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tv   Mad Money  CNBC  July 21, 2021 6:00pm-7:00pm EDT

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it's a crypto miner and a hell of a lot easier to buy a $25 stock versus a $2,000 coin. >> karen. >> whirlpool, love the cash flow >> guy. >> nasdaq. >> thanks for watching "fast." ade you tomorrow "m money" with jim cramer starts right now 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 money. my job isn't just to entertain you but to teach call me at 1-800-743 cramer. we can argue whether netflix still counts as a growth stock after that not so hot parlor
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game meme stocks, amc the troubled group that just gave the ceo the chairman job. but after just an incredibly swell day for the bulls dow gaining 286 points, s&p climbing 282%, nasdaq jumping .92%. i want to tip my hat to a company that's doing everything right and showing you what doing it right means in this market. i'm talking about chipotle which surged 11.5% today on a fabulous quart ter. it shows you why individual stock picking still matters and why it's easier than most experts would have you believe we knew chipotle was gettable because i was telling you it was headed to $2,000 at the last 200 odd points it's up $181
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at this pace it won't take long to hit my estimate i mention that netflix a second ago because i heard endless chatter about whether their growth story has run its course. we're the ones that coined the term fang. facebook, amazon, netflix and google i think netflix is a terrific business subscriber but the stock only started going higher last night when management mentioned they're working on having some gaming stuff i mean, then they started preaching the virtues of interactive entertainment. what i want from netflix is content, good content. if they don't have enough good content to get lots of new subscribers around the world is an issue i want signups, global signups i don't want pull throughs as in
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the pandemic pull throughs i don't want to hear about gigantic runways when they're clogged with hbo and disney. i want the netflix of old where the conference calls were fun and jovial, the kingpins of entertainment kicked around their favorite shows i used to read the netflix call to my wife because i wanted her to watch the shows recommended by reed hastings this time i found myself, oh, man, i've got to finish this conference call. does that mean it's time to rip the n out of fang? i still can't go there i want to see what netflix looks like when it's no longer handled by covid when people say netflix growth status is debatable, that means the debate's over. the company lacks the growth to be a member in good standing of fang how about the meme stocks?
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these new or mere penny stocks of companies that might never make a dime or older companies where they can crush the short sellers. that's why the news from meme stock amc that adam aaron is being moved to chairman. aaron kept this company alive by selling them stock at inflated prices i am not interested in zero sum situations like amc. i am interested in companies with magnificent sales and earnings like chipotle what happened last night that catapulted this stock, this stock up more than 11% in a single session? takeover upgrades how about culture. culture, that's what happened. this company has an extraordinary culture of customer centric innovation. that's been turbo charged since they hired brian niccol.
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again, it's in the 1700s now we always hear about these executives who say a crisis is a terrible thing to waste. most of the time they're blowing smoke. not chipotle chipotle delivered when the pandemic hit management recognized they had to use every form of technology everything from the best digital ordering system, bots, making great food. they recognized they could do enough delivery through doordash to get the food where you need it they undered stood drivethroughs, chipotle lanes. in the old days they were 2.5 million volume amazing versus almost every other chain. now because of what they learned about technology they have 23 million members up from nothing two years ago. and they think that $3 million per store is now possible. yes, they learned that much. 3 million. that's inconceivable that they can do it, but they're going to
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do it. you often hear no one can find workers. can't find help. maybe they don't know how to find them. maybe they don't know how to look for them or maybe they're just cheap and stupid. not chipotle as niccol told us in the conference call, their coast to coast day event, hired thousands of additional team members, thousands. sure they have some inflation like everyone else including wages that moved to $15 an hour but they can easily move that on to the consumer with a 3.5% price hike did you notice that on your bowl i didn't unlike any company i follow, chipotle held onto the digital gains. was it the cauliflower rice, the lifestyle bowls? the burritos and bitcoin promotion. nah, it was the whole shooting match. a company that can earn $7.46 from wall street when it was looking for $6.49. a company that can easily double
