incorporates any and all good news >> guy adami >> when paul and energy speaks, the market listens the refiners have had a big move vlo. >> 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. just trying to make a little money. my job is to entertain, educate and teach. call me 1-800-743-cnbc tweet me @jimcramer. the market is better than it

should dow gaining 22 points. s&p advancing 1% nasdaq 1.2% the truth is there is a lot of rot underneath and many investors are in denial about how bad things can be for some of the weaker players out there. the ones actually involved with the economy, the ones that don't have bullet proof balance sheets consider this weekend warren buffett presided over a somber annual meeting instead of festive investing. we had an older gentleman with brilliant answers followed by questions with becky quick tell you to stick with it. this time he wasn't bullish by any stretch of the imagination last week i told you it was time to start doing some selling. i still think that's the right call without a big bounce in the bottom the charitable trust was selling heavily at the end of the week go to actionalerts.com conference call this thursday.

i have to defend losers tyson foods which we bought for the trust when the trade war with china ended because they had a pork shortage. i always say it's better to be lucky than good. we weren't lucky tyson's stock plummeted. buffet quoted the late great canes. when facts change you have to change your mind boy did the facts change we're not selling everything for the trust. i'm going to buy some things as you saw today there are plenty companies whose stocks are doing quite well here. remember last week we came up with our cramer covid-19 index which had more than 11 stocks, $11 trillion versus 25 trillion in the index when everything gets hit, we can put the money into the stocks in this index the differences between what's working, the cramer covid-19 and what's not working, incredibly

stark, you have to be blind not to notice. by the way, this is not something that's ephemeral this is not fleeting this might be something secular and important to notice. i bring it up because becky asked warren whether we were in the twilight of index investing here so many people have embraced it already. maybe too many people. buffet seemed to interpret that challenge to his dictum to money managers it's incredibly has to beat the s&p 500. in part because it's actively managed. they change things up, tracking losers and winners that wasn't the thrust of what becky was asking she wanted to know if index fund may not hold up that well here because the index has tons of bad stocks that may not survive a pandemic you can argue that these bad stocks may come back, but i think buffet would agree that many of them are in big trouble. that's why he dumped his huge stakes in the four big airlines. he's not waiting for them to

bounce back. he knows they're losers in the new environment where nobody's flying and that may not change any time soon. to me that was an affirmation that this works, that this is where you have to go buffet is a long-time horizon, some say too long. he's perfectly willing to lose money in the short term if he please the long term he bailed on the whole group because he knows these stocks are toxic. major part of the s&p 500, toxic. i feel the same way about whole swaths of the s&p 500 which is why becky's question resonated with me. 114 companies have suspended guidance 79 suspended buy backs and 31 cut or eliminated dividends. those are cold hard facts, people that's the first quarter we're only a couple quarters into people unemployed and worst recession since the great depression many people own stocks for the

dividends. what happens when the dividends get tossed in the wood chipper it's clearer when you teach with examples we recently had the new c.e.o. of western digital on the show, david geckler, straight shooter. the storage company is doing pretty well. company has a fantastic flash memory business. i greatly admire their tech no, ma'am angie, always have i asked about it he didn't exactly say it was safe, he didn't say it was at risk >> on the dividend we'll have more to say about that in the future, jim. i'm only i think on day 13 or 14 here >> if you listen to the whole interview, you might have felt sanguine about the dividend situation especially given the healthy demand for western digital's product. then when the company reported last week, he confirmed business remained strong. next quarter period did more earnings and revenue growth. all sounded pretty darn good right up until he announced western digital was suspended its dividend

