>> 1695 makes the puts look really cheap they are >> tim >> merck not cheap relative to peers, but i like it here and i'm long. >> thank you for watching "fast money. be back here 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 to level the playing field for all investors. there's always a bull market somewhere, i promise to help you find it. "mad money" starts now hey, i'm cramer, welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you money. call me at 1-800-743-cnbc. talking nasdaq selloff, bled

over to larger averages almost instantly. within 15 minutes of the opening. we heard the bull last night here comes the big unwind as large tech starts rolling over we were then told that the multimonth rally was bogus all along. the fed's going to crush us against the next time it tightens we were told the market was going to get its comeuppance it didn't. chattering classes down 100 points, gains 0.3%, and it looked ugly in the morning. i'm getting sick of the daily bull obituary, and i used to write obituaries for a living. it's like critics think the stock market is a big bull

fight. the fed could raise interest rates so rapidly but we haven't have had terrific decline in stocks down 5%, insane. conventional wisdom says we should have been obliterated by this, the entire market destroyed by it. for the most of last year, that was the story. not since october though we haven't had the total annihilation you would expect. it's been the opposite every time we have a minor selloff, new sectors go bullish, not bearish. like the bulls are crushing the matador, not the other way around but the matador dusts off and gets back in the ring, acting like he'll win no matter what. point to the individual battles lost by the bull, very difficult battles. 400 ipos launched many disastrous, road kill, many

collapsed like wirby parker and others then the spacs abomination, trading below two bucks, a shameful, disgusting, vicious loss and tends to hurt the least prepared or most easily b bamboozled therl market anyway. now tech in shambles they killed their favorite bank. didn't pivot from focus on revenue growth to actual earnings, kicked to the curb decapitation of biotech stocks, can't talk about them, most too small to mention, with rare

exceptions like prometheus bioscience the losses didn't kill the bull. the return you're getting with doing nothing with your money has exploded higher. i can get 4.15% interest rate if i open an apple savings account with my apple card who needs it when you can get the good return from cash? isn't that bearish yet it hasn't stopped the bull either matador matador bears will come out and get stamped by the bulls as usual but the experts tell you to go with the bear. the monster decline we've been waiting for and -- short risks higher than low, it's a bad sign

like it has been since october why does the negative rhetoric have a grip on us? the bears have the gravitas despite losing for six months. what really drives me nuts about the discourse, almost everyone interviewed, asked about not companies but what the fed will do they don't know what companies are, no matter what the answer, next question is recession if the experts say the fed will stand pat. they'll ask are we going to recession already? fed will hit another quarter rate hike, will that lead to recession, then ask how deep it will be. that's keeping people out of this market and cause them to miss out on the upsides like

prometheus and the techs down today badly. never mind the rates from zero to 5% in over a year it's not enough to kill this economy or stock market. i was hoping it would be different when three major banks reported excellent quarters. no degradation of lending units. seems good, auto loans, home, commercial, better than expected would think we were in a normal, consistent expansion with clouds here and there, nothing worse. today i came in very worried, charles schwab, broker with huge bank inside -- the opposite, they had a pretty good quarter somehow, whatever positive number we get is turned into a negative

empire state manufacturing survey this morning, another arrow in the quiver of the bear. decline of bad housing loans this evening prelude to more weakness doesn't matter what we see in the data or earnings, it's always viewed through a bearish prism because we're always shadow boxing with a recession that might not even come i prefer this. the fed's engineering a slower economy where inflation is coming down. some prices are going down, others are getting softer. why isn't that the story line? i've been in this racket, journalism and stock market racket a long time tell you why because it's boring trying to get people to read your paper, recession makes a better headline. bottom line, get ready for the next positive numbers to be ignored. tomorrow's bank numbers i think

will be pretty darned good the nascent bull market since it slayed the bear last fall. perfect setup. i can't get people to believe in it kyle from new jersey >> how you doing from ocean city. >> the dry one love it. >> caller: listen, i've been holding uber for ever, it's driving me nuts. poor sense or no sense >> uber is going to be fine, 32, pretty good. and technologies, they need it, they have a lot of data they haven't begun to mind yet. always invited on the show, eight, nine days a week he's invited. mike in connecticut. >> caller: thanks for taking my call this company has got a market cap of 5 billion, a debt of 625

million, however the current ratio is 0.39. the quick ratio is 0.20. with all the class action suits lining up against is, is dutch bros. safe for the future? should i sell? >> a national story doing incredibly well. the class action suits i think are nonsense dutch bros. is one of the better long-term stories in this market five below five years ago, that's what i have to say. we keep hearing about -- three years ago. impending doom for the market, if you're listening to anyway sayers, you're missing out kim kardashian called these products her faves for her abs but as the drugs take the market by storm is beauty only skin deep ceo. how is the market shaping up

off the charts with a surprise big biotech buy, merck paying for prometheus biosciences i have something with both ceos. stay with cramer >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer, #madtweets send jim an e-mail to madmoney@cnbc.com or give us a call at 1-800-743-cnbc miss something miss something head to madmoney.cnbc.com. help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market

