make a move in the draft tonight, up or down? >> up. >> it's amazing. qualcomm is too cheap here as well >> thanks for watching see you back tomorrow. "mad money with jim cramer" starts right now i am here to level the playing field. there always is a bull market somewhere. mad money starts now. >> i am kramer. i am just trying to make money. inflation has his grip around

her neck. that is true even on a good day like this. nasdaq jumped 1.60%. last week's brutal plummeting continues. a labor shortage, the were in ukraine and lockdowns in china. i think the blame for inflation might go further than that. our government does not have a productive relationship with big business. big business can reign in inflation but they need an incentive to do so. there is zero rapport with the white house. a classic example is energy. today they met with the energy secretary about the high price of gasoline.

he seems to have genuine scorn for the oil industry. he is adamant that they need to stop gouging the american public. that one comment kyle bosch any chance that u.s. oil producers would lift a finger to get gas prices under control. the blowback that i have heard from behind the scenes has shocked me. these oil folk that they had a chance to work out a plan with joe biden to lower prices. first, as david and arrest, even this company is working hard to reduce their carbon footprint. they are not getting any credit for it from the white house.

this is our country he called a pariah state after the crown prince ordered the murder of the journalist. we don't have a shortage of crude oil, we have a shortage of refining capacity. the oriole industry is reluctant. why take the risk what they are already printing money. right now, we desperately need more about finding capacity to bring gas prices down. at the same time the giant chemical company has a colossal accused and refining facility that can will find 268,000 barrels per day. it cannot find a buyer because it needs to put at least $1

billion plus in capital expenditures to have maintained. figures to get heavy crude from venezuela and they were going to pipe it down from canada and now they can't. there is not much reason to keep this refinery open. >> the president said he wants the oriole companies to do more on federal leases. joe biden has made it difficult more than any president maybe in history. i speak to many of the people in this industry and they have never felt like they have been treated with this kind of contempt. we need a ton of infrastructure investment to bring down the

price at the pump. they will not lower prices out of the goodness of their hearts. i get why joe biden doesn't want to buddy up to the oriole industry. if he wants to get reelected, he will have to suck it up. look what happened to germany when they tried it? they got hooked on russian energy. i don't think that the russians will win but the germans are not helping the situation. we desperately need more semi conductors in this country. we need to manufacture them here. if we could build more ourselves we could lower the prices in our tech would be more secure. more than 50 billion toward this country.

the ceo of intel will kickstart the process with an investment in ohio. this will be a disaster for american manufacturers. it is only for the consumers. it looks like it could die on the vine. if the administration really cared, we might have a longer- term plan. everything needs semi conductors. we would rather build bridges to nowhere. i believe technology firms in their clients may be failures too. many businesses are good at firing people but how about harnessing check analogy? i don't want a blank the tech companies per se.

jensen long as a brilliant ceo and he can take orders better than any human and 27 languages. how can these not be calling him to figure out how to integrate this amazing technology? >> they are pushing ahead with self driving cars which will help the labor shortage. state and local governments are fearful of self driving accidents. there are way more accidents by human drivers done self driving cars. if the data is as good as i've seen, government should work to support and subsidize those

long-haul trucks. mcdonald's -- biden says i will sit down with the oil guys. at this point i would be more willing to bet on the odds of a truce in ukraine after russia gets -- spencer in california. >> i am doing well well. i am wondering summer vacation in full swing do you see anything for uber >> i am not going to go against uber. they have driver shortages, but they will deal with that. i think that the stock is five

points down and 15 points up. i cannot see your coming down more than five. allen in california. >> >> my question is, since j.p. morgan chase has established itself in philadelphia and pittsburgh, do you think the chase will be interested in the middle of the state, in particular, harrisburg? >> of got to tell you that there is a pecking order. my favorite is wells fargo. i like bank of america too.

>> i am sorry if i miss pronounce your name. this is my fault. i apologize. >> okay. sorry about that. >> we are going to wrap here. we will get you back on sometime soon. government cooperation with businesses the worst i have seen in my entire life. it is worse than carter. i am not holding my breath that this will get better anytime soon. earlier today i had a chance to check out a job center in new york city.

the fed has set its sights on how to get inflation and i'm breaking down what needs to happen to help break it down. (mom allen) verizon just gave us all a brand new iphone 13. (dad allen) we've been customers for years. (dad brown) we got iphone 13s, too. switched two minutes ago, literally right before this. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love.

