>> that's good >> you have no idea. >> very long very >> yeah, but i'm having a hard time buying into ibm i get the quarter and i get the div yield, but i'm not a buyer >> thank you for watching "fast money. see you back here tomorrow at 5:00 "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, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people make friends. i'm just trying to make money. my job isn't just to entertain but to teach you call

as the morning goes on, buyers scoop up stocks at prices. this drives the market entirely from the bottom. uninformed sellers make way for informed buyers. very good cost bases by the end of the day is how you end up with days like today open up weak, rebounding s&p just declining 0.01% nasdaq advancing 3.03% it's interesting to unpack why this trolley occurs so often maybe we can profit from it. why does the market have a miserable feel in the morning? suppositions right now europe is performing awfully to the united states for

a variety of reasons it's got horrific inflation, we get a bit of bad news that tells us they're behind our curve. the uk, inflation is still up more than 10% year over year that means that more and more and more rate hikes from the central bank are expected and the possibility of persistent inflation that can't be brought down even if the bank of england engineers a severe recession the uk is not alone, there's not a lot to like in europe. the sleeping giant of a continent. interesting to me. the macro, that term from college. if you didn't, it's an economic class thing. far too many thumb sucker macroeconomists and strategists weigh in before the market opens

and preponderance of them are very negative. some obsessed with the rate hikes that the fed will give us. you don't need to know much to speculate about none, one or two hikes. everybody fretting how aggressively the fed must tighten. third, politics and world events they wear me out hardly a day goes by without negative news on these fronts. you have to pray about the government making comments about taiwan, nothing good from ukraine or from washington with the debt ceiling negotiations. downgrades galore seem to mean more than upgrades right now and negative bias because of them. that's rough, so many companies report before opening bell and

hold conference calls after the market opens, flying blind it's obvious that the tape, what you see, that crawl underneath, that tape is being painted that's a term of art, saying the shorts keep trying to make stocks look uglier than they would be by selling small slugs of stock aggressively, often deliberately below the last share to freak out shareholders and panic them into selling themselves. until the actual hitters that do their homework, listen to conference calls and don't look up computer generated stories step up to the plate and bid for stocks underneath. but they go slowly, allowing this big patch of early morning sellers to give them better prices after that they walk the stock up every time the sellers get exhausted one level, the buyers step up to buy more. that's what actual trading looks like people.

i used to do it for a trading institution. more it goes high, more they buy, more it goes higher, they take it up morgan stanley, the travel trust, follow by joining cnbc vesting club this morning, morgan stanley stock sunk like a rock there was a provision for loan losses much higher than expected, some banking items that seemed disappointing. but it's only one metric that matters for them, net new assets they're increasingly in the asset management business. morgan stanley took in $110 billion, which is huge double the previous quarter. gigantic win when we heard that, we knew they were golden and that's what we told people at the investing club morning meeting we do online stock was down big, goes from one of the worst performing to

up slightly. what a turn. this was not guesswork but the micro staring down the macro and the micro winning. goldman sachs was down yesterda when you were aware of a major misinterpretation of a decline in a key line of trading in the earnings release business dropped year over year, scary, right looked awful except the decline was compared to the single greatest quarter this division had ever reported. the actual numbers, one of the best ever. next thing you know, erases most of the losses and opportunity. sometimes the stocks are more muted. abbott labs had an amazing quarter, every line better than expected but the headline writers were a tad confused seemed like a mild, ho-hum

abbott beat, who cares but as the full earnings dec received love, they finished up eight bucks, one of the best performers in the market you need to know the key metric for morgan stanley, the real comparison for stats and what they're looking for from abbott labs but it's there if you're willing to do the homework this method won't be available to everybody, not many can follow the market full-time. that's why we set up the cnbc investing club to help you do the homework, so you can figure it out bottom line, you got to recognize the overall pattern. negative every morning, europe, gloomy money managers who don't believe the bear market is ending, and then individual stocks and whole sectors written off in the morning are praised

