on energy. >> mike khouw. >> call spreads in penn. >> all right, that does it for us here on "options action." we will not see you next friday because we are off for thanksgiving, so please enjoy your holiday with family and friends. be sure to catch us the following 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 my job is to not just make you money but put it into context. you know why this market keeps hanging in there, dow gaining and s&p advancing and nasdaq

up .01%, it's all about what we call the animal spirits. the emotional side of investing. they keep giving us a boost as we're further along in the process of making a bottom that's what happens when the bear gets old. after a year of almost constant mauling, the bears are back in hibernation and coming off the sidelines and companies resume their buybacks and we head toward the end of the year which the technical analysis says is the strongest part of the year we've been scrutinized in our holdings for the travel trust and been doing buying. our sales, we're feeling good about having to survive the bear you should, too. we're using the decline for instance in oil to pick up one of our favorite oil and gas producers and buying plays in the chinese economy. talk about the meta investing club yesterday simply because i

don't believe the communist party can persist with the zero covid policy, as if it's a policy the constant shutdowns have companies debating if they should give up and move manufacturing elsewhere, as apple is considering you know what? even though we have a big position, we thought about buying more about walt disney. and it's been a mill stone around our next but lower oil means lower gasoline, which translates to more trips to the theme park a change in china's covid rules means the full blast reopening of shanghai disney and plus, i don't believe i'm alone in my dislike of disney's current management i'm hearing nelson my favorite activist investor has taken a big position to disney and i can't imagine he's particularly pleased with how this management team is doing. if he goes into full activist mode, he's got a great track

record of turning things around like proctor and gamble, a trust name since he's got involved most importantly, the stock is cut in half from highs of last year just seems like the right place to be. disney needs his help. this current crew. >> boo >> it just isn't cutting it. that's the buying mentality you need into a shortened but almost always positive market why don't we get to the game plan and by the way, the proctor was strong i told you it would be good. big position on pack tore. there are a few things that will turn heads, ownne of my favorits is smucker i love the way they built the business premiere jewelry and suyrup bought jiff and milk bone, meow

mix, it should kick off monday with a bang. one i want to hear from is jacob solution it does a huge amount of engineering construction work. i bet they give us some p tremendous insight i think 2023 will be the year of federal and will impact materials to caterpillar and of course, jacjacobs it will be a monster good story. totally crazy. then again, i'm happy to own the story and tell people about it after the close, we hear from agilent a key for live science and chemical industries. it has a secular growth story. here is a tough down, dell there are times when a great company can't fight around industry downturn. it's worth listening to dell to see where we are in the cycle.

we get results from zoom video i got a ton of -- there are new applications we talked about, right? wall street, when you look at the estimates, they think zoom will have a down year in 2023. down year is the kiss of death for growth stock and i've got no idea how any growth investors will have the patience to wait for better numbers now, see if i were running zoom, i'd go buy growth companies because while the business is slowing, they got a ton of cash. either that or just put the growing company up for sale because a lot of companies would love to buy it tuesday is huge as part of a holiday shortened week it starts with best buy, bby, the whole world seems to be betting against because many product the were like p.c.s. they're in club mode best buy trades atl less than 1 times earnings descent risk reward at this point if the stock dips on monday of course, the problem is what would make an advance but maybe

the shorts don't look now but american eagle outfitters, a disaster stock that engulfed the charitable trust looks to be bottoming. i'm hesitant to go near this one but after gap reported yesterday, you have to stay open minds, don't you, people it's the discounters that intrigue me. burlington stores reports and we know tjx and ross stores doing fantastic. unfortunately, the problem with this going out and buying b burlington we have so many people that jumped the gun and bought it today and we heard from dollar tree when people get nervous about the economy, i like the dollar tree candy aisle and how can you not feel nervous when the three-headed monster of gloom loretta and james bullard are speaking one after another after another. a parade of horribles. reminds me of like some really scary movies like sinister 2 and 3 but only 2 is out.

