say it, ha ha. palermo pmo, sister. >> they weren't giddy, but they reconfirmed stock is cheap. >> no hedging strategy there. >> no. straight up. i like carter's'sthis is unusuay cheap. >> thank you for watching "fast money". we have "mad money" with jim cramer starting right now. my mission is simple, to make you money. i'm here to level the playing field for all investors. there is always a bulwark somewhere. i promise to help you find it. "mad money" starts now. i am cramer. welcome to "mad money". i what you try to make you some money. that is my job. i'm here to educate and put you in context, give us a call at

800-743-cnbc. tweet me nicely. when you break out the bandwagon analogy, you break down the rally. last night, talk you about how so many analysts, and shanna just came out of the woodwork to say, now is the time to get in. you are probably ready to jump on the bandwagon. like i said last night, these people are late to the party. when the sunshine opals get vocal, means the market is about to stall out. [ indiscernible ] dropped 170 points. the nasdaq tumbled 1.25%. this rally kicked off more than two months ago. all the same gas bags came on

and said it was the beginning of the bull market and we were going down, down, down. it warned that oil was going to the moon. so much capacity have been taken off-line. this other long-term interest rates soaring. thank you for nothing. since then, i don't think you could be more dead wrong about a prediction. do you know what they are? daylight [ indiscernible ] and rivers. the bond yields are down bag. selling two months ago was the exact wrong thing to do. you are half a year late into the climb. now the s&p 500 is up. their 18% from the bottom. going positive yesterday was a bad call. do you know what these people do? it's an anti-investment strategy. they like to sell low and purchase high. i am not some kind of oracle. i don't use the bandwagon

insult lightly. i saw the complacency yesterday. these signs are with us. i will show you my radar and what i found that was so disturbing. first, first, today's decline notwithstanding, the market has not quit since mid-june. that is a long run. this has been at +6. where do for a pullback. how accurate is the oscillator? it is difficult to get positive about stocks in june when the oscillator hit -10. that is a rarely seen position. it is double digits. that is really important. i told you to hold your nose. historically, this is worked out. this is where we got rid of marginal stocks and double down on our favorites. i had a few names that were obliterated.

there was nothing wrong with the underlying companies. we got numbers daily. that is why you should join us on air at the 10:00 a.m. meeting for club members. now, now, now, we are in the opposite situation. now it is time to take something off the table. take the stocks that have done amazingly well, especially the ones that you may have bought aggressively near the bottom. that is what we started doing for the club today. the fed, people have gotten way too complacent about the fed. do you think the fed will stop tightening? that is wrong. the fed will be less of aggressive. they are still on the warpath. we learned that when they released the fed today. the reports are out there with the gasoline and the retailers

that will talk about later. you have to understand, the fed is more worried about wages, and housing inflation. they have not made a dent in either. people retired from the workforce after covid-19 and never returned. the job offers get outside raises. i say congratulations to anyone who is making more money. the severe labor shortage is inflationary. the fed will not stop until the job market was down. at the same time, we have a housing shortage. the prices are still too high. unfortunately, the homebuilder shortage is coming. they have held off buying aggressively. it creates artificial scarcity. home prices are up 30%. they want to roll that back, it is inflationary and bad. don't get me started on rent, which is even worse. in other words, the fed is not

done. we learn that some members were concerned about doing too many big highs too fast. it will be more deliberate, which is what they should be. [ indiscernible ] was so ephemeral. there was not much different from what jerome powell did. people do stupid things in the market all the time. i don't like the froth. we started with high quality stocks being thrown away. we are already seeing the worst of the worst catching up. i'm kind of the companies that came public in the last 18 months. these have been in freefall for ages. they have bottomed on nearly nothing. many hedge funds that against them on the way down. now, the short-sellers are

getting squeezed. moves like that rarely last. that leaves us where we are now, with the worst socks stocks soaring. we have a short squeeze back in summer 2019, the s&p 500 struggled mightily. again, this is the fall by the savage market decline. we had the opportunities retail adventures learning you can break hedge funds that are selling short if you keep purchasing the stocks that they hate. we call them meme stocks. they offer excitement, but without any real substance. we had a surge last year that was followed by a 2.5% decline in the nasdaq. we had six more of these, five of which were followed by a nasty hit to the nasdaq that led the way since june.