which was kweelding cloyielding% at the time helping people get fixed income i'm not questioning his decision it just wasn't very fixed. item moves like this are incredibly upsetting for investors. i found it advising we had a wholesale suspension of the payout, not just the cut frankly i found it terrifying. this is not amazon that would be fine if western digital were an outlier. the more i listen to these quarters, it's not we know that warehouse is the huge timber company has a long track record for rewarding shareholders they used to come on all the time last year they paid out 34 cents a share. they raised it the year before they reported big blow out numbers, terrific sales. and then the company suspends its dividend it was totally jaw-dropping. wall street got caught with its pants down the first question was how they decided to cut the dividend rather than cut a little listen to what he had to say we look at it in the context of

the macro environment and market condition and really as i mention an unprecedented situation in terms of what's going object with this pandemic. broad swaths of the economy being locked down. we're seeing historic levels of unemployment, gdp contraction in q1 expectation that's it's going to be more dramatic in q2 consumer confidence dropped, no clear trajectory to the path of the recovery ouch where else is bread and butter housing? quote, we're expecting a significant erosion housing residential construction as well as to some extent larger remodel activity here in the near term i think we're in the early stages of understanding what that's going to look like. it may get worse for a while, end quote. that's it, good-bye, dividend. brutal now, i know there are plenty of stand-out companies thriving here they're in the s&p, too. for every microsoft which you know i love, or amazon, there are the deltas, the boeings, the digitals, the warehouseers

people are saying, jim why aren't you more bullish? look, i'm bullish on this, okay. don't have to be bullish in the s&p 500. they're different. that's what i'm saying, they're different. i know the comeback today was sweet for the bulls, but it was a miss big growth techs are extraordinary. divorce entirely for warehouser. they're not linked to house. they're linked to digital. that is a suboptimal balance sheet. these don't. there are many companies trading with stocks whose dividends are going away the cramer covid-19 you saw it turn at 931, didn't you? if you're in the s&p i recommend selling if the strength continues. i know i have more selling to do for my trust so i can buy more of the cramer covids if you're in individual stocks and they can grow in tough times, you should be in much better shape than the index fund investors stuck holding the bad with the good. because right now there's a lot more bad than wall street seems to think jim in florida jim.

>> caller: mr. cramer, thank you for being "the voice" the voice and reassurance in tough times >> it's not been a tough time, it's a lousy time. >> reporter: my sister had it, she's a nurse. she's back to work already >> glad she's feeling better >> caller: my question is on c limited. it's a e-commerce gaming stock it's 99% institutionally owned i got in at 17 last year it's at $55. do i stay with it or is this ride done? >> i do not know c-limited, sir. i think that's a very interesting stock and i happen to like singapore very much. i have to do more work and come back it's not within my ken let's go to jordan in minnesota. jordan >> caller: jim, booyah

>> booyah, jordan. >> caller: big fan and follower. hope your family is staying healthy. >> we're staying separate. hope you are, too. >> caller: my wife is a pediatric dentist and business practice owner >> thank you small businesses are still in a lot of trouble i know we don't trade small businesses so it's hard to feel. there is a divorce between what we trade and what's happening out there and you and i both know it. how can i help >> caller: i got dell technologies i've a young and long investor bought it a few years back at $40 a share, rode up to $70, back at $30. balance sheet showing more liabilities than the assets should i be looking to buy more, hold or sell >> i believe in michael dell i totally understand that it's not the great time to be in that particular stock because of the balance sheet. sometimes you have to believe in a guy. i could be wrong michael dell is like anybody else he's human but i think that he's going to be able to come through this

i really do. let's go to justin in kentucky, please justin >> caller: hey, jim, what do you think of e-bay >> i didn't like that quarter. i didn't like that quarter shouldn't they be doing great? it really is incredible all these companies that are internet companies that should be doing well and the only ones that end up doing well are facebook, amazon and alphabet. i don't know what the deal is. i know today's comeback story was sweet for the bulls, but you've got to understand there is some rot underneath it, just not in the big cap names. be cautious, covid names tonight, how should companies start thinking about reopening during the coronavirus era salesforce c.e.o. mark benioff seems to have an idea. warren buffett's investment action speak louder than words i'll tell you my key take aways from the meeting the coronavirus vaccine, you don't want to miss that. stay 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 ado dmeynbcong he tmaon.cc.m.