it's too bad dick's sporting goods reports the same day you don't buy when the fed chief is railing how they need to take rates 5, 6, 7. what's with these guys i bet dick's tells a different story after the final kwaquartee got from footlocker. if you think a recession is the order of the day, you might want to take a hard look at metronic a series of bad quarters but as cheap as i can recall this medical device stock because it is classically recession proof i got to tell you, if they screw it up again and give you one more bad quarter, management will be called into question and that may be the right thing to happen i wish the semi conductors weren't so awful because -- awful. how do the other people say it awful? we hear from one of my favorites analog devices make most of the industrial chips they should be better off than most chip makers stuck in p.cs

but still in tech tyranny mode so my instant is stay away from adi. i only mention dell can't buck the inventory situation but i'm really confident h.p. can. they report in afternoon they're having a hard time moving pcs and printers and i think -- ink later on i'll opine about the true state of retail but we get a result from a heartbreaking brick and mortar outfits nordstrom and i hope it's not as bad as the last quarter. that historically is not a great form of praise they're not as horrible as they've been there ya go. the start of next week's report on wednesday deer eshlgs. t they make equipment for road infrastructure i think it will be a good

quarter but i hope it's disappointing. the bottom line, you got to adjust your mind-set to a world where the bears are finally in retreat. because i'm betting the next four weeks will be much better than what we've come to be used to rob in my home state of new jersey, rob? >> caller: boo-yah, jim. >> boo-yah, rob. >> caller: my wife and my dog enjoy watching your show. >> awe, thank you. > . >> caller: i bought exxon at 67 and held it dipping below 40 and i wonder buy more, sell more. >> hold on to exxon. it will be a better and better run and has an environmental group. people actually like care about the environment on the board, i twl l actually like that that's the way you get an oil company to go up is have it do the right thing with the environment. let's go to carl in washington, carl >> caller: yes, jim, thanks for having me on

my question is twlo. didn't evolve during the pandemic but since struggled i want to know your thoughts. >> here is the problem with twilio the company doesn't make money on cramer's "mad money" we're reluctant to recommend any stock that doesn't make money and this seems to be adapt at losing money and that's not a skill i care for at this stage in the cycle. let's go tony in michigan, tony? >> caller: jim, thank you for taking my call this evening. >> not a problem. >> caller: my question is about mastercard i've owned it since its 2006 ipo. it has done very well for me and i have some dry powder and i was wondering if i should put it back into mastercard or recommend -- >> well, i got to tell ya, michael who runs mastercard -- by the way, i met this new guy running visa, he was a real smart fella but i think really

spot on with mastercard. that chart is amazing. we sold at 360 for the investing group. i got to tell ya 343 that looks like it's headed back to 360 let's go to nico in illinois, nico >> caller: all right jimmy chill sending over a big holiday season boo-yah for ya from chicago how are you today? >> right back at you let's go to bennys together and get some good liquor what's going on? >> caller: you got it. got draft kings for ya want to know if this is a goog good buy level and what's your take >> the stock is going down jason is a good man. a lot of entertainment companies don't know what to do so they need to partner with jason or buy his company because they do the best dfs, if you don't know what dfs is, google it i think jason runs the best of those websites and i've been on all of them.

hold it just a second. let me do a wrap you have to adjust your mind-set to a world where the bears are finally in retreat because i'm betting the next four weeks will be much better than what we've come to expect and man, it's been a long time since it's been fun. look at this, the whole thing -- everything has come to life. actually, no, it's betting research firm. on "mad money" tonight, alero, their earnings report sent the stock lower but is that proof that things are bad or are they sparing us something else that i don't know about i'm discussing with the ceo. the face of topsy turvey motion. diversify. >> say it. >> diversify. >> all seven of us said it how about this one northern oil and gas they have a strong showing i like the idea of a royalty trust for energy let's see what they have to say. may i suggest that you stay with

cramer. >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer #mad tweets. send jim an email or give us a call at 1-800-743-cnbc m miss something head to madmoney.cnbc.com.

