overreaction to what the cycle has going on right now. we think that snape had a bad quarter but they have competitive issues. it is still going to be just fine over the long term. you're not paying a premium for the market and your paying close to discount at this point right now. there are buyers there. >> i have to run. i appreciate your time. we have more coming up in "fast money" that begins now. right now, breaking news from walmart. shares plunging after the company/the prophet outlook. operating income could drop double digits in q2. i am melissa lee. this is "fast money". let's get to it. shares of walmart are down 8%

and their say that food inflation with double digits in q2 and the currency headwinds are taking a billion-dollar buyout of net sales. they target cosco, dollar stores, they are all dropping. what a bombshell. we should remind people that when we recorded the first quarter, they took down guidance for the second quarter and here we are again. >> so that is a month and half or two months later? they did not take it down. that was slashing already/guidance. so we could try to trade walmart around this but i think the question is, what does it mean on a bigger picture? they are feeling the effects of inflation, clearly. they said it. a billion-dollar currency headwind for a company that does $600 million a year in revenue, it is not a huge issue but it is an issue for them and for others. all these things we've been talking about are coming front

and center with walmart. if walmart is down 9% or so in the aftermarket, you can make the argument that once they cut the full-year guidance or next year's numbers come in, maybe this is the stock that is still too expensive on valuation which was never a concern will suddenly become one. >> it is amazing, i think, that there is still guidance for the full-year. this notion of sticking to guidance seems like just a fools errand at this point given how quickly things are changing. >> we debate this all the time and the ability to do that. it is arguably the most sophisticated retailer in the world. their inability to get the second quarter forecast right, but the discussion about inventory levels and inability to get that right which rings the stock down dramatically. they are just guiding the second quarter down 12 to 14%. full-year down 11 to 13% in operating income.

those are big hits. a lot of it seems like they're going to take that hit in the second quarter. we talked about the markdowns in the inventory. we talked about the shift in terms of merchandise and what they are spending on. these headlines after hours talk about the impact of inflation and gas prices on their consumer. the question is, is this yesterday's news if we think the worst is behind us? the inability to assess the business is part of what is most troubling here but we have to give them, whether it is a pass or not, it is as difficult environment as retailers have ever faced. >> if walmart is having this much difficulty, imagine what scores of other non-best in class retailers are doing or how they are grappling with the situation. karen, you have been treating this in the after hours. >> i have. i am selling some target on the

heels of this. i cannot imagine they are escaping the big picture issues that walmart has. we know they have similar inventory problems which are worse for target going into -- i don't know why they announced it now. i don't know if it was accelerated price cuts. not sure. the guidance they have in the second quarter is fine because i will and this week so, i totally agree with you. i understand why they feel the need to give guidance for the rest of the year when we see what a challenging environment it is. and how things can change really quickly. the part that bodes poorly for target is a mix and how much the consumer spending on food which leaves a lot less money for the higher-margin items like apparel. walmart specifically cited apparel. that is a good margin area for target. does not bode well for them. the reason i so target is that i have a lot more dollars in target than in walmart. so imagine i would trade down and i don't know if they're going to feel compelled to say

anything else, but i mean, clearly it does not bode well for a lot of categories. i don't know if they're just going to/as much as they need to and do that for all of the inventory, but it is hard to see how they're giving us some color on back to school. but i don't know how they could have a lot of confidence for the holidays. >> karen hit on a key point which is that walmart was pointing at how higher food and fuel costs are changing how consumers spend their money. like the higher-margin areas like apparel. there getting hit. names like macy's,kohl's, the

other stores. >> it feels like it is coming together once. we are talking about inflation peaks. when you think about this quarter and the guidance they just gave we are talk about multiple headwinds that have collided at once. the one that we have not spent a lot of time on is the consumer in the u.s. that has obviously tremendous benefits during 2020 and the better part of 2021. is become a lot tighter and we have not seen a meaningful pickup and unemployment. we think about the guidance and we are talking about the visibility going forward, just because you cut prices does not mean that you are going to create greater demand, even into a period that will include back to school and the holidays. we are starting to see subprime auto loans pick up. we are seeing the rents that will not budge. i think if you're thinking about earnings season, from walmart until, looking at the broader guidance.