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♪ ♪ i wish we had more leadership from the federal government right now unfortunately some spirited public companies are take salesforce. we talked to mark benioff about his 90-day no layoff pledge.

they stepped up efforts. now they're tackling the problem of how do we reopen the economy safely that's why they've launched work.com, that's a collection of technology solutions to help business and community leaders make the transition as responsibly as possible. in the absence of a nationwide plan and you know we have no plan, i think this is a huge step forward i urge you to go to the site and see what a professional approach to this disease looks like this morning "squawk on the street" i got a chance to speak with mark benioff, the founder and chair of salesforce. we talked about after the show so much of what's going on take a look. >> mark, talked earlier this morning about how we'rein the second phase, companies have to know what to do. i left out it's not just companies. there are states that want this. it's already in play in one state. >> well, that's exactly right, jim. you know, this first phase of the virus has been so challenging for us our heart has really gone out to

everyone who's been affected by the virus. that's one of the things that has motivated us to acquire now almost 60 million pieces of p.p.e. and distribute that to hundreds of hospitals around the world. and i'll tell you, jim, that as we thought about work with our customers during this first virus, one of those clients that was really impactful for us was the state of rhode island. and their governor is incredible she had the vision that she needed to couple contact tracing with her testing, and that really gave us the vision that every organization is going to need to be able to deploy information technology like contact tracing to mitigate the spread of the virus as we interphase two, which is what we're getting ready to do now, get back to work safely. >> i'm somewhat concerned about the steps being taken right now in phase two versus the gap that we're going to have before we get a vaccine. and i think it's substantial i know you've got some fabulous doctors involved i know dr. brilliant fields like i do, he's part of your team,

that there's going to be a moment where we may not get that vaccine as quickly as the president says i don't want to hate him or like him. i'm not here to debate his issue of when we can get the vaccine but the fact is we have maybe 90 disparate organizations and companies working on a vaccine shouldn't they all be working together >> well, jim, you're exactly right. we need a vaccine and we need that desperately we need a manhattan project, if you will, for the vaccine because as we interphase two, we're going to get back to work without a vaccine which means the virus is still going to be out there. for our employees, for our customers, we don't want them bumping into the virus so we need to do things that are going to help us to mitigate our interaction with the virus during phase two that's why we're going to have p.p.e. in our workplace. we're also going to take people's temperatures before they come into the office. we are also going to enforce social distancing standards,

making -- asking our employees and customers to stay 6 feet away from each other but we're also going to deploy information technology that is going to give us the ability to provide a safer workplace, and that's what work.com is all about. work.com is a platform allow being oallowing our customers to reopen safely customers are going to need a command center they're going to need this contact tracing. they're going to need to do shift scheduling they're not going to bring everybody back at once they're going to bring them back in shifts. if somebody gets the virus, they're going to keep one shift and keep going all of the next generation apps, we're going to need to deploy those rapidly to our customers >> you talked about p.p.e. there was an excellent article that talked about the coalition you put together in order to bring in a lot of p.p.e. that was so needed. it was the largest chunk of p.p.e. that came into our country. the coalition included the

chinese. maybe you can opine a little bit on maybe the chinese people versus the chinese government because i know that there's a lot of saber rattling. it seemed like there was tremendous cooperation among the actual people in china to help you. >> well, jim, as you know, i'm in san francisco and our local medical leaders here led by sam haga, the chancellor of ucsf, had a call to arms in early march. he saw that there was a tremendous amount of p.p.e. needed to be used in the hospital even though the virus has actually had relatively little spread here in the bay area because everybody coming into the hospital was afraid that they had the virus so he called me and he said, is there any way you can help us get more p. p.e. that was the beginning of this i had never heard of what p.p.e. was, jim i have to be honest with you so i called a friend of mine, daniel zen, the c.e.o. of alibaba in shanghai, and asked him if he had connections for