the average post-stock decline is 12% in the nasdaq. i fear we could be somewhere like that this time, with a short squeeze going on in bed bath and beyond. this is a failing retailer that is being supported by buyers, in the same way that game stop was exploited. game stop had a pretty decent balance sheet. bed bath and beyond wrecked their balance sheet borrow money to purchase back their stocks. this reminds me almost exactly of j.c. penney. the stock was at four dollars and change i would keel. a closed today at 23. it is plunging after ryan: file to sell a major portion. funny how that works. [ indiscernible ] this may not be market manipulation, but i think they should get good lawyers. if this continues, and i think it will, we can see another big

pullback like we saw after almost every other one. the froth in that is bad. this time, the rally needs run its course. things can still go right. i don't want to freak you out. i think that the stocks need a cooling off period after this miraculous run. we are getting one for certain. you should take something off the table just for the travel trust. that is what you do when the bandwagon is out. the bandwagon almost always tips over. i am a regular caller at this weight. thank you for taking my calls. i love your meetings. my question today is about i am down a little over 65% in the stocks i love the company. great companies don't always need stocks. i like to solve a problem. i have a long-term investment horizon, like 30 years. would you suggest that i lower

my cost average? hold it, or take my losses and invest in a higher-quality stock? >> we have to have the back one. this is a person to talk to and she never speaks. you have a terrific and coherent strategy. the stock just went up too high. i share your enthusiasm for what they do as a company. they are $47 billion company. it's only worth about $30 million. you can hold on, but expect volatility and downside. thank you for the nice word about the meetings. i think the stocks need a cooling off period. that is what we were getting. we will resume the rally. on "mad money", i got to ring the bell. i will look at the discount retailers to see if anybody is buying or producing.

i am looking at the company's top brass. i like what i see. stay with cramer. do not miss a second of "mad money". follow jim cramer on twitter. you can tweet him at #madtweets . you can give us a call at 800- 743-cnbc . did you miss something? check us out online at www.cnbc.com. . new crepe corrector lotion only from gold bond. champion your skin.

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what we do with the oil now that crude is back down to $80 per barrel? it was at $115 a june 15.

the oil stocks have been pummeled. i don't want to give up on my favorite oil producers. they are different. take pioneer natural resources, my favorite. there a gas producer that we own. why stick with pioneer? this is their generous variable dividends. this works out to a 15% yield. even if the cash flow drops by 50%, you would be looking at more than a 7% yield. that is more than at&t or verizon. this is an operator with good dividend protection. earlier today, we got a chance to catch up with scott sheffield, when he came to the new york stock exchange to ring the opening bell in celebration of the company listing 25 years ago. there is ten year. take a look.

>> scott, it is a pure joy to have you. congratulations on 25 years. they met thank you, it is great to be on your show. it's great to be in person after several years.>> i tell you, there is news. the inflation reduction act contains a lot about oil and gas. at first, i was worried. when i looked at it, i think you were ahead of the game on every single provision that would be negative for oil and gas.>> i am a joe manchin fan. i thought he had a balanced program. we need to use all sources of energy. we need wind and solar, nuclear, and we need all of the above. when i just letting congress, i said the same thing to congress. he did a great job. i do support almost all of the provisions. >> in terms of emissions, some companies had to be scrambling. i think you are ahead. am i correct?

>> yes. we are at 0.5%. we want to get down to 0.2%. >> senator joe manchin said there could be an add-on that is good for pipeline companies. you would love to have more pipelines? >> yes, exactly. williams needs it more. they have to cross several states. what is unique about the basin, it is all interstate. we don't need federal approvals. we can go from west texas to the gulf coast to move the gas to be exported.>> was talk about that. we know the differential between our natural gas, which

is bumping up to nine, and europe, is such that there is a surplus. you could make a fortune if you get the natural gas over there. where are you in being able to export?>> we are sending all natural gas to the gulf coast. we are sending some to the california market. there are more pipelines being built down to the gulf coast over the next 2 years. we have seriously considered doing something with others on lng to get it to europe or asia. the biggest issue for us is the next set of elegy plants are in 2027 or 2028. the way to sign a 15 year contract. we have to gas but this will be from 2028 until 2043. >> you are the best and i can imagine you know what it is? >> no, we don't. we have a big position.