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we have made our way through that without getting blown up. i just can't feel as good as i would like about this market. i would love to come out here and tell you you can buy stocks that the market has bottomed. it is not true yet. there is one big reason why it is hard to qualify. many of the earning assessments for individual companies are too high. they haven't come down enough. we are about to enter the second quarter earnings season. we have the feds temping down on inflation. it means we are headed for some kind of slow down. right now when you look at the earning assessments for the stocks, they are predicting 8% growth. i find that hard to believe. 8% to 11% is what you expect in

an average year. the average earnings was 11%. right now in the next 18 months it will be not too good but not too bad either. to me, that sounds a little bit out of whack. we hear constant chatter about the recession. we are looking at okay year in 2022. again, i don't think that a recession is inevitable. i am convinced that 2022 will be a below average year. they are all way to hide. so why does it matter that the estimates are too high? markets don't like to bottom until all the bad news is. until that happens, we are waiting for the other shoe to drop. i believe that it will

drop. i pay attention to the earnings reports and conference calls. i can already tell you there was a real downtrend in late march or early april for many companies. it will show up in the second quarter earnings report. and it is not like the first quarter was all that great. they put up 4% earnings growth. followed by 14% growth and 7% growth in the fourth quarter. everything that we know says the opposite has happened. even trying to reopen this economy, those numbers are going to be unattractive. even as i remain steadfast that one if not both of us will happen, i am starting to think

that ukraine truce is for real. a little over a month, it came to surprise parties. he is totally solid and they saw a rapid slow down in year- over-year sales trends beginning in march. he's got to get rid of a lot of inventory. it will be an okay forecast and they turn around and/those numbers a month later. also inflation, -- we spoke to

chuck robinson he said the chinese lockdowns are killing them. it is with us right now. the same goes for nvidia a company that i like very much. i think any company that depends on china is looking at an ugly second quarter. i believe that video stock is taking into account the horrendous cut i am not expecting. $.75 higher than what they were expecting at the end of the year. do you think that the outlook is better? last week we spoke to the ceo of dutch bros the coffee chain that i like so much. there is no denying the situation got a lot worst over the last couple of months. wiki

told us that while mae was a bit better it is well below what they want to see. their business has taken a big hit. there are some labor issues and they can't find enough people. the good ones job pop raising wages beyond what they can afford. i think that dutch bros has a great long-term story. josh ricky is a straight shooter. the conversation made me feel that estimates could go lower soon. and finally, this is like the homebuilders. we got results from the parent company of olive garden. you just wanted to purchase the stock. therefore year earnings forecast was not what you would

expect. they don't want to drive away their customers. you will see a bunch of estimate cuts tomorrow morning. it is not unlike what happened with the homebuilders and with kb. you had these great quarters but things are getting weaker. over the next few weeks before earnings seasons get rolling, i expect some free ends of estimate cuts. if we get over the estimate cuts, that is it. we will have not a tradable bottom but an investment one and one worth owning. >> i had some questions about

walmart stock. and retail stores like that. i know that we are supposed to buy low and sell high. and so, if a store like walmar , those stocks, i did get to by now? >> here is the way that i explain it. we felt that the risk is something and we were wrong. the stock got completely crushed. down here at 19 times earnings with the great sheet, i am in favor of walmart and not

against it. there are a bunch of stocks like walmart that i think are overdone and cannot be bought because of forecast cuts. >> hello, jim. >> i am a multi-time collar. thank you for all that you guys do. >> thank you so much. >> enjoy your morning meetings. when you want to talk about a company on your show a while back and you mentioned it this morning on the email to club members. they were downgraded by morgan stanley. they fixed the mold of the company that pays dividends. should we keep the tractors running or put them in the barn for adco? >> what happened is that corn

has fallen a great deal. and so he has fallen. and now wheat has fallen. that is what is driving adco lower. adco, we are going to have to have them back on. that stock is getting crushed here and i am not sure that is right. over the next few weeks, while more companies hit us with negative, once the stocks are down a great deal, we will have much more mad money ahead. and then there is one tough pill to swallow that i think could help beat inflation. stay with kramer.

(fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do.

