crisis under control, that's how we save lives and it's how we resuscitate the economy. we can't contain the virus until we know who has it what are the characteristics we can't know who has it until we ramp up our diagnostic infrastructure there haven't been enough test kits in the united states. fortunately on friday the fda issued special emergency use authorization for two new tests for roche and thermo fisher scientific it's a long time cramer fave

life science instruments and lab equipment maker. think of them as an arms dealer to the biopharma industry. the dow is more than 60 bucks from the high and funlg part of the fight against covid-19 marc casper is the chairman and ceo of thermo fisher scientific. mr. casper, welcome back to "mad money. >> jim, thank you for having me today, and i really appreciate the opportunity to talk to you and let me start by thanking my colleagues at thermo fisher that have been engaged around the world in addressing this pandemic >> marc, when i saw the press release i said oh, they got the professionals involved you know how much respect i have for your company how did this come about and how are you able to produce the numbers? i know a lot of people feel like we were caught flat footed or whatever but i care where things are going, not where they came from you were able to produce something that could save a lot of people's lives. >> so jim, you know, once the

outbreak started in china, our teams mobilized to actually start to develop a test and during the course of the last month we've been working on that once in the u.s., the state of emergency was declared about a month ago by the secretary of health and human services, we actually started working very closely with the fda in collaborating, able to get that authorization from the fda to have our test on friday of last week >> where will we see thermo fisher's tests >> jim, could you say that again? >> where will we see these tests? will they be at walmart, at the parking lot, or is it our doctor's office, emergency rooms? >> yes, so what you'll see the tests will be at the laboratories across the country. the protocol here is we'll be shipping to about 200 laboratories we started that process across the country. samples will be collected at either your doctor's office or

at a testing center, depending on what's available locally. those samples will then be brought to a laboratory, and each state will know which laboratories have the tests, and then once the process starts, about four hours from the receipt of the test at a laboratory to actually getting a result >> so i will know, i take a test at 10:00 with a her to mow fisher instrument and i might know say by 3:00 whether i have this or not? >> yes, it's going to determine the time how quickly the sample can get to the laboratory and what the backlog is in the lab but once that testing starts in four hours, you'll know the answer >> why is this the best test >> you know, it is a test that can be distributed across the country and around the world and the labs know it is high quality and reliable and simplifies their work flow tremendously it is really a proven technology that we've worked on and other diseases in the past, whether it was h1n1 or zika, things of that sort we're experienced in doing this. >> the numbers that you're talking about making are

staggering how do you have the equipment? how do you have the supplies on hand to make this many >> so we have already about 1.5 million tests in stock and began shipping them yesterday and today, so that's what's currently in stock but we're ramping up to about 2 million tests of production a week, and then over the course of april, we'll be able to get that to 5 million tests a week in terms of production so very dramatic ramp-up. we have large factories to make these tests, jim >> look, you're not dr. fauci whom we all adore. should everyone take one or is it you should think preexisting illness, you're elderly and someone say in their 40s or 50s that has a cold should not, in your opinion, take one >> so i think in this case it's straightforward. you follow the government guidelines of whether you have symptoms and what risk profile you are, you follow those procedures to determine whether

you should be taking the test or not, and that's how i would think about it for myself as well >> is there much difference between your test and the rosch test >> there's only one competitor out there, that's the virus and the more tests available for the public, jim, is really what the important thing is, and you have tests from our oeselves after rh and home lab developed tests as well and expanding that capacity so it's across the country and other countries as well is super important in addressing the virus. >> one of the things that i -- hate him or like him, president trump blarought together executives in a quick partnership. are you happy with the way things are going now, the public/private partnership is it what you want? i've known you a long time, an exacting person who wants to do things right are we getting it right? >> yes, the thing that i thought was super encouraging from my perspective is that the fda