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its domestic store count while increasing the profits per store. this is a company that's not speaking authentic silicon valley gibberish when it says it's evolved into and i quote a real food focused bottom line brand. ponder how the heck amc could be worth more than $21 billion even as the price for survival by taxing its robinhood eshareholders. i think you would be better off buying a chicken burrito and a share of chipotle. rene in georgia. >> caller: boo-yah, cramer >> boo-yah. >> caller: love your show. my husband and i watch you every day as well as our friends at 404 and tribeca >> thank you >> caller: we love you. >> thanks a lot. >> caller: my question is about upwork we love the company. i'm also a customer on the platform on occasion so i was an early adopter and i bought
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upwork at 21 today it's over 55 i have held my position all this time i want to know if i should sell into the strength of the last few days and trim my positions or hold? what do you think? >> i have tremendous admiration for hayden brown she does a great job you hold on to that stock. they know what they're doing they've got horse sense. adam in colorado, please, adam. >> caller: big boo-yah to the chill man teaching us young investors. >> the young investors are here. this is where they are and they're not just fighting the shorts, they're trying to find longs. how can i help you >> caller: amen. i bought a position at moderna at $29 then i sold my cost basis on an average of $1.33 they said the j&j is less effective does this stock have a
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tailwind >> no, i think bulls make money. we know that bears make money but pigs, that said i think moderna's targeted cancer vaccines that are in the -- that are in play will make it so that the billions it's making right now will look like -- well, i don't want to say nothing because boy this company is making a ton of money but i think the cancer vaccines are for real and these guys are real smart guys can i go to santo in my home state of pennsylvania. santo. >> caller: berks county boo-yah, jim. >> nice reading boo-yah back at you. >> caller: with earnings day coming and recent selloff, my companies i bought lemonade at $80 a share and sprinkler at $19 a share. should i be concerned with the selloff or should i continue to hold buy more or -- >> no. no they've come down enough they've come down enough you do not need to worry
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i think you're fine. don't buy anymore. all right. do you smell that? is that the sweet smell of success at chipotle? the company is firing on all cylinders and it has a long runway for growth but they have a lot of planes competing with it on "mad" tonight it's a health care platform used by 80% of u.s. doctors should you consider investment in doc simity. i'm giving the newly minted company a proper exam. where could the market be headed we have to go off the charts to find out. salesforce's marc benioff certainly hasn't been slacking off. he joins me on the closing of the company's slack acquisition so stay with cramer. don't miss a second of "mad money. follow @jimcramer on twitter have a question, tweet cramer #madtweets send jim an email to "mad money"
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tw money" @cnbc.com or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com. 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.
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♪ ♪ ♪ cisco. the bridge to possible.
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show me the olympics. [ "bugler's dream" playing ] ♪ ♪ ♪ ♪
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♪ ♪ i've got a new one for you even though the market has rebounded far from the lows on monday, there's one thing that still stopped this bull in its tracks it's the endless flood of ipos that just keep hammering us with the massive amount of supply it is a market all markets are covered by supply and demand. too much supply, prices go down. that's economics 101, isn't it so i hate the fact that the ipos simply won't stop including an obscene number of them scheduled
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for this week. 19 for heavens sake! worse, many of these deals are absolute garbage because we're in the point of the deal cycle where the brokers will try to sell you anything. they're just trying to cash in before too many investors get burned and the demand dries up but this is a huge but not all of these new listings are actually junk. i found one. i found one. i found a good one it's called doximity i know it sounds stupid but it's not. listen to me this is a social network for doctors. linked-in for mds. a place where medical professionals can exchange ideas. at the same time they have a bunch of cloud-based tools to conduct day-to-day tasks, hiring, contacting patients, even telemedicine. more important because doximity is the dominant player, it's