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last month we got behind valero, bowling, a sport that i

like very much unlike most backs, they're a business with strong sales and excellent earnings and a generous buyback valero reported a mixed quarter, less than expected earnings and because they've previously been questioning the east stimates, y are great at the quarters therefore i think that's why the stock declined 1.8% yet and 4.5% beating today virgini valero is back to where i recommended it are you getting another bite to the apple or is there a reason to be cautious let take a look with the founder to learn more about the quarter and what is next welcome back to "mad money." >> jim, good to see you again. >> tom, i got to tell you, i went over the numbers and i know that maybe it's because i like bowling so much or i like the long-term idea i thought the quarter was fun. no surprises in it if anything, you talked about

how leagues are coming back with a vengeance and parties are back with a vengeance and therefore it was a good quarter in my eyes but maybe you can enlighten the viewers where you think some of the strengths are. >> jim, i think it was a blowout quarter. i mean, revenue in the quarter and remember, this is our slowest quarter of the year was 230 million. that was up 27% year over year and 55% from prepandemic ebita for the quarter was 65.3%, which was up 11% for the quarter and an astonishing 162% versus prepandemic. i think at the extent that anyone was disappointed, it was that margin was lower than the same quarter a year ago but you have to remember a year ago there were no employees. you couldn't hire people to save your life so we opened back up after the lockdowns. we were incredibly busy and

really short staffed now, we're normalized and more importantly, we're staffed up for the most important quarters of the year, the quarter we're in now and the next quarter, q 2 and q 3 of our fiscal year and we're already seeing the results. in period four, which was october, we're up 32%. so -- >> here we go. >> revenue growth accelerated from 26% to 32% and we're incredibly well positioned to maximize revenue and profit in the most important quarters. >> you know, tom, i was reading through your quarter, i was very really quite thrilled to see that you can get help now. my fear had been you would have to hire help and pay a huge amount of money and your profitability would be lower this quarter if anything, it seems like maybe people are finally looking for jobs again and if they want a good paying job they go to valero. >> absolutely true we're always hiring and good general managers make six figures. it's a pretty good job for a lot of people with just high school

diplomas, you know, we're seeing a great stabilization and labor force now that we hadn't seen previously turnover is going down and most importantly, because we're properly staffed, the gustest experience is great. i don't understand the reaction of the stock market to the performance, jim we were incredibly pleased and then since then, well, in the quarter we acquired three new centers but since then, in the last six weeks, we acquired six more centers so nine acquia acquisitions in the fiscal year starting in october. >> i like to look at companies and not the stock price. i like to read the documents and only after i've done that do i look to the stock price and make my decision whether it's right or wrong one reason i wanted you back is i said that's wrong. go into the key season leagues are great for the days or nights like i used to play on tuesday nights because that's nobody was there and if anything, these new acquisitions

just keep coming and coming and yet, even you can explain to people with all the ones you have, you own a fraction of how many there are that could be bought by you. >> absolutely right. as if i recall your lead name was beethoven, isn't that right? >> i always wanted to be bee to - beethoven and the only place i could be was at the lanes. >> maybe because you make the music happen you're right about the growth. we have 325 bowling centers curr currently. there is 4,000 in the u.s. we have great vectors for growth think of this data point, 1994 home depots in the u.s don't you think we could have at least one bowling center per home depot that would be 6 x the number we have now this company will be growing for a really long time but just to get back to the norms for a quick second do you know our adjusted ebita was up 1200 basis points versus

prepandemic? i mean, we're firing on all cylinders. >> what i think has to happen, i mean, i think a lot about this seeing is believing. see, i know your lanes i like to bowl if any analysts spends the time or a bunch of analyst and went to see what you do before and after and what it's like on a friday night or wednesday night, you know, i took my stepdaughter for her birthday with a bunch of friends, one of the greatest times ever i think they need to bowl. i think that's the problem they're snobs and they do not bowl. >> well, i couldn't agree more i would love for everyone to visit our facilities and tell me another bricks and mortar company that's growing same store sales in the mid to high 20% comping over what was a very good revenue period last year because of all the pent up demand i mean, people are bowling like crazy. >> like crazy. >> like crazy. like three and four-hour waits on a saturday night and you're

right, we're up in leagues we're up in open play. we're up in events the event business by the way is coming back with a vengeance. >> look, i want to leave it at that so people know the truth about your business, which is it is incredibly strong tom shannon, president and founder of bowlero great to see you again. >> thank you. >> this is a gift and "mad money" is back after the break coming up, survive the unknowns thrive in any market cramer invites you to "the game of games." play am i diversified, next.