collaborated throughout the process, worked literally around the clock with us, but they never reduced the standards. they wanted to make sure that everything was clinically validated and make sure it's safe and reliable for the american people and that's exactly what i would want and it's been a very collaborative process and i'm appreciative of it >> this is rapid-fire, right this is something that you've never seen before. i'm not saying they're not rigorous i'm saying there is an element that we should feel a little bit good about as americans that you got this thing together this quickly. >> yes, i'm very proud of the collaboration, and you know, we had executives from the lab, companies that do the testing and companies like ourselves that supply them and the government asks what do we need to be as fast as we can, and it's been a very collaborative process from that perspective. >> do you talk to dr. fauci? >> i did not in that case. i did work with the head of the cdc and the head of the fda. >> just in general, just because i have you, a fantastic

acquisition and i don't want to conflate lives with money. i know it just happened but it's a great idea for thermo to do that correct obviously. >> jim, we as you know have a proven growth strategy and we invest to create a bright future and strengthen offering for our customers. earlier we announced a large acquisition $11 billion to strengthen our molecular diagnostics and life science solutions portfolio and look forward to next year welcoming our 5,000 new colleagues from kiage to the company it will be an exciting addition and one of the things that will be positive is that they will strengthen our infectious disease portfolio, something that will be very important going forward as well. >> that's right. people think cramer is trying to recommend a stock. i saw what they do and t.b. and a lot of, they do a lot of very tough stuff and it was still one more great acquisition you have done marc casper and a fabulous job with thermo fisher thank you for coming on the

show i appreciate it. >> thank you for having me today. >> we can be gloomy. i saw marc casper, i heard that he was involved with this, i said that guy is a hitter. we do have hitters in this country. we're not a total, you know, we can get this we can beat this things like thermo fisher. "mad money" is back after the break.

even though this has been another terrible horrible, no good, very bad day we don't want to forget friday afternoon's big rose garden event at the white house. president trump gave us the first stage of a plan that will hopefully help us mitigate the damage from the coronavirus outbreak he announced a set of public/private partnerships between the government and some of our nation's largest companies. i like that. it wasn't the marshal plan i've been calling for but a step in the right direction. big names including cvs health

donating space in its parking lots for covid-19 testing. on top of that, cvs rolled out a series of initiatives to help with the outbreak, broadening access to medication, working with local governments to deal with patients who show up with the virus at minute clinics and bending over backwards to keep their employees safe and shelves stocked. major drugstore and major health insurer, they own aetna, an essential player in any response to the pandemic. larry merlo is the president and ceo of cvs health. mr. merlo, welcome back to "mad money. >> jim, great to be here >> larry, give us perspective, some context where are we in this pandemic and what is cvs doing to help us >> well, jim, first of all, we're in a unique position to help address the pandemic, given our physical presence in communities all across the country, and the ability to reach millions of consumers with local solutions, and you think

about the health, the safety of our customers, our client numbers and certainly our cvs colleagues that's our number one priority and we're taking the necessary steps to ensure their well-being and we've got key leaders across each of our business units, working to maintain business continuity in order to meet the needs of consumers, clients and communities we serve and we asked ourselves every day is there more we can do jim, i think we're in the early stages i think we've seen from dr. fauci and other clinicians that we have the risk of this getting worse before it gets better. >> right >> there is a lot that is being done in many places, many industries across the country, to gain control and put this behind us. >> larry, do you envision a world where one of your multipl cvss be a line almost like a car wash where you can get a quick test, is that the right

appearance that i got in my brain? >> you know, jim, as a leader in health care, we have hey regular contact with white house key leadership on the hill, and i think it's important to acknowledge that as we sit here today this is no longer about politics, not about competition. it's about companies working together to be part of the solution, and in this case, how we could make testing more broadly available, and you know, we've had a series of calls throughout the weekend, again today, working out the details, and the testing would take place in secure areas of parking lots, not inside stores, and individuals being tested will not have to leave their cars i think one of the important things, jim, that has been discussed is, defining the testing protocol, and the fact that, you know, the individuals would be prioritized health care workers, first responders and those over 65 with the symptoms of fever and respiratory distress, but many details have been worked through but there's