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become the ideal platform for advertisers. they're trying to market their products to the medical community. there's a lot of money pitching to doctors doximity became public stock price at 26. mid 60s at a peak a week later since then it's been a bit of a wild trader. 40s. bouncing back to the mid 50s this week as the quiet period ended. buys geez, the research in this is -- gee, everybody loves this. i think doximity has a great story. at these levels it's a little bit rich put it on your shopping list why do i like this one so much when i say these guys have the dominant social network for medical professionals, i meant their network contains over 80% of all physicians in the united states they're bigger than the american medical association. there's a terrific niche with very deep pockets. lots of small business owners,
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okay, doctors, right, who need to buy all sorts of things for their practices. total addressable market in america we spend $4 trillion on health care every year, 70% of that is spending of that spending is directed by doctors and doximity helps companies especially drug companies market to those people $4 trillion, doximity, salesforce, you've got it. doximity has been around 11 years. it has widespread adoption of doctors. normally this isn't a group that embraces technology. the federal government had to spend billions of dollars over the last 20 years just to convince doctors to use electronic medical records but apparently they do like doximity it's not just the social network application. it has social network software for them to operate not in the office sending and receiving electronic
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factio faxes from your phone. calling patients from your cell phone while displaying your office number rather than your personal number. some patients would call their doctors endlessly if they had those cell phone numbers i think it's a smart business model. they build out a big social network and they keep adding tools to the platform plus the social network side gives them a treasure trove of valuable data on what the industry cares about. how about the financials this is one of the reasons, again, why i'm drawn to this unlike so many recent software ipos, it has high revenue growth and profitability. two great tastes that taste great together in the latest fiscal year the company had 78% revenue growth a huge acceleration with 78% due the year before. doximity made the beautiful call to launch a telemedicine
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business last year that means that growth will likely decelerate now that we lack the telemedicine rollout. they're looking for 34% sales growth in the current fiscal year followed by 31% next year which is reasonable although i think that number is beatable. not only is doximity profitable, it's profitable for the next few years. you know i tell you that's where people are seeing spending balance sheet. how many companies that have become public can call themselves profitable with pristine balance sheets? i can probably count them on my fingers at best, maybe a couple of toes. this is partially a cloud-based software company net revenue tells you whether existing customers are leaving the platform or spending more money on it. last year doximity's net revenue retention rate was up 153% meaning existing customers spend 53% more than the previous year.
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wow. meanwhile, the number of customers spending more than 100 grand grew doximity has fabulous fundamentals the whole ipo test in 2021 will collapse under the weight of so many crummy listings that are coming right now i see them i don't like them. so what will happen? well, it'll get dragged down dragged down, but that's when you need to pounce because you can't use them for valuation. when you use a price of sales funnel it's pretty nosebleed it's trading more than 35% this year's sales, 27% times next year's sales that's substantially more expensive than viva systems. trades at 23 times next year's sales. doximity is growing faster i usually don't recommend stocks this expensive but profit, great
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market, the valuation's not in sync it's just extended when doximity came public they did what i call a sliver deal. they only sold a small chunk of stock in an expectation it would produce a big spike. however, when the lockup on insider selling expires near the end of the year you have to expect doximity to get hit that's where you want to wait. that's okay. patience no hurry to pull the trigger if you really want it soon, you have my blessing for a small position when it's trading 25% of next year's sales meaning below 51 outrageous valuations. the bottom line, doximity has an exciting story like so many recent ipos the stock is very expensive. in five months it could get hit
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with a wave of insider selling i think it's worth buying on any real weakness but please leave more to buy on the way out this one is a keeper stay with cramer coming up, jeff bezos took one small step for man can amazon take one giant leap for your portfolio cramer defies gravity off the charts next. hey, it's good to see you.