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more by today. hawkish feds, better than expected earnings data weighing on you and me and why we have to find a way to be able to stay in until things get better and that's why we play am i diversified? it's simple. call me. tell me your top five holdings i tell you if your portfolio is diversified enough mix it up a little make changes i make suggestions we have david sullivan on twitter which is still open, who asks @madmoney, chevron, new core, boo-yah, not a state, from the first time, first time, let's take a look. apple, own it not trade it at 139. remember those jokers saying sell it because of some factory, someplace that didn't have this

or that? went to 150. they're jokers doing fine for ventas. senior living is good. chevron yields 3%. mike worth probably best in show for the oil group. boeing on the bmend it's on the mend nucor maybe the best in the world. atec aheal a health care company, a tech company, george in pennsylvania, george >> caller: jim, it's george from philadelphia my top five are johnson & johnson, john deere, apple, morgan stanley and epd enterprise product partners. am i diversified >> okay. this is very typical i think i know this man. philadelphiaens know each other. there is 1.8 million people in philadelphia i never every single one of them and what corners they're from. i'm tenth and reid let's go to work

johnson & johnson favorite drug stock other than eli lilly morgan stanley, another name that's from the cnbc investing club yields a little better than 3 is just a fantastic track record and it is someone i saw on "fast money" today was selling the stock. enterprise products is one of the finest limited partnerships for oil and gas and really good. it does very fraction natural gas. apple, there was a joker analyst -- you get the picture and then deere reports on wednesday. they do a bad job on the conference call. don't worry, goes down, buy it ag, tech, finance, got drug, got oil and gas. i mean, we're talking about perfection i think that guy is from broad and almny. swear to god next up is kate in georgia, kate >> jim, i am so grateful for the investing club i've had a really great year

so much gratitude to you and jeff and the entire team my top five stocks are morgan stanley, merck, honeywell, halliburton and google thanks so much. >> all right, let's -- before i get to amemerck, last night i wanted to apologize there was a guy at the beginning of the show asking for lili i said join the club and i shouldn't have done that i should have said we try hard to tell you about stuff teaching people and this very nice woman kate understood that we are here to teach you to be better because some of the stocks are ours and some are hers that's fine. she owns merck and it's a great drug company i like lily. she knows how to be rigorous that's great honeywell is climate control and aerospace. alphabet we have a problem trying to figure out why they hired 12,500 people in the mid

t of a slowdown. it is a search company and has youtube. halliburton is our favorite service name got hit when oil dropped down big and bounced back because oil is trying to do a bottoming process in the 70s. finance, oil service, tech company, we have aerospace and climate control company and we have a terrific pharmacy company and an incredibly nice person when i go home and see my wife today i'll say because of this incredible person kate, i know why i spend so many hours on the club as does jeff marks. now let's go to gilbert in tennessee, gilbert >> hi, jim this is gilbert from tennessee my five stocks are apple, regions, johnson & johnson, meta, and disney am i diversified >> wow okay this is very interesting list.

don't need to -- don't trade it. okay meta i like the fact since zuckerberg announced layoffs, the stock is going up it's recognition they have to get expenses inline with revenues that's good business i bet mark is showing that johnson & johnson we know again, breaking up into a consumer product slower growth and fast f pharma medical device. disney i mentioned at the top of the show a change agent nelson peltz may be in the stock unhappy and that could mean something good because that happened in proctor and gamble and heinz, too if nelson is involved in disney. it's going to be good news provided that they let him help. probably not good news if they don't. entertainment, technology, okay, here we have -- i'm going to call this internet social. i can't even -- it's not the same as apple. drug and bank.

look at this look at this some people are paying over a billion dollars for this you know, like instead i clear it that's it. "mad money" is back after the break. >> announcer: coming up, oil and gas and energy all buy this company is on the van guard of a sector with a power to steer the whole market next (fis nts) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when our clients do better. that might be why most of our clients

come from other money managers. at fisher investments, we're clearly different.

