love love that. >> dan nathan? >> the johnson & johnson news doesn't sound great but pfizer closed at a new 2121 high i like pfizer here >> guy dhami >> delta airlines. >> thank you for joining us. welcome to "mad money. welcome to cramerica other people want to make friends, i just want to make you some money my job is not just to educate, teach put it all in context which it needs so call me at

c 1-800-cramer s&p jumping 1.52% and nasdaq at 1.57%. that's a major reversal. a virtual doover as bond yields possibly signaling better times ahead first, let me say from the outset that this whole obsession with the 10-year treasury, it's gotten out of control. you know something's wrong when david faber and i rattle on about bond yields. evenas jeff bezos launches himself into space don't get me wrong, long-term interest rates have been plummeting for months. the 10-year doesn't drop to 1 and change when business is about to boom. that's too low a yield it's been quite a contrast from the roaring 20s scenario and we were betting on the intransigence of tens of millions of antivaccers.

we know the variant is rampaging across the world including huge swathes that remain unvaccinated some companies like apple have delayed the return of workers to the office despite these worries we have no real sense of where the slowdown might be coming from that the bonds are signaling i'm not seeing it. the rise of this covid variant is very depressing the real story is just how depressing these vaccines are. here i'm speaking about pfizer and moderna. not speaking about j&j consumers aren't canceling their plans even with whohorrendous se in cases people who are vaccinated know they're safe it feels like a profound number of people still believe covid amounts to nothing than a bad flu or worse despite the staggering death toll so far but there's something else here at work something that trumps all of this nonsense. i'm talking about the things

that we actually trade these things, these prices yes, the companies we trade. remember, we're right smack in the middle of the earnings season over and over we see executives find ways to make money and when that happens you just can't ignore their success because of the action of the bonds. yet but a company surprises to the up side as chipotle did tonight. to 2000. it's bloody hard to keep that stock down better than expected quarter meelgts the 10-year, the company wins financials are talking about the bond market but everything else, well, i'm calling it another story. and here's your story. this is what we trade and do this is what we look at. this is what we figure out on this show. case in point, hca nation's largest hospital chain. this morning the company reported a dramatic level.

people are done post poening nonurgent. stock rallies 31 points for 13%. there's some real pin action here i know the surgical rally is hard today nothing else like a proxy for elective surgery only up 17% for the year i think you take that one to the bank, especially as intuitive expands to a host of different kinds of surgery same for medical device makers medtronic, i continue to like it my favorite is abve 4.5% reveal. i'm giving it more a little bit more than two years ago abbvie shelled out $60 million to buy allergen. sentences since then abbvie has been under managed now allergen's great assets are shining through, including

botox. now though people who want to look good when they go outside don't have the mask are coming back and the numbers could be just humongous i think botox use is going to spike gigantically around the globe. or how about carnival. announces putting 65% of the ships out to sea by the end of the year it's pounding the surf as the speculators gave up the goods. now new buyers are stepping in because orders look very strong and i think, well, let's just say the stock is going from weak hands, it's sold every day to stronger ones. yesterday i mentioned wells fargo got the award for most improved student while morgan stanley distanced itself while becoming more of a risk free asset gatherer both stocks resumed the rally today. they've got staying power. buy it look in the right direction investors flock to the stocks that stand to benefit. the ones that started hitting the bank accounts last week. for many families that means a

trip to school, right? a trip to store for back to school season. call it bts. i think target is the premiere destination. this market is not that discerning walmart chart looking good here. not to mention bed, bath & beyond as i see it, retail remains a coiled spring as people who settle into the new homes now need to decorate them. i still like william sonoma and r.h. pantheon. don't forget ford and general motors both were hurt with the ongoing semiconductor shortage we got incredible news from jim ramundo who's been doing everything, all her power to beg, borrow, but not steal full featured chips she's signaling the supply issues are being mitigated the market is oblivious to the news the only thing holding them back is their lack of new inventory which is why used car prices have skyrocketed fix the chip shortage and it can

