>> i like delta airlines i look at these numbers by united i think delta improves upon that >> i like you, brian i also like the quarter out of lockheed martin, lmt. >> there you go. pretty good stuff. by the way, if you haven't listened to vital signs, check it again tonight let me know what 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 mat "mad money." welcome to cramerica other people want to make friends, i'm just trying to make you a little money my job is not just to train but educate and teach you. call me at 800-743-cnbc or tweet me @jimcramer. when you think we can mount a

significant rally, you have to think by the time anyone is thinking about that, the rally seems long in the tooth. look what happened today the dow gained 338 and s&p claimed ands that deck advanced 9.0% but that was down substantially. substantially from where it was earlier in the day why? because every advance in this market is predicated on so many things going right the dollar being stable, interest rates staying steady or going lower. oil not going up sentiment negative enough everyone that will sell has already sold. >> sell, sell, sell! >> notice what i didn't say these moves are predicated upon. the stocks themselves, sometimes i think they have become tiny plays. maybe tiles in a giant game of running cube or some plastic ball with holes that goes by the name of pickle ball today for example, we got results from goldman sachs, la

k liquid martin and johnson & johnson. there is a war going on in ukraine and they need our merchandise but going to the quarter money managers got calls from brokers that lockheed would miss projections and fail to return capital to the shareholders i have no idea how the rumors got started but that's the reason for the turbo charged rally. so many people were betting against lockheed and when the numbers were good, those short sellers had to buy back their stock in order to close out their position and that i think is a microcosm for the whole market the stocks aren't the biggest. the indoe sees are often a function how few remain in the market and how many money managers are terrified of a rally because they took the other side of the trade.

the one thing, the one thing these people aren't doing, they're not investing. that's right the people who are moving huge sums of money in and out and in and out of stocks barely seem to even care about how individual companies are doing. they're about the spoofs, the s&p index futures. they're no different from betting on wheat or corn or oil or sometimes honestly, i feel red or black like at the roulette wheel i rallied against this issue for ages but this time it's different. why? as much as i like j&j or goldman sachs and i'm a fan of both, right now they're treated just like bushels of weed and they're not bushels of weed. that bushel goes down in value every time interest rates go up regardless of how the companies are performing and they're performing perfectly it is unnerving to me because it keeps us from putting together strong back to back to back sessions i went two or three in a row it makes you want to give up on the business of investing, which

many are because the whole market is hostage to interest rate today activist firm star value made a release how it is under valued to generate and not for sale, not for earnings they've been focused on revenue. market share, dominance. i can go deep in the weeds here. i'll talk about this later i know jeff smith who owns starboard, good relationship with marc benioff and they share a common goal and benioff had a hard line approach towards profitability. he cares about the earnings now, not pursuing growth at any cost. but what strikes me here is that all of this is irrelevant in the current environment where enterprise software stocks are totally out of style and what i always call the wall street fashion show without a large div dividend, a higher yield than the two-year treasury at 4.4% with a cheap price to earnings multiple, it's impossible for salesforce to buck the trend more than a day or two before

slipping back down that is the nature of this particular beast you need stocks that can escape the clutches of oil, of interest rates, of the dollar, of inflation and that's very hard hey, listen, take netflix. they just reported, right? they reported a magnificent quarter. the stocks soared. netflix delivered a monster 96 earnings beat with 2.4 1 million new subscriber editions. when wall street was looking for a little more than 1 million, they gave excellence guidance and told a compelling story about the ad supported tier. i like that. now the stock of netflix is roaring. some short squeeze but as great as it is, it's not great enough to get the stock back to 700. where it was trading before the fed declared war on inflation. you better believe this rally would be much, much bigger and maybe up 100 points if it weren't for the strong dollar, the bond market. so what do we do i don't want to encourage trading. most people simply don't have the time to trade. very hard to do if you got a

real job that's why i encourage you to find businesses you like preferably ones that have inexpensive price to earnings to buy the stocks into weakness if you have netflix' programming and you decided to buy their stock this time last year, you paid nearly $700 when it didn't make it projections, it fell to the low of 160 if you try to buy this thing on the way down, you would have got got gotten evisirated. if you bought the stock of an oil company with an 8% dividend yield or pharmaceutical company with a high yield, i think you can ride things out by buying more stocks into weakness. these get cheaper as they go down and dividends cushion the blow i like net fliflix is turning