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a sustainable bottom. in the past few weeks we've gotten earnings from a cloud cohort. the bad ones had their stocks collapsed further after bad numbers. there are plenty of good ones with good numbers and saw their stocks bounce. unlike so many other companies, they don't need them to be cut. they reported a strong quarter. i thought it was okay. they did a good job explaining it was related to currency flex stations. as a result the stock jumped from 160 to 188 over the course

of two days. it hasn't revisited 154. that is a good sign. earlier today but got a chance to check in with the ceo of salesforce. brett taylor came with us. it was an event hosted right here in new york city. >> well, we finally have met each other in person. it is amazing. >> isn't the energy incredible? >> i think we have had at international depression of thought. but this could be the most constructive change when you get together, things happen. >> you are right. people are able to collaborate and help each other through and that is a huge part of what is going on here.

>> you have traveled around the world and you know the glue. businesses are cutting back. it seems that they may be cutting back on some things but not cutting back at all on technology. >> the trend in the pandemic of technology exploding, whether you are using it to transform your experience or build a digital customer service experience or drive productivity , technology is the answer. if you did not have a digital business, you did not have a business. you are driving topline growth and bottom-line growth. >> i have been waiting for your company to kick in and start getting the costs lower.

>> we see that every single day. we see our customers doing something like case deflection. instead of having to answer customer service question, they will east technology to do that. >> it will be much more productive and the labor shortage is not going to stop them. >> this is not like that, correct in terms of laying off key people. >> we have not seen that yet. we know that there are things out there. you mentioned

inflation. you saw what is happening in foreign-exchange. there is all kinds of different things that are out there. our customers who are here today , they want to understand what is happening so they can improve their company. >> i saw that you put two top executives in atlanta when you've got the biggest ever in san francisco. you are the most work from home outfit that i know. we never talk about the social impact, the economic impact of working from home. >> silicon valley used to be a place in it is now in the cloud. we did not put a job requisition out saying we need a cio in atlanta.

he used to be a cio and is an incredible individual. if not for the insight we got, running on our digital headquarters instead of our physical headquarters we might not have found him. i think that the 9 to 5 work week instead. the world of flexible work is here. we will have a happier workforce and succeed. >> it was funny that you had to make the pilgrimage to menlo park. >> at the end of the day there is talent everywhere. i think that we will look back and it exploded around the globe.

>> everyone wants to go there. another hub could be in ohio. >> they are competing for talent now. we are going to go where the best talent is. they make it a great place to live and to work in those cities will benefit. >> that is when all of a sudden you say, you have another opportunity here to grow. >> great entrepreneurs and great code writers in the country. you just came back, is there any hope in ukraine let's just say a shocking and terrible demise. >> it is one of the things on the world's mind. businesses want peace and

productivity. understand we know where we are going forward and we have things going on in the ukraine right now it doesn't give us a lot of confidence exactly and where things are going. that is why we want things resolved. it is a horrible and sad situation. >> we will be back in a minute. i had no idea it was that easy to diversify my portfolio! ♪♪ go to investor.gov today to learn about diversification and other valuable investment information. before you invest, investor.gov. ♪

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>> i wanted to give them more time. let's get right back to it. >> it was remarkable. we have -- that quarter was incredible. without a doubt to me if you were for japan, the numbers would've been extraordinary. do you think it is a lack of understanding about the dollar or a belief that these stocks are not worth nearly as much as we thought? what is keeping a lid on the company and called the dow that had one of the best quarters i have ever seen? >> we had a great quarter but the dollar had an even better quarter.

everywhere that you go in the world to basically say you are a dollar holder and you can buy a lot more. i was just in europe and japan and australia. anywhere that you go the dollar is worth a lot more. that is going to mean for companies rolling revenue out in the revenue, you are rolling out currencies that are worth less. it does not mean that your business is not doing well. japan is the highest performing unit in the company and i think we are the second largest software company in japan. of course, the yen is that one third of its value since march 1. that is amazing. >> that is just not tolerable. >> i think that we have to be completely transparent on what is happening so our investors can understand how well our company is doing.