more details that need to be developed to get these sites up and running, as well as working with the state officials to accomplish that as well. >> okay, today an analyst meeting same-store sales and it does seem that the combination of what you guys do for a living, plus your excellent caremark division for largest operations in the world which i use this is kind of, look, no one is a profiteer but your combination of the same-store sales and aetna must be producing something that's pretty good for cvs. >> jim, we certainly in our retail business have seen a very large demand across a wide range of items and categories that no surprise cleaning supplies, sanitizers, people restocking their medicine cabinets and we're in daily contact with our suppliers, and looking at creative ways to fill that demand, as we respond to orders.

there's going to be some spot shortages of product but we're doing everything that we can to get that product to the shelf as quick as we can, and you move over, jim, to our aetna business, taken probably five important steps when you think about the combination of cvs and aetna. first of all we waived charges for home delivery that enable individuals to receive their needed medications and products while remaining in the comfort of their home. we've waived out-of-pocket costs for all diagnostic testing related to covid-19 for the members, offering zero copay telemedicine visits for aetna members, not just specific to covid-19 but with the goal of limiting potential exposure in physician offices. we've waived early refill limits on maintenance medications, offering 90-day maintenance refills for insured and medicare members and finally we have a program that we call aetna's

feeling better program and members who are diagnosed with the virus will receive a care package containing otc medications to relieve symptoms with cleaning supplies to keep others in the home protected from exposure. there is a lot of activities going on no question again seeing a list in retail traffic and incurring additional costs with the initiatives waiving copays or eliminating out-of-pocket costs. >> larry, are we able to feel somewhat confident about the supply chain for our drugs given our reliance on china? >> jim, great question we have not experienced any disruption to date and we have been in close contact with our suppliers. they actually tend to carry on average a three to six-month supply jim, you think about the fact today that about 90% of all prescriptions dispensed across the country are generics

we have the size and scale for our partnership with card until health, created the red oaks sourcing model and as a result we've been able to diversify our generic supply chain so we're not dependent on any one manufacturer for a particular product. >> that is great news because a lot of us are quite concerned about that finally, are you happy about where things are -- that's the wrong word do you think things are okay between the public private and private partnership with the government and with your company and others >> well, you know what, jim, as i mentioned earlier, this isn't about competition. it's about companies working together against a common cause, looking for a solution we've been in constant communication with government officials. i think it's clear that all parties are focused on solutions, and i think it's also clear, jim, that the public/private partnerships continue to be a powerful force in times of need, and that's certainly what we're experiencing with the virus. >> so glad you said that, larry.

the cynicism is so deep. i think business is the greatest source of social change in this country, companies like what you're doing that are great. larry merlo, president and ceo of cvs health, symbol cvs. great to see yousior t, r alk to you at least "mad money" is back after the break. do you have concerns about mild memory loss related to aging?

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in a market this ugly, you know i think it's tempting to start picking at some of the stocks, especially the ones i call ahys, accidentally high yielders if you buy dividend stocks on the way down there's one important caveat you got to make sure it's a dividend money good because if it's not safe, then you can get clobbered which brings me to the new dow inc., the commodity chemical maker, part of the dow/dupont merger/bleakup. the past month the stock has lost more than half of its value because the commodity is cyclical, sensitive to changes in the economy thanks to the sell-off eye-popping 12.7% dividend yield, wowza at these levels you got to wonder if the stock is too cheap to ignore. we need to make sure the dividend is safe before we can consider owning something like

