>> apa, you big stud. >> can? >> pfizer. tsc. sea of red. thank you for watching fast money. you know what's next. mad money with jim cramer. my mission is simple. to make you money. i am here to level the playing field for all investors. there is always a market somewhere and i promise to help you find it. mad money starts now. hey, i am kramer. i am just trying to make you some money. my job not to entertain but to educate and teach. i defy you to find many stocks that deserve to be down as much as the averages are especially

after today were the dow plunged 2.14%. nasdaq dived 2.55%. hardly any reasons that individual stocks should be down as much as those averages. in reality, most companies are doing much better. we are hostage to a mind-set. the notion that the federal reserve is on track to obliterate this economy in order to retain from inflation and there's nothing that can stop them. we are so paralyzed by this mind-set that good news means nothing. including any of the amazing urns reports that we get. long-term i think corporate

earnings are what will matter for stocks but right now, what are we doing? we are waiting for the feds jackson hole conference later this week which is all that wall street cares about. that's what crushed everything today. despite terrific quarterly numbers. that and the hangover from last week meme mania. why don't we do this? let's go back in time kind of like the rocky and bullwinkle show, let's look at the actual numbers we got. on friday we heard from john deer and it was amazing. i couldn't believe how strong that quarter was. not only were there orders -- but they also saw an end to the supply problems. the company spent money on research and development to make their machines more efficient.

john deer's results were met with a host of price targeting increases. the quarter was not fantastic but don't look at that. don't look at that. it doesn't fit the thesis of a market in decline. this thursday we have applied materials and it told the story of robust semi conductor --. the results were spectacular and amazingly positive for the semi conductors. we also spoke to chuck robbins, the ceo of cisco. i haven't seen him this pumped in ages. it meant nothing. nothing that they reported, a

great quarter. lows in target reported wednesday. both put up excellent numbers. we were all concerned these do it-yourselfers would be spending on lows. it wasn't the case. target cleaned up and what was left, sold well. they are now going up against bed, bath, and beyond. they are umping their in-house labels and trying to get big time brands back. they are competing for target with that same merchandise. good luck. i love the quarters that we got from walmart and home depot on tuesday. they were both incredible. raised numbers. consumers welcome walmarts everyday low prices. stocks just sort. and they are giving it all back. i mention all this because in light of last week's earnings i found today's action positively surreal.

it's like there were some sort of gravitational pull that made no sense when it came to earnings but succeeded in turning our market into a --. even if you think the feds put a hint into another 75 basis point rate hike on the way, this selloff still wouldn't make much sense. it's not in keeping with how the underlying companies are really doing. friday is as good as any place to start this week's game plan. it seems to be determining everything. i'm not starting here. i am starting here. there was nothing new today other than big layoffs at ford and that was because they have to have white-collar people devoting much more towards electric vehicles then it these so-called ice vehicles. that was a decision by jim farley to save a lot of money. we also had another decline in crude. it was a race by the end of the

day, but still, these are positives. no one cares until they hear from this man's mouth. wall street is starting to have less confidence. the market clearly disagrees. we will find out who is right on friday. we need to get to the feds guillotine, but even if the guillotine blade calls, we can ride through the turbulence and do some buying on the way down after this incredibly difficult two days selloff. why? i expected this week game plan will go like last week's highlights. doesn't mean the stocks are going to bottom. we know that from what i said. it means we have to remember what company did well so we can buy their stocks at the bottom. for example, tomorrow we hear from macy's. toll brothers.

toll brothers can make huge profits. all three have gotten better on the supply-chain front. i think intuit will deliver a great quarter with good growth and tax returns and also all the things they do for small business. wednesday is a little more problematic. nvidia and salesforce. the same thing could happen again. rough times for these kinds of chips. i thinks think salesforce will complain. i will miss the first home game for the first time in 40 years. there are lots of -- it eagles -- there are lots of other software companies reporting that people are worried about.