boost production i think the market's just too slow to understand the stubborn energy of secretary ramundo. she indicated today that there's been greater chip availability recently she's not just some politician she was an unbelievably good venture capitalist i don't believe she would risk saying what she said if it weren't true these stocks are down so much. i love it. we'll know soon enough about ford the 28th when they report so the stock jumped 5% today that was in response to the bond market i think the whole move was about the reversal of the bonds. better semiconductor availability could translate into $1 billion more of earnings power. the used car prices are coming down the automakers have been able to boost production speaking of finally, ibm how about ibm? i know it won't ignite a tech rally on its own but anyone on

the conference call heard about a more robust conference call. if it's good for ibm you better believe it's fabulous for their peers, more on big blue later. was this a simple buy the big dip rally? there are enough people out there that it could bring a whole stock complex higher the bottom line is it's the actual sales and earnings levels from the companies reporting that will determine if it's got staying power, even if the bond market throws us a curveball today was a terrific reminder that interest rates can go higher let's go to dan in my home state of new jersey. dan. >> caller: hey, jim. this is dan, first-time caller from long branch, new jersey my question is because of its extremely low market cap of only 7 billion and richard branson at the helm, is virgin galactic the space play with the most up side potential? is it potentially $100 stock in the very near future

>> space tourism has a great future, i admit. i do think we're going to necessarily make money on verge begin galactic, the stock. judging by the reaction to what i saw today, there's going to be a lot of companies in this business so let's be careful i need to go to seju in new york >> caller: hey, jim. big fan. started watching your show last year i want to thank you and your team for everything. my question has to do with snap a price break at $90 from 80 to 90 what do you think of snap? >> i like snap people can't buy tiktok so they're buying snap. evan steel, my hat is off to him. i was negative at the beginning, i was right. i've got to tell you, i think snap's got a lot going for it including a fabulous demographic. the rise in bond yields could signal better times but the staying power is going to come down to the sales and earnings during this brief compact period

we have called earnings season on "mad money" tonight i'm sitting down with another company. then i'm going above and beyond with bed, bath & beyond. the flagship store in manhattan. the stock market came rohring back today that didn't stop cryptocurrencies i'm taking a look at what's behind the move with one of the top minds in the space we must understand this better stay with cramer don't miss a second of "mad money. follow @jim cramer on twitter. have a question, tweet cramer #madtweets send jim an email to "mad money" tw money" @cnbc.com or call at 1-800-743-cnbc miss something head to madmoney.cnbc.com.

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when we stop freaking out about the bond market we can finally focus on what really matters here on "mad money," the earnings that's good news for companies with great numbers take qualtrics international it has a totally compelling story. after the whole cloud co rolled over, i think that's about to change because the company reported after the close today it shocked the lights out. they beat expectations on every major line item and they raised their full year earnings most importantly revenues substantially. this quarter can make the whole year don't take it from me. let's go to ryan smith, the founder of qualtrics welcome back to "mad money." >> thanks, jim. >> thanks for having us. >> zig, one of the things you

guys do better than anybody, we saw these numbers, i have to get people to understand why you were able to position companies to ask the right questions to understand their customers. one company that almost all our viewers know is urban outfitters it is a unique quality organization with a great ceo. what have you done for them? because their numbers are much better than they used to be. >> look, first off, as you noted, q2 was an outstanding quarter for us it extends the momentum in this fiscal year. qualtrics has never been more relevant and impactful that's 48% year over year subscription revenue this builds on strong first quarter revenue and the second quarter shows an acceleration in demand for experience management it's a category we created the experiences they're delivering to their employees and customers have never been more critical to the success

increasingly experienced management is becoming a c level and board level discussion you point out urban, retailers are trying to figure out how to deliver incredible experiences across all their channels. urban outfitters who owns several different brands, anthropology and free people, they're trying to understand their customers, however they're shopping, store or online, right? with qualtrics we're helping them create a holistic picture of their journey deepening their relationships and designing seamless experiences but i'll tell you, jim, what's most exciting is that our guidance puts us on track to surpass $1 billion in revenue for 2021, which is an incredible milestone as you know for a stack company. >> it is the goal of younger companies to get to 1 billion. you have to get there as fast as you can. this is one of the fastest that i have seen. ryan, i want to ask you something.