around this will get hit all over again. if you buy here, you may be pressing your luck i would rather have you own the stock of disney which hasn't moved yet. it has a similar business model for streaming and could benefit from an advertising stream there are other markets i would say let's go for growth here recognizing it's fine to over pay for growth stocks. i did that for salesforce.com for years and it was a big winner because we weren't worried about the fed or bond market or inflation or oil, ppi, cpi. we didn't have to run a horrible gau gauntlet that's not how it is right now recognizing, recognizing what kind of market we're in. a treacherous one where good earnings aren't enough to move a stock higher remember like lockheed, netflix, you need people to bet against the stock to have it sore. bottom line, you have to resister the urge to rent stocks because you'll get evicted when they decline in price.

instead, you should be willing to own your favorites that have dividend and valuation protection and buy more than the weakness because this market is making so many stocks so cheap and eventually will stop being hostage to the war on inflation and you'll make a lot of money until then, though, buckle up because it's going to be a very bumpy ride let's go to dan in pennsylvania, dan? >> caller: hey, jim. >> dan, what's up? >> caller: not much. you tell me, jim. >> i don't know. netflix is up. well, i mean, let's try to make some money together. what's going on? >> caller: i'm looking to possibly purchase some visa stock. >> you know, i was working on visa today because of problems with maybe the senate and i'm going to have to discourage you from buying visa now at 187. it sells at 25 times earnings. that's too rich. i do prefer mastercard a little more and those are expensive and

i don't have an appetite for expensive stocks now let's go to steve in virginia, steve? >> caller: hey, how are you doing, jim i like to say boo-yah other than that, i'm a member of the investing club i think it's a bargain i think you really -- i really appreciate what you do for our retail, us retail investors. >> yes, you just made my day, that's what we work on all weekend. do a niece piece sunday night for everybody. even after an eagle's victory, i take time out and write the piece. what is going on >> well, constellation brands, okay you recommended it sounded great. i watched your interview with the ceo. i was going to go pull the trigger but i noticed the p.e. ratio is almost 700. so -- >> no, no, that's not the real one. it's got -- it's a much lower one that's been exaggerated by some acocounting issues. buy the stock. they had a great quarter it's too cheap stz is one to buy. the trust has it the trust wants more of it you have to resist the urge to

rent stocks. just own your favorites with dividend protection, with low multiples and buy more at weakness because this market is making many stocks very cheap for the long haul and we'll get off this wild ride some day. on "mad money" today, after the bell a new partnership with canyon ranch, one of my favorite places to hang out and give exposure to the wellness space, something that details top and bottom and j. a&j reported toda. i'll give you may take the pharma space has the street. i'll give you info you need to know about three of these names including one you asked me about last night in the lightning round. how is that for service? so 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 email to madmoney@cnbc.com or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com.

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a mostly terrible year for stocks are names that i have felt confident recommending like vici properties. a real estate investment trust that owns a large portfolio of casino, housspitality and entertainment designations three of the most iconic locations on the vegas strip our basis here is civil, people. casino companies themselves face some risk as we head into a recession but the landlords are safer including vici

i recommended this one in 28 of june and traded up to 35 by mid august and now back to 30 and change of course, because the market wide melt down, rising rates of treasuries so it means you're getting another bite at the apple. i like this story. welcome vici properties and get this, canyon ranch why? they announced a deal to finance a brand-new property, the wellness chain right outside of austin consider me intrigued so let's check in with ed, the ceo of vici properties and gust of the show before you guessed, canyon ranch principle owner. welcome to "mad money." >> good to be back with you, jim. >> i got to tell you, i've seen you have offered a level of stability where there isn't and i think some of it is because experience and some of it because you're a shrewd judge of properties walk us through the deal. >> yeah, so, you know, this is the most famous investment discussion forum in america in a