p.p.e. suppliers and he did. he was able to help us get prior tiization on p.p.e like i said, we secured tens of millions of pieces of p.p.e. brought them into our countrya well as other countries as well. >> going back to work.com, one of the things that i see really is very telling -- i know it's been a theme of yours -- re-skilling. is the re-skilling have to do with the pandemic? are you talking about the notion of jobs changing rather dramatically because of it if it's jobs changing rather radically, what you're saying is this is going to be with us for a long time in one form or another. >> well, jim, we certainly see as we start to head into phase two, we see a depression -- significant recessionary environment. i don't know what your economic forecasts are right now, but what i see is there's going to be a lot of people who are going to be looking for work i think there's 20 or 30 million people already out of the workplace in the united states i don't know what the numbers, specific numbers are, but i know

that those individuals, to get back in the workplace, may need re-skilling and retraining that has to be a part of any back to work program you know, i think the government is also going to need to encourage and incent companies to get going we see them in the first stimulus taking care of people and providing welfare services now we should encourage everyone to rehire quickly. >> do you think there is a possibility you could, let's say, put together two of your initiatives, you have a civilian conservation core that plants a trillion trees for the younger people coming out of college, and have the prospects for getting a job are the worst i've ever seen, mark. we have all these people we don't know what to do with them maybe ccc is the right thing >> jim, you are 100% right we're going to have to find new and creative ways to employ everybody. yes, that can be environmental programs like planting a trillion trees that could be a new conservation core that could be a renewable energy

jobs which are the fastest growing type of job in the united states. by the way, it could also be individuals who have learned how to reopen the workplace safely i think that would be a critical job that we certainly did not have at our company three months ago that we're going to need in our company next month when we begin to reopen aggressively around the world so we need to really think about how are we reopening who is going to help us reopen how are we going to re-skill how are he with going to get everybody on board we have to get everybody back into the work force. this is going to be a critical part of everything we're doing >> well, mark, i have to thank you. i felt work.com was the first thing. if there's a procedure, if companies followed it, we would know what to do. everything seems to be every person for themselves, mark. you've noticed that, right it's all catch as catch camera now. >> jim, from my perspective, i'm always thinking about with my company, what can we do to help others

philanthropically or commercially that's the nature of stakeholder capitalism we're about the business of improving the state of the world. we got caught into helping our customers during this critical time that's how we got involved in p.p.e. that's why we've deployed so many emergency versions of salesforce just in the last few months, almost 6000. that's why we built work.com, because we realized that every customer is going to have to fog focus on reopening safely. to do that they're going to need information technology to help them do that as well >> i tell journalists and investors go through work.com and understand the challenges people are going to have mark benioff, chair of salesforce thanks for being with me >> thanks for having me on your show these days, it's anything but business as usual.

that's why working together is more important than ever. at&t is committed to keeping you connected. so you can keep your patients cared for. your customers served. your students inspired. and your employees closer than ever. our network is resilient. our people are strong. our job is to keep your business connected . it's what we've always done. it's what we'll always do.

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♪ so my wife calls me on saturday and asks what i'm up to we're serious about social distancing we have 90 miles between us. i told her i'd call her back don't interrupt. warren buffett was giving his talk at the berkshire hathaway meeting. he reminded us we got through the civil war and the great depression, but that's your basis of comparison? you're painting a pretty bleak picture. normally buffet is reassuring when the market sells off. not this time. he described it as a garden variety squall which shows we are in uncharted waters here he thought we'd get through it, though, but the question is when when will this be over maybe this brings us to .2 buffet didn't buy anything when the market crashed in march. that's telling it suggests this difficult period might last longer than you think. the oracle of omaha could be wrong. this is the guy that says buy when the blood is in the

