>> try to get into a mcdonald's over the weekend couldn't do it. >> why >> too long of a line. >> mcdonald's all-time high. >> order online. >> thank you for watching "fast money. m "mad money" with jim cramer starts right now . tech has a pulse, a real

pulse after all. yeah tech has been the weak spot of this market for ages today the dow tumbled and the s&p declined and the nasdaq rallied. the seventh positive day in a row but led by stocks hurting it the software and semi conductor stocks they're making a come back at least today. now people have been flocking to the mighty dow going with the bluest of blue chips abandoning anything that seemed expensive today looked like tech is cheap enough to survive even the toughest downgrades. make no mistake, this is a trend. the large banks have been superb as it was overshadowed today by the disappointment from goldman sachs. it was a bizarre conference call filled with distractions i think morgan stanley up 6% is a bigger deal than gold man down

6% it downed on people morgan stanley is a repost tory of wealth management, not just a hostage to trade in under writing. morgan stanley is leaving the pact behind which is why it's not getting a higher price earnings multiple but ultimately will more on that later what really matters today is that the decline in the dow had a robust session for some of the more parts of the nasdaq and that strength deserves an explanation because i know that some of you have been losing money would be very gratified what happened today. as i mentioned, if you punish a group daily for being too expensive. it will get cheap. take apple here is a stock that sells for 22 timing earnings such a great company apple is the premiere technology enterprise of our time, unrivalled brand the stocks sell cheaper than clorox or colgate which sell

from 25 to 36 times earnings i'm always comparing apples because they're big brands but apple is more, it's a classic technology innovative and should trade at a pred mium, not a discount the stock has fallen from 182 to 185. throw in incredibly bullish research that we heard today which suggestion that apple might give us a strong forecast when it reports and then you can understand why you have a nice rally. i know apple isn't technically a consumer products company. it's a tech leader how the heck did it get cheaper than bleach? this forecast issue, i doubt apple will give a strong guidance aside from the weakened dollar i don't want anyone buying it other than the lifetime value of the customer base in far excess of the customer loyalty you see for say a water pick or colgate

tooth brush. they don't hold a candle to the iphone as always, i say own apple, don't trade it but it's trade today reminds us stocks get cheaper when they go down and you know what tesla is in the same boat. tesla. here is a company forced to slash prices almost as fast as the stock is slashed it's come down so low tesla stock was selling for 20 times earnings estimates at the close of january 3rd that rally today up $9 comes on the heels of four price target cuts and a severe estimate cut by a respected analyst the stock roared today again, i think that's a function of tesla being not an expensive car company but a cheap tech company. then microsoft we sold some for the charitable trust last week, something we discussed several times for the club members and we did it so because management didn't seem to have a sense of urgency when

it comes to cutting overhead as our customers are pulling back the stock got downgraded to a sell by one firm today i was shocked given the consistency. i worried it might be for the bulls. microsoft might be too cheap down here at 25 times earnings hey, listen, at 35 times earnings not that long ago stocks again of high quality companies do get cheaper when they go down, not low quality but high quality companies really, microsoft was boosted by a leak they might plan big layoffs, a formula for success in tech because it tells you management recognizes the realities more cyclical and want to get their earnings more in line with revenues there is urgency and why not they work for meta platforms, formerly said facebook and salesforce so far. microsoft. any big news by the inabilit

alphabet we're waiting for something to happen amazon stock fell more than $2 today. google lost 83 cents they are lost in the high expense until they tell us otherwise. of course, there is nothing but free fall for the enterprise software and cybersecurity stocks this year so it's nice to see them get occasional lift but other than palo alto networks, i'm not seeing the slimming down or pivoting to profitability that might give recent moves staying power and oh, did anyone notice that nvidia stock may actually be bottoming? i saw a company handle there that's a technical positive. these days everyone is a closet chartest when it comes to the hideous action in tech the big difference is that amd sells at 20 times earnings, not more than 40 like nvidia again, if there is a relation between the u.s. and china, a lot of whispers from that and nvidia would be the stock that

