we're out of time. here are the desk's final strads thanks for watching. we'll see you back tomorrow at 5:00 don't go anywhere. "mad money" with jim cramer starts right now. >> my mission is simple to make you money. i'm here level the playing field for all investors. i promise to help you find it, mad money starts now. >> hey welcome to mad money. i'm just trying to help you make some money. my job is not just to entertain but to educate and teach you so call me. let me tell you what i'm

worried about. on a not so hot day when the dow dipped 39 points. the area i keep telling you to worry about, the nasdaq. i'm worried we might be looking at the wrong numbers. specifically i think the aggregate data, is something that might encourage tightening. the problem is simple. the fed doesn't want to hear it. october was a very weak month in this country. weaker than anything i've seen in ages. the fed needs to understand this fast. how can we tell? i think it's more anecdotally but overall when you add it together it's plenty empirical.

i think we get a better sense of reality by getting information from a mosaic of individual companies. right now that mosaic is not looking very good for the u.s. economy. let's start with the most glaring issue. if you told anyone about shopping in this country, like where you think it's fun? it's either cosco or target right? cosco is like a treasure hunt. you can find a bottle of wine for less than $75. cosco can do that because it has buying power. it's that big. it wants the volume growth -- because it has the membership fees it offsets the margins. now that we have seen how the

other retailers did it, it's clear the world's largest discounter had to turn a buck. then there is target which we have got to talk about. target which is doing much worse. you don't close 13% down. it's where you spoil yourself. you can get everything you need at a target especially if you go to the cheaper quality. a great place to shop. but you know what you might not like? right now if you are not doing that well you might not like the prices. is not the cheapest. if you are stretched thin, you will trade it down but that's a tricky thing. i went to my local dollar general last week and i saw nothing for a dollar there other than a pack of smarties

at the register. i asked for a price check, and the kid rang it up. no such thing as a real dollar store anymore. make no mistake, if you are worried about being laid off or having trouble making ends meet because washington scrapped the child credit boost. you are trading down from target to something like dollar general. target is a joy but it's not where you go if you worry about paying 18% interest on your credit card because you used up your savings. walmart had a better quarter than target, although every walmart, even walmart was pretty unenthusiastic about the month of october. i think walmarts october was weaker than other months.

nothing can change the overall trajectory so i don't care that the government showed retail sales up 1.3%, you know what i would rather do? i would much rather listen to targets ceo. ryan cornell who said in the release, in the latter weeks of the quarter, sales and profit trends moved meaningfully. this is the ceo of target speaking, not some governor politician. he is a seasoned serious merchant with a tremendous track record. when i walked hrough a store with him i was excited. i offer i'll that target was much better than anything i have seen in my walmart.

they made more progress in the war against inflation than they think. i wish they would take their cue from the target. sometimes it's more accuracy than macro data. the fed has to raise rates and so economic uncertainty to the point where consumers no longer want to go to department stores to spend a lot of money. that brings down prices. i'm not asking for the fed to engineer a soft landing for those in first class but maybe they could spare the people in economy plus. how about the amazing quarter that tjx reported today. i've never heard them as confident about their inventory position as they were this morning. remember this is an off price chain that buys unsold products.

they are major players. maybe they bought something from bed bath and beyond. maybe they were begging tjx to buy their product. tjx is like a vulture feasting on the corpses of other retailers. their business got better and better as the quarter went on. that means october had to be real bad. finally everyone has been doing dog offer tech lately. especially for semiconductors which i say, based on what? based on nothing. these are basic chips. october was bad! the problem is that we have heard this twice now.

about how they are taking bold and aggressive steps to reduce the supply of chips. that includes slowing down capital expenditures. with pres. biden making it much harder to sell chips to china there will be a continuing flood of semiconductors. most important, micron shows there has been no pickup in sale of basic electronic devices. that's just bad for a whole host of component makers. judging by the initial reactions, nvidia, is not going to change anyone's mind either. we will have a full report in your inbox later this evening and we will address it again tomorrow. later on tonight i will give you my take on the coming understatement of unemployment in this country but the real take away from today is that the economy has now shifted away from target, moving

towards walmart for several months. october the trade went down one notch to tjx. once we get below the off-price change it means there's just too much fear and too little good news. not good given that november is when the holiday season gets rolling. the bottom line i am begging the fed to look at what's happening to individual companies. so that they will be a little less fruitless going forward. because if they only focus on the macro data from the government they will cause a lot more damage. let's go to joe in new jersey. >> hello kramer, thank you for taking my call. >> of course joe. have you been? >> very good thank you. my question is on albertson's. i currently own a fairly large position on your recommendation from when it went public.