streets. his world view is too complacent he's not complacent this time, though when the dow jones plum et cetera from 29,000, 18,000 in a matter of weeks you'd think that qualifies as blood in the streets, right if you believe it's a perilous as the civil war, maybe we're in for a lot more pain. worrisome to say the least is the way i felt third, buffet addressed the airline losses he had on i thought he might want to avoid it given this wasn't the first time heed been burned by the group. no, he went there. emphasizing over and over he was wrong to take 10% stake in the four biggest airlines was, yes, a big mistake. although, to be fair, this one was impossible to foresee. the stocks looked really cheap when he bought them, the pandemic hit, shutdown the whole industry who thought of that? buffet sold all the airline stock. he didn't try to make thesis, we're going to put up big numbers.

that's not true. why hold any far too many people hang on when the thesis falls apart owe hold a little when it bounces back. buffet knows that's a fool's game you do things for a reason finally bufferette reminded us it's also a mistake to bet against america. you want to be long the united states sooner or later i'm sure they say there will be a vaccine. president trump is adamant we'll have one by the end of the year. me, i'd like to think it would be that short, but it may be much longer. buffet made me wonder if i was being too negative historically betting against american scientists has been wrong. on the other hand, we've never developed a vaccine in less than four years that argument cuts both ways i'll say this. it would be a lot easier to feel confident in the future if we get something like a manhattan project focused on beating covid-19 just massive federal funding to stop this thing by any means necessary. but sadly, that's not what we have steve in new york. steve. >> caller: jim

>> steve >> caller: booyah. >> booyah. >> caller: what's up with darden restaurants? i cannot wrap my head around this >> i mean, darden is going to be last man standing. they got rid of the dividend which is brutal. you can go to olive garden and they can move the tables around. i've been doing a lot of logistical work. i don't like these stocks at all. but that said, this is the best. how about that, it is the last man standing chris from maryland, chris what's up? >> caller: i'm focusing on companies that capitalize what appears to be the long term and accelerating trend, that's the shift to online learning one of those companies in particular that facilitates this for upper end top tier universities is called to you. what do you think? >> they burned us bad.

we got smoked by to you. we got -- we hit it out of the park with check. 2 u was not for me 2u not 4 me. how about that rodney in pennsylvania rodney >> caller: hi, jim >> rodney. >> caller: i enjoy your show >> thank you >> caller: my question is with constellation brands raising their stake in canopy growth, do you think the stock is a long-term buy? >> yes, i do i've got to tell you also, i was over at -- on saturday doing some social distancing we didn't have cocktails they're bringing in big from bottle king, the coronas i think people drink a ton at home that is exactly what constellation told us. when we had constellation on, bill, he was crushing it now he's buying out the rest of canopy if you ever get a democrat in, canopy is going to own a whole

market like frito's. i like constellation cinco de mayo is coming up people will find a way to treat a bar. buffet knows it's a mistake to bet against america we'll get through the difficult times. when civil war took awhile. johnson and johnson is the latest for emergent biosolutions we like those guys they're going to talk to the c.e.o. about the company's strategy a couple weeks ago recommended real estate investment trust one of the names joins me tonight. it's the most to do with covid don't miss my exclusive interview with alexandria real estate can we ever do covid no, not until we stop it then your calls rapid fire in tonight's edition of lightning round. stay with cramer

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♪ ♪ nothing is more important than beating these fires which is why i try to keep you up to date with the companies that are fighting covid-19. it's like emergent biosolutions, a company focused on vaccines. you might remember them as the supplier of small pox and anthrax for the government now they're fighting the pandemic a pair of treatments using blood plasma, taking it from people who have antibodies from coronavirus. horses, they can help people with potential cases with covid-19 that's what's at stake here. on top of that, emergent, not one, not two, but three drug companies including the most promising from j & j the stock is up 40% for the year, 20% since the news of j & j a week ago

can the stock keep climbing? robert cramer, no relation, president and c.e.o. of emergent biosolutions, what the company is doing to fight the outbreak mr. cramer, welcome back to "mad money. >> thanks, jim it's great to be with you. >> okay, so, robert, here's something that's amazing in your conference call. first we're taking our history of working hand in hand with the u.s. government to develop and manufacture critical vaccines. second, manufacturing of our own therapeutics to develop two covid-19 products. emergent is built for this challenge. how did that happen that it's just you're the right time for emergent >> i think, jim, this is a culmination of what we've been doing for 20-plus years as a company. we've had a history of focusing on public health threats, helping our nation prepare for these kinds of threats whether they be chemical and biologic threats or the opiate crisis we talked about on your show back in december.