might see the biggest pop that suffered when the government put the wood to china. maybe it can recover and an eight-point rally 5% today ser helps get it there i know it wasn't just gold man that brought down the dow and s&p today. we saw heavy selling in companies that needed strong economy. possibly suggesting that the recent run in the cyclical might be over. i heard that all day given that -- well, we got another weaker macro number today, the new york fed's empire state manufacturing was very, very weak. it's the pause that refreshes. i remain more partial to the traditional cyclical stocks. you're getting a chance to buy them ahead of what i believe will be better earnings comparisons than you see from tech the same way you got those better comparisons that shocked people from the financials on friday it is so easy to panic on the first sign of weakness because you read a lot of headlines that say boy, market too far, too fast, what's the big selloff about when you have the two-yea

treasury i'm urging the opposite. i see a minor rally that might cause the downgrading analyst to wonder if they're too negative and the sideline rate turned positive now that buyers are so-called found a level to buy tech. to me, that's a natural expression of support for part of the market that is playing catchup. the part being the beaten down tech sector. bottom line, i say let tech run for now but remember, when we get to earnings starting next week for tech, advances you see now could wipe away, wipe away the cheapness factor and if you own or insist on owning tech here, you want to be in the ones that are cheaper than the consumer product companies that make pet food or cookies or soft drinks for that matter let's go to joe in california, joe? >> caller: boo-yah jim from hunh huntington beach. >> what's going on >> caller: my question is about chevron. with chevron having an

opportunity to operate in venezuela and lose market share in california, are they the oil company to look at with this oil forecast to grow a buck 30 >> of the giant oil companies they are -- mike worth was on "q "squawk box" this morning. nice move in the stock i got to tell you, you have a good one with chevron and all the things you said are playing into their hands it's been a winner and stays a winner. >> i say let tech run for now. but remember, you want to be in the ones that are cheaper than the consumer product companies they're better, too. on "mad money" tonight as we approach the three-year anniversary covid-19 outbreak, it was a tale of two financials, goldman sachs and morgan stanley and i'm breaking down exactly what i saw in the reports handed in earlier today and darling

ingredients is converting animal byproducts to fuel so could the stock under the radar way to energize your portfolio and decarbonize it i'm checking in with the ceo so stay with cramer >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter v. a question tweet cramer #madtweets send jim an email to madmoney@cnbc.com or call us at ss800-743-cnbc mi something head to "mad madmoney.cnbc.com.

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just look around. this digital age we're living in, it's pretty unbelievable. problem is, not everyone's fully living in it. nobody should have to take a class or fill out a medical form on public wifi with a screen the size of your hand. home internet shouldn't be a luxury. everyone should have it and now a lot more people can. so let's go. the digital age is waiting.

as we approach the three-year anniversary of the

covid-19 outbreak, the whole world got over the outbreak except for chi tna there is a new normal. two years living under the pandemic profoundly changed the way we live our lives a. generation of people got scared away from putting money in banks after the great depression that's why this week we want to go through every corner of the economy to figure out how things have changed in a post covid world. tonight, we're starting with the covid winners, travel, restaurants, live entertainment and gyms let's start with travel. because i think it encollapse rate -- encollapsule ates. since we started getting over the pandemic, we seen a demand for air travel all sorts of travel, frankly people have been penat up for to years, people are desperate to go somewhere

l.t.s., life is too short thesis during the pandemic, we couldn't do a lot of things we wanted to do and many of us lost friends or family members. now there are few restrictions and things are safe if you're vaccinated, especially that september vaccination, people are taking the chance to go on vacation the travel boom is tricky because this industry is on fire, wall street got worried about a fed mandated recession and travel rarely does well in the slowdown however, as time went on we realized these companies kept putting up great numbers. the stocks came roaring back but earnings season got rolling. american airlines putting up a fabulous set of numbers in the fourth quarter earnings should be double what they previously forecasted that's incredible and driven by strong demand the way you want it on friday, delta reported a good quarter with the ceo telling us that and i quote, i believe our industry will seek tens of billions of dollars of incremental demand coming out of the pandemic end quote, that's

what we're talking about the post covid travel boom has also come up repeatedly in the big bank conference calls last week when consumer spending trends were being discussed. please one of our thesis of 2023 is -- we keep telling club members this, don't ever think it. if travel is booming, you want to own the airlines. i've been recommending these for awhile but i got to tell you, the mayors are more in the run delta and america give great numbers. after the close, united reported with much better than expected results with a huge bottom line beat incredible more importantly, united said they will earn 10 to $12 per s share and the analysts expected an upgrade be careful and stick to the ones with great execution stay away from southwest air after a huge holiday service breakdown. that was very disappointing. of course, if you're traveling you need a place to stay and that's why i like the hotel companies. marriott is up 15% since the end