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they is my colleague who writes at real money.com. she has some great calls she did last year. when we spoke to her in late april she warned the s&p 500 was for severe selloff sure enough a week and a half later the s&p collapsed. wall street freaked out about inflation and it bottomed out 4056 boroden can get swings in the market what is her assessment right now? first, i want you to take a look at the daily chart of the s&p 500. now remember boroden's methodology measures past swings in a given security and then running them through what is known as fibonacci ratios. she can run the same analysis on the y axis price or the x axis
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time boroden knows the s&p has a confluence of the fibonacci. she at five different time cycles showing up here which often signals something is about to change its trajectory given the market was trading straight up into this time window she said you had possible reversal the s&p peaked exactly a week ago, just as she said and that was followed by a hideous decline, great deal of the damage coming just earlier this week so now that the s&p's rebounding from these lows, we have to ask what's next. check out this new markup of the daily chart. boroden points out we have a pretty clear pattern s&p will pull back pretty hard but it only lasts for three trading days from the last new high so look at this. pretty interesting we peaked last wednesday, hit the lows on monday that's what happened right there. three days we saw the exact same kind of
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short correction right here in june, then we got two of them in may, one in march and then we got this one in january. so boroden is pretty confident this pattern has already repeated itself six -- this is some year. 2021 we notice the three day down if we had been down yesterday that would have been another story. we came right back that means the meltdown was over the same time she said the decline from last wednesday to this monday was pretty similar to recent times. as long as the s&p is above the low of 4023, the red which is already up 100 points from here. boroden thinks we're in good shape. there are still a few hurdles she wants the market to clear. around 4337 that we blew through today. went right through it. there's another selling at 4359, the blue line that we reached
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today and we stopped we didn't clear it if we stall out here, boroden said we have to be ready for breakdown. however, if the s&p can break out above this level, then boroden said it will be smooth sailing for 4337, that would represent 127% extension over the previous swing that's important fibonacci if it clears that level, the next time it stops is 4992 that represents 168% fibonacci long-term perspective, boroden remains confident. what makes her less confident? another pull back that lasts four trading days. that would break the pattern of extremely short dips that really, really kind of -- it's been -- you know, when you look at it, this is 2021, isn't it?
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a couple of times we get here and people start freaking out. every single time, freak out, freak out, freak out that's what it's about that case seemed to be a lot more concerned about the larger possibility of a down side correction the future is bright which is what we've seen in earnings season so how do we play it an individual stock if you're not an s&p enthusiast. how about amazon the setup is very similar. amazon has a cluster fibonacci the stock is going to hit bottom at some point this week. not bad. the stock's holding above the key force of support 3490, 3508. boroden can see 3847 up more than 250 points from here. we get a sharp pull back and the floor collapses and all bets are
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off. but for now the bottom line is the charts as interpreted by carolyn boroden suggest the s&p 500 is done getting slammed and that amazon's ready for a comeback, maybe the best stock to play if you agree with her. as for me, regular viewers know i share her thoughts by the way, i have some things to say about the weak hands. good riddance. ryan in michigan ryan. >> caller: jim, i am an action alert plus member. >> did you like the talk today >> caller: i did very much >> thank you opening incident where i talked about how embarrassing it was was fun. how can i help >> caller: five, ten, 20-year outlook in my ira and the expo nensal rise and the need for semiconductor. what do you think of micron? >> this is new it is no longer boom/bust. all that said, if you want a
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longer term chart, well, you know i'm going to send you -- i'm going to send you to amd because that's about as close as i like and that one i like more than micron. the market's whip saw action is making me dizzy. the charts are signaling up side for s&p. amazon could be poised to soar more than 250 points i'll take it salesforce with news that it's officially acquired slack. what would it be for the future of work? i've got the ceo. with airlines reporting earnings, is it clear skies ahead for the sector i'm looking back at what got us to this moment all of your calls, rapid fire in tonight's edition of the lightning round so stay with cramer experience our advance standards safety technology
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after nearly eight months of work, today salesforce finally closed on the $27.7 billion of slack technologies, work i always describe salesforce the king of the cloud but increasingly it feels like they're trying to challenge microsoft. in terms of the stock, it means that salesforce will no longer be weighed down by arbitrage guys there's a whole industry of arbitrage funds that short the acquiring situation. that's why salesforce has been flat since its ipo was announced. next i think it goes higher. let's check in with marc benioff. welcome back to "mad money." >> jim, hello from stan francisco. how are you? >> i'm good. how are you? >> i'm doing great, jim.