by midday, rally to the bell and it starts all over again the next session matt in california >> caller: hi, jim, thanks for having me. >> my pleasure how can i help you >> caller: just got into investing. i got into cvs, seems like they're growing but they're down should i buy or wait >> i looked at it yesterday, it's starting to come back i agree, it's bottomy, 3.2% yield, they're doing a great job, pull the trigger and buy cvs. raf in florida >> caller: hi. >> what's going on >> caller: how's it goes >> riffian, average price of $25, it's trading around 13, thoughts if you think it will rebound. >> the revenue ramp should be

used but losses are gigantic do i want to sell down here at 12 i think it could go lower. tessa didn't give me a good feel tonight. i see no reason right now to own this stock with these losses robinson in maryland >> caller: how's it going, jim >> pretty darned good, beautiful day here what's happening >> caller: not much, i have a decision on my hands looking at walmart and target and trying to decide, trying to be careful and not run after yield, but at the same time, you know, in the comparison you see target and wondering is it too good to be true. >> got to tell you, you're really in the maw of the beast here i like target, 2.6% yield. walmart is doing well but i'm going with costco, they showed you stock up since a so-so month

so it's the best place to be that's enough more the charitable trust i want you to be aware of the pattern, take advantage of it. after earnings, should investors move into a stock? digging in with a ceo, it's compelling warehouses on "mad money" we spotted a liquefied natural gas company we know you like these. and stinkers find the good ones and ipo backs. tech news that defied the odds, two i think you should buy buy buy. 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 head to madmoney.cnbcoc.m. lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business. do you ever worry we'll live forever? no, it's literally never crossed my mind. what if we live to like 100? that's 35 years of being retired. i don't want to outlive our money. and i have been eating all these stupid chia seeds! i could totally live to be 100! why do i keep taking such good care of my-

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♪ this story is very important. we hear endlessly about the ongoing disaster of commercial real estate. cre as the cool guys think it's called there's plenty of pain here but there's a huge category, some of which are doing beautifully. warehouse spaces near major population centers we got results from a logistics oriented real estate firm, one of the largest in the world. some of the metrics were frankly

incredible 98%. same for sales and net income. that means prologgis can make more money not raising while the stocks rallied nearly 2%, it's down from the highs of last spring when people were worrying don't take it from me, let's check in with the cofounder, chairman and ceo of prologis welcome back to the show. >> hi, how are you doing >> once again, i'm cheered because of your numbers. i keep hearing about the death of commercial real estate. if people talked to you, what would they learn about renewal rates and how little space is available? >> to give you perspective, we went into the pandemic having a

very good business and healthy market the pandemic just accelerated our business because of the supply chain stuff you've talked about time after time. as we've come out of the pandemic, the business has normalized a little bit. i would say it was exceptional during the last year or two, but i would describe it as excellent today. a little bit softer than a year or two ago but in historic context, we're in 90% plus of history in terms of how strong the business is. >> a little bit weaker now, but you described in your excellent conference call about how the drop-off in construction in march after silicon valley bank, which to me bodes very well for next year. >> for sure, and wasn't just because of silicon valley bank construction costs started

dropping high volume coming online in 2023, vacancy rate will probably creep up to about 4% but into next year with the drop in construction volume, we think we're going to be back in the mid 3% range which is exceptional with the market. >> i know -- i'm sorry. >> it's hard to bring on supply of these buildings in the major metro areas, out of the land and entitlements. >> and a lot of people are quick to say, amazon is pulling back that wasn't evident to me, by the way. but what is evident, fedex and ups, they still need everywhere else they can get. >> that's for sure we have 162 separate leases with amazon, none have been affected by any of the announcements. i wish people would listen more to our calls than other people's calls to make a judgment about