>> we have been with you guys, not just because you been rapid 25 years. your dividend policy is the best policy in the s&p 500. tell us how you can about? >> first, we talked the shareholders. they give us feedback. they preferred dividends versus buybacks. they are not against buybacks. we favorite 75% to 80% to the cash flow going to dividends. that's why the last dividend announcement is 15% dividend yield. that is the highest in the s&p 500. over 5 years, it is well percent over the next 5 years, per year. we have the shareholder feedback, as we have always done. they said dividends. we are estimating over $30 billion in gas flow over the next 5 years. >> i am a shrewd observer of everything you do. the stock doesn't go below

$213, somebody smart might be in there buying it. >> we hope so. it bottomed out in the low 200s at the recent downturn. it is back above 230. we still have the buyback. we do buyback. i do like to be opportunistic. on the recent downturn, we bought back a lot of stock last quarter. we will continue to do that going forward. we have a great balance sheet. >> you are the leader in growth, when growth was right. now you are the leader and you understand what has to happen in terms of pollution. door number one in terms of being a visionary and what the companies have to do. you have unbelievable properties. what keeps you from saying, you know what, we can turn on the jets and take advantage of the high oil prices? >> it is a combination, we have to deliver free cash flow. with return it to the shareholders. the growth days are over. it is growing, u.s. production is 700,000 barrels per day.

premium is at 5.4. that is most of the growth. we are growing at 5%. will do that long term. we will return most of the cash flow back to the shareholders. >> what happens if congress decides we cannot ask oil? what would that do? >> we have talked to congress and the president. it would increase the price of gasoline, significantly to the american consumer. if you want to increase the price of oil worldwide, up to $200, you can and 3 million barrels per day in exports. you take that off the market. it is trapped here in the u.s.. you take that away from europe. rent would skyrocket. >> you think they understood

you? do they understand you in general? you are a genius and they understand this better than anyone? did it compromise on this inflation reduction act. hopefully we will not see anything else in the industry. >> last question, we need you. will be here another 25 years. >> i'll be too old. he may come on, you are a young man. >> scott sheffield, the ceo of pioneer resources. thank you, i appreciate it. coming up, can low prices on the shelves mean big box for yourselves? we i the off-price retailers, next.

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now that the retail portion of the earning season is in full swing, we are seeing a lot of not so hot numbers. we had a dismal forecast in may. they lowered the ball late last month. lowe's had a mixed quarter mixed sales. had good orders. target look like a dud. they had to jim and tori. that brings me to this piece. i think target is in the medic of what's going on here. this spring, people adjusted to the post pandemic reality. they spent their money on travel and leisure, rather than just buying stuff. that enough for the house. that caused retailers to have a ton of access inventory.

that tvs, and surroundsound. that is the bane of your existence when you're running a store. you cannot bring in new stuff until you get rid of the old stuff. can you imagine if you had a store stuff with these? how do you have flannel shirts and these, you can't. you just have a lot of these, do you get me? i keep coming back to the one piece that benefits from the retail inventory glut. i am talking about the off price stores like t.j. maxx and ross. we are looking at the bargain outlets. [ applause ] these companies purchase up excessive inventory for chump change. they sit on it for a while. figure, all right, then they market up and sell it to you. when you listen to the target conference calls, practically the first thing the ceo said

was rightsizing inventory position. there looking like crazy to discount these items. they talk about eating super promotional to move merchandise. that will scale down with a purchase in the future. there is a third component, selling this stuff to the off- price chains. this will stop taking up he store space. they are taking up like texas and california. what happens when a company like target tries promotions, before they take in new inventory, it is going on right now. do you know how many grills they did not need? the part of taking less immature in the future will help the off-price chains. target does not want the stuff anymore. the makers of these products have many factored them. most of the merchandise will