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last wednesday we got a question from hasan in georgia asking about northern oil and gas and i said i don't like this story. oil and gas firm that doesn't actually do its own production

instead, they co-invest in other companies, projects and get a cut on the profits it an intriguing model they have a checkered past i only recognize because there is former members of the management several years ago since then, though, i've been urged by some very smart people to take a hard look at this and a fresh look there say whole new management team in place and all the bad behavior happened many years ago. i know oil got hit today but i like the share older, friendly exploration companies with a 3.3% yield and very intriguing let's check in with the ceo of northern oil and gas to get a better sense of his company's unique strategy. welcome to "mad money." >> jim, how are you? >> i am good thanks you know, i want to just -- nick, right at the beginning because i want to apologize. i was indeed part of a team that looked into the old company and it seems like that you've parted ways with anybody involved and we can just go forward and not

talk more about the old team. >> new sheriffs in town. >> i like that the like the sheriff i like a sheriff that happens to know how to find good oil and sp prospects others have and get a good piece of them and that seems to be a royalty model we learned whether pharmaceuticals we seen it and absolutely terrific and gold. it sounds like you're doing the same thing for oil and gas. >> that's right. working interest have been looked over sector the non-operated interest and we've expanded from once being only in north dakota we're now in new mexico, texas and pennsylvania as well as north dakota and the results speak for themselves you know, we've taken it from about 15,000 barrels a day, we have a line about $600 million in pending acquisitions. we should have a line to 1,000 barrel as day next year and we've done that while taking leverage down 75% on a ratio

basis over that period of time and put dividends in stock buybacks, all the good stuff the stock outperformed the index four out of the last five years in our management and aggrigate by 50%. >> capital term priorities are vital to you it's rather extraordinary. yields are 3.3 but you've been spectacularly raising it over time that seems to be one of your highest priorities. >> that's right. i believe in a reasonable rate of return. i was an 18-year wall street guy. i followed the sector forever. profits are great but investors deserve real income as you grow the business and we're dedicated to continuing to do so. >> can you give me a sensitivity analysis a lot of people are concerned saying jim, oil is back where it was in september it's under 80. be careful with oil. what would a person that own as

share of nog be concerned about with sensitivity >> yeah, i mean, i think we're a prolific hedger. we typically hedge 60 to 65% of our production on an 18-month basis. so from a profit perspective, it will have some impact but it will be muted to zsome degree. the equities we'll trade with a high correlation to oil. i don't promise the stock won't bounce around when oil prices go up or down oil is very complex commodity, supply, demand, the fundamentals are quite strong but a lot of geopolitical stuff that goes on, a recessions can have a big impact, i think oil will be well supported in the 70s if it should go as low as that and we make very, very good profits at those levels. >> well -- >> so i think that in general -- yeah, go ahead, please. >> no, no, i was going to say i wanted you to talk about the ground game that allows you to say that because i think your ground game is unique and

important for potential investors to know about. >> that's right. we don't just, you know, we just don't wait for people. we buy land and lease properties and wait for people to do it we're a portfolio manager just like many stock investors. and so our team of ground game about 20% of our capital in any given year is ad hawk drilling projects so those prices, when the price of oil goes down, so too do the acquisition costs fo the properties so it keeps returns relatively stable when pri prices are low or high. >> so one of the ways you get the best property is a company might say look, we have to spread risks around or have a little extra money we can hit pay dirt and you're there and ready? >> yeah, i mean, i think there are a lot of factors that go into it. sometimes it's just simply we don't have the money to develop their workinginterest in those