it just might not matter because of this general malaise. it just came to me. it's a malaise. thursday we hear from the beloved dollar stores. i got to christmas cards for a dollar. two cards for a dollar. i only need one. that's some business. dollar tree and dollar general are good. they should please the market you know and because investors have decided that we are headed into a recession and the playbook says you have to own one or both of these two stocks of these two companies even if you have never shop there. i do. i have a great one in hampton. it's not wrong. my preferred one is dollar general. if they have the merchandise. i am also intrigued by all took beauty i think now we are in a

mass mask off world which is great for skincare. ulta will shine. and congratulations to mary dylan formally of ulta . thursday, okay, a little troublesome. gap could still have one more difficult quarter. gap is a little bit like, i don't want to see. i'm not sure how good affirm will be. then there is dell. i bet it's going to report a solid number that will actually help tech. something we need by the time we get to that date. workday reports thursday night, many analysts are saying that the sales cycles have become to elongate. that is analyst code word for they are having trouble closing

deals. i am not betting that way. i think they had a good quarter and maybe because a thing with jackson hole, if we go down every day as we go into jackson hole, this is the kind of. that document. on this day we are doing some buying. when are we going to do the buying? friday rolls around and we get 10:00 a.m. at 10:00 a.m. this man speaks and then we find out why he sold microsoft and nvidia. we find out why was sold salesforce and apple and netflix. he is all that seems to matter. okay. the bottom line? until jackson hole we have to play a guessing game about why the stocks are going down and for the moment, the answer is no reason at all. jerry in florida. jerry? 3 hey going to give you a shout out from south beach miami. how are you?

>> south beach miami tends to be a nicer area. i'm glad your calling. >> i have been down here since 1975. i wanted to tell you i'm basking in the joy of palo alto. they had a fantastic quarter and i'm sure you know that already. >> better than fantastic. >> that's one of your favorite stocks and i wanted to get your take on one of your other favorite stocks you named your dog after, nvidia and i am thinking about picking up some shares. >> that dog did pass away so let's be a little circumspect. nvidia preannounced a not good quarter. the previous time they did that the next quarter was similarly and they said negative things. if you want to buy nvidia please wait until after the conference call. do we have time for one more question?

oh, that is it. holy cow. i thought i did my absolute best. is actually been 30 years, not 40 years for the eagles but it sure feels like it. anyway, try to find companies that deserved to give data as much as -- are. i dare you. right now we are hostage to this markets mind-set and all he cares about is a particularly beautiful area that someone once told me to buy land in and i did and it's called jackson hole. cnh has its sights set on sustainability so how is the agricultural machinery company positioning itself for the future? i am founding out from the ceo and then meme stocks are back in the headlines. even though they love me sometimes i do get wistful. i will give you my take and i am digging into palo alto's numbers and it looks real good. so, stay with cramer !

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that's why i like some of the beaten-down industrials. they are working through things. commodity prices have gone down. these stocks have yet to adjust. they are trailing like a moderate to severe recession and it is inevitable. take cnh industrial. a uk-based machinery company. unfortunately this is the kind of separable stock that sells off when we are work. cnh reported an excellent quarter. the stock jumped 6% in respons , they repealed the whole move. let's check in with scott wine. ceo of cnh industrial. welcome back to mad money. >> great to be on with you.

>> , you're a straight shooter. you are pretty much everywhere. you are all over the world. isn't it true that demand is great for your products everywhere? >> the ad cycle we are currently experiencing is pretty strong. you mentioned our construction business. the infrastructure here in the states really helped that segment. we have demand from our dealers. demand continues to be strong. i know it won't last forever, but we are still seeing very strong demand on a global basis. new york has been weak. the ukraine situation made the energy situation caused from lack of gas and that has been a challenge but even there we can sell almost everything we can build. pricing has stayed ahead of costs we like where the business is headed. >> just to clarify, you divide

