actually one of the ones within the retailers. >> yeah, on amazon, really quickly, i mean like getting it on your tv. anybody can sit in their bed and watch the game on their laptop but that is not the "fa. meanwhile, "mad money" sitting down with the ceo of fedex that starts right now. my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now >> hey, i'm cramer welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save some money. my job is not just to entertain but to educate, teach, and put everything into context, even the tough stuff. call me at 1-800-743-cnbc or tweet me @jimcramer. how can you have conviction in a market that seems bent on

shaking you out at all costs >> sell sell sell! >> sometimes you get intraday fakeouts like we had this day. dow finishing down 173 points after roller coaster session s&p losing 1.13% and the nasdaq tumbling 1.43%. even as there were moments, there were moments where this market looked so good that we thought it could explode to the up side. yeah that's right it looked that good. and then after the close we got a gut punch. one of the ugliest preannouncements i will come across in all the years i'm in business, all the ges, a dramatic shortfall and earnings cut. that's way too positive of a way to put it. from fedex which just at the end of june told us things were doing pretty good end of june. things got bad that fast fortunately we spoke to the new

ceo, raj subraman yam. you'll see that exclusive interview later in the show. unfortunately this was no ordinary preannouncement pretty much every single week since that june meeting where they told you things were going well things have gotten worse. it started in asia where china has had no snapback whatsoever from the worst covid days. in fact, things may be worse now than ever. it's like china just stopped then you go to europe. and the war in ukraine has sapped confidence and crushed pocketbooks as prices for heat and electricity are anywhere from three to ten times where they were a year ago who can afford that? who can stay in business in those conditions and then the one thought was most shattering, frankly, we got to the u.s fedex -- and our country's definitely the best of the three. fedex is telling us the story of

slowing business while still positive but business that is going very badly at the end of the last few weeks. e-commerce, yes, it's doing fine but not as fine as we thought it would be now, think of that that's nothing anybody's thinking about there are many companies that i can slough off as blaming the macro environment for their own problems excuse makers. companies that use the robot economies and -- fedex is not one of them. say what you want about this company. we know it pioneered much of what we regard as package delivery and it got there a lot faster than it took competitor ups. in other words, i believe fedex when the ceo says the fault is in the stars, not themselves, an appropriation of shakespeare that actually fits this time i know this isn't the fedex show but the fact that things are decelerating around the globe that fast is something that forces you to think that maybe

the fed is further along than it may realize it is in fighting wage inflation fedex, you see, is not the canary in the coalmine, for heaven's sake. it's the coal miner in the coal mine which means if jay powell is watching, the fed chief, i would say we're going to raise rates .75% but then we must wait and see. wait to see if what fedex is saying about asia, if what fedex is saying about europe, and fedex is now saying about e-commerce and business in this country is about to spread out of control and if that's the case why not just say .75% and then wait? and by the way, these people want 1%. i hope you're watching give us an apology, will you how could you be so wrong? hey, i'll admit when i was

wrong. i was more positive than this. i didn't think this was going to be this bad. i actually gave a conference today at 12:00 and i stick by everything i said because we're not buying any of these economic stocks buying the stocks that do well in a bad economy but i didn't know it was -- i didn't know that fedex was going to lower the boom. now, the reaction you actually can expect to have is one of panic. if there's truly a slowing everywhere why would you bother to own a stock why bother why not just get into that juicy 3.9% two-year treasury lovie blanket and go home? which many of you by this point in the show are thinking why don't i? okay all right. let me give you three reasons why not to first, this is raj subramaniam's first quarter at the helm. it's his first he's obviously a total straight shooter. and he cut numbers huge. and full guidance. but it is the first quarter he's been in the chute.