of september besut sells for le than 22 times earnings that's too cheap hilton worldwide is expected to have a phenomenal 23% earnings growth this year at the same time, i'm sticking with airbnb. full disclosure, i got this very wrong last year. the business is terrific and generating a ton of earnings, actual earnings. wall street despises anything out of silicon valley if it came public in the last few years i expect airbnb to get credit for great numbers, not just because it cohorted and i don't think the wealthy echelon is avoiding it as so many say this isn't some enterprise software stock it's not an immediate play hostage to the advertising business airbnb travel stock and travel is booming great app, too, by the way on top of that, let me throw in hertz. they came out of bankrupt cy in 2021 they trade at seven times 2023's earnings estimates because it's

expecteded to have a major down year come on. the former cfo of goldman sachs has done wonders to the company. i don't think you have a miss like that. american express terrific travel play the stock trades at less than 15 times earnings and i would be a buyer but you can always buy more if it gets hit when it reports next friday like it did last time despite the actual numbers being strong people sell this stock way too soon next up, we got a life that's too short bull market in the restaurant space again, people go out more after being stuck inside for two years. here i like darden, starbucks and cisco, the syy kind. identifying these is tricky because some of the biggest post covid ben feficiaries are higher end but darden is close to this. parent company of olive garden and long horn steak house. it has higher end exposure when darden reported, they

delivered a fantastic set of numbers, the stock hit a 52-week high because of the thesis, it's trading at 19 times this year's earnings and got the 3.25% dividend yield that doesn't hurt. how about starbucks? i like this one so much that we own it for the charitable trust. big part of the story is that starbucks has a gigantic china exposure and china reopened. the other part is the founder and interim ceo is trying to reestablish starbucks as the third place, not home, not work but the other place. you spend a lot of time there. that's a compelling message where hybrid work is everywhere and you have a ton of people operating out of coffee shops and a lot of smaller coffee shops didn't make it through covid. full disclosure, we sold a little starbucks for the charitable trust but that's purely discipline because we're up 27% on a position for the club but it was time to trim it back slightly. discipline trump's conviction. finally, you could buy the suppliers of the restaurants like cisco which i recommended next week. next up, live entertainment.

this is the same life is too short bull market. according to wells fargo, entertainment spending was the only category up double digits for the credit card business not buying hard goods for the house. lots of ways to go live nation owns ticket master and venues and companies growing like a weed and the feud with taylor swift might not be enough to stop them if you go with a casino play or mgm, i like them because they have exposure to both u.s. and china, which again is reopening and you're talking about wynn. there is vici properties that's the casino real estate investment trust branching out into golf including the canyon ranch which is right up there with a high end spend for people who felt pent up and life is too short. for something more low key, i like valero. this is one of the hand full of former spac stocks worth owning because they are an old fashioned stock buying bowling

alleys in all of america it's just got nearly 20% same store sales growth in the most recent quarter we have a bull market in gyms, too, now that it's safe to exercise around other people i like planet fitness but you got my blessing to speculation on exponential fitness and that's just the x, no e, which is a higher risk high reward situation we covered a couple times and i like here is the bottom line, as we adjust to life since covid, the biggest theme is the rise of this life is too short mentality. people don't want to waste their time anymore if they want to go to dinner, they go out to dinner. if they want to take a vacation, they take a vacation if they want to get in shape, they go to the gym rather than buying a peloton and going solo at home. i think this thesis is very much here to stay "mad money" is back after the break. >> announcer: coming up, two banking giants, two different directions a rundown of key fie gnafinanci

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every three months, earnings season kicks off with the six major banks. the nationwide ones. the ones we all know and i always try to cover them because the banks have a huge impact on the economy and the stock market itself on friday, i went over bank of america, citi group, jp morgan and wells fargo, all good if not excellent but many thought they would be disappointed. they were anything but and i would buy the stocks of jp morgan, bank of america and wells fargo huge position for my charitable trust here as investing club members know all too well today we major banks and they were morgan stanley and goldman sachs.