europe into two areas. one area is down 40% but that's not the area we are focused on. it's the western european portion that is strong. >> western europe continues to be strong and they have a little bit of a drought issue in certain regions, overall what we are seeing is really reasonable demand even in ukraine. we have had a better business in ukraine than i ever expected this year and we continue to try to support those farmers where we can. western europe continues to be strong but not as strong as the north or south american markets. >> ukraine, a lot of people felt when the war started ukraine was shut down. that's clearly not the case. can they pay you for this equipment? >> no, it's not inexpensive equipment but they have gotten a lot of aid that has helped support the payment but the farmers are still strong. i was surprised to see 91% of

the grain in ukraine was planted this year. it has been a reasonably strong market. people came together to help figure out how to get the product out of the country. it certainly is far from ideal and our hearts go out to the people of ukraine and the work they are doing to save their country, but certainly the farmers who continue to feed the country are doing much better than i think we would have originally expected. >> that's terrific. a lot of americans don't know that. they only read the horrible things that are happening. one of the things i really like about your call is a quote, you said "supply chain problems exist but it is an early -- of supply-chain headwinds." how many tractors do you have sitting in the factory? >> we have a couple of maybe 1000 in the world.

we cut it in half drought the third quarter and we will continue to work through that but the team has done a nice job of managing. i described the supply-chain situation as whack a mole historically and we are not seeing as much of that. we have supply issues but it tends to be the same ones we are working through it with them. i really want to give a shout out to our supply-chain personnel who have done a truly miraculous job to be able to serve our farmers in iraq. >> i think the last time we spoke to you was around the time you did the raven deal. how is that working? technology is so clearly what's distinguishing one tracker from another. >> it really is, jim. i am thrilled with raven acquisition. it was a big move for us but we felt it was necessary and i couldn't be more proud of what that team have done. they pulled it right in, working hand in hand with us. i was just talking to eric she went run that business and they

are doing a nice job. we are hiring as fast as we can. really, this long-term industry as alkyl culture around productivity -- being able to give those farmers the tools that they need to be more productive and provide better yield. raven is really the key aspect of our r&d. our r&d is up 30% to date. we have a farm progress show in iowa next week and we will demonstrate some of the work that we are doing with raven. how that will benefit farmers and we are really, really excited about what that deal has done. >> i am excited about everything you have done at cnh. i remember you left polaris to go there and i was concerned because at times the place was what i called under managed by think you have got that completely under control scott. that's why i'm so happy to see you. scott wine, ceo of cnh industrial. thank you scott. always good to see you. >> inks, jim. >> mad money will be back in a moment. >> coming up, from bed, bath,

and betrayal to an amc sayonara is there a meme stock investors can trust? cramer makes sense of an unrequited wall street love affair next. ♪ ♪ ♪ ♪ ♪ ♪

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jumped 33% then it soared nearly 40%. the very next day i told you to get out of dodge because when you see a short squeeze in a money-losing retailer that's a chance to ring the register. in fact, i bathed the minsters to take off it. i played with the company. please sell stock because your balance sheet is bad and you have to clean it up. of course whenever i advise selling one of these meme stock you get pushback because the apes, they never want to hear it.

my twitter mentions column used to be filled with comments from nice people with real names asking legitimate questions or praising my tomatoes but then after i made that call i went from being shrouded with love to swimming in the love canal. then there's another group who sees me commenting on the situation like bed, bath, and beyond and says tim, why do you even care? can't you let it alone? >> i will tell you why i care. late last week -- imploded dramatically. he came out and dumped his whole position. he sold his hole -- he sold everything. every share of bed, bath, and beyond he sold to retail investors at the very top. nice trade partner. mostly north of $20. a cool $68 million in the process. we also learned that bed, bath,