with the restraining order on the special dividend payment, i would like to know if i should still hold onto the stock. >> i am concerned that the government has turned very anti- merger. but albertson's itself should be higher no matter what. i would vote for you to stick with it. it's been a big win, obviously when it got up higher we don't like it as much. the stocks come down to a level where i think it's okay. let's go to anthony in florida. >> thank you from the sunshine state for all you do for us. >> thank you. >> my question, we are talking about a slowdown and a recession coming. the cruise ships are packed and the casinos are packed. would you pick royal caribbean or norwegian? >> i'm a norwegian fan.

carnival is not in as good of shape and does tend to bring down the industry which is why norwegian was down today. i do like norwegian cruises. i am begging the fed to look at what's happening at large individual companies. to see if they only focus on the rack -- i think they will do a lot more damage than necessary by raising rates too fast. tonight we have patrick doyle who has been tapped for the restaurant brand international. i'm learning more about his company with the man himself. you called in and stumped me on a few stocks. and yes, what does this quarter tell us about the tech hardware space. i'll be discussing it with the ceo. so stay with kramer.

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>> we have big news out of the restaurant industry this morning. we learned that restaurant brands international, think burger king, bringing in pat doyle as the new executive chairman. you might remember doyle as the longtime ceo of domino's pizza.

taking stocks from $12 to 271 when he retired in 2018. help speed up the company's growth rate. how important was this? i think the restaurant brand saw the stock. they jumped nearly 7% just on this announcement. let's check in with pat doyle. mr. doyle, congratulations and welcome back to mad money. >> thanks jim, great to see you. >> you have a tough job because restaurant brands has been an outstanding performer. this is not a company you need to come in and turnaround. so with that in mind, how can you make such a good company even better to justify what i think is a pretty exciting payback. >> you nailed it, the reality is, josi and the team have been doing terrific work.

franchisees are invested. i think there's an opportunity to accelerate growth even more and so, as i'm starting to learn this business and the four different brands, both in their own markets and international, the opportunities are huge to accelerate this even more. i'm excited to be diving in with the team and start figuring out ways we can get that done. >> okay, so i mentioned that first week, in that incredible move at dominoes, you did say that the quality wasn't what you wanted. there were a lot of people invested in the current domino's pizza and you had to upend things and you did so in a critical way. are there things in the rbi arsenal that you think need that kind of redoing? >> i don't think anything needs

that kind of redoing. the food is great. i had a big spread of popeye's for lunch, the food was amazing and i've been out trying all the different businesses over the last couple of weeks since i've been having these conversations about joining up. i think the one that probably needs the most work, and they have announced a big $400 million investment, is burger king in the u.s. outside of the u.s. it's growing like crazy, it's a terrific business. within the u.s. there was some work to do but the quality of the food is great and it's really about getting the assets where they need to be in getting the restaurants fixed up. they are partnering with the franchisees, they are focused on the franchisees success, so i'm quite confident they will get that going the right direction. >> i want to ask you about popeyes we loved it.

of course it never got to go where it wanted to so private equity it. but i always found it curious. someone told me there are certain countries where it did well. my take is, it's one of the most tasty, really, treats there is. am i missing something? or did they try it in other countries and it just failed? >> you know i don't know the history on that. what i know is that it is a food led brand. and knows exactly who it is. it's about the cajun inspired flavor profile and the food is just fabulous. they have a new blackened chicken that's coming out, it's really amazing. i think it should work everywhere. chicken is pretty universal. they have an awful lot of success with a lot of units

outside of the u.s. they have a lot of franchisees who are motivated and i think it's very much on path outside of the u.s. >> i read the research today, the stock jumped on a not great day. the question was, this man is a builder who understands quality and taste and he's going with people who understand cost cutting. how will you reconcile your brand so to speak with their brand? >> honestly, success is driven by the franchisees. if the franchisees are doing well and making a good return on their investment, they are feeling confident about the future and will invest in their businesses, and they will grow. what 3g is really good at is accountability. the flow-through as this thing grows is terrific.

so really it's about accountability. it's not about cost-cutting, it's about spending dollars wisely, finding places you can invest and the best proof of that, frankly one of the things that got me excited, was this $400 million investment that they are making is a company into the burger king brand in the u.s. so they are willing to invest and they have their digital platform up and running over the course of the last three years. they had to bring a lot of folks into do that so it's about investing wisely and that will sit very well with the way i look at how you grow these brands. >> when i heard about it, it changed my mind. i have not been recommending restaurant brands. i like mcdonald's and i like yum, they weren't going the direction that i like to but i have always shared your enthusiasm and i think that

these restaurant brands now jump to the top of the list. pat doyle, incoming executive chairman of restaurant brands international. good to see you. >> great to be back on. >> let me tell you something, that guy is a moneymaker. >> coming up, kramer kicks off the homework part next.