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xfinity rewards creates experiences big and small, and once-in-a-lifetime. sometimes this business is hard, sometimes easy two weeks ago we turned in

homework on names i got questions about. inmode, aesthetics focused medical company. i didn't expect that call to work out so quickly. sharply better expected this quarter, up 5% in single session. and could it have more upside? we had a chance to speak with the chairman and ceo of inmode take a look. welcome back to "mad money." >> thank you, jim. welcome to be here >> i'm telling you, it's obvious you're taking the world by storm, you preannounced great numbers. what is driving much better than expected situation that wall street was surprised about >> i believe it's all about the company, we brought a new technology to the medical

aesthetic field. for more than 40 years itwas associated with laser. optical analog, can't ben trait. we came up with technology based on bipolar, can go hair removal, pigmentation many some fine lines laser cannot do face and body reshaping. the only way to do that is the way to treat all levels of the skin, all the way to the subdermal fat. that's the technology. this is why we're so strong and people would like very much to get a treatment with our equipment. >> we're going to talk about eva longoria and kim kardashian in a second i love the nfl, dalvin cook, zu

zu shuster why do someone in the prime of their lives still want inmode? >> people don't want a full surgical procedure because it's associated with full anesthesia, hospitalization, downtime. so 35 to 65 years old wants surgical results but don't want to go to a full surgical procedure, but minimally invasive in the office of the d doctor and local anesthesia, even people younger can do that, they don't have to wait until they're 60 to do the full procedure. we call it the treatment gap, 35 to 65 demographic would hesitate and don't have the money to go

full surgical procedure, we give them a solution. >> let's talk about that i think people don't realize, yes, insurance company may be reluctant to pay, but the other procedures cost a fortune, cash pay, and yours is dramatically less and dermatologists love it, they can do a lot of patients and not have to worry about something really serious going wrong. >> that's correct. the system we've developed is very safe, it allows the doctor to do the treatment in his own clinic during lunchtime with downtime less than three hours that's something people would like very much to have, not going into a procedure that costs a fortune, 14 days of downtime, full anesthesia and everything associated with that.

minimally invasive technology today is the only solution for those people who want to spend a few thousand dollars, not $20,000. people want to do it twice every five or six years, not go through something they have to save money for a few years before they're able to do. >> talk about people who can afford it. must be great social influencers. kim kardashian, eva longoria, we associate them with great wealth, also beauty. they obviously love your product and are just saying good things about it how did that come about? >> i don't know if you talked to paula abdul, she used to be our brand ambassador, she looks and feels younger. eva is not young, she's in the 40s and looks like 25 years old.

this is all based on our technology. >> inmode is not -- it's not a drug are you able to -- can you remunerate them, are you allowed to say we'll pay you to do social >> well, it depends. kim kardashian, who went to our technology, we did not pay her she said it's the technology when she got the treatment from her doctor, we didn't know about it but a brand ambassador with us for four years, yes, we pay her. >> needham research firm said they thought there were signs your business was slowing to 20% down from 29%. i'm not sure that's the case is your business -- has it been slowing of late? >> no, not at all.

if you look at 2022 results. $1,600,000 in revenue. the fourth quarter is the strongest. i don't think we're slowing down there's another contested, the consumable, one-time drug treatment. every year we double the numbers of consumables we're selling what that mean that the doctors love the system and more people want to get the treatment. we're now over 1 million procedures every year, and we know that because we're selling the treatment. >> that's terrific our viewers, we get calls about you all the time because it's a

fascinating company and lot of people want to look better without danger associated with the facelift, the surgicals. i want to thank you, moshy mizra hi for coming on our show and being responsive thank you, sir >> thank very much >> "mad money" is back after the break. >> announcer: coming up, earning season is upon us, how is the market shaping up for the back half of the year stick with cramer.