or now the covid-19 crisis so we built a business around a model that focuses on helping our nation prepare for these kinds of threats and we couldn't be more proud of the work that we do or the partners that we serve, including j & j. >> so, let's divide it the candidates that you have yourself and the -- smaller cards that deal with j & j i'm trying to understand i spoke with some people up at harvard working with j & j they're very excited the main thing is j & j needs the scale if it works. is it a race among yourselves, your contract manufacturer versus you >> no, i think we're here, jim, to support any number of vaccine candidates with the overall objective or goal of making sure that we get at least one, if not several of these vaccine candidates through a phase one, through a phase two. we have the capability to manufacturing those candidates at a scale where we could

potentially make hundreds of millions of doses of those available to the public as soon as possible. that's the goal. we're kind of indifferent quite frankly in terms of which one gets there we're here to support anybody who works with us. >> i watched the town hall yesterday with the president and he's basically guaranteeing a vaccine by the end of the year my problem is having a vaccine and making vaccine are very different. you just promised it could be hundreds of millions, which would eliminate a lot of what i'm most worried about there's a million and just a rush to see who gets it. do you think that the president is being too exuberant and it would be better to step back and say, we sure hope we can get something soon >> i think that's probably the better wording, jim. listen, nobody can guarantee anything we're here as well as all of our partners and collaborators doin everything we can to make sure a vaccine and treatments are

available as soon as possible. and whether you refer to the current administration's comments on warp speed or pandemic speed, we're all in this together to literally accelerate where ever we can the development and the clinical time line. and it's true that the typical time line would be, as dr. fauci and many other of his colleagues said, 12 to 18 months. the hope is that we can look at this creatively. we can look for ways to shorten that time frame and make significant number of doses available to the public as soon as possible. >> but, bob, when you look at who has done things fast, ebola five years, mumps i found was the shortest, four years is this 18 months? is there any way we could be completely wrong and we're just -- it's a three-year thing and we shouldn't try -- even three years would be incredibly fast >> yeah, so i think it's important, jim, to differentiate the time line from beginning to

an fda approved vaccine versus from the beginning to a vaccine that could be made available to the public under some type of emergency use authorization or compassionate use protocol in a much faster time frame so, for example, once you go through a phase one and you're into a phase two and you're preparing to do the read-out of that data, can we be prepared to have tens if not hundreds of millions of doses of vaccine available which have been manufactured at risk during the phase two, so that when that data is read and the fda can get comfortable with the safety and efficacy of that data, those doses can be released to the public under some type of emergency use authorization. that's where the shortening of the time line could happen >> well, look, you made me feel better i've been caught up trying to figure out where we could get

that break maybe that's where it is i want to thank you so much, robert kramer, c.e.o. of emergent biosolutions. last time narcan this time covid. "mad money" is back. ing netflixe video, youtube and hulu. and the most 4k content. the best entertainment experience all in one place.