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just tell us - what's your why? ♪♪ >> whenever i get a call about a stock i'm not too familiar with, ither i don't know it or i haven't looked it up lately. i always put it to the side and promised to circle back once i have done some more homework. over the last week homework has swelled with stocks. unfamiliar categories and a few that i wanted to brush up on.

tonight we are clearing out the backlog in an effort to make this the most interactive show on television. first up last wednesday anita in iowa wanted to know about f lgt. before the pandemic they were all about genetic tests for a wide variety of specific conditions. all sorts of rare diseases. it's a flexible genetic testing platform that can look for specific problems. or panel tests searching for a wide variety of genes. then the pandemic hit in march 2020. they rolled out a bunch of covid tests, both pcr and antigen. this quickly became their largest source of revenue. unlike many other pandemic players this company didn't

rest on its laurels. they bought a company in august of last year. giving them new exposure to molecular diagnostics. i thought it could be a good long-term opportunity. last year covid tests accounted for 88% of their total revenue. sure enough there stock has the classic pandemic winter trend. the testing business picked up and the stock soared to 190. now that nearly everybody has had their shots, covid testing is way down. the stock has collapsed. is now back to around 36 bucks. that makes perfect sense.

the earnings dropped nearly 92%. that's only expected to get worse in 2023. with wall street looking for a two dollar loss next year, in the end, live by covid testing, died by covid testing. at this point it's whether you believe in the business enough. they were actually up 110% in the most recent quarter now accounting for 53% of total sales. although most of its gross, a little over a year ago the comparison was more difficult. i like this acquisition. that said, i don't see much more downside here. the current market cap stanza just $1.06 billion.

i but the business is worth more than that but i also don't see anyone urgent to own this thing right now. let's say i have an inclination to want to buy and see how the fourth-quarter looks, next up, jim asked me about anavex life science. it's a bio pharma company trying to apply precision medicine to central nervous diseases. it's a very difficult section of diseases to try to cure or even improve on. they have potential treatment for alzheimer's, parkinson's and rare neurological conditions. anavex has seen the stock triple over the last couple of years . last november though, the stock started drifting lower as wall street lost interest.

they have their first alzheimer's drug. there's more where that came from when they presented a big conference next month that everyone is excited about. generally speaking i do hate recommending nonprofit companies in this environment. when we are talking about early- stage biotech, that's just the cost of doing business. i don't want anyone buying anavex for hopes that they will come up with an effective treatment for alzheimer's, i've seen too many investors get burned by drug companies. i like something safer, i will be talking more about that tomorrow at our meeting for investing club members. i very much like anavex, you

have my blessing to speculate on this one as long as you are only using your money that you can afford to lose. also michelle in wisconsin called about ryan specialty which provides services to the insurance industry. i wanted to take a closer look before answering. ryan specialty missed numbers across the board. lower than the four-year organic quote. these guys are seeing a slower project based construction market and they are also being hurt by the frozen merger business. i think this pullback was too exaggerated. they didn't miss their numbers by that much, we are talking about a $10 million revenue. the earnings per share fell short by one penny. its stock lost nearly a quarter of its value which seems like

way too harsh of judgment. ryan is really one of the few ipos from 2021 that has actually been a winner. i think you are getting a very good buying opportunity here. jonathan in indiana, he called to ask about americo . they have had a few other businesses as well in both real estate and insurance. right now they are cheap for a reason, the moving business ain't great when the market is falling apart. as long as the fed is raising interest rates, it's just too risky. let's get to the bottom line. the genetics looks interesting but i want to see how the numbers look in the fourth quarter before i give it my blessing.

anavex you have my blessing for speculation but only speculation and ryan specialty i think is a bargain. as for americo i'm going to say no thanks. let's go to stephen ohio. >> i have a question for you. carvana is burning through cash, what is allied exposure to them. >> i don't think it's that bad. i think you have the right to look at it. they do business with hertz, i don't care for carvana but i don't think it can hurt allied that badly though you are right to worry. one of the reasons i'm not recommending that stock, i'm not recommending carvana or allied. >> let's go to mark. >> jim how are you doing? >> i'm doing well how about you? >> thanks i'm so glad to talk to you.

i've been watching your show for 15 years and i thank you for all your wisdom. my stock today, visa, i've been holding it for a while now. i'm wondering, is it a good time to get into this stock more? >> let's do this. as you know if you are a member of the investing club we follow what's known as the snp oscillator. when it gets negative that's what we like to pounce on these market caps. let's not do it now. these homework stocks were worth digging into. i think ryan specialty is a bargain, fulgent and anavex are worth watching. americo is still too risky. what is cisco have to tell us about the state of global

business infrastructure. i'll talk to the ceo. and we will talk about the fed action going forward. stay with kramer. lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go.