these would be worse than the big money banks. gold manman sachs nor morgan sty was booming. we knew this would be a tough quarter but i liked morgan stanley more i didn't expect such a magnificent quarter to send the stock up 6%. the second best performing name in the entire s&p 500. and i didn't expect goldman sachs would have such poor numbers that my alma mater stock tumbled more than 6% making it the second worst we former in the s&p the let's break them down starting with the headline numbers. morgan stanley posted a solid top and bottom by real strength at the wealth management and investment management divisions. remember, i like this one because the ceo pivoted to wealth management a little while ago. that's a nice consistent feed based business which helps them diversify away from the boom and bust investment banking space. they don't have much exposure to any more of the sales and trading or ipo market.

so it could be on the cake at the same time goldman reported a small revenue miss. they made 3.32 by the way, that's down 70%. by the way, the worst in a decade a lot of that is because of a $972 million provision for credit loss, later, credit loss. their asset management banking division is both down double digits quite unexpected. i'll go over the headline numbers because it's no mystery they soared today. one quarter was much better than the other. if you want to understand why morgan stanley soared and gold man plummeted, crack open the hood and see what is going on inside let's start with morgan stanley which we own for the charitable trust. by the way, we cover our holdings in depth for members of the cnbc investing club and a free sample what we told people

because if there is one thing i believe in, it's shameless self-promotion morgan stanley is great because james pivoted away towards the far more consistent wealth management business. this is a quarter they really saw a payoff in recent years they shelled out a collective $20 billion to buy e trade for the electronic broker business and by the way, they got that -- i thought that very cheaply this is increasingly the future of finance back in 2010 morgan stanley got 74% of the pretax profits from the institutional security business, traditional investment banking down to 48%. over the same period, the return on tangible common equity is the hugely important key met triric financials jumped from 10% to 16% because wealth management is very, very lucrative and more consistent sticky is what they say. the investment banking business is boom and bust and in a year where the markets are frozen with little bond equity issues and few mergers, it's hard for investment bankers to make money

with wealth and investments, they're collecting fees year in and out and taking so much new money in at the same time, morgan stanley did a terrific juror of controlling the cost, another thing done well forecasting much higher margins with wealth and asset management jumped up good scale there they're ultimately targeting $10 trillion in assets under management they can get a 30% pretax profit margin there, that would translate into $15 billion in pretax earnings. more than what the entire company made last year even with the investment banking business and trading division struggling, i think morgan stanley is firing on all cylinders given that the stock jumped e6% today, maybe a pull back and pull the trigger. not worth owning doesn't hurt we got a buyback. on the other end of the spectrum, goldman sachs delivered results sadly much worse than expected. management didn't try to put a

positive spin on it which is probably i'd say the best thing about it of course, a lot of this weakness wasn't expected nobody thought the business was doing well we knew gold man was conducting meaningful layoffs the consumer business was struggling but somehow the known issues turned out to be worse than expected. on the capital market side investment banking was down 48%, currency and commodities down 26% versus the previous quarter and equities trading down year over year and down 24% from the prior quarter. unlike morgan stanley, god man doe -- gold man doesn't have a successful pivot they wanted to build a consumer business but that fizzled. gold man needs to cut cost and stay in the same neighborhood profitability and for a firm like this, there is no bigger expense than compensation. we heard they'recutting up to 8% of the work force but today we learned it's only 6% so far

and made the decision to pay major bonuses for talent to protect the franchise. that might be the right call long term it caused a huge profitability hit, which is what wall street cares about now. gold man is giving up on much of the consumer business. it's been a disaster and they had to take a $972 million provision for credit losses gold man is renowned for not having to take those losses. mostly thanks to the credit cards, the loans, smaller loans, ouch in short, nobody thought things would be good but the reality was worse than anyone anticipated. in the end, gold man needs strong capital markets to thrive right now we don't have them after today's beatdown, the stocks are back to where it was ten days ago and when the capital markets come back, so will goldman don't hold your breath put it together, it made all the difference major investment banks saw hideous numbers from the core business but for g goldman, it's the core and don't have an answer for the weakness. they tried to did vverse fie th

consumer morgan stanley is an mall it shouldn't be considered as competitors anymore. take the key met trick for morgan stanley it came in at 12.6% for the quarter down from 19.8% the year before. serious decline but doing pretty well gol goldman knows the return from 16.4% a year ago to 4.8% this past quarter and that's a much bigger hit here is the bottom line, morgan stanley has been working hard over the past couple years to make the business more consistent and today we saw that strategy paying off because if they hadn't made this transition, they would look more like gold manman here i share management's disappoint as it has created a lot of value over the past several years. let's go to brian in pennsylvania, brian? >> caller: boo-yah mr. cramer. >> boo-yah, brian. what's up? >> caller: first off love the show.