great new place and when john and i got our partnership together, i said we got to go visit my friend jim because we want to talk with jim about the most important investment anybody can ever make and that is investing in their shelves, right? investing in their wellness, investing in their health. we formed a thesis around pilgrimage experiences i talked to you with before canyon ranch is a pilgrim experience if you want to pursue your personal health and wellness, canyon ranch is where you want to go. canyon ranch eearned the right o grow we couldn't be more excited to put capital behind john as the ceo and the team growing the brand the way it deserves to go. >> partnership and a facility with a right to be able to buy now, those who have been to canyon ranch, you just talked about trillions of dollars i believe that wellness is the most important thing we can have. tell us about your end and do

you want to take the loans out maybe one day sell out, be partners how does it look >> this gives us a new angle today we're a capital intensive business because we own our properties and criminal properties and capital with ed and vici, we have a new dimension of growth. we can become an operating entity and lay off the actual big hard assets to them and get more efficient than we can and fund more officially so we can become a pure operating business and i love that model. >> i've always felt that we need more canyon ranches. when i went to the one i had a fabulous experience. i said look, i want to go to a couple warm areas, different areas. you have the possibility of having four or five more. >> as part of this announcement, we indicated our intention to build one right outside of austin, texas which is one of the fastest growing demographics

in the country. >> so how is everything else doing? your stock is remarkable and i think a lot of that has to do with the fact that even though rates have gone up, you have growth and companies that have great and income are working >> yeah, exactly right the fact that being the biggest real estate owner of the las vegas strip, the world knows at cnbc helping people understand las vegas strip right now is the busiest place on earth and the outlook for 2023 is lights out when you take the stability of our existing business and you combine it as you say with our growth prospects, both in gaming and now very meaningfully in non-gaming, we believe we can give people a combination of capital appreciation and continuing dividend growth. >> which i love. >> another 8%. you know, we provide a vir fewous combination. >> funny remember the goldman deal was

around 15 and people said ah, and that's the kind of deal i always want. the hot ones are the ones that go right collapse into earth yours has been terrific. i meet people all the time that bought your stock because they're intrigued and done well. i think that's fantastic and they'll continue to do well. i want to thank the ceo of vici properties v is vici and canyon ranch investors. it's an excellent place to start feeling better about yourself. by the way, if you're in that game, i don't know i felt really good after i came back "mad money" is back after the break. coming up, can j&j find a bottom cramer gets to the business of the deals of this blue chipper next maybe the only way he can die... is if i die too. [ screaming ]

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this morning we got a host of important earnings reports including results from one of my absolute favorite companies, johnson & johnson. i like this so much i own it for the travel trust it's a slowdown stock, it's pulled back hard from 186 and change at its peak in april to 159 in the lows this month before rebounding to $166 today. i had some hope going in today 's number that this quarter would be an opportunity to get momentum going, it didn't play out that way wall street wasless less than impressed with j&j although it was down a lot more earlier in the session. it reported the stock had jumped almost three bucks before market trading. i have to be honest, that's exciting not like j&j missed the numbers. just the opposite. the brothers johnson turned in a very good solid top and bottom line beat. while the update to their four-year forecast was more

mixed. pull back represents but got so many strong catalysts along the way including and most importantly, it's impending breakup. that's why you need to understand the breakup is the real story but nobody seemed to pay attention during the trading today. a little less than a year ago, johnson & johnson announced they would be spinning off the slower growing consumer health business with remaining company focussing on farpar pharma and medical technology new eyes in march and april. j&j is a textbook recession proof stock if you think we're going into recession, this is the one. it's the kind of name you want to own when the federal reserve decides to slam the brakes on the economy. especially now that inflation is peaking getting the raw cost under control. headwinds are becoming tailwinds

here when j&j reported last january, they gave you a terrific set of numbers. clean top and bottom line beat and trimmed the full year forecast and the stock is marching steadily lower even though the underlying business is in very good shape. despite having to cope with the insanely strong dollar, which hurts their overseas earnings power and man, these guys are a power house overseas, more than any company i follow this is the setup for the morning. j&j reported what i thought was a good quarter we had a good rite the company gave you a nice revenue beat, that's only 1.9% when youaccount for the impact of one-time items and the stupid currency fluctuations. currency is real ugly so overseas sales took a hit from the strong dollar. we knew that was coming. they gave and stocks got hit