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>> well would you look at the quarter we just got from cisco systems. a ton of investors have frankly given up on supply-chain woes. after the close they reported a stellar quarter. raising their full forecast. even better there's almost no hair on these.

how this stock actually roared. now they have the group back and i'm wondering if the stock could rally maybe even back to the 50s. before we get ahead of ourselves, let's take a closer look with the chair and ceo of cisco systems. welcome back to mad money. >> thanks jim. i wish i was there with you in person but maybe another time. >> i'm sure you will be. almost every tech company i talked to has been disappointed. they didn't have the demand or they couldn't frankly get the product to the people or they were blocked in china. any number of reasons why things didn't go well. i did not get any of those impressions from you. why are you standing out?

>> i think first of all the team has done a great job executing. we have been working on this transformation to our business, we are now at 43% of our business that is recurring. that is what is reflecting our rpo. we also saw supply-chain easing through the third quarter. from a sequential perspective, our borders, were not terrible. they were slightly below the six year range by about a point but overall hung in there. >> we should point out that in terms of quarters, this was the second highest q1 in your history. >> it was the second highest q1 orders in our history which is only eclipsed by the quarter a year ago. given all the backlog that we have we are very pleased with the demand we still see from our customers and our teams

that supply-chain have been working their tails off, we are beginning to see some of the benefit. we talked about having redesigned several of our products, but a couple of really large-volume products have kicked in in q1 and began to ship in ernest which was a great contributor to the revenue lines. >> maybe people don't understand how strong the and market you have. you are dealing with companies that practically haven't slowed down at all. >> gardener just did a study that said, roughly half of our customers say their tech investments will be the last thing they cut. when you think about all the secular trends with 5g and hybrid work and building on these ai workloads and full stack observability. all of these things are tailwinds to our business and our customers are trying to prepare themselves.

the pandemic taught our customers about being prepared for your technology infrastructure. i think they will continue to spend as much as they can. with the energy crisis in europe our customers are trying to figure out how to reduce energy consumption and we have a lot of technologies that can help them do that. there's a lot of opportunity right now. >> a couple of skeptics, i know there are skeptics, everyone has a right to be skeptical about everything when it comes to tech. but they have kind of skewed the idea, you had these supply chain problems and now you have caught up and now you are just beefing up your backlog and next time we see you things will be worth. that's very much like saying, you lost last quarter, you won't win the next couple of games. i think that narrative doesn't apply in sports and shouldn't apply to you. just because you have eaten through some of the supply

doesn't mean the game is over. >> first of all jim, i suspect you are reflecting on your eagles left game and i'm hoping that doesn't reflect on the rest of the season but we will leave that for another time. we gave them more information today than we normally would. here's what we told them. based on assuming our bookings for the year are even down 10% which is not what we are forecasting. we would project exiting the year, the fiscal year with 2-3 times our normal year ending backlog which i told them is normally 4-5 four $-5 billion. so take that as we exit the fiscal year and look at 43% of our business coming from recurring. we have more visibility then we traditionally have had and we have a high degree of confidence in the results we will be able to deliver. the teams are going to execute and we will do what we said we

will do. i think people will again begin to believe. >> i will point out that you told me and other analysts that quarters really matter. why are people not accepting the fact that orders are the best indicators about what cisco is going to do? >> i think the analysts are struggling with correlating this recurring revenue model. i don't think they really have grasped the magnitude of the backlog. it's going to take a while to unwind that. we made a lot of progress. but again the data i gave you even if we have a 10% downturn in orders, the second half of our fiscal year, the order comparisons get very favorable. i think that, we will see how it goes for the rest of the year.

we are notaove and we understand what's happening in the world. >> i want to congratulate you chuck on delivering exactly what you told us last time. great work for cisco, thank you. >> that is chuck robbins, ceo of cisco, mad money will be back after the break.