appreciate the information you provide retail investors like myself real quick before my question, i got to confess i'm a cowboys fan but my amazing wife is a huge eagles' fan and i would be sleeping in the street tonight if i didn't tell you she said go birds. >> i like that whole -- i like t that what's happening >> caller: i'm calling to get your thoughts on citi off the 52-week low. got a lower p.e. and higher beta than jpm and wells but a 4% dividend looking at the chart it looks like maybe growth opportunities. is citi a buy or money better investment elsewhere >> wells and jp morgan are better i'll tell you why. citi has good yield but i don't understand the tangible book value over 80, around 81 and the common stock at 50 and until i get an explanation of that once and for all, i am concerned. citi is up and a good stock. i think wells is better. thank you and go birds

i'm with your wife on that one let's go to joe in new jersey. r thank you for having me on. >> thank you. >> caller: good luck to your eagles next week against the giants. >> luck is good. never turn it down what's going on? >> caller: raymond james has a strong buy rating on bally national bank. nice $14 price target. low pe and 4% dividend, buy ahead of earnings? >> i like it i have to tell you i like this one for a long time and it's not panned out we almost added it to the charitable trust pretty good market maybe people feel like everyone is moving to florida i don't get it i share your enthusiasm for it but not a winner so far. go birds morgan stanley is working hard over the past couple years to make the business consistent and seen it pay off big. much more "mad money."

from the war in ukraine to bird flu, the supply chain has a share of trouble let's talk to the head of darling international -- darling ingredients to learn more about what is going on in that neck of the woods and when i surveyed the economic landscape there are a lot of negatives but tonight i'm revealing constructive optimism and your calls in rapid fire in tonight's edition of the lightning round so stay with cramer [music - cover of blondie's “dreaming”] [music playing] ♪ imagine something of your very own. ♪ ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪

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in a slower economy in theory which brings me to darling ingredients, the largest publicly traded company that turns edible byproducts into food, let's say food waste into sustainable animal feet d and ingredients. the stock down nearly 24% from the hirghs last june. darling reported november. the numbers came in weaker than expected and stocks plunged 13%. as the story run the course or is the recent pull back. let's check in with the chairman and ceo of darling ingredients welcome back to "mad money." >> jim, thanks for having me back, happy new year. >> same to you i want to go over the progression here we had you on after the stock had a big dive people felt your quarter wasn't up to snuff and things have been up and down and up and down. what do you think is driving the price of your stock these days

is >> it's a real challenge to try for people to get their mind around where we're at and where we're going. i mean, we've been on a ten-year transformation and vision and journey. i mean, you know, the numbers are in for 2022. we're right in the range of where we thought we would be in the guidance that we've given out on the street. you know, things are solid out there everywhere around the world. you know, we've had a share base that is with this company for ten years and they followed the dream and so we're in that transitional period of trying to find that new shareholder at least in my mind that wants us to subscribe to the next level of the journey we've given guidance for 18, 1850 up 20% from this year so the journey is not over this business is solid and strong you know, has one of my old mentors in life or my old lead director i love so much said randy, put up the numbers, the rest will take care of itself and i still believe that today.