there is a statistic that is bothering me i understand that something like -- because if you're research, 50% of the work force is going to be looking for a new job in the next 12 months. you do excellent work about trying to give incites to hr teams about what the heck is going on what is going on >> yeah, i mean, it's the ultimate reach out and pulling the chairs there's not a ceo i don't talk to that's not concerned about it it's no one's dream scenario, but what we're doing is we're helping them understand the hearts and minds of their people what is the journey for their employee base? and what type of experience can they provide to help deliver and delight the employees? and that's something that has been changing obviously through the pandemic and will continue to be an iterative process those organizations that get ahead of it are going to be the ones winning in reality, this is one of the biggest threats that we're seeing with companies all over the world. we're doing a lot. we have the best employee

experience solution on the market we partner with sherm to manage their intel employees and roll it out to all of their members to give people access and understand and pivot on how to deliver a new experience which is not always in the office. it's a hybrid model for many organizations and try to understand if they're hitting the mark >> we have ceos in banking who say you're coming back to work is that a good way to lose your best talent? >> no, not if they're necessarily understanding exactly what it is that their employee base is desiring and where they're at and we work with a lot of those ceos we were out last week with a couple of them speaking directly about, hey, where are you at they're using qualtrics. they're understanding where their employees are at and figuring out, hey, how do we

collectively work together to get to our new normal? that's how you have to do it once everyone gets back, then it's one more iteration, one more iteration this is a transformation that goes on for some time. >> zig, something i love about your company, something salesforce does, too retention. what it takes to keep a customer most importantly, how you can keep it, including with automation, to figure out what a customer's lifetime value is so you can make some real judgments about where to put your resources. i think you guys are excelling at this. there are not many companies that know how to do it where is it working best >> i'll give you an example. one of our customers, you know mmt bank they are fortune 500 bank. deep community roots in the u.s. they are using our technology to simplify and enhance some of the critical touch points at their branch, the contact center and especially in digital. so less people as you know are going into the branch and digital is becoming part of how

peopleback, right? nine out of ten deposits are digital. so mmt bank is using qualtrics to deeply understand their customers and they're personalizing everyday interactions with offering products that are more tailored to individual needs at any moment in time across any channel. that's how they're using gualtrics. >> one more question as they get to $1 billion in earnings, we don't care about earnings and how much money we lose i am looking at this quarter and i am thinking you are trying to make money and grow revenues which is what i want can that be the case, make money and grow revenues? >> go ahead, ryan. >> go ahead. >> no, look, it was 19 years ago we started in our basement boot strap. this has been part of the model of qualtrics the whole time. i don't see it slowing down. >> all right good zig, just i guess i don't want

to cut you off i mean, you guys understand the value to our viewers of making money, not just losing money, right? >> yeah, we do look, we're building this company for long-term durable growth and we're working on some of the most important things that are happening in companies which is leading with experienced management across employee and customers and that's clearly benefitting us. you're seeing that in the numbers. >> i think the quarter was excellent. the stock is very inexpensive versus its cohort which is what we care about on this show i want to thank you, zig and ryan smith, qualtrics founder. this is a cnbc disruptor 50 company. look at them before they go public you can sign up by visiting cnbc.com/disrupter that list is filled with winners. "mad money" is back after the break.

coming up, it's a bed, bath and boo-yah from the big apple cramer goes above and beyond from the company's flagship store next sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade.