the state of our business. but i don't control that. >> that's why we bring you on. you speak the truth. since 2008/2009. a really interesting thing i learned, i learn something every time you talk, near shoring is on fire. >> it sure is. i think mexico has been a huge beneficiary of this shift in manufacturing. it's closer, obviously, to the u.s., the supply chain is much shorter and more immediate and particularly for goods like electronics thathave a short life because of obsolescence fast fashion, things like there, there's a lot of manufacturing taking place in mexico that meets a lot of the needs of the retailers better than far away places in asia mexico is doing great because of that >> you've been spot on giving us a read on e-commerce, you've

been the best indicating where the temperature is in the country. where is it right now? >> i would say on a scale of 1 to 10, 8 to 8 1/2. it's not 12 like it was a year or two ago one way of looking at it, glass half full, maybe it's down from 12 to 8 1/2 but 8 1/2 is pretty good, i'll take that any day of the week. >> i totally agree bears would tell you it's probably minus five. but rob has been on from fedex he's a fantastic guy europe seems to be much stronger than people expect it to be. you have a handle on the whole globe. europe is not that bad >> no, europe is pretty good i mean europe is always a little slower on the demand side than the u.s., but also on the supply side because in many of these jurisdictions the government plays a very big role in terms of the allocations of logistics

land they meter is out very reluctantly. so a lot of the markets in europe are 1-2% vacant, the bigger markets, and pretty strong but it never goes as far up as the u.s., and it's less volatile on the way down as well. >> because you're an honest broker, i ask you this people on our air say every day commercial real estate is collapsing all over the cities you've got your ear to the ground, people tell me that commercial real estate is the next shoe to fall. >> i think we've not come up with a vision of what to do with the office buildings utilized at a lesser rate because of work from home. if most companies are like ours, employees coming to work three, four days a week that's 20-25% less demand over

time and when the leases roll over, companies will try to figure out how to get away with less space if you have older office buildings in the wrong locations, you're going to struggle a little bit and you have to figure out what to do with those buildings by the way, a lot of people talk about conversions to residential and other things, those are really expensive to do, not that easy but good, high quality buildings are going to continue to do well we need to reimagine what's going to happen to our cities because of remote work it's not just the office buildings but retail, restaurants and all that for us who live -- we're in san francisco, in the range of cities, one of the slowest in terms of recovery. but every time i go to new york it's really dynamic, and other cities are doing much better than six or nine months ago.

>> it's interesting. because you took my breath away, that's how often people come into work. would think you're a tough guy, you're in every day. but it doesn't matter. people who are quite productive not in the office. >> look, people in customer facing and dealing with transactions and customers and leases, i don't want them coming to work, they didn't before. they're spending time with customers, where they should be. but there are jobs that can be done remotely better, and people commute from hours away, why waste the hours commuting if you can do your work and have balance in your life i'm not extreme, it depends on the job, the situation and the market i would like to go with whatever makes people most productive and happiest >> you always tell it straight that's why we appreciate you coming on. a lot of common sense i learned in that interview.

i hope people at home did. he knows a lot more than anyone in the world about real estate, warehouses, near shoring and e-commerce "mad money" is back after the break. >> announcer: coming up, make your portfolio a fortress. how about new fortress energy? learn more next. you can't buy great conversations, or excuses to unplug.

you can't buy possibilities, and you can't buy moments that matter. but you can invest in them. at t. rowe price we believe your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price, invest with confidence. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

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company founded nearly a decade ago by the billionaire who is chair and ceo. he's part owner of several sports teams, including the milwaukee bucks. having a great season, but who knows if they can beat miami, ji jimmy butler is looking good a high speed rail, which i love, boutique hotel and tequila company. my wife owns a company joining morgan brennan on "closing bell overtime ", i wouldn't miss that, fascinating character. we've been focused on lng for years. but ever since russia invaded ukraine, disrupting global

energy markets, liquefied natural gas has gone far, exports from the u.s. going to europe to replace the lost supplies from russia last year the prices just collapsed. this is a decline of incredible proportions. and a lot of that was because of a mild winter here and in europe at the sam lng names like cheniere has seen a fall and peak before falling to $29 today. sell sell sell sell. before we get into details, major caveat the stock of new fortress energy is tightly correlated to the cost of natural gas so volatile. can be too commodity oriented for my tastes.