conservative guys. the full year $2.24 per share which is 6 cents less than the analysts hoped for and that's the way this game is played. 6 cents means a great deal even though i know and you know it was a great quarter. it is not ideal but the reason why it was ahead, half came from currency fluctuations and the rest came from the need of management to be conservative in this difficult environment and conservative about the pending breakup. i thought it made sense. why not be cautious? in the end j&j has a fabulous story. the flightup remains on track and once they have the spin off business, you'll look for a faster grow play on drugs and medical technology which i can tell you a lot of people in the industry are excited about, not just at j&j. one reason i'm thrilled is the underlying businesses are doing well on the pharma said j&j had 9% sales growth, the best of the major pharmas and focus on

immunology business up 5.6% fueled by the crohn's disease drug and treatment for so rye ht cancer drugs including a novel prostate cancer formulation. other than that, it's up 5.9% and cardiovascular and hypertension, fine then there is medical technology side, the other part of the business j&j is keeping. they had 8.1% revenue growth, strength in surgery, orthopaedics and interventional solutions. i was thrilled with that that was a major, major pickup finally, there is a consumer health division signing off next year as a u new entity called knvu i don't make up the names. this is not bad growing at 4.7% clip j&j seen real strength in over-the-counter drugs and women's health with descent numbers in skin health and really fabulous numbers in

beauty products. i thought management would give us more insight and they wait for that update. once we get it, i'm confident it will be a tremendous catalyst. put it together and i think j&j is doing a good job navigating through a tough environment. i wouldn't profile it on this show otherwise it doesn't hurt a free of cash flow doing everything right which gives them the flexibility to invest in rnd and potentially terrific accusations and return capital view they buy back strong dividend 2.7% yield the biggest drag on the story is a ridiculous thrown dollar which we'll be stuck with and serious cost inflation which actually will be getting better over the course of next year because nearly all of the key commodities have come down substantially from the highs it takes time for those supply contracts to roll over i said the same thing about pe pepsi co the numbers were solid and

bullish long term. perhaps more important at one point, j&j stock was down more than $3 and then over the course of the day, buyers circled back, erased nearly all the losses that's encouraging bottom line, i'm not trying to call the bottom in j&j stock that's what i call a mug's game. this remains a tricky market even if we had a couple good days in a row but i like the way j&j is trading over the last couple months and after the quarter we saw this morning, i think it's precisely the stock you need to buy as we head into 2023, which should be a much better year for the new much faster growing johnson & jo johnson. charlie in new york, charlie >> caller: hi, jim how are you doing? >> i'm doing well, charlie, how about you? >> caller: good, thanks. been a viewer for a long time and in the club since you started it. >> oh, thank you thank you. the club is fun. >> caller: well, i know you admire the folks at regeneron and moderna. you never seem to buy them

how come regeneron in early september popped up and i sold -- >> regeneron had this great new formulation -- regeneron has so much in the pipeline you should buy it i think that they are doing a remarkable job i first recommended the stock at five when we started the show and now it's at 7 .22. i don't think it's done. i'm not trying to call the bottom in j&j but i like the way the stock is trading and been looking for a stock telling you to buy that's not too expensive that could be worth going into the year 2023, a terrific, terrific time even if there is a recession. much more "mad money" ahead. the pharma base seen a host of spinoffs i'm breaking down the bad, the bad and the bad. starboard value took a significant stake in cramer fav salesforce so what should you make of the headlines? i'll give you my take and all your calls, rapid fire tonight's edition of the lightning round

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last night, we got a call from scott in california about a company called a big pharma power house. i recognize this one and said i need to take a little time to do homework before i give an answer why? it's a real dog since it separated from merck it's down 35% from the first day of trading no thank you what made me hesitate is it's not obvious why they haven't worked profitable company created with merck spin off and slower

growing women's health and legacy brands as a new entity. a lot of generics in there it's not particularly exciting but generates a ton of cash and pays a generous dividend and yields 4.6% and as insanely cheap stock trading five times the average for the s&p three times that, a little more. yet, it is an astoundingly total loser. nobody wants it. you know what? it's not alone as i thought this one over last night, it struck me that we've seen a number of big pharma spinoffs in recent years and those stocks have all been awful. in november of 2020 pfizer spun off the slower growing and it's done terribly. a near instant dud so tonight, we're going back to scott who is so kind to call from california on a one-day homework turn