and beyond hired kirkland and ellis to help the unsustainable debt load. this makes people worry about the possibility of --. the stock tumbled another 16.2% today. also on friday night we started hearing that some of bed, bath, and beyond suppliers had holding ship vince to the retailers due to unpaid bills. no wonder they brought in a restructuring expert. like i told you all along this company is in terrible shape to the point where you just can't ignore the fundamentals no matter what you see online. no amount of short squeeze carry should save you when the underlying business is running out of money. why even bother with something like bed, bath, and beyond ? this crazy meme-stock action is like i said, bears to the

stock market. we have been on a fabulous two month winning streak but when you see these marginal stocks soaring higher things to short squeezes, you know what that is? that's almost always a sign of a top -- the averages got slammed on friday and then took a huge beat down today. tonight, i want to show my work. i know the connection might seem a little tenuous to you. why would meme-stock rallies single that stocks are peaking? it's a textbook sign of fraud. it shows you the bulls are getting complacent and speculation is running rampant, so let's break down the numbers. let me show you what i knew and try to get you to realize and my compadres that squawk on the street that knew that i got

negative. just looking at game stop, the original meme stock , we have seen seven huge spikes in these things since january of last year. seven. the first meme-stock explosion came in january of 2021 when the wall street that scribe realize they could bust the overconfident short-sellers in game stock and send the stock soaring. the nasdaq pete a few weeks later seeking 12.5% by early march. s&p pulled back 6% over the same period. by the way, this also marked the top for all sorts of ipos, many of which i have told you to sell, sell, sell. next, there was another quick short squeeze in game stop from march 5th to march 15th.

before the stock got clobbered again through the rest of the month. the nasdaq dropped 6% for march 16 through march 25th. these things are just a nightmare, okay? fast forward to june of last year. we had another huge short squeeze in game stop in this one was a time where the market did fine. we are looking at seven meme stock moments and only six coincide with the average that's peaking but that's a pretty good record if you want to know what to sell. in late august roughly a year ago game stop sword again and less than a week after the stock the nasdaq pete do and end up thinking 8%. you would avoid these. these are terrible pullbacks. right before the bear market got rolling, from late october through mid november game stop sword again. this coincided almost at the peak and the rest of the market

and sure enough over the next month the nasdaq lost 8% of its value. if you want to be less charitable this game stop run was like the last gas before the death of the bull market. how about 2022? let's go there. the second half of march after the feds first rate hike we got a short-lived rally for stocks, especially growth stocks. this will also breathed new life into the meme-stock . this time there was at least a store but the company announced an nft marketplace and ryan cohen buying 100,000 of shares but really it was more meme-stock's squeezed again. sure enough, game stop spiked with another top and then the nasdaq lost nearly 25% of its --. with the s&p thinking almost

18%. last night game stop rallied over 44% over the course of two days. right before the company reported earnings. guess what? this was another bad sign. nasdaq peaked on june 2nd, plunged 14% over the next two weeks for bottoming on june 16th. s&p was down 14%. look at this. no meaningful pullback but then look at this. 7.9. it .3. 24.2. do you see a pattern? that's why i get nervous every time i see one of these meme stock's warring like bed, bath, and beyond. i think there are two main reasons why things play out this way. -- these short squeezes they inevitably get burned. that's what we saw with bed,

bath, and beyond last week. and many of them give up on the -- which is so painful for me because i want you in because it's such a great wealth builder. they tend to drop their hands and step aside because they hated when stocks can't be judged on the fundamentals even if it stocks they don't care about. these meme-stock spikes make the hedge fund guys feel like the inmates are running the asylum. they decide to take some profit and maybe go on vacation for a week. they don't want to know that hod l means hold on for dear life. they just want to sell, sell, sell, sell. next time you see one of these meme-stock's roaring i want you to ring the register because look at this red . it's too coincidental and at this point the nasdaq is already down more than 6% from its highs last week so some ways it's too late to sell.