even when it works, ring the register on the way up, this is a bomb/bust industry i believe the price of natural gas is more or less done going down, but if you don't agree with me, this is not the stock for you. at the same time there's no reason to own it unless you're a real believer in the growth of natural gas exports. that's the point what does new fortress energy do identifies foreign markets, mostly developing countries, that could benefit transitioning to natural gas energy. then it builds the facilities and infrastructure for them to make the switch. permanent land based, and built on barges. fortress makes the money building these, then takes to the markets in question. they help poor countries get hooked on natural gas to sell them on the stuff for years.

it's a good deal because many of them run on coal and natural gas is a heck of a lot cleaner liquefied natural gas imports requires a lot of infrastructure you chill it down to a liquid but can't use it for energy until it's a gas again it's a huge production jamaica, puerto rico and western coast of mexico, more projects in brazil, nicaragua and ireland among others they run a suite of floating units, convert back to natural gas to use in a power plant. and they have a facility in miami. and it plans to introduce the first of several planned fast lng assets in the gulf of mexico the company is going places.

facilities convert the gas from liquid to gas on the spot. if you believe in that narrative, new fortress is compelling this company has grown revenues under $200 million in 2019 to $2.37 billion last year. 132% compound annual growth rate and on track to bring in $3.9 billion in revenue this year, up 39% from last year before it explodes to 5 billion in 2024. that's growth. natural gas, low and more importantly with it warm all over the globe, how about profitability? with a company with huge upfront costs that depreciate over time, there's accounting issues you have to understand look at earnings before interest taxes. not straight up.

it grew from 33 million in 2020, this year hoping to get $2 billion. factor in all the depreciation, it's earnings per share profitable the last few years. it's not cash flow positive, but that's not surprising. new fortress could become that next year. best part, it's darned cheap the enterprise multiple, the enterprise value to the ratio we use, or the normal, this is a bargain. wall street expects $4.27 per share this year, this levels trading seven times earnings buy buy buy. that may be because money managers are still bears on natural gas prices but how much

worse could it get investing club members, check your emails about natural gas today. i'm a believer of the liquefied natural gas story and that makes me excited about new fortress because the rest of the world is desperate for this and we're the producer the commodity has been trading like road kill, we're betting it won't last for long. henry in colorado. >> caller: mr. cramer, how are you? >> real good, all fired up what's happening with you? >> caller: doing all right with the possibility of a recession in the near future, i would like to though your favorite utility companies and would love your thoughts on dominion energy. >> dominion is too low i like dominion, but i always default because it's been such a good situation, to america logic

power and pacific gas and electric, have you seen that it's a monster, $16.89 and i say buy buy buy. brad in tennessee. >> caller: hey krcramer, greetig from tennessee. >> what's happening? >> caller: jim, my question is, i bought 150 shares of oneok. what are your opinions >> i do not suggest averaging up but they've got a guy, walter, the cfo, monster good, a buddy of mine for probably 25 years. i think they're great. checked in with him recently, safe, good stock i say buy buy buy. new fortress energy might be down on the year but not out,

you have a great chance to buy now. and much more "mad money" ahead. which 2021 tech ipos have jumped higher since the public debut? i'm running down the winners when you call in to ask me how news impacts stocks, i'm shocked by the dire tone in your voices and from reporters all day tonight, a strategy of keeping a level head for the headlines it's not easy but we'll work on it and your calls rapid fire in the lightning round. stay with cramer power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis

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a few days ago we got a reminder that not every ipo from the class of 2021 is a total piece of garbage buy buy buy. a company i loved, prometheus, buy bid from merck 75%. that's why we're searching the ipo wreckage the vast majority of the stocks still trading today have been total disasters. but 51 are up since starting trading. if they can rally. that goes double for tech ipo from 2021. listen to the statistics nearly a third of the deals, tech companies