and it pays to get the word out quickly. this is not a kitchen sink thing. he went over this, as you'll hear in the interview, chapter, verse. but i do think that maybe some of the issues are going to be caused by his own company's execution. they could be doing some things wrong. nothing's perfect. if cal tomei the ceo of ups comes out tomorrow and says she has no idea what fedex is talking about, business is booming everywhere, you'd feel pretty darn foolish if you sold everything i don't think that's going to be the case ups is going to be down big tomorrow i don't want you to buy that one betting that ups is that much better than fedex. i'm just saying there are some manmade issues too we can't totally dismiss that. is it 70% macro, 30% man i don't know but let's not say everybody's perfect. second, fortunately the weaknesses raj described are indeed manmade china's using bogus science to lock people up to avoid covid. and this policy is crushing them it's crushing them

but it is manmade. president xi could wave a magic wand and he has it. he has it in his back pocket all he has to do is bring in moderna, which is the company that we know is having one of the terrific vaccines, and say okay, please do what you did to the united states, make the vaccine here, make me feel a little better, make the vaccine here and make it so that the flu is more dangerous than covid which is something by the way that humana said in its analyst meeting. that's right the flu's hospitalizing more people in our country than covid. can you imagine if china just woke up, stopped their bogus lysenko technology science that is crushing them and brought in moderna and you sold everything tomorrow because of fedex? russia putin is the cause of the weakness in europe, and he's increasingly being isolated. did you catch some of the news reports about him meeting with president xi from china? i don't think it looks that well

for him. what did xi basically say? which is that i get it -- that was the equivalent of what he said i get it now, why does china care about russia sure, it gets cheap oil because of the war but 25% of what it sells it sells into europe. and this war is hurting its customers. china is in the end a transactional country and it would pay for higher oil if it meant more business. but it's not going to pay lower oil if it means less business. xi knows that putin's losing the war. he calls it quits and then fedex won't matter yeah, but can you imagine putin stops the war, xi says it's time to have the vaccine and you've sold everything? finally, it is entirely possible that we really are going to get wage inflation under control when i listened to raj subramaniam today, you know what i did? i said wait a serksd maybe we're much further along in the fight against inflation. maybe those people who are

certain about their jobs or busy hopping from job to job should watch this interview coming up in a few minutes because i think you'd feel a lot less certain. and if you by the way have retired and thinking your nest egg is going to get you through this, maybe you should feel a lot less certain maybe you should go back to work we are still traveling that's absolutely true it's the traveling economy but when you hear china's falling off a cliff remember they make a ton of stuff that's headed here and it sounds like sales aren't anywhere near as strong as we thought that was another takeaway i had from this interview. maybe the bears who insist that the fed raise and raise and raise and raise don't know what they're talking about. maybe the fed is further along than we thought. so what happens now? the whole miserable sell-off has been guided by one darn piece of paper, the two-year treasury which offers a safe haven and

tremendous competition to stocks i did want to come out here tonight and talk about how you should buy some apple and i've seen the new phone and watch and they're much better than the analysts think i wanted to remind you there's plenty of companies that do well when a company like fedex does'll with i wanted to say look at health care look at oil and gas look at companies that have great -- go watch my speech today. go watch my speech at noon today. it was filled with stocks that do well if fed,does badly. but instead let me say this. why don't you listen to the ceo? let's let things sink in and then let's accept that maybe, just maybe the fed will see that it is worth it to do .75 and then wait till next year even, it's worth it to bet that maybe russia will get its act together or maybe xi will call moderna. crazy? not as crazy as a market that seems to know one thing, the two-year, if it goes higher in yield sell, if it goes lower buy. maybe tomorrow it finally goes

lower. here's the bottom line it is jarring to hear what fedex has to say, and you are going to hear it in just a few minutes. believe me but the good news, the problems are manmade. they're fixable. the bad news most of us didn't know until tonight that we had this many problems and that they are all getting much worse not better let's speak to sandeep in new york >> caller: hey there, jim. how are you doing? >> i am doing well a little jarred. how are you doing? >> caller: you know, i'm all right. >> good. >> caller: trying to get through these market -- these crazy market times but you know, like with you by our side and trying to help us out we can't go wrong. >> thank you you're very kind i'm trying to call it as straight as i can see it, no sugar coat, no pollyanna, just try to help people make money, not lose money how can i help you >> caller: i am an investor in twilio and i really love the