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now that earnings season's in full swing, i keep reminding you we have a real good setup here because the expectations are very low despite the market's incredible

rally, wall street is bearish. some deny it altogether, but the skepticism gives the fuel for a rally much higher. but don't take it from me. numbers backing up this theses, off the charts with kelly, a brilliant technology, cofounder of decarley trading. sometimes positioning matters more than the fundamentals can look like a good quarter when everybody is bearish. and expectations are already down oil and gas peaked just when everybody was most positive on both commodities according to garner, same goes for stocks she's right. bull market can't survive without bears. bears turning positive gives us the fuel to go higher. once everybody is optimistic, there's room to run.

same the other direction, the trend can exhaust itself and reverse when it's least expected not to let overwhelming public opinion interfere with your reality. guys were calling oil and gas to go to 200, hardly anybody said the 60s, but that happened rallies or declines, you run out of converts and the move loses steam. garner believes that's already happened in the s&p 500 but the bears refuse to recognize it money managers are negative right now. the weekly chart with the commitment of traders report data on the bottom c.o.t. report. small speculators, large speculators, money managers, and hedgers who protect their

business we care about the large speculators, the line in green as the s&p 500 started rebounding, these managers continue adding to the next short hold on the way up maintain that position as the markets consolidated flatly contradicts the view it's from short coming. we got 300,000 contracts in the s&p futures. that's the largest net short position since 2007. institutional money managers aren't just negative, they're -- i think it's nuts. there have been three occasions when large inspectulaters.

garner expects the stock market to push higher as the short sellers unwind their positions and buy back stock short futures, they have to buy futures. short of stock, they have to buy stock. that's not the only reason she's feeling positive back two decades, garner points out the action has created two trading channels with a common border upper channel, red line at top, connecting a late '90s high with the late 2021 high the middle line in black comes from connecting the pre-2007 financial crisis high with the various highs on the lows since then that floor marks the pivot line between the two trading channels we broke out above that 2020 and it's powerful floor ever since we've yet to see a monthly close below this floor of support in

the postcovid period as long as we hold this level, hold above it, we can avoid a nasty market wipeup. she thinks it will be likely above at close that's a big deal. pivot back to 2011 and coincides with the 20-month moving average. if we break out, a longer term bull market could emerge, i'm with her look at the relative strength indicator. rsi is near 50, upward trajectory the path of least resistance is higher wouldn't be surprised if the s&p 500 could break over 5,000 i don't know about that for me could take a couple of years to play out i think we can take out this level. i want you to look at shorter

term chart of the spac futures decline from the high to low is precisely 50% retracement of the covid rally. it's common for a rally to get hit with retracement before resuming the march higher. but we can't anticipate that until it breaks through the next fibonacci level, then we're headed for new all-time highs. higher than the trend line analysis, but it's the same idea the if the s&p can clear 4,500 or 4,800 or 5,100, before it

runs out of steam, could get to that last one is crazy and harder for me but given the hysterical negativity it's probably more likely than you believe. 2023, pre-election years, they've given us an astounding average of 70% gain since 1949 i find that. average gain of 20%, garner is feeling optimistic about the rest of the year, which happens when we get the selloffs the charts interpreted by carley garner convinces us we could have more upside

there's not many bulls that could turn bearish but there are a ton of bears who could be dragged kicking and screaming into becoming bulls. she's got a great point, something you need to be keeping in mind as earning season unfolds. myron in maryland. >> caller: hey cramer, i was calling to ask if you thought mcdonald's was overrated or still good to buy. >> i like that stock, it's got 300 written all over it. best in show, other than chipotle which i mentioned this morning. it's another i like. the charts interpreted by carley garner, says all the negativity on wall street could be setting up the s&p for a big move higher next on "mad money," prometheus soaring as merck announced it