around how is that for service? we also want to dig deeper into why none of these big pharma spinoffs seem to be working. figure if any are worth buying or perhaps there is a matching formula to make it work. merck decided to break off this part of the business 16 months ago as a way to separate slower growing units from the rest of the company also unloading some of the debt. initially they sold off quite a bit but then the stock started coming back rallying nicely over the first year of trading. it peaked around $39 this march and nearly revisited in late may however in recent months, the stock came plummeting back to $22 and change last week to around $24 today down from 37 when merck spun it off that's a big loss. with that kind of decline, you might think the reporting numbers had to be awful, right wrong. these guys have reported five times since the spinoff and beat top and bottom line expectations every time the only fly in the ointment

here is when organon delivered the most recent results in august, they hit you with a guide down because of the strong dollar of course and lowering the ebita forecast because of higher rnd costs the guide down severe and the stock was already falling before we knew the numbers were coming down so how do you explain the stocks dismal performance and the end organizers doing just fine but they haven't been able to attract many investors particularly institutional investors given the stock has gotten cheaper and cheaper and the yield is higher and higher last month, piper upgraded the stock from neutralarguing thereh downside left. the problem is pretty straightforward. merck spun off because they wanted to unload the least attractive assets. they have a bunch of drugs losing patent protection and nothing interesting in the pipeline hard for wall street to get excited about that when you give everybody the draws, you can't just say wow,

it's gold. in the end, they have been able to mostly hit the targets and the stock looks dirt cheap with a 4.6% yield but i have no idea if they can hit the earnings estimates which means it's tough to tell if this is a stock or a trap i'm not sure it's worth the anxiety to stick around and find out and by the way, they beat the targets. who cares about the targets? next up, two years ago pfizer spun off the off patent generic business with a company i told you to sell since i took the show over 17 years ago since then they've sold the bio similars business, generic drug for biotech to an indian company and reportedly thinking about selling the european over-the-counter drug business but just like organon this is not the part of pharma people

are excited about. pfizer spun off -- bad chart spun off to get rid of the branded drugs that had lost patent protection and generic business because neither of these are growth areas and hurt pfizer's business. off patent branded drugs are the worst because the sells shrink as competitors global up market share. one of the worst in the world. the stock is falling 41% from where the closed on the first day. this is easier to understand organon because -- viatris hit you with real downsides. their most recent result in august cut the forecast. thanks for nothing the real problem is it's a slowly melting ice cube, not like the big ones, like a smaller one. their sells are expected to shrink from 18 billion last year to 15.7 billion in 2025 while

the earnings fall from 370 per share to 333 you cannot own a stock whose earnings will go down next year. you can't. the stock looks interesting. sells at less than three times this year's earnings and 5% dividend yield it's a wasting asset there is some level the business will stabilize it's down from here i say no thank you finally, how about this haleon you have to come up with the worst names for these companies, viatris rimes with beatrice. this one is a little different it's the consumer business merged with pfizer's old consumer business. they're not selling generic drugs, they're selling advil and excedrin and nicorette gum i don't use the nicorette gum. the stock tanked weeks after it started trading from $7 to $5.59 at the bottom of september 2nd

best thing you can say about the stock is the september low is held stock is back to the $6 level. now it only reported one quarter as a public company and the results were impressive 11.6 organ ti can growth what is the problem? wall street is worried about zantec litigation. it's alleged to have caused cancer in several lawsuits haleon says they're not part of the lawsuit but hurt the stock i think it's probably over done. you know how lawsuits are dice rolls. can't tell this is more important pfizer and glaxco own 40% and there is fear it will get clobbered when they decide to sell shares perhaps in the open market i like them but not particularly cheap and no plans to pay a dividend until next year so there is absolutely no hurry with this one. so let me give you the bottom line wall street has no patience for

the big pharma spinoffs because they represent the big business and big phama didn't want them, why should we? vitris is awful, that'smy philadelphia accent. i think they're better opportunities out there even in a bear market. if you want a big pharma spinoff. j&j is about to give you kenvue, consumer products business and i'm betting it will be a lot more attractive. "mad money" is back after the takes your calls and the sky is the limit. ist -- it's a fast fire ist -- it's a fast fire lightning round, next. here, is cvs health. here, we'll never be told ou are all in our head. here, we don't think we should pay more than men for the same thing.