the picture for the u.s. consumer right now come i don't feel like this is the sort of report that would change itself in a quarter or so. expectations for the balance of the year relative of where the stock is trading about 20 times, obviously it will be less with earnings estimates coming on. analysts are still offsides on this thing. i suspect you will see a lot of the downgrades. the lower the stock it goes, maybe the cheaper value it gets. before it reported earnings guy, it was $140 stock.'s there's a big difference between a $148 stock and where it is now at $120 knowing that the quarter holds this for us at this point. do you think that is still a moving target? >> absolutely. trading down at$117 was the 52-

week low on june 15th and 16th. it actually traded lower than what we are currently trading a month or so ago. to your point, all of this becomes a moving target, but it speaks to the conversation we've been having for quite some time. what is the right multiple for the market in this environment that continues seemingly to deteriorate? inflation is insidious and insipid and it is everywhere. we are starting to see the ramifications of it with the biggest retailer in the world. it is not going to be walmart specific. walmart will be the first, but i can almost categorically guarantee they will not be the last. >> target came out with its own bombshell. let's see if target follows. now we have courtney reagan here. is any difference in how target dealt with this inventory that might save it from having another warning on the same

quarter versus walmart? they seem to be aggressive at the get go with issuing this warning right after the quarter, saying we are going to mark down and take our guidance down. >> of the thinking through that in the last hour or so since we got this news from walmart and i would say that perhaps the difference between walmart and target, they're both multi category but 55% of walmart's total sales come from grocery. target is only about 20% and that category is a category that is strong for walmart. they talk about food inflation being up double digits but still , people need groceries. that is lower margin. target has placed fairly well in that apparel game in their own private labels and they still had to discount that to move it. in a way, it could be harder on target than walmart and maybe that is why target had to come out so quickly to your point

after the end of the quarter when we saw that these things were not changing in their favor and were not changing quickly in their favor. i cannot remember the last time that walmart came out with a warning like this. i reached out to the company to see if they confirmed, if they can confirm when it happened. that is what caught me by surprise. i think it is interesting that walmart is able to take up the revenues and their comps above where they previously guided and above the street estimate, but of course, doing so at the lower margin category so that is where you get the hit for the prophet for the full year. but that is still actually quite interesting. lease they have a grocery and the traffic driver for consumers, it is more sensitive to higher cost inflation when it comes to food and the price of gasoline and we know that walmart and sam's club sell

gasoline at some locations and maybe that is helping shoppers by what they have to buy in stores, but very interesting moves. it is the cfo's first quarter as cfo for walmart and he came from paypal and united airlines before the. it is an interesting quarter. the walmart u.s. ceo said that there were about 20% of inventory that he thought he wished could just go away. is not like they didn't know that they had excess inventory and you can guess what kind of inventory they had too much of and now it just looks like they are really quantifying the impact it is having on the quarter. >> thank you for the color. courtney reagan with us. i don't know. do think that target stands a chance in terms of escaping this in better fashion?

>> it is hard to see how they escape completely. i'm wondering if target feels like they are going to miss also, does this give them any cover to pre-announce? they don't have to pronounce even if they're going to miss, they do not have to pronounce. it makes me wonder, it is the mix issue that is so important for target. it really does not look poorly. the one thing that target has a meaningful advantage over to walmart is that they are a u.s. and canada centric company so to the extent that the dollar is strong, that is a benefit for them as a source outside of the u.s. and sell in u.s. dollars. that is a little bit of a tailwind relative to walmart, but the valuation is very big. >> i'm going to buy it back. at enough it is going to be tomorrow or the next day, but i will buy it back because i think it will be penalized somewhat as much and the p/e ratio is already dramatically lower. let's get more on this. bill simon, former walmart u.s. ceo. great to have you back. thank you for calling in.

courtney was saying the last time it happened, what is your take on this? it seems unusual for walmart to do this. >> i was listening to courtney and i thought the same thing. it had to be eight or 10 years. it happened once when i was there and i've been gone for long time. and inter-period warning like that is very uncommon for walmart. >> you call the inventory overhang apocalyptic at one point. and i'm wondering, is the worst behind walmart? is a reason why you think the company insists on sticking to guidance such as maintaining u.s. sales growth in the back half of the year? where they sticking with guidance and issuing full-year guidance of things have gotten away from them in a matter of weeks? >> actually think this is what they needed to do. i think they owned up to it and decided to take the same decisive action and it looks like target has already. as far as the comp sales