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after nearly two years of hard work, bed, bath & beyond is finally getting credit for its miraculous turn around the president has transformed this company into something unrecognizable today we got a chance to speak to the turn around artist in chief at bed, bath & beyond on the remodeled flagship store in new york city. take a look. >> mark, it's been a long time since i've been dazzled by a retail experience.

this is not my father's bed, bath & beyond. >> definitely not. good to see you in person. >> tell me about it. >> the lease was coming up and we sat down with the owners and talked about a division vision with the store we took out about 20,000 square feet of the original store at the front and reconfigured it with open sight lines and vision for more residential space. you remember the old store, very heavy on merchandise very warehouse like. we've got a store here that's 14% less in floor space, 40% less in skus and 44% less in inventory but still is beautiful and ready to roll. >> i'm looking at your brands and i'm thinking these are so much better than the brands, some of the names, some of them not that i remember at my own bed, bath. you are inventing. >> we are. the beauty is national brands are showcasing incredibly our kitchen-aids and others and they shine in this new environment.

>> brilliant ideas first, bed, you have said 80% of what we love casper interesting, no one's got that. >> when we did the research we saw the consumers loved being at home it was their safety net, their first love and where they felt most comfortable the bedroom is their true haven. it's in our title, bed, bath & beyond and we dominate in bed and sleep. we expanded our authority and included casper as one of our key partners but online and here is their first ever in the u.s. stand-alone store. >> yeah. i've got to tell you, again, i won't mention it one more time, the last time i mention it the old bed, bath you didn't need your phone because it didn't know what to do. this one seems uniquely ready, both direct to consumer and i get my specials inside. >> with the download of the app, i know you had the experience. this is true omni channel retailing. it is the future we value the experience and also the access download the app, you have a

cafe in the store, check the menu, you can map the store. you can shop in the store and easily check out yourself and make a really seamless and easy experience or you can explore more products online true omni channel retailing here in the flagship store. >> a time if i had heard covid made a resurgence. scratch off. you're not going to bed and bath now your direct to consumer is growing the fastest in retail. >> yeah, look, all through 2020 we all scrambled we didn't have that capability we've built that and more in terms of easy access for the customer digitally but in store and online i think that there is some question marks about where covid will go and what that means for customer sentiment we're ready to meet them wherever they need to be. >> college, back to school. >> yeah. yeah we're ready. absolutely ready you see in the store, back to college is online. in the store we're set up the research we're showing is

the world is changing and customers are out there having a good time. they're expressing joy, getting sun and having their summer. research shows over 50% of college students haven't started their shopping they intend to, they have their list but they're not shopping yet. good things lie ahead. slight postponement of the season but we are ready. >> now it's hard for me to value the stock because i've been a big fan ever since you came aboard but i have things like -- where is bye-bye baby in the valuation of the company given the fak that it's fast growing and loved? >> yeah. i think it's a good point. watch this space point i think for us baby is a huge growth vehicle and we'd articulate that. we're seeing more up side. it's growing at double digit clips. the management team is really fantastic. if you think about our evolution as a business, jim, we're in the ear early stages

that plan was stabilize the enterprise in terms of the components now the four core businesses invest in the infrastructure build the mothership which is bed, bath & beyond and now we're standing down on bye-bye baby and it will be sequential there is something terrific not only on its own and how it fits into the life moments and ecosystem that we can use with data, engagement, services and ease for a whole lifetime of our customers. >> life moments. >> yeah. >> people don't understand how big your registry business is. >> yeah, look, i mean, i think it's a business that was quiet during 2020. weddings were on hold. we're number 2 with a very high market share just behind amazon. we're maintaining that share our baby registry is super strong we're doubling down in that space as well. again, a way to connect, engage and support our customers in all their life moments. >> i've tried to use the amazon app at the amazon store with no help except for one person

i'm somewhat savvy it won't work for me it's too hard. yours seems much easier. >> i don't want to talk about amazon, but ours is a breeze go to bye-bye baby and here in our store. you can add while you're in store. you can make lists it's very digital savvy and enabled as well as doing it on your laptop at home or your ipad this is the new world. this is 21st century retailing and bed , bath & beyond is ready a jam to the japanese. jcpenney, they couldn't mix the two. they lost the older customers. i still love the -- i'm older. i get the coupon i go to the store. what am i going to do now? >> look, the coupon is beloved it's still here. it's competitive advantage it's actually also digitally enabled. i think for us we've been saying this is here to stay it's one of our strengths. we just weren't managing it well in the past. using data and engagement with