>> i agree with that i think there are maybe people that felt that this was a de decarbonization sustainable stock. they got sidetracked because you do so much with animal feed and that's a classic crummy business i would never want to be in it because you're up against incredible companies tremendous scale one is private and i think almost there. if you double down on that side, and don't double down on renewable diesel fuel, it confuses people. >> yeah, i mean, jim, there is no doubt i was in the netherlands last week meeting with 20 something of our largest shareholders including that wonderful firm of black rock that's out there and once again, simplifying the story to them. i mean, we're the only vertical in the world that takes, you know, animal byproduct, converts it all the way into the highest and best use from pet food to

renewable diesel as we try to remind people, 15% of the world's slaughtered animal byproduct remains go through a factory. this is a platform that, you know, has really incredible value. they're still trying to figure out how to value it. people want to trade it for $5 million of ebita there and here but at the end of the day, we've gone from 800 to 1.2 to 1.5 plus to 1.8 billion so, you know, at the end of the day, the numbers will do the talking and the rest they can do the walking. >> i totally agree i think that it's an amazing recycling play and that what you pick up from 200,000 restaurants would be thrown away i mean, frankly, what you're doing, we would love in any other industry look at all the landfill you're not filling and waste you're making into something byproduct that's good but people so much want you to be renewable diesel for jet fuel and so you got the

shareholder base that's too esg excited and not earnings per share excited. >> i would agree with you. i think, you know, from our perspective, we can do both. and we are doing both. i mean, you know, the four pillars, we've been now asked okay, you built out number one, two and three with valero in the diamond green diesel model we're the second largest producer in the world. we're the only vertical in the world. what are you going to do for me next, randy? we're getting really happy and warm about looking at the jet fuel we think the writing is on the wall that the aviation industry is going to have to step forward there. we continue to grow out the animal processing business around the world you know, my dream is africa we'll get there one day. you know, i look at bio gas. we're now one of the largest bio gas producers in europe. you've seen shell. you've seen the carlisle group make incredible investments in

bio gas now, bio methane in europe and we're significant there. we've already been there for ten years in these businesses and it's just amazing that people don't recognize it and the one i know you said your daughter loves the collagen products. we acquired the number four producer in the world that day but waiting on the brazilian authorities to give us clearance here but we're the largest collagen producer in the world today. so we're just excited about the growth platform that's underneath this at the same time, you know, people want to talk about decarbonization you bet we're the solution we own the oil field we own the vertical. we own the technology. we're going to add sustainable aviation fuel here i hope in the future and then it will be the full package. >> and how is the valero deal doing? well >> we love valero. you know, the guys, you know,

joe gourder is a close friend and it's been a partnership of shared values. typically if you look at public company joint ventures, they don't last and, you know, i think we're intering here in july it will be year number ten. we've invested i think around $4.5 billion together on three plants and i'm really, really happy about what the team is accomplished it's one of those that both of us can say we brought equals to the relationship, which is really always difficult. we brought free treatment and the vertical oil field they brought their incredible engineering operations and their marketing team to it it's second to none in the world. >> i got to tell you, randy, it's a little more difficult for people to understand but as you said, the numbers will explain this story randy is chairman and ceo of darling ingredients. great to see you again. >> thanks, jim i have to leave you with one

thought, how about those cowboys? >> how about the eagles? best of luck in the playoffs thank you so much. "mad money" is back after the break. >> announcer: coming up, cramer takes your calls and the sky is the limit. it's a fast fire lightning round, next.

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start with darron in florida, darron >> caller: yes, hello. thanks for taking my call, cramer. >> of course what's up? >> caller: for the past month i've been watching a lot of real estate investment trust hit all time lows that haven't seen since 2009 and in the past couple weeks i decided to buy some i bought a little bit of brandy wine and broad mark reality but decided to go all in on boston properties, bxt. >> that's office buildings and a lot of people say that would be the kind of building that's hurt by work at home. i share they're disciplined. they have a good yield and i don't endorse it myself, i understand why -- there is a good thesis behind it. these are great operators. let's go to russell in connecticut, rustsell >> caller: boo-yah, jim. you saw me navigate the market and i appreciate that. >> thank you, buddy.

thank you. >> caller: no problem. i'm an investor in bio haven they have a great pipeline and little to no debt. is it a hold or sell also -- >> no, no, no, it's a great speculative buy. i want to buy. they sold the migraine drug. let go to tyler in california, tyler. >> caller: big boo-yah from california, how are you doing today? >> well, how about you >> caller: good. i want to know if i should be getting pumped up for flex. >> i got to tell you, flex is doing an ipo division that could be worth more than people think. i have to -- my belief is that it's an inexpensive stock. jerry in new york, jerry >> caller: hey, jim, big boo-yah from new york. how are you tonight? >> doing well, jerry, how about you? >> caller: good, thanks. so boeing, how we looking, buy, sell or hold here? >> boeing is good. it pains me because we did sell boeing for the charitable trust. can't just talk about the

winners. you let a stock go let's go to vince in ohio, vince. >> caller: how are you doing, jim, boo-yah. >> doing well, how about you boo-yah. >> caller: what's on my mind is wondering what you thought about gsk. >> well, i understand gsk is a very inexpensive stock pfizer downgraded today. pfizer is a much better stock and that, ladies and gentlemen, is the conclusion of the lightning round. >> announcer: the lightening round is sponsored by td ameritrade coming up, taking you to the poor house why the fed is your friend, next