move across the pacific, step- by-step, inch by inch. if target does not take it, they have to find another home for these products. while the off-price stores and at the best choice, many cases it's the only choice. a lot of times the off-price guys ome in with cash. that is terrific. remember, when you look at something like target, they are getting stuff that they ordered like a year ago. right now, the off-price chains are getting a great opportunity to get all kinds of merchandise for next to nothing. it is a long-term opportunity. they are not doing great right now. this is the parent of t.j. maxx and marshall's. the numbers were not good. the sales came in and we expected that they were down 5%. they were dragged down. the earnings came in higher than expected. they cut the sales forecast and

reduced the earnings forecast. this open lower. people that did not know better didn't figure this out. as some dug deeper, the story got more attractive. that is why they finish up 2.84%. the ceo is a bit reclusive. you pointed out when i pointed out earlier. he says we have a marketplace flush with buying opportunities with high quality product. that's one reason they are feeling confident about the holidays. they have not had a glut like this in ages as the department stores have not had to be promotional. not anymore. while the sales were ugly and the forecast isn't much better, management did say that the sales were in light of the guidance. that is why you need to purchase the stock. [ applause ] the holiday season

is when the stores make everything. they will have a ton of body products that they can sell low prices. they did pick the stuff up for next to nothing. you think of t.j. maxx as a vulture. they wait for other stores to keel over and feast on the remains. you can radically hear them salivating for the markdown inventory that the big chains have no choice but to get rid of. they want the cash and they want the product out of the store. all told, this is very encouraging for the outlook. the stock really jumped. even after this move it is selling for 23 times earnings. that does seem reasonable. i like it a lot. i like it a whole lot. what about the others? we hear from the ross stores tomorrow. i would caution you, again, this is an opportunity. it is an opportunity in the future, not now.

t.j. maxx did not do well in the second. i bet the same will hold true. this is one of the worst categories out there right now. this core is straightforward. we haven't inventory glut in the traditional retailers. the big chains are desperate to get rid of this stuff, to bring a new product for that back-to school season in the christmas holidays. the off-price chains are the buyers of last resort. they are happy to take this off your hands for next to nothing. this is an excellent stock to own. this has been cut in half. it does have some of the weakest guidance. i'm talking about the sales forces down 15%. that's too much for me. if this happens, i do expect the stock to pull back.

that is when i would be a buyer. it is a well-run company. this is my least favorite of the price chains. at a stunning experience in san francisco. on a sunday, i saw ross forcing customers to line up to enter their stores, because that was so bad. they did not want to any people in the store at once. they only let three or four in at a time. that makes me perish. we'll see what they had to say tomorrow. his toilet -- historically, it is not as good as a burlington or t.j. maxx. finally, we have always. the stock has been a roller coaster due to the tragic death of a really great men, the founder and former ceo, mark weller. he was incredibly philanthropic.

right now, ollie's has a focus on home goods. we know goods are ugly. that means that ollie's can get great merchandise for low prices. it will set them up for a come back as stocks rallied from the low 40s to the mid 60s right now. i have been impressed with the quality of goods they have right now. i just got my flyer today. there is a lot of clorox. i cannot wait to go. one of the days with buying the books that are water damage, because they didn't have good inventory. the bottom line? the retail inventory glut may have targeted and torpedoed the second quarter. that is why they turned it around today. that is why we are watching the others as they report. i would go to michael in new jersey. michael? >> hello, i would to thank you for all of the advice you offer on "mad money". i am a law student.

i appreciate your advice in the volatile market we have going on here. they make you are very kind. there are so many people excited about this story. i thought, maybe these people were on twitter and straightening the knuckleheads out the don't think i am that nice. i really am. go ahead. >> you are. >> i have a question about ge. what should i do with it now? >> you should hold ge. i like the breakup. the aerospace is terrific. i am getting excited about power. power has good products. this is very good for larry. i do think we'll have news in ge. we have a hammerlock in the business. ge is working, stick with it.

the weekend inventory glut, thank you, thank you to that person. the weekend glut torpedoed target in the second quarter. it's great for the off-price chains. we have much more "mad money", including therapeutics. i am getting the latest on this company, and what it is doing, coming up. >> retail is taking the heat. [ indiscernible ] we have rapidfire and the lightning round coming up. stay with cramer.