122 of them. only a dozen still above their offer price. it's easier to find a tech ipo from 2021 down 90% from price than going higher. people hate the market, hit in the head with a mallet, made into sushi leave for 24 hours in a refrigerator could any of these be enticing it's eye-opening focus on this. i did not know about this until we did the series, intapp, they make cloud software for private equity firms, investment banks, accounting, legal and investing firms. it wasn't that hot when it became public. that's the kind of thing i like.

but like everything else, the stock got killed last year, sinking to 13 and change since then it's more than tripled. first it was rebounding with everything that came down too fast in the bear market. but february they turned a tremendous quarter and changed the narrative entirely on top of strong sales, three cents per share profit wall street looking for three cent loss. they raised their forecast my gut tells me we missed this one. intapp sells for 300 times that's unfair because they just started making money, but 7.3 times sales, isn't cheap and cloud software stocks, we run through the rule of 40 test. add the revenue growth rate to operating margin, sum below 40,

don't touch it you can have a mix of the two, but intapp fails the test, i don't want to stick my neck out for this maybe if i had a better understanding of the product, i would take the risk. some of the companies i don't know enough about the products and that hurts my ability to tell a better story. can't know everything, but i sure try the only big semiconductor factory with a big presence in the u.s. i found the story compelling, with a chip shortage, not a lot of foundries in this country but 48 to 79, peaked last march, then the shortage ended and the foundries pulled back hard but the stock has come roaring back the semiconductor bottom may be at hand or not far 20% fall year to date.

blowout quarter in february. i'm torn on this historically it's not been a good business, that's why it was sold to become global anyway but they make a ton of chips in america, something our government has come to value because so much of the world's semiconductor capacity is a boatload from china and we're in a bit of a cold war with china to say the least also they have solid order book and going to get subsidies from the chips act. it's not my favorite but willing. now a linkedin for medical professionals, doximity. one that lets doctors call patients from personal phones. one of my doctors uses it. $26 to $107 at its peak in

september of 2021, but it got killed when the fed declared war on inflation sinking in november. and it's rebounded to 38% up from ipo price, but it's had a round trip the last earnings report was not good, results were solid but guidance was ugly. there's been a delay in a product thanks to regulatory interference doximity is profitable, good, they've beaten their numbers every quarter since they came public, so might be cheaper in retrospect you can buy it, only for speculation. duolingo, it's a language learning software, did poorly last year but stock has soared

i can't recommend it because it's deeply unprofitable, not on track to break even until 2025 too late, and i have doubts about the learning platform after a family member used it to learn italian. did not go well. italian is hard to understand, they have a lot of tenses and do a lot of male/female stuff my wife is trying to learn it. anyway, you like the product, besides the point unless they make money lot of people like it, but up 39% and losing money, count me out. number five is instructure holdings, educational technology public, then private in 2020, then public again last year. what the hell -- public/private, i usually don't like these but unlike most, this has a

decent balance sheet not wild about this space, lots of losers. it passes the rule of 40 test. if you like it, got my blessing to buy i wouldn't personally. bottom line, the stocks that came public in 2021, should be the worst of the worst, you can still find winners, global foundries or doximity. it's finding a needle in a haystack but there are a few needles at least >> 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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to make them real. old school grit. new world ideas. morgan stanley. - psst! susan! with paycom, employees do their own payroll. - what's paycom? a magic payroll genie? - it's a payroll app. - payroll is way too complicated for the average person. - paycom guides them through it. missing or duplicate punches, pending expenses, unapproved pto, on and on. - why would employees wanna do all that? - this could be a stretch, but i think it's 'cause they wanna get paid correctly. i like getting paid correctly. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call

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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? time for the lightning round gary in south carolina >> caller: hey jim what is your opinion on nordic american >> every time it's a buy, gets to four, a tell. it's all i have to say wisconsin. brent. >> caller: hey, there's a stock up 52% past year, haven't heard analysts talk about it much, i would like your thoughts establishing a position at current price. >> it's selling five times

earnings all-time tie, but home depot and lowe's is so low, might as well buy them i do like them barry in michigan. >> caller: nbvo. >> they make a drug for obesity and diabetes, i like them both very much. for my charitable trust. jason in new jersey. >> caller: boo-yah from new jersey. >> right around the corner what's going on? >> caller: nothing much, thank you, investment club member, thanks for the emails, you and jeff, everybody doing a great job. >> he's incredible what's going on? >> caller: quick question for the positioning of bartis.