our customers, how do we get it to the customers here to stay but the one thing i would say, jim, that was used in the past is a proxy for value. so this price is great if i use the coupon. we've actually bridged that gap and we've created greater parity with pricing with our competitors on an everyday basis. out of the introduction of the price points and competitive brands and the coupon is good with purchase. extra special benefit when you shop with bed, bath & beyond. >> let's talk about common problems retailers are facing. first, supply chain and labor. >> supply chain is a contemporary invention our ceo has undertaken it. >> not been a problem getting the product you need >> it hasn't but we see greater time and cost efficiencies some new information on partnerships to revolutionize

our product chain. technology enabled for us, we're at our all-time in stock ratio of 95% and that's without the tech and supply chain to support us so we're excited about that in terms of people, it is a competitive market out there we are very solid, this team here is fully staffed. we continue to keep a close eye on the market. i think for us doubling down on the engagement and the community we want to create with our associates creates a special place to work. >> the rollout of products, nestwell, it's squared away. is there any end to your invention? at what point do you say, you know what, i've got everything i need >> not quite there yet more to follow i think we have some great ideas to follow in certain categories, key lifestyle moments. we'll look at national brand and our brand can come together. >> one last question when i think about what's going on in the country with the delta

variant, people being worried about coming out and i look at this, i want -- obviously i'm turned on by what you're doing here will people come out >> i think they will we've got a great marketing plan and it's a three-parter here i think we're part of the chelsea and new york community we're part of the tri-state community and we're part of the tourist industry new york is coming back. we're really proud to be here at this very moment we will check in with our customers. we've created a safe, spacious environment, you can create digitally and enjoy the wonderful store. >> you're a joy. those of us who love retail and don't and just want to shop, this is the place. bbby from new york city flagship store. own the stock. coming up, the fed, the delta variant and a cavalcade of crypto caveats they have hurdles of money

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stock market came roaring back today that didn't stop cryptocurrencies from getting hit again. with bitcoin sinking to the lowest level since the very beginning of the year. there is a new founded version of speculation tonight i want to focus on one in particular. the prospect of greater regulatory scrutiny. last month we started highlighting one of the biggest risks to the cryptocurrency. there are coins that are backed by safe world assets, no questions asked.

the idea is to have something like a digital dollar. tether is backed by short-term corporate debt and we have no idea whose paper they own. that's the connection between the crypto economy and real economy. janet yellen just concluded a meeting, getting a handle on the risks here eric rosengram called tether a risk to the financial stability. jeffrey zhang and a yale school management director dr. gary gordon, it's called taming wildcats, stablecoins. they are talking about regulated currency that banks created. during this 25-year period 1/3 of all banks failed. they couldn't redeem their own notes. ominous. what lessons account 19th century teach us about stablecoins? let's check in with dr. gary

gordon the frank class of 1974 professor of the yale school of management thank you to "mad money." >> thank you very much >> professor, i know many viewers are not familiar with stable dl coin but we're familiar with tether can you explain where stablecoins fit in and explain why yellen, powell and rosengrin are concerned about the concept of stablecoin. >> they're concerned because stablecoin issuers resemble banks. you give them $100 and they give you $100 worth of their coins with the promise that you can redeem your coins at any time one poor one soit's the one for one part which makes them bank like and which is why people get concerned about what's backing them as in the case of tether.

>> well, you are an expert on what happened in 2008. now a lot of people understand the concept of breaking the buck when i think of tether and what they may or may not own, they seem like a likely one to break the buck if things turn bad for bitcoin. >> well, tether changed their terms of service so that they don't have to redeem one for one. they can redeem in kind so they, you know, in a sense are more like a money market fund as you suggest than they are like a demand deposit that was in response, i suspect, to all the inquiries about what is backing it. and they weren't very convincing it's hard for these stablecoin issuers to convince us about the backing, right they issue reports every month but the reports are vague and, you know, we don't -- as you suggested, we don't know whose paper it is so it's not