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it's great to see you. you are looking great. >> good to see you in the jacket good to see you in the office. let me ask you -- >> it's the first time in 18 months that i've had a jacket on this is crazy. >> everybody's kind of relaxed except for me. i slept in a brione, it felt good you came up with this idea to do the deal during the pandemic i think a lot of people felt how is slack really doing. the truth is ever since you decided to acquire them slack has been doing better and better and better during this whole period, correct? >> jim, you're exactly right slack is such an amazing company. i've always loved slack. i'm a huge user of slack here at salesforce jim, slack is incredible it transforms the way we work. it's our new headquarters. it's where we're all working when we had that pandemic 18 months ago, it accelerated slack, that is what was amazing. everyone was in slack all the
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time and we started to integrate salesforce and slack services. we could see that salesforce was better with slack. it was awesome >> i have to tell you when i read the release today, arman chris nof talked about 383,000 employees on slack >> he's the ceo of ibm he has 400,000 users of slack. he is a huge salesforce customer because ibm runs sales, service, marketing, commerce and has built applications and done systems application with mulesoft he's built a whole customer 360 with salesforce. ibm is now able to deliver a single source of truth for all their customer data, jim here's the cool thing. now it's all within slack. within slack all that information they can now
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collaborate, communicate and use channels and all of these incredible slack features to deliver the next generation of their salesforce experience. that's inspired us that this is awesome. we say to them, thank you, ibm thank you, slack for showing us the future because when you add it to our customer 360, it makes everything so much better. >> i worked at a company that i started uses salesforce, also uses slack i've got to tell you, that company gave me a hewlett-packard. when i put the pc on now, i started about a month ago, if i reboot it, up comes teams. i didn't ask for teams but up comes teams. i have to get off of teams to get to my outlook which i don't really want anyway but let me ask you something. you know slack and a 10q filing last year said furthermore we could be subject to retaliatory or adverse measures by microsoft, its employees or agents in response to the complaint we filed with the european commission. doesn't that mean that you now could be subject to retaliation
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or adverse measures by microsoft? >> i loved how you said that anyway, jim, here's the thing. you know, the most important thing is customer success. nobody has more successful customers than salesforce. you know, our job is to make our customers successful it's all we focus on our industry has lots of players, lots of competitors everybody is out for everybody our industry is "the hunger games" of industries jim, salesforce and slack together, when we talked about ibm, look what intuit is doing salesforce already runs intuit's whole customer service operation, the whole idea you can ask incredible people questions inside intuit and inside turbo tax and they come up and give you answers and their sales, service, marketing, commerce and all of intuit's customer 360 is all salesforce intuit is 100% slack
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when you bring slack and salesforce together, intuit is better that is what i am excited about. i'm so grateful for building this amazing company and amazing technology because it's made what i've been doing for the last 22 years, salesforce, so much better. now you've seen us deliver that with tableau we bought tableau. >> people dotted that, marc. said it was too big. it won't work. how did that come out? >> right jim, that's the narrative. whenever you buy something you have to go through this gauntlet the most important thing -- my advice to other ceos is very simple look, we're in a new reality, post pandemic reality. it's a post pandemic reality where there's still a pandemic who would have thought now it still means you have to reconceptualize your company what are you doing to make your company better for salesforce, number one, we've acquired slack we have tableau, mulesoft, a lot of amazing companies we have deeply integrated and
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made our company much better for our customers. every company needs to do what we're doing, jim you know that. >> i have a question did everybody need to put up a 1070 foot tower, 1.1 billion in a period, marc, where frankly you're putting a jacket on for the show and you're in the office but you don't need to be. >> jim, you're 100% right. i'm in the office. we have a lot of employees that are in the office who are vaccinated you have to be vaccinated to come back to work for salesforce if you are attending our management conferences, you have to be vaccinated if you have an mrna vaccine evidently. we are getting back to the new normal that means four things a far larger percentage of our employees are going to work home used to be 20%, probably 50, 60%. people are still like me going to come into the office, i really like this table, talking to people, like the view three, we're going to have more