>> it was bumpy at the beginning, no longer the case, always welcome back on the now lucas in minnesota >> caller: hey, jim cramer, i'm wondering about super micro computer. >> i can't believe it's doing well, seems commodity to me. i have to invite them to the show to figure it out. dean in ohio >> caller: hi, jim you have made our retirement a blessing thank you. >> thank you, investing club, urge people to join. >> caller: i'm asking about this because i know you don't like it, but the yield is almost 9% and it's dividend. >> i think they have a lot of cash flow, but philip morris is doing a lot of things to get people off tobacco

it's weird, but i got to give them credit for trying james in west virginia james. >> caller: professor cramer, been watching you since 2008 >> holy cow, that was the bottom what's going on? >> caller: that's why i got into the market, second time caller need your insight on a position i own, it had a rough day, harmonic, hlit >> i always call it high lit for a deejay i know. i don't care for the market, stocks were down, be careful of that one that's the conclusion of the lightning round. >> announcer: the lightning round is sponsored by td ameritrade coming up, panic isn't a strategy cramer has the tonic for a jumpy market next

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♪ not consequential, sorry that's my new tagline. i'm asked about stocks after bibs and bobs in the news, coming in a dark tone. but most situations are not nearly as dire as people think tons of sensationalistic headlines that sound very scary, even as they're not meaningful,

sometimes flat-out wrong sometimes the story isn't important. for example, when i think back over the earnings period, how is it possible so many people asked me if charles schwab was okay, if they could make through the mini banking crisis intact, as if the bankers interviewed on our air meant nothing, made reassuring comments, they were doing fine, ceo had bought a ton of stock but schwab reported, it was all true, absence of capital flight, i find it aggravating that people took the story so seriously, like schwab was in danger of going under. in reality they lost a little bit of earnings power, wasn't a big deal management told you that repeatedly, i told you that

repeatedly, didn't stop the endless questions about the viability. looking pretty strong today. that's why i think we need a -- that's of no consequence mentality -- when something sounds bad but not when you bore down making a mountain out of a molehill to sell more papers, this time to get more eyeballs it's not just one company. netflix reported last night, momentous? not really doing better some things, worse in others. monetizing the library small selloff, wake me up when something interesting or important happens. yesterday, the decline of j&j, coming from lack of a clear win in the trial of a key cancer drug actually not of consequence. what really matters to j&j is if

they can get closure on the asbestos lawsuits. those living in cancer who claim they got it from j&j talc. what is consequential is whether it's accepted and positive the anticancer drug trial isn't that important time to move on. bing could be an existential threat to alphabet, parent of google that's huge. there are geopolitical issues of extreme consequence, the war in ukraine and saber rattling of china about taiwan, serious. but stories that don't move the needle on a single company, cool the rhetoric, stop yelling fire

in a crowded theater save those headlines for the stories that are consequential if you don't want your portfolio to look like the aftermath of the boy who cried wolf there's always a bull market somewhere and i promise to find it for you right here at "mad money. i'm jim cramer. i am brian sullivan. tonight, ron desantis's support slipping as his against as they may have backfired. scaring off some donors. gas line growing in parts of florida. we will talk about the shortage in the buying panic in parts of the sunshine state apple, betting big on india. connect country really reduce our addiction to china? what ever happened to watson? the supercomputer is big blue seeing red over ai. and get paid by facebook? we will tell you by zuckerberg may owe you some money