properties i think some of our best operator customers are our operators and operators want to drill their own wells. they don't want to fund other operator's wells so ultimately, we have become the largest, most efficient clearing house for the properties because ultimately in an era where companies are returning cash to shareholders, they don't want unknown quantities of capital going out the door for other people's projects. >> one last question, when i look at the actual numbers, it does say, i'm trying to understand if this is right, that when you say that you do say 79,000 barrels of oil equivalent daily per quarter, you're adding up the different fields, correct? >> that's correct, yeah. we don't report our ngo volumes or natural gas liquids that we add on top of that most companies do but we don't oil and natural gas equivalent we have a large swath, three

pending transactions with more production as we head into 2023. >> look, congratulations i am sorry that my misperception was dated and you have a very interesting model and a lot of really good ideas. i want to thank the ceo of northern oil and gas thanks for coming on the show. >> appreciate it, jim. >> absolutely. "mad money" is back after the break. coming up, what's in your mind cry meamerica? give us a call the lightening round is storming storming next what if “just an idea” a family tradition? coule this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪

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it is time, it is time for the lightening round, play the sound and then the lightening round is over. are you ready, ski daddy i'll start with arya in oklahoma. >> caller: hey, jim, thanks for taking my call. >> absolutely arya, what is going on down there? >> caller: i have a question about art space mobile they put the satellite into space in september they unfolded it last week what do you think of this stock afts >> it's a company, not a stock it's an exciting thing, not a stock. i think a stock is a company that makes money and then returns some of that money to you and trades inexpensively that one doesn't qualify let's go to irin in arizona, irin >> caller: hey, you got me, jim. >> what's up >> caller: i just wanted to

ask -- >> what the heck is going on with cano health they have a billion dollars of debt now the stock is in free fall down to one. what do i say about cano stock is amazing and historically, don't quote me on this, they stop at zero. you know you have a floor. i don't know what else to say. straight shot. straight shot. let's go to jack in ohio, jack >> caller: love your show, jim pagp. >> you are doing it correctly. this guy has source sense. one of my favorites enterprise product. that's all right by the way, i like et more and i don't need to phone home because the ceo got religion that is going to generate a lot of income for you and you're in good shape with oil at 78. rick in illinois, rick >> caller: cramer.

>> huh >> caller: i said hello, cramer, are you there? >> yeah, cramer is here doing fine i'm just getting fired up. i want to do seven or eight more shows right now. yes, right now what's going on? everyone else wants to go home and have a gin and tonic what's that about? playing wing foot. what's going on? >> caller: cramer, bluebird buses, rough year. >> they won't let me ride a bluebird bus into the national that's what they tell me i don't tell the national but that school bus company is not to be touched because they're doing poorly and i can't come up with a reason to own it. let's go to jim in florida, jim? >> caller: hey, jimbo. >> jim. >> caller: boo-yah. >> what's shaking, partner go ahead >> caller: hey, ian destroyed thousands of properties in

southwest florida. people need windows, i'm interested in pgti -- >> not bad here is the problem. pgti in the end sells into you get it, lowes. we never want to out think the market the market is not as smart as we think it is. let's go to jerry in massachusetts, jerry >> caller: hey, jim, this is jerry from cape cod. hope this finds you well. >> yeah, it's kind of like a letter i'm well, how about you? >> caller: i'm doing really well jim, i'm a long-time listener, first time caller and a very satisfied member of the investing club i just want to add the monthly meetings you put on yesterday was top shelf. thank you. >> oh, thank you we're throwing stuff around there and getting it together. very appreciative. that took like -- my wife told me just leave the house if you're going to work on the meetings so i did. not bad. go ahead >> caller: okay. i got a two-part question for you.