better to buy as we get closer down to 12% with the pain has tended to stop. tyler in california. tyler? >> how are you doing jim? >> i am doing well. i'm trying to get the week going. >> hey jim, i was thinking from a historical point of view. whether we are in a bull or bear market or waiting for the fed to make a decision or whether it's a recession or depression or a heat freeze, what are your thoughts on coca cola? >> i'm so glad you brought it up because i did a study of stocks to buy after the 2000 and 2001 meltdown and the number one stock i told people to buy was coca-cola. i didn't even have a show back

then but i said coca-cola was right and coca-cola remains right. whenever we get a huge short squeeze in meme-stock's it's almost always bad news for the rest of the market. keep this in mind next time you see that meme-stock is soaring. maybe it's not so great for the stock market. how should you interpret some of the sell side reports? i will give you my playback. stay with cramer!'s finding the perfect designer isn't easy.

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well most -- spent the last couple of months roaring back from the lows. they held that much better during the big decline earlier this year. now it might be time for them to play catch-up. take palo alto networks. a one stop shop for corporate cybersecurity that has been trading sideways lately. three months ago palo alto reported a great quarter and did it again. basically, in-line sales and more importantly they gave you an incredibly strong full-year forecast. it was completely deserving. it didn't hurt that palo alto added $950 million to his buyback and announced a 3-for-1

stock price. people want in and the stock prices are keeping them out. don't take it from me. let's think deeper. the chairman and ceo of palo alto, mr. --. welcome back to mad money. >> thank you. >> i know that it's a big deal gap positive but there is a number that is so extraordinary that i want to start. i was looking for a free cash flow number that was literally almost $1 billion less -- almost 1 billion -- what did you do to blow away the free cash flow number? >> i know you like the free class phone number. free cash flow is easy. it's all driven by an ability to build and book business and we grew 44%. this quarter we booked and built in one quarter what we

did in the entire first year i was here. just the fact that we are able to make our business larger allows us to start creating scale and this is something i have talked about for a long time. we are getting to a point where we are the scale player in cybersecurity and that breeds momentum for us to go forward. >> you did have a slide in your deck which was amazing. four years ago you write next- gen firewall company. let me ask you, if you had just stayed in next-gen firewall company, what would've happened to palo alto? >> one of the challenges as you know is -- in silicon valley -- the most important thing in technology is product. if you don't have a good product it doesn't matter. overtime your company will decay. and what we did four years ago is we brought tremendous product focus. we knew it would be big.

if the cloud is big what will happen and how will it change cybersecurity and we put our hearts and souls to change that. we built a whole platform which we lost a few months ago around ai. taking a page out of the legend of cyclical on valley. >> you've got sassy. and the -- winning in new customers is extraordinary even as it wasn't really important what two or three years ago for you? >> two or three years ago we didn't have a sassy because we were to come placement in our firewall. we went ahead and put our entire security stack in the public cloud. we modernized our entire

infrastructure. now it's a two horse race. we were not on the market two years ago. you want to be head to head and earn at least half the business which in itself is a $20 million business. >> i read in an interview this weekend by someone who runs the norwegian fund which is the largest, what it basically said was there is a cybersecurity and then there's just everything else and it started in a context of a war in ukraine. this man who runs trillions just said we are all way too complacent. do you still see complacency after all this? >> jim, it's hard to get rid of 10 or 15 years of bad habits. 10 years of deployed infrastructure out there in the world. even if you wave a magic wand we won't fix it in one year or six months. it takes 10 years of good behavior to fix 10 years of bad

behavior. i was reading yesterday one of the large cloud providers suffered a biggest attack. you can see there's activity which can be done from remote parts of the world. you don't actually have to go physically endanger yourself to engage in warfare. cybercrime is unfortunately what will happen in the future and for that everyone has to be prepared. critical infrastructure has to be prepared. small businesses and even you and me. we met what i don't understand is -- look, we had a great -- we are helping semi conductors in ohio. i do not see anything that adds to law enforcement or someone who sits down with you to say it's overwhelming, what can we do? are they doing it? is the government aware?