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late last year, we spoke to a company called karuna therapeutics. they're working on medication for schizophrenia. i thought these guys had a good story. you fast forward to this month, they are in the stage the trial of the schizophrenia drug and it works phenomenal. their stock went up 72% in a single session. since then, it has kept shining and climbing. does have more room to run? let's look at the chairman and ceo of karuna therapeutics. dr. paul, welcome back to "mad money" . >> thank you for having me back. i appreciate it. >> you have worked in the field for many years.

you know there are a lot of drugs out there that do good for one part, but the make people's lives worse, so doesn't matter. tell us why karuna works better with the actual brain without the side effects . >> this is a very important point. we have a medicine, based on two positive registration all studies, including the more recent phase 3 results we knows last week, and has robust efficacy in treating the positive and negative symptoms of schizophrenia. we don't have those troublesome side effects. you can see very substantial weight gain in some, you have insomnia and sleepiness. they also have motor symptoms. the drug does not seem to have any of those. we have other side effects that are very mild to moderate in nature. they are very transient without the other side effects, we think we have something very, very important to offer.

that is why we are so excited. this is are usually the first new drug in this class. this is in 50 to 60 years. >> without being overly clinical, can you explain what pathways you used? >> the other drugs use a dopamine path. they block dopamine receptors. that will reduce hallucinations and delusions, and the psychotic and positive symptoms. it also comes with the added baggage we just talked about. our drug does not work through that said them. it does not block the dopamine receptors. it works through a different nero trance hitter. the two receptors stimulate. that is how it produces beneficial effects. it doesn't have those troubling side effects. it is a very different mechanism of how the drug works. >> will it be different, though

some of the hard-core schizophrenics will recognize that they are better? will they have to keep taking it as opposed to being cured and stop taking it? >> that is a great point. many patients with schizophrenia take medications as soon as the hallucinations stop, they stop taking the medicine, and they have a relapse. the medicines don't make the patients feel good to begin with. i put almost anyone on one of the current medicines, i will not mention any names, you would not feel very good. in contrast, when the patients get on our medicine, and they get better, they don't feel the same side effects. they don't have sedation or mental sluggishness. they don't have any of the motor symptoms that make many patient stopped taking their medication. we think that compliance on our

medication might be much better. you have to demonstrate that. it is much more patient friendly. >> i know you have a small patient group, could this work for bipolar? could it work for severe depression? see m.a.g.a. certainly could work for other disorders where psychotic symptoms are prominent. we have several other important trials on schizophrenia. we are talking about dementia -related psychosis in alzheimer's disease. only 50% of patients that have alzheimer's will develop these behavioral, psychotic symptoms. it is very similar to what happens in people that have schizophrenia. we have no treatments for that. the current antipsychotic drugs are almost contraindicated for the population due to the side

effects. that is the first we are going after. you make a good point. bipolar and psychotic symptoms might be another indication for this medicine. >> can you tell people, when you say weight gain, there is a misperception in the community that weight gain means they put on four or five pounds per year. it is quite the opposite? >> some of the more effective drugs out there, people can gain up to 80 pounds. it has been demonstrated now, unequivocally, the weight gain causes a whole bunch of other problems. they get hypertension. they get insulin resistance and type ii diabetes. we are seeing increases in cardiovascular mortality and heart attacks, and strokes. these are in patients with schizophrenia. it is reducing their life expectancy. the weight gain is bad. the consequences are really

bad. to make the studies not been going on that long. is there any possibility that after a year, they will [ indiscernible ]? >> we don't think so. we have tested the active ingredient back at lily in the patients had alzheimer's disease for over six months. the drugs seemed to do just fine. it prevented the emergence of the psychotic symptoms. we have 68 subjects on the drug for a year or more. we don't think it will loses efficacy over time. we are doing studies on that right now. we do believe it will hold up. >> you worked in that toughest places in the world. you were at the old state psychiatric hospitals. how many people, in a typical ward would have benefited or had a fulfilling life if they had the karuna therapeutic