company. i think the leadership's great, the future looks good. i also like the fact -- i also think ai is the future as well and i can imagine a smarter customer service solution coming from them in the future that leverages that >> right sandeep, let me just tell you something, before you get too deep in this twilio is not making money they just fired a lot of people. they're doing their darn best. but until they make money i do not want to recommend twilio i just can't now, it is jarring to hear what fedex has to say and you are going to hear every bit of it. the good news, all the problems are fixable. the bad news, we didn't know we had this many problems and they are getting worse. tonight, the search for clarity in the oil patch continues so i'm checking in with energy expert and velorium founder. then after the bell i'm running through all you need to know with the ceo and nurses love the scrubs but is the stock worth loving for your portfolio i'm checking in with figs with

the company's top brass. stay with cramer >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer #madtweets send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc ado dmeyething he tmaon.cnbc.com. ♪ ♪ ♪ ♪ ♪ ♪

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ever since russia invaded uk wrairn europe has been desperate to import our country's supplies of natural gas they don't want to be hostage to russia who can blame them if ukrainians can't win by the time winter comes around the demand's going to explode. which brings me to tellurian one of the companies building a liquefied natural gas terminal

they take years to construct -- if you wanted to get a read on this industry nobody knows it better than shriv suki, co-founder and executive chairman of tlurian and virtual inventor of lng export with his previous company cheniere. but toendon't take it from me. earlier i had a chance to sit down >> this is one of the craziest moments i've ever seen but nothing's crazy to you we've had prices that are 10 times, 11 times, 12 times our natural gas in europe. you run a company that could take care of that arbitrage. you have to wait a little bit to be able to do so but why shouldn't we all just be buying tellurian like we bought last time around when you told us to buy lng? i don't mean lng the commodity i mean the symbol. >> i think, jim, we're seeing the best arbitrage i've ever seen in my career. as you know i've been waiting

for it for a couple of years i saw it coming. of course i didn't expect that russia would invade ukraine and make matters much worse. but we're suffering from a chronic underinvestment in energy and natural gas in particular that has happened over a decade. and we've now seen the consequences with the world absolutely needing lng and america having plenty of natural gas and the ability to do the infrastructure better than anybody. and we are we at tellurian are in very good position to take advantage of that. we have a clean balance sheet, a lot of cash, a lot of cash flow, and we're going to build the terminal which we started in april and we will be coming to the market at the time where the differential between american gas and global gas would be exceptional. >> when i first met you cheniere was at eight bucks you were losing fortunes you had built an infrastructure that was meant for taking it in, not taking it out.

no one believed in you whatsoever i'd like to think i did because i recommended your stock is tellurian in better shape than when i first saw you with cheniere >> let me think about that for a second i had about $700 million of debt that was coming due in three years. i had a business model that was completely busted because i wanted to import gas instead of exporting it and all of a sudden we had a fracking revolution that changed everything dramatically so i would say i was pretty desperate at the time and then you recognized that we had made the turn faster than almost anybody and you recommended our stock at a time most people were skeptical. and you know what it ended up being. this time around we're sitting on a few hundred million dollars in cash. we have an upstream company that is going to make $500 million next year. and we started the construction of a facility that will allow us, as you said, instead of making 8 or 9 dollars in the

united states, making 50 or 60 dollars on a global basis. i don't expect that 50 or 60 to remain but it will be north of 25 and we will be in excellent shape. >> i imagine since we've seen each other personally they figured out how to make these plants much faster i know you were the pioneer at that i have to believe we're not talking multiple years out we're talking about something coming from tellurian with the bridge of the assets you bought much sooner than cheniere. >> i think it's going to take certain amounts of time to build the infrastructure we started in april. the soonest realistically we can start selling lng will be sometime in the middle of 2026 so we don't want to promise things that cannot be done we are going to have a massive construction project again, this is my third time around now in the gulf of mexico. and we will have five to seven