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>> it is time for the lightning round. are you ready? it's time for the lightning round. let's start with ray in texas. >> how did jim. desmet hello jim. thanks for taking my call. >> how can i help? >> my stock question will be on

uber. i want to give you a breakdown of my career. i'm a country singer-songwriter, and i own some real estate here in texas. my dad told me, he said he bought disney because you and your sister i knew would make me spend some money at disney world. it's the same kind of logic why i bought uber. >> uber is interesting. it's a stock you have to own for a while. it's losing a lot of money but has excellent management. let's go to dustin in oklahoma. >> i'm a club member. good to talk to you again.

>> i hope you are here tomorrow at our 12:00 meeting. what's going on? >> i got into this stock a little over a year ago. i've been holding on, i have seen on scott walker's show several of the analysts say they are looking forward to paypal moving forward. >> i think paypal has come down a great deal and it has a great opportunity. i'm looking for them to be the concentrator. i think they can make it so a lot of other companies go under their umbrella and that would make me like the stock but that has not happened yet. let's go to trey in texas. >> jim how are you doing? >> good how are you? >> good, you can't get much more bullish on a stock then i

am on wingstop. >> i don't blame you. i will tell you something interesting about wingstop, i would like to have them come back. they are all over the place. i think it's a very good situation and i think you are right. plus unlike most food cost, wings have actually come down. let's go to adam in oregon. >> mr. kramer. i'm calling the company fortive. is this a good one? >> i think you have made a good suggestion. that ladies and gentlemen is the conclusion of the lightning round.

>> coming up, making sense of what the tech layoffs mean for the greater economy. navigate a white knuckle market with kramer. you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources that match your preferred style of learning. learn your way. not theirs. td ameritrade. where smart investors get smarter℠. with gold bond... you can age on your own terms. new retinol overnight means the smoothing benefits of retinol are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin. the hiring process used to be the death of me. but with upwork... with upwork the hiring process is fast and flexible. behold... all that talent!

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>>'s animal farm time, all workers are equal but some are more equal than others. that's how i feel about this

wave of tech layoffs. yesterday goldman sachs argued tech layoffs are not a sign of pending recession. goldman doesn't think they tell us much about the rest of the labor market. you have meta-laying offpeople amazon letting go perhaps as many as 10,000. put it all together as goldman did and it adds up to about 34,000 big tech layoffs announced. according to goldman this is not a sign we are heading into a recession but i think it's good news on the inflation front. these tech layoffs have a much larger hit on discretionary spending than regular jobs. most of these people make very good money, it wouldn't shock me if they are bringing in five times the median worker salary of 50 grand per year. so 34,000 tech layoffs might transfer into hundred and

70,000 of regular joe layoffs. of course anyone who thinks 34,000 is the real number had lost her mind. we know businesses in the rest of the country run lean. non-tech companies know how to lay people off better than anyone else in the world. we have seen wage inflation all over the place because we have a wage -- labor shortage. if you are looking for the source of consumer inflation, a lot of it comes from the advertising/engineering/ brokerage/venture capital complex. putting everyone involved in this slowdown. they are the ones bearing the brunt of higher interest rates. we tend to think of silicon valley as an entity unto itself. with a huge exception of the.com

collapse, we are coming off of 20 years of tax access and it's mostly concentrated in california. that's a major source of inflation. it's also a prime vacation destination. so if you look at the aggregate figures which the fed does you can't dismiss the index. now let's address who is letting people go. think of google, amazon and facebook, advertising consumption. there are hundreds of smaller companies that were created and are now disappearing. many recent ipos are already going under. attorneys, accountants, brokers, now have nothing to do. they are all candidates to be laid off. there are hundreds of thousands of people at startups that aspire to come up and now can't.

that includes software, hardware and biotech firms. especially enterprise software. so when you see fedex warning about things, perhaps with these professionals who suddenly could be out of work, let me put it this way. over the last two decades we have created a whole class of rich people, spread it across the country and as their wealth vanishes it will impact the entire country. unlike the thousands of people who are about to lose their jobs in crypto world were the ones who make it laid off at target. we know the fed wants to beat inflation and that means causing real pain to the labor market but some layoffs have more impact than others. these people are purchasing power force multipliers. remember their skill sets are

the same as everyone else, they are just getting laid off. that's why i think they can heart dashed strike the inflation snake. everyone else will be hurting soon enough. i'd like to say there is always one more and i promise to find it right here for you. i'm jim cramer, see you tomorrow. or fight each other for a deal. this is "shark tank." ♪♪ is a couple with a follow-up to a very successful product. hi, sharks. my name is matt griffin. and i'm his wife, pastry chef emily griffin, and we're from carmel, indiana. we own baker's edge,