guidance, i think courtney was saying as well that the food business is over 50% of walmart's business and with double-digit inflation in food, 6% same-store sales, that is pretty much where the growth is. so, i think it is fairly easy to predict the same-store sales when you know you have a percent or 9% price inflation in the product that you are selling. >> i appreciate the fact that you are not the analyst. that was was to give you the sense of whether the valuation has been given too much of a haircut. but when i see a company like walmart get out in front and aggressively mark down in apparel, does that warrant the 15 to 20% haircut on the value

of the company when in fact, we are hearing about inflation. we are hearing about gas and food prices, but we are not hearing the company tell you, the consumer has fallen off the map and they're telling you that the sales next year are going to be better and higher and 6% to the order. >> this is what good business people do. it could be a multi-year issue that could impact the long-term valuation. this is what you're supposed to do. you recognize that you own up to it and fix it. >> so inflation has not been a problem in this country. in terms of the numbers, it is a different conversation in terms of this. they've not seen this type of environment and they're struggling to deal with that so i guess my question to you is i

think it can last a lot longer than people think just for the fact alone. people have not been able to navigate an environment like this in quite some time. >> i think that you are probably right to a certain extent. inflation is something that in this country we have not dealt with may be ever at this rate and that this velocity. if you combine that with rising gas prices, which at walmart, they analyze everything and in the total analysis of everything, it is gas prices that really drive the sales shortfall and the sales changes at walmart because of the consumer, their particular in consumer, are sensitive to gas prices. we are able to fund or fuel the inflation by the high employment levels, so i think we have to able to figure out where the cycle ends and all of the pundits will tell you that

we are nowhere near where we need to be yet on interest rates to slow the inflation. >> given the task that the fed has on hand and this is a very appropriate conversation given the fed meeting this week, just knowing that the fed has to do this and site inflation that the side effects could be higher unemployment, does that concern you about walmart? of the one time, you will claim inflation but on the other hand you will impair the consumer by cutting him or her out of work. how does this affect walmart in your view? >> walmart is the nation's largest grocery and the best price in the market on groceries. they are better positioned in most retailers to survive this and actually thrive on it. the consumer is impacted severely, but they also see an increase in consumers who trade down from the higher price grocers as inflation continues, so they built a very broad business and find a way, found

a way through good economic times and difficult economic times to be relevant. >> and the last question, last time you are on, asked to play game that we like to say, which is would you rather. and when it comes to the ability to whether this inventory problem better and which you think is a better retailer here come the same question at this point now that walmart has come out and warned of the second quarter. >> that is so not fair. i would rather be retired now. is a good pick? >> so, neither. >> i think they're both going to be really strong. they're both going to recover from and well. live good leadership and good market position and know exactly what they need to do and seem to be doing it.

they will take this opportunity, both of them, to reposition themselves and make sure that they are relevant to their customers. if i had to pick one, i would like target because they do not have the exposure to the lower margin food and they have the ability to liquidate some of the inventory with a higher income customer. >> always appreciate your candor and analysis. former walmart u.s. ceo. >> somebody got tipped off to this. the most active option traded in walmart was the july 29 expiration. 13,300 of them traded, a lot of them and the last hour of the day. it was only 340 open interest and that is $900,000 of premium if the stock were to open here tomorrow. you can see what the gains would be. i'm not a fan on unusual activity. don't think it is a thing. i think it is a thing when people have a tip and are

trading off of it at the last hour of the day of a very unusual announcement. this is not a common event for walmart. there will be more to talk about as it relates to the options purchase. >> that is interesting. you do not like unusual activity as any sort of indicator but that much in the last hour, that is eyebrow raising. >> it definitely is. we can see an insider trading thing uncovered today. i dunno. if you did know that, it is so dumb, it seems, butcan it be worth it? i think it has been more in lawyer fees alone, regardless of the outcome, so don't get it. excellent siting there, dan. interesting. >> it is like a psa. don't insider trade. we have our eyes on a couple this afternoon. shares of were pull on the