thousand people on the site working as fast as they can so that the project off the ground as soon as possible. but it takes time to build these massive infrastructure they don't happen over time. they require long-term planning and lots of patience in order to get to where you need to go. so i don't think -- i don't think there's going to be anything that comes faster >> fair enough when i spoke to you last the war had just begun in ukraine. i know it's dragged on longer than expected. it's driven up the price of natural gas. they have to be very scared in europe that they've gotten in a position where they were held hostage. can you tell me, let's say you could wave a wand. is there really any hope for europe without a company like tellurian and some of the other companies we have in our country? >> no. if i were european, i would very quickly say we need to put a long guarantee project in place in order to let all these projects in the united states happen as fast as possible there's about 100 million tons

of lng that has been permitted and that is in various phases much preparation but the business model has been broken they're looking for how to finance this massive infrastructure 100 million tons will take $100 billion or more in order to get to completion. and if the europeans provided loan guarantees to all these projects they will happen in four to five years instead of eight to ten and the europeans will goat their money back in less than a year because they're paying $50 and $60 an mmbtu we can be the solution but at the moment the politicians are running around in circles trying to figure out what to do they just announced something like $250 billion of subsidies for consumers because the winter is going to be really ugly but they haven't focused yet on the center of the problem, which is they don't have enough

supply, the demand has gone faster than their supply >> look, you're the answer you've always been the answer. you know this stuff. frankly i have to tell you offered some stock at these prices i just don't understand why people don't buy your company as a call option on what's going on in europe. can't we just view it like that if we have to? >> yes it's a very simple option that is worth probably $20 an mmbtu so for a project like ours that is eventually going to be generating something like a tcf and a half of gas that is going to europe, over to the rest of the world, this is an enormous arbitrage. >> i'm going to tell -- >> the payback for the -- a year and a half >> this is what i'm going to emphasize to people, especially young people it's just like cheniere. no one believed me except for you. he with believed in each other and then it went over 25 times i think you're going to do it again, charif souki. co-founder and executive

chairman of tellurian whose stock went up more than any other stock other than regeneron since we started this show 17 years ago. thank you, sir >> thank you >> "mad money" will be back after the break. >> announcer: coming up, you does big news come in a small package? cramer sits down with fedex. next

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you know things are rough when fedex, one of my favorite companies, pulls their full-year forecast and also preannounces what can only be called ugly results. just a huge top and bottom line miss they're getting hit by weakness in asia and some problems with service in europe. ground business is struggling. fedex express pummeled these numbers look dire. so now we have to figure out if they're company specific or maybe they represent a broader problem for the global economy maybe it's an opportunity even let's take a close look with the

brand new ceo, raj subramaniam and raj just got named just a couple months ago, and more importantly had an analyst meeting at the end of june where the forecasts were much rosier so i've got to know right from the get-go what went wrong >> well, jim, first of all, thank you for having me on the show and it's wonderful to see you again. of course i'm very disappointed in the results that we just announced here the headline really is the macro situation that we're facing. let me just walk through a little bit here what we've seen. >> sure. >> so firstly in china -- in asia in june the factories were shut because of covid. so we expected that when the factories opened back up there will be a surge in demand. i lived in asia for several years and that's what usually happened well, it did not happen. when the factories opened back up, the demand actually went down and week over week over week that came down. europe with the energy situation and inflation the economy is quite weak now, we have some idiosyncratic issues that we face.

we just finished our integration with tnt recently. we had this new -- the enhanced hub operation from charles de gaulle airport and we had some teething troubles they're in the rearview mirror now. that was more idiosyncratic of us but that was a big problem the u.s. consumer is actually a nuanced story here the u.s. has been led to think it's less impacted but on the consumer side the spending is flat or down today's report showed that and within the consumer they're spending more on services than spending on goods. and even within the goods sector there's an e-commerce reset that's going on. prior to the pandemic e-commerce represented about 16% of retail. at the peak it was 22% and now it's somewhere in the 19%, 20% all those three things are a negative to our business and that's what we're saying at this point >> let's peel them back. as an optimist i'm not as perturbed about the last numbers because i think the economy has changed a bit.