something they can really overcome >> professor, theoretically if you're, say, gary gensler or janet yellen, do you have any ability to deem something a security and, therefore, have regulatory control over it and say what is in that fund, sir? >> well, we don't want to declare it a security. that's the mistake we made with money market funds. >> okay. >> so they -- they -- they don't know what to do right now. they're thinking there's -- the office of the comptroller of the currency has a charter they hand out, fintech charter which doesn't allow you to issue deposits or get a master account at the fed and various states have issued several -- several states have special charters they don't have the authority with respect to the states to do anything they could, i think, require these issuers to become regular

banks and then treat them that way. >> professor, does it help bad guys, so to speak, if it stays the way it is for ransom wear? >> ransomware uses bitcoin as the payoff mechanism, which is kind of crazy because it has a very volatile price and at the end you have no right to turn it into cash. you have to sell it for cash so there's a lot of problems with bitcoin that's not the case with st stablecoins. i suppose attackers would like to have a coin with a stable price. i don't know of an example where they have used any of these other coins. i mean, right now these coins are not used really as money except to buy and sell bitcoin so they're not -- they're not used as a, you know,

hand-to-hand currency yet. the question is could they one day achieve that and the answer is, well, they might. there are a lot of really smart people working on it so we'll see. >> professor, one last question. you know the sum total of your paper makes me feel that tether itself, which was sanctioned by the new york attorney general, and has a tremendous, incredible amount of paper under management is just in kind of a potential giant sucking chest wound to this industry. >> no, it's not -- it's not that big, frankly it's about 60 billion, 65 billion. i mean, it's not -- the size of it is not a concern yet. i think the concern is when you have a size and you have a contract that says i can redeem one for one. >> right >> that's when you can get bank runs and that's what happened during 2007, 2008 i think eric rosengren is

pointing to potential issues and everybody's aware of all sorts of potential issues. the problem is we should do something, you know, intelligent about it now before it gets out of hand. >> that's why we wanted you on that's why we're trying to shine some light on it if we can stop something for actually something i like very much, i own bitcoin, ethereum, it would be great for all of us. it's breaking down because of some of these worries. i want to thank you for coming on the show. dr. gary gordon, professor of finance at the yale school of management great to meet you, sir thank you. >> you're welcome. glad to be on. we just want to shine a light on this thing. we believe in cryptocurrencies we don't want weak links it's hard to learn about this stuff but we're going to learn with you "mad money" is back after the break. stick around >> may i make a suggestion i would stay with cramer. >> the lightning round is coming

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it is time then the lightning round is over are you ready skee-daddy glen in colorado glen >> caller: hey, jim. i'm curious about palantir pltr. >> got a lot of smart people behind it. it also has the wall street betters behind it i find it tiresome let's go to camille in new york. camille. >> caller: hey, cramer

beautiful day living in the best city in the world. >> yes i agree with that. what's going on? >> caller: yes i wanted your take onyemata tooed chef, ttcf >> yeah, you know, i told people be in beyond meat. i'm only going to stick with one of these that's all i'm going to give you. robert in new jersey. >> caller: how are you doing, jim? i appreciate you taking my call. >> glad you called. >> caller: how are you making out with the 130 acre farm you have >> it's good i've got some real big wide mouth bass, buddy. what's up? >> caller: that's why i called you, jim i'm looking at an outdoor retailer it's out in the west services the west side of the country. it's got 430 stores. the sim bl is bgfg. >> and you have a winner that is one that i would like to buy and have come on the show. i'm not kidding, they have the stuff. i love this. i think this one's a comer

let's go to craig in kansas. craig. >> caller: jim. >> yes. >> caller: i have a stock here for you. it is tango factory outlook. >> it's making a comeback. i was very concerned all the weekender stores are gone it works now the how about tyler in california. tyler? >> caller: cramer, how are we doing? >> what have you got >> caller: mid term. >> i'm missing that. >> caller: i said u.s. steel what are your thoughts. >> there's two steel companies new quartz, that is a great company and then a past these that's coming back eric in texas. >> caller: hey, jim.