this into the teeth what have looks to be a big global recession. jim fitterley is the ceo of dow inc. to get a better read on how his company is weathering a tough environment. welcome back to "mad money." >> thanks for having me, jim, nice to talk to you. >> always good to talk to you, jim. the market is saying that your dividend is not sustainable because dow is related to the price of oil because dow is related to giant cyclical portions of the economy and because the coronavirus is going to make it so you will have much less business. you're a worldwide company, already seen what happens in china, familiar with what's going on in europe why is the market perhaps wrong about that judgment? >> well, our demand is good right now, jim, and in fact the last two weeks we've seen our demand in china bounce back and so i think when you consider that that coronavirus incident started in really february for them and we've already started to see a recovery from that, i think that tells us that we can

see the same thing wash through the economy here when it gets to the dividend, i think people need to remember that we took a lot of actions in 2019 as we came out as the new dow, we paid down $3 billion worth of debt. we also just recently tapped the euro bond market for 2.25 billion euros of 1% debt which we used to move our debt maturities out until the end of 2023 we started the year with 2.4 billion of cash, our dividend is 2.1 billion for the year, and we got tail winds this year of another billion, which we have lower transaction costs this year versus last, and another billion of nonoperating cash impact items so i think what people are looking at, the market's full of fear, uncertainty, and doubt, and they may project that onto the dividend, but as you said, it's an artificially high dividend yield we're in a much, much different financial position than we've

been and we did it deliberately to be ready to go into a down cycle after about a 10 to 11-year bull run in this market. >> can you explain to people the relationship with oil and also have you oil tested your dividend so to speak if oil were to drop to 25, 23, would it still be okay to pay that size dividend >> we did. we stress tested our operating ebitda as we went in to the new dow and we spun out, and we tested that dividend we tested it as low as a $6 billion ebitda, and today if it went to $5 billion, we stress tested it and be able to protect it at that level we've got very clear prioritie for cash, as we go into the year our first is the dividend. our second is obviously we're going to maintain and operate the asset, so that's 800 million to $1 billion to operate safely and reliably and obviously we would like to pay down another

$500 million to $1 billion of debt with cash we're going to cover delusion and share buy-backs and then we'll look at what we've got available as we move from here and the other thing i would say is capex is one of the things, we started the year with a $1.5 billion capex program. that's down from last year $2 billion. i would also tell you we're really physically going to have a hard time to spend 1.5 mainly because the limitations on people moving around, contractors, engineers, and the people that we need to execute those projects i think it's going to be a real limitation for us for the year. as far as oil price, you know, the other thing that i think has been overdone a little bit here is that oil price dropping $30 a barrel in this environment i don't think the current pricing that we're at is sustainable. the replacement values are much higher than that, and what we see happening in the futures market is people are starting to move in, and rent very large crude carriers to store that oil

because they think this is going to turn around >> you obviously are putting your money where your mouth is, as are two directors you and jeff fettiy in whirlpool, bush wesley all bought stock talk about the size thaw bought because it's pretty impressive >> well, i bought friday morning after seeing thursday's move i went in friday morning and told the office that i wanted to buy some stock and was i cleared to be able to do that, and i bought 20,000 shares. you know, look, i think this thing has been overdone. i happen -- the market feels like 1987 to me. i was a sales rep. for dow in 1987 and i saw this same reaction in the financial markets, and at the time, i just took whatever free cash i had and i bought dow stock at 24, and it felt very much like it to me that this had been overdone, and i understand when people get afraid and there's a lot of uncertainty, that they want to

pull back but i also understand when we get below some very good intrinsic values and i've seen how the markets can rebound. these oil markets can shift back we've seen moves like this before, you go down $30 a barrel and in some cases by the end of the year, you could be back right where you were at the beginning of the year. >> one last question obviously, we're all concerned about health and safety you have a lot of plants plant in spain, plant in the united states. what are you doing to make sure, can you run plants safely with, do you send people home? how do you handle it >> we can run safely, so anybody that can work from home is able to work from home, and we encourage them to do that. when you're in the plant operating environment, we have several operators who will be in control rooms or out in the field. it is not a very dense environment, so they have plenty of social distancing, and we've amped up the hygiene within those spaces for them. we're also making sure that our dow medical facilities monitor health and checking temperatures