but you know people can immediately say wait a second -- and i know you're not an amazon guy. that's been made clear many times. but they're going to say e-commerce is definitely slow, people are going out more. to me it's -- chatna ryan from adobe said it's still going pretty good. i'm not hearing that's the real problem. >> no, what i'm saying is on a secular basis we're very optimistic on e-commerce going forward. we think it will settle back down and go back up again. it's just we are in that settling process right now >> look, asia's terrible and i don't understand it's just terrible this is china. this is a country that bounces back what is really going on there's? >> asia is the center of manufacturing in the world >> right >> so when you see these things happening i feel it's a leading indicator of something more profound and that's why we feel the macro -- we are the bigger player in asia and so we see things happen

before others do and that's one that's got me really concerned as well >> trying to figure out, coal mine versus execution. you could not have been happy -- you're l. you said you're disappointed you could not have been happen i why in your own execution. you just started so i can't necessarily say how could you screw it up? but there are some things wrong here >> we are 70 days into a three-year plan we announced so the actions we are taking is what's most important. i am bound and determined that we use this crisis, we use this downturn to come out of this with a stronger operating margin profile than we went in. we're taking several cost actions, accelerating several cost actions and this will enable us to get to those targets of 725 in a slightly different way but it's much more focused on improving our operating margin profile >> that's why you're buying back shares -- look, you're talking about a reduction your next quarter in what i thought you were going to make versus what you're making. it says to me don't buy back

shares >> we are reducing our capex quite significantly this year. everything is allocation of capital, this is a good use of our capital. >> but 548 was the estimate for -- you come in at 275? that's got to be more than just asia and service -- >> no, no, we're seeing that the volume declined in every segment around the world and so when we started our second quarter the weekly numbers are not looking so good. we just assume at this point that the economic conditions are not going to be good but it basically allows us then to fully go into cost management mode and take those actions that we can then restructure fedex in a different way. >> raj, are we going into a worldwide recession? >> well, i'm not an economist -- >> you know more than economists come on. they just push papers. you look at things >> i think so.

>> you think we are going into a worldwide recession? >> these numbers don't portend very well. >> u.s. in the last few weeks as bad as china in the last few weeks? >> the u.s. consumer is definitely spending less but the u.s. has been somewhat insulated because the u.s. dollar is the currency of choice for the world and there's some insulation there but i do see the u.s. as slowing down too >> the fed's about to raise .75, maybe 1.0. that would be one of the dumbest things ever if it's extrapolated >> i don't know. i'm not the fed chair. but fighting inflation is also very important so the balancing act -- in many ways you said that, they're catching up. >> they are catching up. closure of 90 fedex offices, locations. deferral of staff hiring you're not going to be able to deliver what we want on christmas holiday? >> no, we are very well set for the christmas holiday. it's not a problem whatsoever. the biggest -- the airlines obviously the biggest cut in

intercontinental flying, we have taken the lift down as we speak. and then we are -- the sunday service we are reducing the scope of that and then we're reducing our capex and some of those facilities we talked about >> i thought you were done with service challenges in europe i thought that was complete. >> yes, the integration is complete it is now in the rearview mirror for us in fact, we now have a portfolio in europe that's differentiated and we are going on the front foot despite the economy and the sales team is energized trying to sell the portfolio that we have >> now, were there things you discovered when you became ceo that were different or is it just like from the beginning of -- from the beginning of when you had that now ill-fated i have to admit giant meeting was it just down every single week >> yes, so -- >> yes >> yeah. the short answer to the question is that the volume trends have been declining week over week. we had i aslight bump in july but it was ephemeral and then it's been down

the big pivot point in june for us was we have gained market position over many years and if you think about it, direct facing competition, in the turn of the century we're at 69-point market share gap. and now the gap is almost single digits but this was a pivot point in our focus on improving our margins. that's the plan and still the plan we're going to make sure we're accelerating to get to the plan but now we're dealing with this economic environment which is somewhat unprecedented >> last thing i want to drill down on. if i were to president xi in china, i would be incredibly frightened by the decline in my once great growth economy. is it that bad >> well, i don't know about how the chinese economy in total i can just tell you where the manufacturing sector -- and exports right now. i think it's driven by the u.s. con consumer otherwise, if the consumer picks back up, then the manufacturing