i'm getting ready to start a position in mp materials, sticker mp your thoughts on that -- >> well -- okay. and? because i got to tell ya, mary barea yesterday in the unbelievable interview, i felt that was unbelievable but then again, i most sincerely -- i thought absolutely that company and they were on recently is doing a great job. they've got a contract with gm to produce materials and bringing back -- they used to have to refine in china. they're getting away from that not so great combination bringing it here refining it there and bringing it back. they will refine it here and gm is the winner. that's a two-for do i have one? john in georgia. >> caller: buy, sell or hold on icon, iclr. >> i like it interesting you mention it iwas looking at waters that's another one, a favorite

i think this one is even better. i like it. very inexpensive stock and that, ladies and gentlemen is the conclusion of the lightning round. >> announcer: the lightning round is sponsored by td ameritrade. coming up, a moment for which there is no playbook cramer bears down to make sense of a market unlike any we've seen next

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this stock business runs on generalizations but sometimes generalizations can lead you astray we decided people aren't buying goods anymore. they're spending their money on services instead especially travel and when consumers do buy goods, they're abandoning and trading down and don't want to buy full price anything. i get where these generalizations come from because they are partially true. we got a bunch of off price changes that are making out like bandits including ross stores and tjx.

by the way, that stock hit an all-time high and we own a nice position for the travel trust. both of those soared these retailers win when the rest of the industry is losing because they buy excess inventory from full price stores at pennies on the dollar you see bed, bath and beyond or target selling off old merchandise to bring in new stuff, it's not going to tjx and off price for next to nothing. all right. so i get the thesis. most goods aren't selling as well as they used to and the off price chains are printing money as consumer trades down. but this kind of generalization only takes you so far because there are plenty of individual companies that don't fit the pattern. i mean, take lowes which is doing well they sold off the canadian operation, something that will make them a much better operator the previous management paid a pretty penny for and that's a major mistake. that's the reason they went higher not that they did well,

the problem? while lowes is more aimed to do it yourself remember va tors, the professional contractors and right now there is less building by the professionals because of the shocking rise in interest rates. when rates are low, homes sale when they are high, they're tough to sale so people renovate of course, more often you get a situation like target and walmart. target stock got obliterated on a heinous quarter. they didn't offer enough bargains but someone that shops there regularly, the stores never looked better. people may be feeling poorer, though and target's pricing is higher than say, walmart's but i think it's because it's nicer. and because walmart had great sales, wall street concluded therefore that consumers must be feeling down and want to trade down must be running low on money becausemart are go tlg and need the savings you have tjx, costco, there is always a market for this stuff

but in a trade down scenario more people are shopping at tjx because they're out of money sell retailers like rh and william williams-sonoma. they have a lot of final sales signs. you know, again, these are generalizations. they're simple they're easy to make i can do them in my sleep. they are not what i want you to do see, when you drill down into specifics, we have a lot of people doing a lot of different things and their behavior is hard to gain macy's had a good quarter. does that mean we conclude people are trading down? not so fast. the best part of the business had excellent same store sales so they're trading up. people are buying everything let me tell you what i think is really going on. we had a worldwide pandemic that shut down the whole country a

situation some precedent of living memory. that put tremendous stress on the global supply chain making it difficult to buy a new car or replace a broken appliance we spent money building home offices because there was nowhere else to go the federal government threw a bunch of stimulus checks and a generous boost to the child tax credit then the world went into post pandemic mode and people had all this extra money lying around but we had no idea what they'd do with it because there is no playbook for this moment so a lot of retailers got merchandise wrong, how did they know what people would want? the dindustry is still coping with the post covid hangover so it's a mistake to draw any hard and fast conclusions about retail after this week, even though everyone else seems to be willing to do so and i'm from a retail background and thank heavens for 40 years know a little bit about this area% you're trading in reaction to what is good or bad in one particularly blurry snapshot i have an idea why not wait

why not find out what happens when things get back to normal and they sure aren't now we got a playbook for normal but if you call those plays in a highly abnormal situation, i think you're asking for trouble. 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 monday re of people taking care of all the drama that's going on behind the scenes. at the end of the day, the hardest thing to do is trying to trust people. narrator: introducing peggy fulford -- a sweet-talking beauty who says she doesn't need the cash. she had the money. like you believed it, she had all the money. she always was driving in a rolls royce, always had diamonds on, very large diamonds. she worked with lex hilliard, travis best and ricky williams and dennis rodman.