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(vo) like getting things two days early? when it comes to payday, you can with wells fargo. (co-worker 4) what are you doing this weekend? when i survey the landscape right now, i see exactly what the federal reserve is looking for from the war against inflation. on the show last week.

says it won't raise prices at the supermarket anymore. the new york empire state manufacturing index shows it's easier for business to hire people than at any point in the last couple years. lots of tech are doing layoffs even the big ones with deep pockets are letting go tons of people look at salesforce laying off 10% of the staff now, okay, on "mad money" we never root for people to lose jobs but the fed isn't going to stop raising interest rates until we get a weaker labor market for good or ill that's what we're beginning to get. on days like this one, a down day we make the negatives as if they rep ceresent the beginning the impact on the ceconomy and don't cut back on cost, the goldman sachs down today because they're not doing enough to control expenses we can't ask for layoffs like we saw from meta. they're letting go 13% of their staff because the free cash flow was disappointing last year. we at least want gold man to show some discipline in what

seems like an undus isciplined quarter. goldman felt disappointed which makes it hard for me to feel sad about this i very much believe the fed is going to do real damage to the economy. i've been open about that. i expect layoffs i expect the unemployment rate to move from 3.5% to something maybe closer to even five. however, i also think the downturn will be uneven. there is tremendous over building in the tech sector, way too much software, way too much believe business can grow endlessly when it turns out many companies are cyclical depending on the strength of the underlying economy they're hostage to customers that cut back on tech spending or advertising on a slowdown we didn't expect that. but wall street doesn't seem to grasp other industries are a lot more resilient like the big money center banks, jp morgan, wells fargo, bank of america, citi group they have signs of credit issues, they repeatedly told us the american consumer has a

strong balance sheet and i believe them that means the doomsayers and tons of them won't be proven right. traditional banks are more profitable every time the fed raises interest rates. wall street is worried people will default on debts as economy gets worse but they're in terrific shape financially it's hard on days like today to remember the cost of thefed's rate hikes are not measured in cents per share but in the share itself fed chief james powell is doing what he can to preserve the future some will adjust and others are from the past. the difference is this time it's the tech companies that will be history if they don't hear the pivot to profitability like a salesforce or palo alto network has. it's painful to see headlines like earnings worry wall street. because so far for the most part, the earnings worries are concentrated on wall street. namely one, goldman sachs.

in fact, tech rallied nicely today as i said at the top i just don't want people to lose hope in this market because gold man goldman had the largest miss in ten years or fell 391 points goldman is an investment bank with no ipo and no merger business to speak of so of course, the numbers were bad and even goldman is making changes that seem to be paying off there was far more risk than we thought. it makes no sense to slam the whole market when wells fargo, jp morgan, citi group, morgan stanley was amazing today. the big consumer banks indicated consumers are responding to the fed's rate hikes except for travel because life is too short. i think we need to focus on the companies making changes to become more profitable or the ones raking it in now other than tossing out everything over some earnings jitters i end tonight's program with a message of constructive

optimism we've had a ridiculously strong market this year hascashing out makes a little sense the fed is preserving your wealth, not trashing it. that with the fed not against them i like to say there is always a bull market somewhere and i promise to find it for you here on "mad money. i'm jim cramer see you tomorrow where entrepreneurs seeking an investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪♪ i'm from madison, wisconsin, and my company is mobcraft beer. cheers. i love beer. i love it so much that, in college, my buddies and i decided to start brewing our own beer to see what we could come up with. it was so good, our friends and family were asking for more, and everyone had suggestions for what they wanted us to brew next. all right. we kept increasing the size of our batches and soon partnered up with a local brewery. next thing we knew, we had our own craft beer company.