will pick back up too. >> is there any chance -- totally optimistic that you've just decided to have a dramatic reset and that people should say you know what down 15, 20 bucks this is the chance they're buying, i'm buying >> well, no. listen, i can only read the tea leaves i'm seeing right now. and we are a reflection of everybody else's business. especially the high value economy in the world >> you're not being very positive >> i'm sorry, jim. >> i know you watch the show but what can i tell you? you are one darn straight shooter. i'll give you that, man. you tell it like it is >> thank you >> that's raj subramaniam. he's the ceo of fedex. and can i tell you something he did not have to come on tv tonight. it wasn't his quarter. but he did it. and that means more toytng he sd "mad money's" coming back after the break. >> announcer: coming up, saving lives and looking good doing it. the company that's changing the way health care heroes suit up next

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it's been an awful market for the ipos that flooded the market last year i've been telling you that over and over again i've been warning you away from them ever since the peak last november in every case that was the right call because the valuations had become absurd. it wasn't the companies' fault what do we do now with the more legitimate ipos from the class of 2021? not that they've come down so dramatically take figs, f-i-g-s maker of health care apparel and scrubs with a stock that's fallen from $50 at its peak last year to $10 today. i called this one out before because i thought it was too expensive. but we've taken on a cue from tlc, we don't want no scrubs more than a month ago figs reported really solid quarter.

robust guidance. the company's turning a profit you know we like that. that's one reason why the stock jumped 7% the next day since then the stock's become incredibly volatile, plunging in response to a report then roaring back when billionaire ron barron of tesla fame disclosed a $100 million investment i think this one's worth another look, especially since management asked to tell their side of the story. you know i'm always willing to listen in these situations so let's take a closer look with trina spear, co-founder and ceo of dpigz, who joins us for the first time miss spear, welcome to "mad money. >> thank you so much for having me, jim. >> it's a tough thing for a ceo to say my stock's cheap or expensive. so we are going to avoid that. but we are going to talk about the size of the market and what it can mean. how big are the number of people who would wear something like figs and could it ever be mainstream apparel >> i mean, that's really not where we focus prior to figs healthcare professionals were subjected to wearing boxy, big scrubs with

the size on the back of the neck and it was just really not a great product and not a great xh experience subjected to going to stores in the middle of nowhere to get their health care apparel to go to their job we really changed that but it's a $79 billion global industry 12 billion in the u.s. it's really big and it's growing really fast. >> now, how do people buy your sufficient is stuff? do they go online? how do they find you >> we're really the first direct to consumer company in the space. selling direct to health care professionals. people actually buying their uniform to go to work. almost 100% of our sales are online >> could you give me a differentiator a lot of people -- i checked the report i think if i want to distill it, the market isn't that big but also there's no moat how do we describe figs as a company that's any different from anybody else that's got clothes out there? >> i think first and foremost we're a product company. we really focus oin vaigs of product. building products that are well fitted and comfortable and technical so that health care

professionals can work a 16-hour shift. they're dedicating their lives to helping others and caring for patients and they need a product that's going to serve them well but in terms of competitive advantage, if you think about what we've done, we've built an authentic brand over the last ten years. and that's really a hard thing to do. and that's really differentiated us from everyone else. >> you did have some numbers this time. you had some inflation costs you i think navigated supply chain issues incredibly well but the company does not have as much growth as it had even two, three years ago. is that just because of the size of the market or is it temporarily the market post-covid going down a bit? >> i mean, we've scaled to over half a billion in net revenue. we've doubled the company over the last few years we're looking to double the company again over the next three years. and we put out that billion-dollar target by 20125 and we feel confident in our ability to continue to execute and get there. we're really quited about how big this market-s how fast it's growing and how we're going to continue to not only take share but create the market. we've redefined the industry