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is sponsored by t.d. ameritrade. it is time, it is time for the lightening round i take your calls, play the sound. and then the lightening round is over are you ready ski daddy? time for the lightening round. let start with john in california, john >> caller: boo-yah jim. >> boo-yah, john. >> caller: fresh pet. >> fresh pet is too expensive. talking about maybe it will be an acquisition, maybe not. may i suggest smucker or general mills got better pet food division craig in california, craig >> caller: boo-yah sky si daddy. >> tell me, tell me what is happening? >> caller: looking for a place to hide out lately might have found a stock had a good year, it's up about 60% and trades about eight times

earnings and a accident dividend december revenue is through the roof what's your take on cf ind indu industries >> i like the fertilizers. 40% of fertilizer comes from belarus ukraine and russia which means everybody in the business is making good money stay long. let's go to susan in california, susan? >> caller: hi, jim thank you so much. i'm a club member -- >> yes. >> caller: especially on the weekends just makes my day so i just want to let you know. >> oh, thank you thank you. i'll tell my wife. she loves that hard work i do. >> okay. let's go to work >> caller: i love hearing about her. >> thank you. >> caller: my stock is fiber fbrr i'm -- >> you know, in another market where we're not fighting interest rates and inflation, not fighting the fed, not fighting the ppi and cpi, i would like fiber right now because it's losing money and doing all those things, i say pass let's go to chris in michigan.

how are you doing? >> caller: doing good. semi conductors? >> we have so many problems in china. so many problems for certain reasons. i don't want to do this because i like these guys but -- >> don't by, don't buy, don't buy. let's go to hunter in louisiana, hunter >> caller: jim, big boo-yah from cajun country. >> i give them a jimmy chill love that. what's up? >> caller: i'm just wondering your thoughts on the coffee chain that's sweeping the nation, dutch bros. >> dutch bros. okay, my daughter introduced me to dutch bros and gave me the annih annihilator. that's got a lot of caffeine i didn't sleep for though days up and down, and up and down half position now and half when it goes 30 i like the stock, though

let's go to mark in washington, mark >> caller: wisconsin, jim. congratulations on your -- >> wisconsin. >> caller: phillys and your eagles. >> yeah, the bird, they got the phillys and birds. >> caller: brewers. >> no. maybe this next year next year. go ahead. >> caller: maybe. >> i'm sorry mark from wisconsin. i screwed up mark ut oh. ut oh. let's go to -- my bad. let's go to everett in washington everett? >> caller: hi, this is everett from washington. i -- >> everett >> caller: yes, this is everett. >> everett, go ahead, you're up. it's jim. >> caller: okay, jim i have a stake in nio, n-i-o and

seen it down and i want to know where is your long term use for the outlook for nio? where do you think it will be? >> i don't like the chinese stock market so no to that i believe they will open up china eventually but so far, they have not and i think that that stock is not a buy. not a buy. gary in texas, gary? >> caller: howdy, jim. hook them horns. what are your thoughts about cnk recently downgraded -- >> no. this is a very difficult business we have seen the problems. we did a terrific one for club members for amc. tells you-all about the hazardous business and i have to say once again. >> don't buy, don't buy! >> we're not done, let's go to kirk in nevada, kirk >> caller: hi, jim. >> kirk, what's up >> caller: thank you for everything you've done. >> thank you, kirk what's happening >> caller: my stock is cano, cano health.