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welcome back to "fast money" and we have earnings alerts. the shares are down. we have the details from kristina partsinevelos. >> the fundamentals are holding up. the outlook is not wavering, either. it is slightly higher than anticipated. they get 15% of the revenue from the and market. a problem we know with the semiconductor firms and when we break down the revenue, you can see that is exactly where it missed, mobile sales. they are slightly higher quarter over quarter. the inventory correction that we are getting, the gross margin guidance was a touch lower than anticipated at 57.8%. the ceo said customer demand in auto and industrial and internet of things and market

continue to exceed, incremental improving supply as we adjust long-term orders. they are capitalizing on the ev, electric vehicle, market. nonetheless, shares are lower in the after hours. what to make of this quarter? >> revenue feed is good. revenue guidance is good. people look atthis and miss according to where they were versus expectations, but they want to wrap the whole thing up. the margins are there. they are in the right businesses and with all of these moving parts, you're talking about a company that is trading at 13 times or so next year's earnings at current price. i think it is okay. i understand why people are

selling it, but if you are looking for a decent valuation stock, think you will find in the next phase. >> i totally agree on valuation. the thing that worries me especially in the context of what we are talk about with walmart and target is that 80% of the products require a 52 week lead time. so when you think about some of the dynamics and where they could end up, they talk about being channel inventory and one half months or so last quarter, and that is getting better. this is the problem and the lead time again, 52 weeks lead time on ordering? that is tough to predict and i don't think you need to chase this one here. >> there's a lot more to come here. coming up next.

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welcome back to "fast money". walmart shares plunging down 9.5%. the big box retailer cutting the guidance citing inflation pressures and dollar headwinds. singh shoppers saving more on things like food and less. and inflation is one of the reports. it includes the fed decision and the second quarter gdp on thursday. it could set the direction for interest rates.

it is great to have you with us. >> thank you so much for having me. >> you think 75 basis points are in the cards and the feds will be less hawkish? why? >> i think that is the story here. i think 75 basis points is pretty much a done deal. if the fed wanted to do 100 basis points, they probably would have signaled that before the blackout period. communication going in is really very much to endorse the fact that they're only going to be doing 75 basis points and i think i say only with a bit of a grin because it is such a huge rate hike is there on the race to get rates back to neutral. >> we just heard from walmart and we were telling the story that consumers are feeling deeply the impacts on inflation. the pressures are still there.

this is not near over this point. why indicate that they are less hawkish? >> that's a good point here, but inflation is a double-edged sword. one hand, the fed really needs to get moving and continue to raise rates above the neutral rate to curb growth, curb growth and also curb inflation, but on the other hand, inflation is already doing some of this work in terms of slowing growth and slowing demand for them. so the fat has to be pretty mindful here as they get rates already pretty close to that neutral rate, how much further they want to go from here, because there is a risk sending the u.s. economy into a recession. >> thank you for joining us. i guess my question is on that neutral rate and how much they have to exceed expectations to get through some of the psychological findings that we are all learning about inflation and where the fed has acted in the past. >> honestly, the question at

the top of mind for every bond investor right now, in our view, we think that that is probably going to top out between 3.25% or 3.5%. as a pro to this neutral range, which the fed could be honest, they do not know what the neutral presets are themselves, they think of that range between 2.5% and 3%. as they get are creeping towards that and will probably do as they take 75 basis points, they need to be a little bit more mindful of what they are doing to the economy because they are already applying that pressure. just look at the housing market with mortgage rates at 6%. that is already doing a lot of the work that we need to see to slow the demand and financial conditions have tightened pretty materially over the the past few months, but the fed is guiding the market to get us above neutral. >> so your commentary about

what you think the average person is going to do in terms of pulling out money from the stock market and putting in into the safer areas like even cash, savings rates still haven't gone much higher. if you take a look at savings rates in new york, even at bank of america, in new york city, it is like .01%, so is it such a fear about equities markets at this point that is going to grip consumers and investors? >> yes. it's a good question and this is the portfolio balance. this is how the fed actually implements monetary policy. by raising rates that holds investors into more saving assets. it's probably not seeing this impact quite yet. as the fed moves the rates higher, close to the 3% or 3.5% threshold. we are seeing interest rates

that will be earning on very liquid cash savings, it will increase and that will pull people down the risk spectrum into more risk-free assets. while you might not be getting a very high interest rate on the very front and cash, we have seen 10 year rates move notably higher, really over the past year and this is doing its job to help slow the economy and slow growth and really pull investors down that risk spectrum away from risky assets. and this is what the fed needs to see happen to do its job. this is what they need to see happen in order to cool it. and cool the inflation. >> great to speak with you. thank you for your time. >> thank you for having me. all right, what you think the fed should do? >> i'm not sure. i thought i knew the answer to that before asking you in terms of what you would say but now i am not sure. >> actually agree with a lot of what she said.