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off sites and events i've been doing that i've been running our company through a series of amazing off sites since november i do testing and vaccinations and, four, we're going to have this amazing salesforce ranch where we're going to train people, unite our culture and bring our teams together these are the four elements of how salesforce is going back to work that is salesforce i.d. >> your dreamforce. >> dreamforce is an event, major event, which you're going to come to, jim, september 21st in san francisco, new york, london, and paris. four simultaneous dreamforces in person that week, and i hope you're -- jim, are you committing to be there >> yes, absolutely >> san francisco i want you here. >> i pulled off a major executive who said, are you kidding me nobody schedules anything that week are you kidding me he didn't understand he's sap, that's why he doesn't
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know >> jim, you're -- >> biden technology guys, they seem to be anti-tech to some degree would you please explain they're not anti-tech. >> well, he's saying a lot of really smart things and he -- you know, he is saying some things that other people were afraid to say that are true things >> right >> so, look, crisis is a prioritization in government they have to figure out what truly is important and certainly our technology industry is one of our great assets of technology we want to help all of our customers get back to growth and reignite the economy and the government has to be a team as part of that in fact, i just spoke to jean ramando. she is the secretary of commerce she is absolutely helping us getting our businesses going and back doing the things that are important. like, jim, we've got to get to net zero, not just to growth we've got to cut our emissions
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we have to get to our trillion trees. 1t.org that's a huge part of the future we've got to go green. there are so many things we have to do to make our world better, our companies better, well, our government has to be a key part of doing that. you know that. >> can we have single source of truth in a place like robinhood? they probably need your help for single source. they've had issues with the government and i feel like that they have not historically been a single source of truth. >> well, jim, you're right robinhood has always been a huge salesforce customer and that's how they run customer service. i met vlad through you the first time i talked to him i said, vlad, what's your number one value? what's your highest value? safety, actually and i said, let's talk about how you're going to operationalize safety from that day he tweeted safety is now our number one value. that really got me excited about
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robinhood and really taking their company to another level and i said, vlad, i think salesforce would love to invest and help you not just making you a customer but let's be a partner. we've done that with so many exciting companies like zoom, for example. >> absolutely. >> we have been the largest and most successful venture capitol fund, salesforce ventures. you know that, jim. >> i do. >> it's amazing. we can help and partner with tech companies and of course i'm doing that on the side with -- personally i have time ventures. i love working with entrepreneurs. i love working with ecopreneurs. entrepreneurs doing ecology. we've seen so many exciting things happening when i look at amazing companies like upstart, affirm -- >> i like those. >> airbnb, it's like oh, my gosh, these are the people that are adding value in the world. >> okay. >> that's what i'm excited about. yes, i love technology
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i love innovation. i love entrepreneurship but i'm going to help people get to a higher value because if trust is not your number one value, i want to work with you to try to help you get to that higher place. >> fair enough fair enough. >> get that stamp of approval with salesforce. >> single source of truth. congratulations on slack i will talk to you soon. >> thank you jim, come to san francisco >> absolutely. great to see enthusiasm. whatever happened to enthusiasm? how did that check out marc benioff, chair, founder of salesforce on the closing of the slack deal "mad money" is back. >> just chill out. >> the chill master. >> the lightening round is coming up when "mad money" returns.
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♪ ♪ ♪ cisco. the bridge to possible.