and doing those kinds of things. so we're following all the protocols that everybody else in the industry is following. we're teleconferencing whenever we can i might come into the office to use the video conference, but most of my day is spent on the phone, and that can be done from home as well >> jim, i appreciate you coming on most people are running for cover and you came right toward us, and told us a very good story. thank you so much, jim fitterling, dow inc. ceo good to he so yous aalways, sir. >> thank you, jim. take care. >> all through america this is what's happening, and i can't tell you that things are great obviously. i can give you the facts, and that's what jim fitterling just did. "mad money" is back after the break. how we're spending, saving, and investing, we can look out for one another and bank on ourselves.

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i'm very fortunate i can lean on people, and that for me is what teamwork is all about. you can't do everything yourself. you need someone to guide you and help you make those tough decisions, that's morgan stanley. they're industry leaders, but the most important thing is they want to do it the right way. i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley. lightning round is sponsored by t.d. ameritrade it is time for the lightning round. >> buy buy buy >> sell sell sell! >> the lightning round is then over are youed? tom in new york. tom. >> caller: jimbo.

>> yo, yo. >> caller: 25 years ago i saw you on the subway in manhattan i wanted to say hello, but you were buried in paperwork so i'm saying hello now >> that was our chance you never know what would happen anyway, hello right back at you. >> caller: care trust brie >> care trust reit the health care reits are acting so badly, i might see you again on the subway, you might give me a hard time. thank you, you're a good guy sharon in north carolina, sharon >> caller: boo-yah, jim! >> boo-yah, sharon >> caller: allstate insurer a.l.l. >> insurers are not my cup of tea. they react horribly. i do not want to own an insurer. let's go to alex in new york alex >> caller: jimbo >> yo. >> caller: talk to me about

interactive corp., iac >> here you have barry diller, a good example of a company where i think if you buy and you wait a little while it's going to be fine but i don't know if it trades extra 125 100 i like to buy a company that barry diller runs, and this is the time when it's in freefall, not when it's shooting up like a moon this is the time let's go to ryan in wisconsin, ryan >> caller: hey, cramer, big boo-yah from the badger state. my question is i'm waste management >> this stock has been getting killed, downgrade after downgrade, down five today jim fish does a great job. got a ton of cash flow yield's two. i say buy some but one quarter position on and let it come down waste management's come down from 126 to 99, that doesn't seem right to me i think it can stop soon buy small and then buy big as it goes down.

matt in tennessee, matt. >> caller: hey jim >> hey, matt >> caller: with france in a shutdown can i take a chance with orange or wait with verizon? >> orange you glad i'm not a banana i got verizon at 50 bucks. you got to go to france to lose money? i got ways to lose money here. verizon will do it for you not -- just being a little facetious. it's been a long day i like verizon daniel in connecticut. daniel >> caller: hi, jim thank you for keeping the audience engaged in these challenging times. >> doing my best, thank you. >> caller: my question is about innovia pharmaceuticals. >> these guys are from my hometown i've had them on, it's a real spec.but it's the kind of spec that's working i'm going to say yes i'm going to say yes can i go to kathleen in my home

state of new jersey? kathleen >> caller: hey, jim, i love your show and i really love the way you think. >> thank you >> caller: february 27th you recommended ten stocks that you thought should do better and outperform if the coronavirus situation got worse. one was shopify. >> i like shopify. this is a $300 stock, $400 stock. why do i like shopify? because everybody wants to own it every major tech company wants to own it. it is not necessarily going to bottom harley on before, i like the stock. i like it right here and a little bit more lower, and that is the conclusion of the lightning round! [ buzzer sounds ] >> the "lightning round" is sponsored by t.d. ameritrade so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight.

thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪ should they downsize? nesters now. probably. will they? not as long as thanksgiving is a holiday. planning for the future is about more than just money. let equitable be your guide. - (phone ringing)a phones offers - big button,ecialized phones... and volume-enhanced phones., get details on this state program. call or visit