i think the fed should hit it hard. they have to if they are surprised at the downside. nothing will be great for equities but i think they've already set the course in action for quantitative tightening so that i to change that. might they leave the door open a little bit? they will be leaving jackson hole at the end of month. could be a pivot with the data getting increasingly week if we see worse housing data, if we start seeing the stock market kind of retest the lows from june and we sourcing unemployment take up, they well. i don't think they're going to make huge changes to qt, because that would be the problem they would need to follow through with what they said they're going to do with rates and then the balance sheets and then really the independence.

i don't think we're going to get a lot of clear-cut answers this week, but i do think that the s&p 500 is going to be retesting those prior lows, not because of what the fed is doing or because of the economy weakening quicker and some investors think and down 17% on the year, i just don't think it is enough to encapsulate all that is going on with this economy and it is likely to go on between now and the balance of the year. >> we all know where you stand on the fed and the job it has done so far. if you had the opportunity to raise your hand and ask mr. powell a question, what with that question be? >> chairman powell, respectfully, for years, you were looking for, almost begging for higher inflation. you got it. i understand that you can be wrong, but what made any of you think that you could somehow control what you were begging for all along? the hubris associated with that is problematic. it's okay to be wrong. it is not okay to be arrogant. what are your thoughts? >> please respond to my insult. >> we will see if he gs cketba.

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welcome back to fast money. mcdonald's dropping more than 1.5% ahead of earnings tomorrow. the stock has been running in place for the past few months. they are struggling with inflation challenges and a lot of grumpy franchisees. >> the expecting an eps on revenues of $5.8 billion for the quarter. is expected increase 2.8% here in the u.s. u.s. number is key as we are watching to see how consumers react to gas prices and inflation in general and if they have started to pull back at all. last quarter, the mcdonald's executives mentioning that some consumers are looking for lower price point items but they are still ordering delivery which is more expensive. fx headwinds will also be in focus. they weren't there would be a drag of $.08-$.10. but some analysts think it could be higher this quarter and

the russian business has been sold off so an update on that will be key as well. any mention of franchisee tensions over changes to the lease terms upcoming and the restaurant rating systems that will start next year will be on the analyst call tomorrow. >> thanks. mcdonald's. >> golden arches. i think they're being very defensive. they had about 11% year to date. the global scale and dominance and the ability to push through i think the pricing across the board, and is not necessarily to the customers but along the supply chain. i think mcdonald's continues be very defensive. the u.s. comps have been downgraded in the last couple days. the consumer, if anything, the value chain is where they exist and where you are going to see edge. it starts look relatively interesting on a five your

comp. >> is there a lot of overlap with the walmart consumer base? >> to the extent that the question is, is the overlap relative in terms of where they are going to hit? the grocery prices and walmart's consumer, that is not really changing. it is trading down from hardlines and apparel. it might be a similar demographic. i don't think they will get hit going to mcdonald's. >> what is your readthrough on a mcdonald's report with the investments that you have? >> i can't help but think that there is this overlap between the walmart consumer and the mcdonald's consumer and it is probably a little bit target as well. they've been able to navigate so many different environments. the only thing not to like is the multitude relative to the

market. i think there is not a lot of room for any miss, i know it is not a crazy multiple but in this environment, it seems that inflation food costs, all those kinds of stuff and the headwinds from currency, so a great company, but not for me. >> a lot of options action around mcdonald's today. the traders are loving it. we have the action. three times the average daily options. they are implying and move over 3% after reporting earnings greater than or less than 2% of the company after the last 8/4 and the active contracts where the weekly 265 calls. we saw over 7000 of those trading for just under 7%. that is an increase of 7% by the end of the week.

that's ambitious when he realized that the only one of the past 10 years has it moved sharply higher. >> i know that you watch the options market closely. i wonder if you saw the unusual activity in walmart options. the weekly options that you saw and if you thought it was unusual. >> it is unusual in that it is so much of what it trades in general. they trade quite a lot of options typically. in some cases what we have seen is because earnings are underway, some of the premiums have come in but the stocks are moving quite sharply and people are trying to take advantage to make the directions. for options, to turn into the full show. we have a buzz kill for you. we will drill down on that, next