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it is time it is time for the lightning round. then the lightning round is over are you ready skee-daddy justin in ohio justin >> caller: yo, cramer. clover health investment. >> why do you want to traffic in clover no thank you i don't like their business model and there's a lot of better things to buy jill >> caller: boo-yah, jim. i'm calling about nokia. >> they're making a comeback some of that could be a crackdown on the chinese but at $5.80 i've never said this
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nokia's a buy. kevin in the home state of new jersey a lot of home states kevin. >> caller: professor cramer, boo-yah. for the indiana jones of the financial jungle clme. >> long-term spec. periodically -- big lifts. look, he means well. this one and a couple others involving liquefied natural gas are over bought. that's nonsense. joey in tennessee. >> caller: how you doing thanks for taking my call. got a question about flood power. >> okay. jimmy chill says in the first week of august if they screw up you have to bring me the head of andrew marsh because they have got to put up good numbers they have to after what's happened, they must put up good numbers. am i clear they must put up good numbers. louie in vermont
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please, louie. >> caller: this is louis i bought nsego close to its high i'm wondering whether i should dump it or -- >> i don't know. nseco, dan has worn me out that has been a series of broken dreams, that stock and i'm done with the broken dream stocks and that, ladies and gentlemen is the conclusion of the lightning round >> the lightning round is sponsored by t.d. ameritrade coming up, there's no reason to be alarmed, but can anyone on board fly a plane? cramer pilots you through the market's friendly skies next
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♪♪ ♪♪ ♪♪ ♪ someone once told me, that i should get used to people staring. so i did. it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory.
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the airlines are ready for takeoff. that's what we learned so far. terrific numbers from united airlines this morning. that's before any real pickup in international flights.
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they're seeing no degradation from the covid events. by the end of the year the airlines are going to be very volatile before the pandemic now the business is looking good don't forget how we got here please when the pandemic hit last spring we were looking at near certain bankruptcies, not just shutdowns for not just united, the entire airline industry. even the best of the best, southwest i'll be talking to them tomorrow on "squawk on the street." with travel restrictions all over the world and no one wanting to fly for fear of catching covid, it was a given they couldn't survive on their own. do you remember that do you remember when we thought planes were death traps? you know what, it was also a given that they would get bailed out, something that happens every 10 to 20 years steve mnuchin knew we couldn't let the airlines go down the drain. it's an essential industry being destroyed. when i saw scott kirby the ceo of united airlines talk positive on the cnbc, i had to pick up
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the phone and talk to former secretary steve mnuchin. he was heavily criticized. you had to understand there was no way the airlines could bridge the gap until we got a vaccine last spring people thought that would be years away. without the first gigantic stimulus package we would have had what he described a global depression not to mention it would have been a national security risk. more importantly, the resurgence of the airlines is a quaint reminder that mnuchin helped cobble together multiple trillion dollar relief packages. imagine how great it would be if both parties could find a way to work together as they did last spring i don't think that's likely. oursystem punishes politicians for working together we have to remember how much the government did right during the crisis i read that jay powell, wall street journal says he's not a
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lock how the heck is that possible? powell did more than anyone to save us from a depression. the federal reserve didn't have to put up any money at all powell made that statement when carnival was about to go under once they got the backs up they were able to raise money by selling bonds. now they're talking about 2/3 of the ships going back to sea by the end of the year. don't you think boeing which directly or indirectly supports 2 million workers could have been a beneficiary they helped raise 25 billion for boeing in april of last year saving one of our biggest employers. now we couldn't have done it without mnuchin and powell so as we look back on the first quarter where the airlines have fully made it through the
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pandemic, let's remember the government can do great things when both parties are willing to work together. we don't expect much from the leaders of this country but they really came through in the clutch a year ago. maybe they can do it again i always like to say there's always a bull market somewhere and i promise to find it for you. "the news with shepard smith" starts now hell on earth and then some. extreme weather no longer a question of when but where i'm shepard smith. this is "the news" on cnbc extreme weather sweeping the globe. europe, and now asia. rushing waters trap and kill people on the subway city streets transformed into raging rivers. tonight, the worldwide impact. shots ring out in milwaukee. across the country, many fearful of a rise in crime the man hoping to be new york city's next mayor join

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