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this weekend we found out merck, the pharmaceutical titan, plans to acquire prometheus biotech for nearly $11 billion we've been watching prometheus since they announced phase two data for the lead pipeline drug,

for inflammatory bowel disease sent the stock soaring to above 100 in a couple of days. the run made me nervous but i figured out something has to be here merck, their anticancer drug coming on patent in five years, and the fabulous results from prometheus were why they were willing to pay the company has almost no revenue but i think will be one of the greatest acquisitions in pharma history gentlemen, congratulations and welcome to "mad money." >> thanks for having us. >> mark, when i saw you last, i didn't know how big. this is not a one single target, this is all immunology could be in play here talk about what it was like to get the call several companies were interested, by why this could be

as big as people are talking about without a lot of revenue >> this is a great day for patients when you think about the 5 million globally struggling with inflammatory bowel disease, there's incredible unmet need here and as we talked about last time, there's a lot of therapies out there today, but the problem is all are delivering suboptimal efficacy for patients and he wwe can do better. we're thrilled for what this means for ibd and beyond the acquisition by merck will allow us to get this to more patients faster. i'm thrilled to work with rob and get it into the hands of patients as soon as possible. >> this is not one drug but a platform that could extend far beyond what we've seen the phase two results for. talk about the notion of this could be the pillar of science

for millions of people. >> i would liken it to what we did in immunooncology, we had biomarkers to enhance patient identification and outcome we're looking to do the same thing here one of the things that attracted us to prometheus was the 360 biobb biobank. it's over 200,000 tissue samples across 20,000 patients who suffered from ibd. it allows you to look at genetics and match the genetic markers to the disease which allows us to do better picking patients and driving how we prioritize, study and bring more treatments forward. we see that database going well beyond to bring a new generation

of products forward and hopefully give better care to patients. >> irritable bowel disease is big, big illness and lot of indications. but there's a slew of autoimmune diseases could there be multiple trials for multiple autoimmune diseases >> right now we're focusing on uls rattive kcoalitis and cron', but we're also trying to complement the pipeline to play across the broad spectrum of immunology >> you have better efficacy, also just terrible side effects

and dangerous for some of the others so far you've been blessed without that side effect portfolio. >> it's an important combination, high efficacy and a safe profile that allows you to go much beyond where the field is today. >> heart issues. >> heart issues, cancer, other issues we're very impressed with the profile. clearly we need to continue developing in phase threes, but if you're looking to maximize the value into other indications, you want a safe, clean profile and you want to think about combination therapy. that's where the market is go going in the future. this is an anchor opportunity for rob and his team to build a best in class immunology portfolio. >> are you in position to talk about bidders involved major pharma, presumably. >> it will come out. there's a lot of interest in what we're doing, we're focused

on getting this to patients fast as we can. >> cedar sinai, if someone wants to be in a trial, do they have to be there? nationwide >> cedar sinai is the origins of the database, but the clinical trial is hosted across multiple sites. as we're thinking about phase three, until the deal is finally k consummated will be moving into phase three. but goal is replicate the approach into phase three for the highest probability of replicating the stellar results. >> i know cedar sinai is a big investor no false hope but this would be amazing. this weekend there was a lot of talk about a. i. and worries how

it could be misused versus playing chess. machine learning, isn't that how we solve the diseases, get the it rattive analysis? >> to me it's not just the data, but the insight that comes to allow you to understand the disease drivers of the patients. not everyone's disease is driven by one pathway or driver the dataset we have is different from others out there. why? to rob's point, 200,000 samples, 20,000 patients. you have samples and clinical data and with a.i. you get to novel targets and biomarkers >> rob, i was putting pen to paper, let's see, renvoke and

skyrizi. and i came up with a number, could be $21 million in revenue, you can bring me back to size on this, but isn't it just huge >> as we look at this, think about the number of patients in the united states alone. 2 million with uc and crohn's disease. this is a multibillion-dollar opportunity for both i don't want to script it too much but it is meaningful and beyond the excitement that the market is sharing about the platform beyond what we have with the lead asset, it's discovery and development for the follow on assets has us excited. >> amazing

i know from moderna, that's hope for cancer vaccines. some people thought the results today were disappointing, i look at it as a step. am i too bullish i don't want to give anybody false hope but those who have lost people to these illnesses, hope of anything is good news. >> obviously there were questions. but overall people did focus on the fact if you think about what katruda for people with melanoma versus not being on it using individualized angiogenic therapy because it's not a vaccine in the traditional sense, but we get a further 44% improvement in recurrence free survival we need to do the phase three study. we continue to be confident.

we've studied this closely we're very confident as we move into phase three and we're continuing to look at going broader into other tumor types than just melanoma our confidence, looking at this data for a while, is high. >> understand we're talking to conservative people, not trying to pump it, two conservative gentlemen, one of the reasons i love these guy congratulations. "mad money" will be back after the break. >> announcer: coming up, cramer takes your calls and the sky is the limit. it's a fast fire lightning it's a fast fire lightning round, next. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