>> i think the government is aware, in fact, you can see there's a lot of positive act vividly coming out of the u.s. government and many governments around the world. i do think the response from companies is somewhat spotty or compared to government. governments know this. they see it on a comprehensive level and they are very aware. it takes also time to get stuff sorted and in some cases they're not able to influence corporations or various parts of critical infrastructure but awareness is therefore sure and in the government the awareness needs to come to the corporate board room and i think the -- is looking at ideas. how do you make this more relevant? i believe security is the biggest risk for business continuing in a 21st-century. >> i am absolutely convinced that we don't even know how much happens that no one shows us and they bury and it doesn't make financial forms. chairman and ceo of palo alto networks with a true blowout.

if it's kept down by the stock market and the market is wrong. coming up, cramer takes your calls and the sky is the limit. it's a fast fire lightning round next. (vo) hi. we're visible. a different kind of wireless company... ...running on a big impressive wireless network. how are we different? we exist only on your phone. so you get unlimited data for just $30/mo, taxes and fees included. plus we have a new plan with 5g ultra wideband. switch today at visible dot com.

lightning round is sponsored by td ameritrade. it is time. are you ready? how about joe in missouri. joe? >> actually john but that's all

right. 55% of stock is owned by --. assuming they get the sales do you think beaver will enjoy the same share price increase as moderna? >>i am a big believer in dr. fish on the work he does. that's important. i will leave it at that. now let's go to joe in florida. joe? >> coach cramer. from a member of steeler nation. >> okay, you have a quarterback? >> we are getting closer.

>> they have a great coach. >> love this cnbc investing club would listen to it every day. the mac thank you. we have so much more we will throw at you. i appreciate it. how can i help? >> my question is on the ed space. with more ev's entering the worldwide market the demand for charging stations will continue to rise. is charge point the horse to ride? >> is the best one of a bad neighborhood. here's the problem. charge point is not making money and we can't recommend stocks that aren't making money in this environment. joseph in georgia, joseph? >> hey cramer. it's all about jackson financial one of the largest providers of -- . insiders are buying. >> i like that call.

that's the conclusion of lightning round. >> lightning round is sponsored by td at ameritrade. coming up. it should big-money reports be the sharpest arrow in your research? cramer is always out to help the home gamer. throwback your beau on mad money, next.

whenever you hear anyone talking about stocks you need to remember that a lot of what set is on wall street is simply not meant for you the regular investor. it's meant for headphones that are the two trading. they need to constantly generate performance in order to keep their clients happy. for example, evercore downgraded the united parcel and because this outperformed its benchmark. i was troubled by this. i don't that outperformance is a reason to sell. of course evercore talked about how business is likely to slow down. that is a short term trading

point people let's talk about long-term investing. that's what we care about on mad money. if i owned at u.p.s. i would absolutely sell. for a hedge fund that needs to worry about performance. you might never be able to get back in if that happens. i think the big strategist might be a piece today saying

too many people are jumping the gun and making a false pipit as though the feds are almost done tightening. that was rigorous work. we have two pieces of terrific from a morgan stanley. they are calling defensive names at a time it does pay to be defensive. we've got texaco in the open the other day. all of the pieces have raised price targets for john deere, emphasizing how what they could be looking at multiple years of success. it also helps with infrastructure. i like these types of pieces because they are not hedge fund calls. there is no hurry. you can use this to build positions as long as you recognize that the fed isn't finished hitting the brakes on the economy. you need to be more defensive going forward.

there is nothing wrong with using these research reports but you need to be able to distinguish between the hedge funds and the long term called that work for everything. i like to say there is always more and i will find it just for you right here on mad money. i'm jim cramer. the news with shepard smith starts now. new tonight, the former president files a lawsuit asking for a special master to review evidence taken from mar a-lago. i'm shepard smith and this is the news on cnbc . the push for information about what is behind the feds investigation at donald trump's former home. the new signals from the judge on whether the affidavit will be made public. new nbc news pulling on americans' confidence in the nation. >> both parties are not really addressing the i