drugs? >> it is hard to say. i do believe we something that will offer a patient a lot more than we traditionally had in those days with state mental hospitals. we don't have those as much anymore, as you know. the largest state mental hospital is a prison system where many of these folks reside. we have something that we think and really help them. we are also looking at the combination of our medicine with the more traditional antipsychotic medicines to see if we can improve functional outcomes. these patients are often disabled for almost their entire lives. only about 10% ever get gainfully employed. >> i wish you the best of luck. congratulations on the great results. there are so many different ways that you can help people's lives. it is really important that this hits the market. all right, thank you for coming on the show.

"mad money" will be back after the break. coming up, jim cramer take your calls. the sky is the limit. we have the fast fire lightning round, next.

lightning round is concert by td ameritrade. it is time for the lightning round. are you ready? we will start with alex in new york. alex? >> is iga.

this is an antiviral. it is too hot for this guy. i'm oing to bill in new york. >> hello there, a big thanks to you and your team. my team is great. i look at my team right now. they are excellent. >> i started to purchase clean energy fuel sources. >> we have done them forever. it has had a nice move, it is time to sell. was go to gregory in florida. >> boo-yah , are you buying on waste management? >> no. had we not own this thing? i take some of that stuff that

will talk about later in the show. let's go to marilyn in florida. >> i'm looking at the ipo. [ indiscernible ] >> what should i do about this? >> i don't want you in that one. i want you to sell it. it is up to much. i think you could get hurt. it is time to go. i really mean that. that is the conclusion of the lightning round. the lightning round is brought to you by td ameritrade. coming up, you don't need a handyman to patch up the holes in your portfolio. jim cramer has a lesson that could pay off for you, next.

it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ ♪ icy hot pro. ♪ ice works fast... to freeze your pain and your doubt. ♪ heat makes it last. so you'll never sit this one out. icy hot pro with 2 max-strength pain relievers.

yesterday, i fumed about

how the stock of home depot suffered. this was well before the ceo even spoke. he said almost nothing. you got nothing from it. you had no idea what they would about the future. i was so steamed i went right out here. at a call with sarah during the opening. they said the sellers had no idea what they were doing. i called them up bunch of fools and punks. one co started speaking, we went to one of the core customers. they are spending like mad. they're taking advantage of everything the source have to offer. this was incredibly solid. july was better than or me. the stock rebounded 15 points from its low. before ted dekker had a chance to speak, they had no idea. they should take the money away

from that ceo. target came to play. the ceo had to shed hundreds of millions of dollars of the wrong inventory. this is inventory that got away from them things to the ports. he is of a person. he took the hit. it was the right call. he had not done this, the target stores would've been on deadweight loss inventory with no one to sell it to. it would be harder to bring in new products. sales would've gone down the drain. he could have killed target whole year. nothing is worse than a chain with the wrong inventory, with the manager that does not bite the bullet. >> the traitors that are trying to break the backs of the short- sellers would do well to visit a target. target seems to be gunning for the bed bath and beyond, with a lot of branded virgin merchandise that they want.

[ indiscernible ] i will be traveling if i managed a bed bath and beyond. if there was a target on the road. could you imagine? i think bed bath and beyond got bob kiss. let's talk about lowe's. we did learn over and over, because they have fewer contractors and more do-it yourself consumers that they were at a disadvantage. there is a differential. they figured out how to make more money off of the customers. especially compared to his incompetent intercessors. as he said at the end, the biggest difference of lowe's versus when i arrived 4 years ago, there is a rigorous analytical process we go through coming out of all types of promotions. you can look, did we get the return on investment? in the old days, they would not

pivot. they would take the beating. those days are over. they had three ceos doing the right thing. the stocks are underrated because the sellers don't understand. not all management teams are created equal. some are more equal than others. i will fththe e d d ininmarkets liz cheney loses her battle against former president trump. but can she win her war? this is the news on cnbc. congresswoman cheney voted out. but is 2020 for her next play? >> i will do whatever it takes to keep donald trump out of the oval office. >> the move she is already making and why her targets go beyond mr. trump himself. the former vice president now open to