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sponsored by td ameritrade [ bell ringing ] >> it is time. it is time for the lightning round. you say the name of the stock. i don't know the calls or the name of the stock ahead of time. i tell you whether to buy or sell. when you hear this sound -- [ buzzer ] -- then the lightning round is over are you ready, skee-daddy? let's start with al in arizona >> caller: boo-yah from arizona. i love you guys. pg therapeutics. >> i like this stock, it's got a lot. reminds me, when you see something with prometheus, that could be next. weis is a hitter, i remember him as an analyst. ryan in indiana. >> caller: thanks for your help all these years of "mad money." >> i appreciate that, thank you very much. >> caller: i would like to know

your thoughts on sellys versus eastern chemical >> they're a commodity chemical company, lot of recycling. cnbc.com has a fabulouspiece i found on twitter about recycling. mick in pennsylvania. >> caller: boo-yah monday. >> sure. what's up? >> caller: appn. >> i dislike the companies in that tech, it's one of many, doesn't do it for me, i'm sorry. jared in colorado. >> caller: what's happening, nice talking to you again. >> good to talk to you, jared, what's going on? >> caller: this company has to be number one in sports apparel in the world, nike >> it's number one sports

apparel in the world i like nike very much, their chinese business and management, we don't see eye-to-eye anymore, used to talk all the time. what can you do? thinking of going to the other guys, if i learn how to pronounce it, i will be a buyer. richard in new york. >> caller: hi jim, boo-yah. >> boo-yah, richard. >> caller: thanks for your wisdom and insights. >> thank you >> caller: i got to tell you though, i'm in awe of the immense processing capabilities of your mind not to mention your ability to make sense of it all for the rest of us >> thank you, richard. thank you. brain has a couple of shorts in it ba worries be. felt it was worth more than 12 points we don't know how long it's

going to be, the recent screwup. it's not really them but they used to own the company that made this mistake. i think the faa is going to really hang them as much as i think there's only two players and you have to win, stay away from boeing for now. i'm bummed i have to say that, but got to say it. thanks for the kind comments high as a kite on those. billy in texas >> caller: hello, jim, thanks for taking by call sym. i was looking over this one, do you have thoughts? >> this thing, it's mind boggling, it's the opposite of what it should be doing. i thought it should go down, it goes up. i go with ben to do work on this one, i don't know why symbiotic is doing that well it's actually symbotic by the way, not symbiotic that's the conclusion of the

lightning round. [ buzzer ] >> announcer: the lightning round is sponsored by td ameritrade coming up, alphabet and the extinction level event extinction level event cramer explains next thinkorswim® by td ameritrade a trading platform. n it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back.

here's a word you never want to hear in association with one of your investments. existential. as the company having existential crisis you don't want to own stock in a company that may have lost its reason for being unfortunately i feel this way now about alphabet i loved it since it came up. existential is a college word you have to look up, you might look it up on bing, not google that's existential bing, default search engine could be devastating they've dominated search over 20 years, if they finally have real competition, the gross margins are headed lower when i watched "60 minutes" and heard the ceo talking about

artificial intelligence, came out knowing about the products but "60 minutes" why bother he's putting himself out there, trying to point out we're in this that's technically true, but if they've been doing this for years, why haven't they come up with chatgbt or ahead of the microsoft ally recognized the intelligence. and one of the companies that partnered with nvidia, why wasn't google? you could say that about a bunch of tech firms, including amazon which seems to be behind on the a.i. front meta may shock us with its own a. i. in the works but google technology is related to search, that's why bing is

suddenly being taken seriously but alphabets have come up with good stuff, maybe they can catch up but there's reasons to want alpt only on one side of the ad market if they get their way, they lose a chunk of change. alphabet has miscellaneous other bets they spent a fortune on health care, made nothing. paid money for fitbit, i don't know why and the self-driving car division, i don't know how much they lost. but if the ad dollars are split between google and bing, it isn't the same company i thought they renamed google alphabet because there's more than search. but we don't want this once great company to be outflanked by anybody the big ad dollars advantage and

huge contracts disappear, that's an existential crisis. and we don't feel like waiting around until it's solved, assuming it could be solved at all. there's always a bull market somewhere and i promise to find it for you right here at "mad money. i'm jim cramer see you tomorrow. i am brian sullivan, house speaker mccarthy has a way to avoid fault. he has here, apple is launching a savings account with larger numbers ahead. german giving nuclear power. many want california to be next. governor rhonda santos with

rl