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a critical week for the u.s. economy. the high-stakes and what to expect. and the pope set to deliver a long-awaited apology. welcome back to "fast money", shares falling off the cliff after the mist earning.

it was down 41% from a year ago, hurt by a drop in gold prices. it has a cut nearly in half sitting at an all-time high in april. what is your take on this? >> remarkable. you think about where we were in the spring. gold seemingly there. and the things that you stated, but labor and energy costs as well hurting them. so it is across a variety of sectors now. it is not impervious. would have thought the stock would have been significantly higher than the back. thought to be lower but not to the extent that it has been. this is one of the worst one day selloffs we've seen in 20 or so years but it felt to me as if you saw the capitulation. we talk about the three day

rule, but this is about as oversold as the stock has been in quite some time. >> labor and energy are the biggest cost for them across the board. >> i was shocked to see how much to emphasize the labor costs, saying they were up over one third in many places and that they don't expected to come down in 2023. it is that kind of warning and the stickiness of the labor charges and the importance of that cost to the impbusiness. and i believe gold prices have been strange in that you would have thought gold would have been more resilient in and inflation environmental more resilient as other assets were basically under extreme pressure. i think the gold prices have a lot to do with the valuation here but the labor costs and the cost of businesses are the

part that is selling this thing off. the big story, walmart tanking after the recession and another retailer on the move. earnings and retail trade is next. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want -

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let's get another check on walmart after hours 9.75% after the company cut its guidance setting higher food prices and headwinds for the dollar. the stock is or after hours lows now. the lowest level since june 2020. and we have an earnings alert on will plural whirlpool.

>> this price action is confusing after hours because whirlpool is another indicator flashing concern for spending here in north america. overall, the revenues are down more than 4%, that the currency headwinds are responsible for 2 percentage points of that. it was partially upset by what they call supply chain disruptions and demand slowdown. the previously executed cost base increases were offset by lower volumes and elevated cost inflation. asia and europe, you rip is another concern with ukraine. so the second half of guidance is short of consensus but as you pointed out, shares are

higher here after hours. >> thank you. you own this. once upon a time, maybe years ago, what did you think. >> i still do. you know, it was a mixed quarter, which is why it is up, because the expectation was, for a not mixed quarter, for a bad quarter. so, it is proving to be a more resilient business than people thought. have a good handle on cash flow. think shares are pretty cheap multiple. so that they had strengthened other places around the world and they are going to be selling the america's maybe and the balance sheet is in great shape and they continue to buy back stock so it is in a bad neighborhood, kind of. housing related and supply chain and all of that. given that, they did a really

good job, i think. is not surprising that the stock is up on what look like a mixed quarter. >>it makes it attractive on valuation and during covid and during some of the demands around staying at home and fixing up your house, they were running into supply chain dynamics. it is unfortunate but i think the longer-term trajectory of the business is good. over the past 5 to 7 years, they have undergone major efficiency gains in terms of margins. i think the bad news was priced into the stock coming in. that's why you're getting a bit of a relief on what is not great news. not sure what the read is with the housing and i'm not sure if you can make that here. >> i think this is more like valuation. even if you give that a haircut, it is still in terms of valuation reasonable. so it probably did damage to the stock has been done from that move to the current

levels. i don't necessarily think this quarter gives you a read. i think it is more a read of what are people looking for in terms of stocks and valuations in this environment. >> the stock is up 1.4%. up next, we have your final trade.

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shares of amazon moving in sympathy on the back of the walmart morning. i wondering what your take is on this. down almost 4% here and whether this is a better set up for earnings. >> much better set up. the stock did rally about 22 or 23%. the further comes in, the better set up it is and it will be imperative after this. >> down 3.8%. >> time for the final trade. pfizer i think is set up entered their earnings this week. the bio pharma business continues to grow. the valuation is strong and the chart is interesting, getting good support off of 1500 and 200 day here.

so, if you're intrigued by walmart's big move it down, i would wait. the three day rule here. do nothing with walmart. consumer staples, i continue to think their over valued and we will see the readjust. >> if you want to be defensive with the stocks >> my mission is simple. to make you money. i am here to level the playing field for all investors. i promise to help you find it. mad money starts now. >> i'm kramer, welcome to mad money. i'm just trying to make you a little money. my job is not just to entertain you.