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over nick in virginia >> caller: i watch every day thank you for helping us through these challenging times. >> man, thank you. it is challenging out there. what's going on? >> caller: i recently added a small position in meredith corporation, mvp i know they suspended their dividend and advertising revenue is down, but they are committed to the dividend long term and -- >> no, we're not a buyer, nick what we see is this is what warren buffett was talking about. some industries just went away that industry went away. let's go to vinny in pennsylvania, please vinny! >> caller: hi, jim, how are you? >> all right, vinny, how are you? >> caller: good. very good, as a matter of fact myself and my 230-pound saint bernard wanted to thank you for taking our call. we really do appreciate it >> i'm out there triying like everybody else what's going on? >> caller: i'm interested in your thoughts about ikea >> i want growth

tonight you had sirious lost a great number we have 5g with large with sky works. let's go with that i know it's not a $3 stock it's 100 buy fewer shares let's go to philip from texas. philip >> caller: philip from beaumont, texas. thank you for what you do for all of us across america >> gees, thank you >> caller: you're welcome. mlp, son, if you could give us your thoughts on dividend sustain ability. when we take from our roth are we paying the mlp corporation tax? >> you're going to have to ask your accountant on that. i'm not going to venture in that particular world there are a lot of different varieties there. the actual stock that you want, i don't know to me -- i hate to say this because i know people are going to say, what, are you kidding me if i want sun power, i really want solar, i want tesla i know elon said the stock is --

people in california are trying to shut him down got germans in california that should be ganging up to try to get him to be able to make as many cars. i like tesla let's go to seth in texas, please seth >> caller: hey, jim, it's a pleasure to meet you >> oh, same. what's going on? >> caller: my parents came into real money, the first time with 25 really appreciate everything what i got for you is -- >> oh, man, online advertising, know them from my street.com days the better one is trade desk i don't want to push trade desk because it's about to report if it does some number that's bad, people say you idiot. that's the way we've been doing it let's go to sharon in new york sharon >> caller: yes, hello, my friend i know that you always recommend alibaba. >> yes >> caller: from china. but what about baidu

>> i leave the raggedy brothers to the rest. [ buzzer ] >> come on i need dan in new jersey dan. >> caller: booyah, jim, calling from springfield, new jersey >> you're a stone's throw. any restaurants open over there? i like the restaurants over there. >> caller: a couple are open i was wondering your view as american express as a long-term investor >> mastercard first, pay pal second, visa third, american express fourth it has too much travel and entertainment. let's go to christy. could be chris christie. >> caller: my son has something to say to you. >> caller: booyah. >> there's a family that knows what they're doing, horse sense. what's going on? >> caller: -- >> just one, i think >> caller: intt.

>> intel i don't like intel as much as advance micro. the stock has really come down i pushed it hard on friday no one seemed to care. and that, ladies and gentlemen, is the conclusion of the lightning round. >> announcer: the lightning round is sponsored by td ameritrade turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. 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.

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♪ what's worth owning now that the pandemic is starting to look a lot worse? a lot worse outside the new york metro area some of the real estate investment trusts make sense alexandria real estate equities, a long time cramer fave, especially pharma and biotech labs most office reits are totally toxic right now because for white collar workers, the stay-at-home economy will be with us a long time. but laboratories, research centers, we need more of these things if we're ever going to beat covid it's not like you can conduct serious biomedical examination in your basement the stock pays a juicy 2.8% yield at these levels. don't take it from me.

let's check in with joel marcus, the founder and executive chairman of alexandria real estate equities to learn more about the quarter and his company's prospects. welcome back to "mad money." >> it's a pleasure to be back with you, jim, even in this terrible time of covid-19. my best regards to everyone who is who's been impacted health wise and financially by this terrible pandemic. >> you know, it isn't a day that goes by. when it started, you didn't know someone. then you started knowing people. then you knew people in your close circle now it's just every day. is it the same where you are >> it is indeed. california has been less impacted, but we took early action by social distancing and closing down, and i think that's paid off and obviously there's a lot more room here in california than there is in places like new york city and new jersey as you well know