from start to finish and now it's really about creating this market and really expanding even beyond scrubs. and you saw that even in q2 where 15% of our sales are beyond scrubs. lifestyle items. why were you wearing a patagonia north face fleece? you should be wearing a figs fleece because hospitals are freeze sxug need a pocket for your stethoscope and alcohol swabs and everything you're carrying around as a health professional >> i remember going to one of the first lululemon stores it was yoga. and i thought i don't know how big yoga market is it turned out i was thinking wrong. this could be and it is talked about as a lululemon for health care professionals >> yeah, i think that's right. if you look at the s-1, lululemon's s-1, their tam was $500 million -- >> that's all it was when they started? >> that's right. >> in terms of what's going on

at the company, margins are 17.6%. lulu's margins are a lot more than that. how can you get your gross margins up >> yeah, our gross margins are over 70% our ebidta margin in the second quarter was 18%. and so if you think about what we're doing, we're really pairing growth and profitability in a very sustainable way. this didn't happen yesterday we've been doing this for years. you know, if you think about actually how much money we've spent, we've spent only $10 million and generated over a billion dollars in net revenue >> that is pretty great. when i was talking about adjusted ebidta margin, 17.6 and last thing i know heather hassan had been named executive chair. a lot of people very excited you guys were co-ceos. why did you make the change? because i know people who are against your stock have somehow told me that this is a terrible thing. >> you know, it really is the right thing for us this is a natural evolution in the trajectory of the business it's giving us the ability for

her to double down on innovation, the company to focus on product even more than we already have, and for us to have clear defined roles and for me to run the day-to-day operations and this is a really great evolution for the company. >> i'll tell you this. there's been about 500 ipos that came public in the time you did. you're one of the two or three that's willing to come on. i like that. thank you very much. to trina spear figs ceo and co-founder. i think this is a real interesting company. aparmp apparel's a tough space. take a look at this one. >> announcer: coming up, cramer takes your calls and the sky is the limit. it's a fast-fire lightning round. next ♪♪ energy demands are rising. and the effects are being felt everywhere.

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♪ it is time it's time for the "lightning round" play a sound and then the "lightning round" is over. are you ready, skee-daddy? start with george in arizona george >> caller: hi, jim hey, i'm a long-term investor and i've been following mr. warren buffett lately and since he owns 20% of ox occidental petroleum and he's just asked to buy another 30% of it, wouldn't that be a nice horse to ride oxy. >> it is the stock that's up the most in the last year. and i think even though warren buffett is terrific i cannot recommend a stock that's been up the most in the last year. just not right bob in florida bob. >> caller: hey, jim. i love your show i try to watch it every day. >> aw, thank you, partner. what' going on

>> caller: i want an answer about a company with innovative products but a terrible chart. universal display. ticker symbol oled. >> the chart is terrible which is one of the reasons it's not working. 24 times earnings. how about when it gets to 18, 19 times earnings you pull the trigger? wait for it to come down, and it will come down let's go to john in california john sk >> caller: hey, jim. buy, sell nucor. >> preannouncements of things going bad, i have to tell you you have to wait till the 90s to buy nucor. and you know it's one of my absolute favorite names. let's go to bill in virginia bill >> caller: how are you doing, jim? this is bill i was wondering what you thought of dow chemical. >> all right so dow chemical the numbers have been cut, cut, cut, cut. all the way back to 46 yield's 6% i think we go to as low as 7%. i wouldn't cut the stock till it gets to 42 jerry in north carolina.

jerry. >> caller: ah, jim, i would like to know about devon energy >> okay. devon's run by a guy named rick moncrief he was one of our speakers at our investing club conference. and i've got to tell you, told great stories, got a big yield, but we have been skimming back a bit. why? it became too big a position and i would tell if you the stock were to come back down from 69 to 60 i'd buy it again but if it goes to 73 we will do some selling how about we go to paul in new york paul >> caller: boo-yah, jim! first-time caller from schenectady, new york, the birthplace of general electric. >> that's right. >> caller: my question is plug power. buy, sell or hold? >> plug power's a play on hydrogen power we actually are believers in hydrogen power when it comes to "mad money" which is why we own the stock of lindy a very good industrial company that also does hydrogen power. and that's the better way to play it. and that, ladies and gentlemen, is the conclusion of the "lightning round"! >> announcer: the "lightning round" is sponsored by td ameritrade

coming up, cramer's got some thoughts on how to put a chip back on your shoulder. the cnbc investing club heard it first. keep it here on "mad money."