>> the wind that no one is talking about is, i saw a tech magazine that said slack could think on linkedin. it has a better product. who is going to champion slack to wall street? >> slack is amazing. yesterday slack released a bunch of new capabilities. you can do video, drawing, it all runs on slack your digital headquarters. it has exceeded our revenue expectations every quarter since we have owned it. i was in europe last week and the ceos wanted to talk about slack. >> you have to realize, we have

this conference here in this building for slack. i bms here. a great customer salesforce. in a great slack customer. and they say, we can create and work together. >> this is our dream. >> it is bigger than anything you ever thought of like that. >> think about this. we are in a new world of work. we have people working at home. we have people all over the world on slack. they are run salesforce. we pulled the information together.

we have to integrate it all together. and that is why our platform is so much better than it was just a couple of years ago. we have these critical technologies and this is a powerful moment for our customers to bring it all together. >> okay. i am going to say no comment which gives you a chance to repeat what you said. there were many reasons about why you didn't buy twitter. >> to be able to say, you are the chairperson. >> i am not happy that you ripped my book apart. >> why let this thing go to the highest bidder, or is that the way it should be? >> there is not a lot i can say because the transaction is going on.

i think that twitter is more relevant than it has ever been. you can see culture being defined on it. i just watch the nba finals and it is amazing. i am incredibly grateful to be part of the service. >> what ever you do, i don't know how you can possibly not serve the twitter shareholders. >> i have been on the twitter board for six years. my background is consumer technology. if you talk to all of our customers here, every single one of them is impacted by these tech knowledge he's. it is impacted and every social media company, how did -- it is helping me. >> what do we do?

>> dream forces happening in september. last year we only had 1000 people because we didn't know if he could do it with the pandemic. we are going to turn it up to all 200,000 people coming. it will be on fire. >> this is a small version of it today. we will have a big version of it in september. we want everyone to come back to san francisco and see the most amazing tech show which is dream force. >> i'd like to think you, gentlemen, i can shake your hand. it is a new era.

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reduces inflammation. don't touch my piano. kick pain in the aspercreme. it is time for the lightning round. >> my interest is in the 5g play . >> i am hearing nothing but positives about nokia. i think that it is right to

purchase. randy in west virginia. >> hello. >> i agree with you. what is up? >> i would like to know about the rlc. >> it is a legitimate coal mining company. i think that coal is a decent price and i think they can make that yield. >> james in louisiana. >> thank you for the opportunity. i want to ask about sulfide technology. >> sophia is hard to reconcile.'s got great management and a $5.00 they can turn this thing around and make it have money. i think that we will do it. let's go to cricket new jersey. >> how are you doing? >> i'm calling about a stock

that has a 31 pe 5% dividend. i am just calling to see if iron mountain -- >> people have tried to get me to shy away from iron mountain. i like that dividend. let's go to aaron and tennessee. >> i am a longtime listener. what is your opinion on the next 3 to 5 years? >> that is a hard call. i am not currently recommending stocks that don't make money. sophia is there to make money and i don't think it will go much lower. and now we are going to peggy in pennsylvania. >> i love your accent. i feel at home. what is up?

>> i am calling about fertilizer stocks. this one is really bad. it also -- i am very worried about that industry because corn, wheat, and so ray is going down. commodities shuffle come down. let's go to antony in new jersey. >> the read yesterday was so-so. people didn't like it yesterday and it is up five now.

>> john greco california. >> greetings from fresno, california. >> what is going on? >> i have owned berkshire hathaway for 30 years. should i continue to hold? >> absolutely. the assets are terrific. >> mike in california. >> that could be the end. the conclusion of the lightning round.

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>> the most visible issue was housing. we have high rents and high rising prices. almost everything that goes into a home has gone down in price. the homebuilders are not passing on any of those savings to the customers. there is a housing shortage.

what happens? the federal reserve should step in and they are going to. right now, renting is so expensive, it is a no-brainer even at these prices. as mortgage rates go higher, that brings down the price of residential real estate. more rate hikes will force them to cut the prices so we don't have to worry about housing inflation. there is a lot of collateral damage but there were no weapons in the arsenal they can do the job. there has been tremendous demand for whirlpool appliances. that is changing. rock costs are coming down. that would raise a ton of cash.

of course, is such as housing. they need to break the cycle by the goods companies like clorox or procter & gamble. there is no tree down in the product categories. plus the rock costs are coming down and in some cases, dramatically. neither nuclear i expect they will pass those savings to us. there is no good answer. in the end, procter & gamble

might have to lower prices. they spent the last two days how inflation is too high. when you actually look at these examples is more tractable than we might want to believe thet trump tried to weaponize the department of justice to overturn the election of joe biden. i'm shepard smith. this is "the news" on cnbc. >> donald trump knew this was a lie. >> the letter claiming the justice department had found fraud and urging states not to certify electors >> it was so extreme to me i had a hard time getting my head around it. >> and when he tried to replace the attorney general to change the course of history -- >> i said, mr. president, within 24, 48, 72 hours you get hundreds and hundreds of