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as we stumble through the wreckage of the second worst decline in history, point and say you know what? this period doesn't count. our economy is going on a hiatus here should the stock market go on hiatus i'm loath to be contractate. it's vital to encoup the markets open let's take you through our markets used to be the place companies would raise capital. that was the point and not just new companies. since the great recession many underwritings for public companies. we've had ipos, last year way too many the ipo market collapsed last fall i don't see it coming back soon and that raises a question

if the stock market isn't needed for companies to raise capital right now, why exactly are we keeping the darned thing open? all we're really doing is making it easier for people to sell if they need to raise cash or worried about their companies going under. that's fine. i'm all in favor that's why i believe we shouldn't close the markets. you know what? it's certainly a possibility for some publicly traded companies but not the vast majority. they don't need the market many of these businesses like drug companies have almost no economic sensitivity others have no choice but to stay open. some perform vital functions that help other businesses but the stocks are getting killed. what is gained by keeping the markets open as we crash lower china the outbreak went into a national crisis, they stopped trading january 23rd, didn't reopen until february 3rd. gave the authorities breathing room to take some actions and created opportunity, if you bought the bottom when the market reopened, had a 10% gain in a few days. the markets were able to catch their breath, not ridiculous

trading. i'm talking about real breath, i do want to buy that stock, i do want to pick up om j&j as covid-19 becomes a full scale national crisis our market remains open for trading and every day the coronavirus numbers go higher and the dr. fauci comes out we're in the early days and you can expect the averages get hammered punctured by huge rallies like on friday every time as i said at the top, we have opportunities but they'll be created by more bad overall news that drives the overall averages lower. if we put our market on hiatus like the economy is until the virus peaks i bet many stocks would be up by the time we reopen so nonessential companies in the travel and leisure space might note life support. that's true whether or not the market closes. something like american airlines might go to the single digits while they hope for the bailout. once the bailout comes it will rebound dramatically if i have a plan if the federal government buys a stake in american

airlines and then blows it out when things get better we could skip the whole process with the hiatus. we aren't going to get a closing but the exercise is illuminating that's why i told you be opportunistic. there's no reason to ride down the industries in the blast zone but most stocks will eventually bounce back. consider the worst case scenario say covid-19 is the spanish flu all over again, started in august of 1918, peaked in october, 550,000 people died if you adjust for population growth that's 1.7 million. that would be an absolute nightmare but even if spanish flu scenario the worst case it peaked after four months of course i doubt it will be as bad as the spanish flu, putting the worst case out there since we have so many great companies working on a cure and vaccine. that's why you need to own something like the recession-proof stocks i recommended at the top some of the stay-at-home stocks i like keep cash on the sidelines, sell at a strength or please, please own something.

and stick with cramer. innovate... from uso 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.

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i tried to be constructive this evening but want to be sure you understand my view, okay not only are we not out of the woods but man, if you're in travel, if you're in leisure, entertainment, restaurants, okay, hotels, aerospace, bad, all right, bad i don't have anything good to say. i haven't had anything good to say since the super bowl and i redouble my not having anything good to say. i do like what's in the supermarket, if you can find anything in the supermarket by the way but i just have to tell you, there's lots of areas that are in the blast zone and maybe we get those after we pick at everything else but those are the last ones we want, and i'm just not going to tell to you buy them i like to say there is always a bull market somewhere and i promise i'll find it here for you on "mad money. i'm jim cramer e seyou tomorrow our special "markets in turmoil"

starts right now i'm scott wapner this is day 78 of the coronavirus pandemic the dow just had its worst day in history >> historic declines in the market today. >> wall street shocker. >> this virus is going to dramatically slow this economy. >> the dow just suffered its worst point drop in history losing almost 3,000 points. >> we have an invisible enemy. >> the president promises to help beleaguered industries, but is it enough to stop the bleeding on wall street. this cnn special report, markets in turmoil begins right now.