who y howdy from fort worth. you covered stocks on the eve of memorial day increased and sold a short time later. i made money on most of those. one of them was capital oil headquarters it's tanked about 13%. what's going on? >> camping world is like ford doing incredibly well. i think that -- look, i think marcus le lemonis is a great person i like the outdoor thesis. frank in arizona frank. >> caller: jim, thank you for taking my call. >> of course. >> caller: last year on your recommendation i bought penn national gaming. i traded it twice for huge profits both times and i rang the register on my own this year i bought it again and i'm down $45 per share. >> let's deal with that because we care about where it's going, not where it's come from

it needs football season penn nat needs football season it will shine again. that, late december and gentlemen, is the conclusion of the lightning round. >> the lightning round is sponsored by t.d. ameritrade coming up, are the inches all around us? cramer talks turn arounds and how these companies clawed with their fingernails to set themselves right next. arounds ao these companies clawed with their fingernails to set themselves right next. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds.

so we gave 'em thinkorswim web. because platforms this innovative, aren't just made for traders - they're made by them. thinkorswim trading. from td ameritrade. millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, and my community. i got you. for the love of people. for the love of community. for the love of progress. citi.

when it comes to running a business, there's nothing more difficult than orchestrating turn around. we know this is much harder than a new one. legacy systems, customers and employees. it can be done and i love to see it i'm astonished by the way the ceo of bed, bath & beyond has navigated the business remodeled stores, they will, indeed, blow you away. there's a legion of short sellers here and i'm betting they will get steam rolled we saw evidence of another more

nascent turn around last night that i think could be more impressive and that's the turn at ibm two years ago ibm borrowed a massive amount of money to buy a very uncharacteristic property called redhat, the open source software king. i've been a long-time fan of this company and jim whitehurst. there's no doubt ibm paid full price for this, $34 billion. ibm had been trying to pivot away into faster growing areas like digital, the cloud, artificial intelligence. they bought redhat that gave ibm the perfect way to explain this in came the guys that could help any company go to any cloud. still for a long time the growth continued to stagnate. that's where 31 year veteran of ibmkrishnef came in. he vowed to spin off ibm's legacy no growth i.t. business

while putting faster growing software divisions when it comes to tech, wall street has no respect for hardware but it loves software because there's much higher margins. ibm is a harbor play he wants it to become more of a software play so it can be valued like software play. his strategy i think is working. ibm is adding clients at the pace since i had a full head of hair you might have seen it if you call cvs these are big changes. somewhere they were too big given the state of ibm's balance sheet. he's been a feigned about paying down debt. they retired $18 billion since the red hat deal he can do it because they generate extraordinary amount of cash flow. jim whitehurst has moved on. fast forward to last night the company just reported

unexpectedly good quarter. on the comp call they were thrilled that they're seeing revenue growth although they were a lot less thrilled about the gross margins. what's left over after paying the cost of goods sold he patiently explained several times that when you have a decent hand you need to invest which weighs down your margins in the moment but allows you to make a lot more money down the road he reiterates his company to the b-i-g dividend. i was worried that he'd pull an at&t and slash the payout. krishna understands the shareholder base of course turn arounds don't happen overnight, they take time but both bed, bath and ibm are well on their way. just don't expect them to get real credit until they can put together a great string of quarters these are tarnished stocks and lots of investors assume their returns will fail. as for me, i'm betting with them

not against them there's just too much good happening and too little bad that's what a successful turn around looks like when it starts to get going i like to say there's always a bull market somewhere. i promise to find it for you here on "mad money." i'm jim cramer "the news with shepard smith" starts now a brand-new study shows one of the vaccines may be less effective against the delta variant, and tonight it's spreading across the country i'm shepard smith. this is "the news" on cnbc covid's fourth wave has arrived. >> insane to go from having one covid patient to having all covid patients again. >> could vaccine mandates be around the corner? reports of new havana syndrome hot spots with as many as 200 americans reporting symptoms on six continents what we know about the mystery