>> yeah -- c >> caller: hit hard -- >> this cano down 50%. people thought they would be bought by cvs. did cvs back out down here at these prices, i think it is interesting at $4. i do like -- i like the health care space i think they do quality health care work. and i'm going to have to say that i think it's worth buying all right. maybe we can do one more we'll go to allen in florida, allen? >> caller: jimmy, how about a fly eagles fly boo-yah to ya. >> man, on the road to victory let's hit it let's hit them high and low. what's up? >> caller: let's talk nuclear gem. it seems like it being accepted all over the world, china, japan, germany, california is extending it seems to be the green energy of choice that will get us to our carbon goals strategically buying up mines in wyoming and canada and spend 500 -- >> allen, you're too bullish you're too bullish

you're too bullish there is no real sign that we're going back to nuclear. it's still up high in the sky and that company reflects nothing but optimism so i have to say. >> don't buy, don't buy. >> that, ladies and gentlemen, is the conclusion of the lightning round. >> announcer: the lightning round is sponsored by t.d. ameritrade coming up, lessons from salesforce cramer gets real about one he'd like to have back. next good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only

an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back.

when i got into this business, i was taught not to second guess myself endlessly, no would have, no should have, no could have. this year provoked more second guessing from me than almost any other period take salesforce, the cloud software play we followed for ages in the mid 2000s i was skeptical. when salesforce was at $5, i brought ceo marc benioff on the show and asked a series of questions to figure out how he could justify the sky high

valuation. i didn't care for his answers. when i tried their customer relations management software, the actual stuff, i thought it was remarkable it boosted sales tremendously. i brought marc back on the show and he explained the long term vision and everything panned out. i decided to battle him right then and there and the stock is giving you tremendous long term gains from $5 to $153. [ applause ] here is the problem, though, salesforce didn't go from $5 to $153 it went from $5 to $310 and then got cut in half. if you bought it next, remember, you're down 50%. a hoff rrific we own a lot of salesforce for the travel trust and trim some not long after it peaked that was good. from retrospect, would have, could have, should have. today we learned starboard value took a significant stake in

salesforce they actually made a great case for owning shares in it while arguing the company's margins lagged the long term targetstious and discounted, too. they have a slide deck making the case salesforce hasn't performed as well as they should, something i'm sure the ceo marc benioff and his team would agree with they don't address salesforce made a series of expensive acquisitions more than $50 billion and i think they're vital to the success of the business especially tabloid data and slack for communications those deals have hurt profitability short term though but customers love the added functionality. long term, they will be regarded as genius. management did set am wisb ambis targets for the future they think they can get to $50 billion and also announced a $10 billion buy back sells force told me they're quote now relentlessly focused on delivering compoundable

growth to drove value end quote and i like that. i don't know what will come of the back and forth between starboard and salesforce, to me, that stuff is really all inside baseball nothing to do with the decline over the past 11 months. but in terms of stock picking, there is no would have, could have, should have here i dropped the ball with salesforce my fault i didn't misread how it was doing as a company i misread how salesforce the stock could hold up in an environment where the fed is aggressively raising interest rates while inflation was raging richly valued software stocks have been crushed since the fed pivoted last november and that's taking down salesforce, too, even though it's more mature profitable cloud plays i don't think the suggestions would have made much difference at all salesforce.com's valuation was right but it was very wrong the moment the fed took away the

punch bowl i can quibble about the margin target but the success can't be denied this was a case where the success of the company was irrelevant we were simply paying too much for that success versus bonds once rates started rising. that's on me, not on marc benioff. we should have sold it back then and brought it back lower. here is what drives me nuts. the stock was too rich at 300. the cloud based software storks where rates were rising all over but i fooled myself into thinking that salesforce would somehow be an exception because i like marc benioff so much, i like the products so much and the company so much. i have a cardinal rule of investing. stocks, not companies but stocks can get too expensive and when they do, you can't afford to rationalize or come up with criteria to justify owning them. i talk about the wall street fashion show sometimes whole sectors go out of style and there is nothing you can do except sell if you try to make exceptions,

the fashion show will punish you like my travel trust was punished for holding on to salesforce.com that's not on marc benioff, that's on jim cramer i like to say there is always a bull market somewhere and i promise to find it here for you on "mad money. i'm jim cramer see you tomorrow "the news with shepard smith" starts now three weeks till the elections. president biden offers democrats an incentive to vote i'm shepard smith. this is "the news" on cnbc together we'll restore the right to choose for every woman in every state in america so vote. >> how the president says that can happen. and is abortion access still a liberal motivator? steve kornacki has the polling numbers. the saudi arabia problem the white house discouraging companies from doing business with the kingdom while retired military brass earn big saudi