>> oh, yeah. joel, when i go through all your documents and your q & a in conference call, you're different from most reits i deal with you're directly involved as a partner. most places, they just take the rent why is alexandria far more in partnership, say, with moderna than office reits are with their tenants? >> well, thank you, jim. for sure, moderna is a very important client tenant of ours. we started back with them in 2015 when they were first founded by flagship laboratories our teams are 24/7, delivering services, providing important jobs and really providing front-line resources to the critical innovative companies who are really on the front lines of the testing, of the therapeutic development, and hopefully solutions to the vaccine problems and we operate 24/7 and our

people really are essential in the laboratories in which they work truly are essential >> so, when you're working on these partnerships, it would seem that initially, i was worried that people would be able to do the lab work, and then leave your offices and go home because i worry about the stay-at-home thing that is' not economic. your people need to be at your buildings. >> right and the way they've worked out is those in biotech and pharma, those who can work from home in sales and marketing and other executive positions. right now we're doing that virtually, but many of the front-line researchers and in the manufacturing plants, very interestingly, we built moderna's manufacturing plant in massachusetts as well. they are taking shifts in the laboratories many of them are working 24/7, social distancing. laboratories by their very nature are pretty interesting,

have built-in social distancing. they -- we provide and they get 24/7, 100% fresh air and wearing masks and gloves, that's done typically in the laboratory, full p.p.e so they become almost naturally protective in that environment >> now, recently you announced a very big acquisition in one part of california, and you walked away from a building that looked like an historic building. i don't know, in san francisco could you explain to me those moves so that i can understand in an environment where the rent is 2.2 -- there's no occupancy you can't find any space why would you ever walk away from one and get big in another? >> so, that's a good question. so, the couple of the acquisitions we did in san diego really surround a's important megacampus we're developing for both technology and life science

company. so that was an important add-on to that campus development the property we walked away from, first time i think in the history of the company we've ever done it, it was a tech office building inside the city of san francisco where, as covid hit, we realized that the tenants themselves, they weren't laboratory tenants our goal was someday to convert that to laboratory rents were under market. we felt it had to be reassessed and it wasn't worth the value we were thinking about. so for the first time we walked away >> i want people to know you have a total return of 1,450% since your ipo in 1997 you walked away, it's a judgment you're not going to stick by a deal if the deal is not economic >> that's correct. and if it was a full operating laboratory today with rents under market and we knew that the rents that were established

and the companies that were there were operating, then we probably would have proceeded. but those weren't the facts on the ground >> one last question when we did our rieit analysis and included you with the covid antitrillion dollars companies, it were clear to me you weren't a reit, you wouldn't be part of a cohort i want reit for tax purposes if you were just a growth stock, the stock would be higher because the reit index is so heavily shorted. do you ever find that to be the ca sn case >> that's true many investors invest for a total return the dividend is attractive we also have a $1.1 billion venture portfolio that is mark to market. our cost basis, even in a bad market, is a little over $700 million. we're up mark tomarket between

$300 million and $400 million. people invest with us for a variety of reasons historically it is the great cash flow as you know from our first quarter results. our earnings were up or our revenues were up 22% we've given guidance this year, reiterated guidance only down 1% really due to retail and we'll continue to increase the dividend this year so we feel good about -- very good about our position, and we collected 98.4% of our april rent, which jpmorgan said was number one of office and commercial reits >> joel marcus, chair of alexandria real estate equities doing really the best among my reits that i follow. thank you so much, sir >> thank you, jim. always a great pleasure to be with you >> look, if you want a real estate investment trust you have to have them -- you have to have tenants who pay. you heard that 98%. and i gave you that performance. pretty amazing "mad money" is back after the break. ♪

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the best entertainment experience. xfinity x1. the best entertainment experien experience xfinity x1 >> good evening. i'm scott wapner on day 127 of the coronavirus crisis tonight new questions about the pace of reopening the country. >> the daily death toll nearly doubled by june. >> a leaked memo leads to new questions about whether we're making the right decision. >> unfortunately, the decline is not as steep as the incline. >> is the country really ready to reopen for business also tonight -- >> there's just so much on the line for football. >> big changes for the nfl a first glim