earlier today i gave a talk to investing club members. unlike most money managers we lay it all out for you the procedure's usually pretty straightforward. but this time i felt like i'd flip-flopped a little too fast on monday i told david faber it was worth buying a market that was being crushed by selling then today i said you have to be very careful in this environment, you can buy stocks as long as they have little to no economic sensitivity. especially after what we heard from fedex tonight unfortunately the truth is i was too optimistic on monday we're back in a world of two markets. there's the market that's getting killed by the fed and everything else, china, europe, including most of tech, by the way. and the market that does just fine in a slowdown when you see a marketwide meltdown like we had monday it's the kind of sell-off that should have been limited to tech and the industrials. yet it took everything down.

let me put the current moment in skon text. for decades we had limited growth in this country especially on the industrial side of things sure you'd have the occasional huge wave of tech activity but away from that manufacturing was a wasteland not to be touched. especially since the greet recession. we've had a stagnant economy where tech was the only consistent source of fabulous growth so wall street fell in love with all sorts of hardware and software and faang then in the last few years starting around 2018 briefly pausing when covid first hit and then going into overdrive near the end of 2020 we had a genuinely booming economy on our hands and that boom spread everywhere the industrials finally came back, pretty good stocks the boom included many tech names like nvidia, like amd, like adobe along with tons of others but now that boom, that boom is over it's getting busted as the federal reserve slams the brakes on the economy to stamp out inflation while russia starts a murderous war and china has decided to cure covid by stamping it out. good luck with that. it's why vast swaths of the market have turned treacherous since last november.

we own amd it's grown to the point where it's the dominant chipmaker for personal computers but pcs are sadly back to being terrible business long-time cramer fave nvidia developed these incredible chips for artificial intelligence and machine learning but that business has slowed and now this company's dismissed as merely a play on gaming and cryptocurrency mining neither of which are in very good shape i think nvidia's not getting enough credit here this is the kind of environment where wall street shoots first and then, well, shoots again and again and again. machine gun style. and needless to say, when you take a look at what's going on, well, i have to tell you, there are hundreds upon hundreds of stocks that were indeed in bull market mode a year ago you heard one today. figs but ever since the fed declared war on inflation last november they've gone into bear market mode and that's where they'll stay for the foreseeable future. software as a service. zero patience for any of those companies, which is why they're losing money look what happened to i

afantastic company adobe they reported a good quarter, not great but good announced a $20 billion acquisition that seems to be hated even though the stock's already been cut in half it plunged to over 60% today. i would think the same deal would have been loved a year ago and adobe's stock would have roared in response however, for every stock that deserves to be blasted here i'm telling you there's another that's merely collateral damage and that's what we're finding for the investing sclub. when it comes to the club we try to focus on the ones that can do just fine even when the fed's tightening and fedex is missing its numbers. the kind of boring old companies that thrived back in the days before tech became synonymous with growth. boring and much safer than what most people want to own. all i can say is i wish i wish i'd been as specific with david on monday as i was to club members today. one's a few minutes. the other one's an hour. just enough time to explain and else date the two markets, one good, one bad, and never the twain shall meet at least not until the fed stops tightening and it better stop tightening

sooner than i knew just a few weeks ago or maybe sorrily we can follow in the footsteps, the awful footsteps of china and europe i like to say there's always a bull market somewhere. i promise to try to find it just for you right here on "mad money. i'm jim cramer see you the fight over america's southern borderlands in martha's vineyard. this is the news on cnbc republican governor shipping migrants to new england and the residence of the vice president. what they're doing is creating chaos. >> railroad companies can retain and recruit work. >> the last minute deal