just kidding microsoft, i would about be a buyer. >> thank you for watching "fast money. see you back here tomorrow at 5:00 meantime, do not do anywhere "mad money" with jim cramer starts right now starts right now my mission is simple -- to make you money i'm here to level the playin 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 a special dallas cowboys, the star of frisco, everything is bigger in texas, special edition of "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job isn't just to entertain but to educate and teach you so

call me at 1-800-743-cnbc. or tweet me @jimcramer. how about them cowboys okay, not a conventional start to the biggest week of earnings season but works for me and i want to make it work for you today we've got a warm-up for what the rest of the week looks like, a lot of thumb sucking and very little confidence companies will make the numbers. the dow finished up 66, s&p sansed.09% and as has been the case for weeks, the market was substantially lower midday with the nasdaq especially ugly [ boo [ >> companies often speak in positives. if things go wrong, what do they do blame the environment or fed or whatever villain they can make up that makes them feel like undeserved victims with stocks you should buy if i were a company's ceo reporting this week perhaps i'd take my cue from jerry jones he owns the cowboys, the dallas

cowboys and made them an institution, the most profitable team in america and, indeed, perhaps the world. ♪ hallelujah ♪ >> the qualities, ambition, loving the head winds, embracing the head winds and i mean me because if you don't believe in management you shouldn't own the darn stock in the first place. sure, we can talk about the cowboys as a team although i am a philadelphia eagle season ticket holder but they're a corporation born on the back 6 oil and gas principally by the jay, the strongest in the market you can't own a piece of the cowboys, as much as i would like to mr. jones owns it all but you can own a piece of his natural gas company which he regards as the secretariat of his empire and it sure is we saw an operation, the cowboys, when he bought them was losing $1 million a month.

and he paid a seemingly sky high price that in retrospect looks like a pittance. jones has a passion for football that's only rivaled by his belief in natural gas. he is a big thinker who doesn't worry whether -- he's not obsessed by the fed or quarter points they mean nothing. he makes his own breaks and that may be the perfect jumping off point. how much i learned from him and how you can apply it to stock picks in a week where you need to make so many decisions about whether to buy, sell or hold they aren't that much different from the cowboys given the nfl draft takes place at the end of the week and bringing in fresh talent, do you see a future for your company that you don't see i was in a helicopter with him for an hour. he sees things we can't and this brought jones the idea that the cowboys might be a platform, i

know it's an overused term but maybe a platform there's so many out there and the real ones are hard to spot but he did very early on classic example of what we can do, nvidia as the platform for artificial intelligence or do you see it as a gaming chip company? if you saw it as the latter you were playing the short game. it was the long game based on ai this is a week where you want the long game meaning you can't let yourself be shaken out by short-term concerns and jerry jones helped me with that and would have blown out the cowboys billions of dollars ago if he looked at the p & l short term ask yourself ahead of earnings do you have one foot out the door already because neither you or management seems anything but short-term results there will be stocks like microsoft or alphabet or meta platforms which report this week and they have disappointed before, could do it again. can you steel yourself can you take it? right now only meta's mark zuckerberg seems to be doing the

right thing cut out what's hurting them and given them the money, the cap space if you will to double down on what's working. alphabet, i know it is hard to see the value. you have to see the value that they don't in order to keep believing in this one through earnings i find it tough. i admit that microsoft almost seems too easy. you weren't owning it for the present but because it's embraced artificial intelligence by allowing them to save their search engine, bing and make it competitive against microsoft. second, does your team embrace the head winds or does it fear them part is not worrying about the fed but these are potential opportunities because he has a lot of business connected with the cowboys. when the other owners wanted status quo he saw opportunities to extend the franchise via promotion and he owns promotion like the facility all around me, examples of making something out of almost nothing.

he is a huge believer in natural gas because it can spike from these incredibly low levels and become the worldwide fuel that is currently struggling to be. we need to hear that boy, is it a tough time to own natural gas. do the people who own your companies address the recession? i don't want to hear that. had they used technology to triumph over the supply chain, labor issues or simply accept their fate jerry jones doesn't accept fate. he determines fate that's the right attitude for ceo. it's an investable attitude. ask can they make the tough decisions needed i heard mr. jones talk about the need to let people go whom he respect, whom he likes these are players who have won for him but said they got too expensive to stay on i wish most ceos would do the same so far mark zuckerberg is the only one who has the candor. demonstrating a need to win, i

tire of ceos who act like they don't need to perform. the cowboys have to perform every week and i'm like a football team, those executives are playing with your money. so one thing you must know, does your management ever, ever, ever admit to a mistake or is everything perfect is everything powerful and there's no feed to accept and pivot? you overhired badly during covid. no, you didn't need to spend all that money if you didn't see chatgpt coming or understand technology, just own it the shareholders will find out eventually anyway. so the draft does start thursday and we can learn a lot about how to value companies by looking at a way the owner like jones looks at talent. what if every ceo gave us a glimpse of the future leading the way? that would mean there would be pressure on the others not mentioned. i like a management that can talk about where things are headed and, listen, if you think it's taking sports a bit too far the way i'm analogizing, you're

wrong. i got my start as a sportswriter covering florida state and learned about college ball that applies to the market today so i'm tells you, learn it from the pros, it's much more important bottom line, if you don't think you can learn about how to manage a business for shareholders, see how jerry jones manages the business of the dallas cowboys and all its acute tremendousments for the fans that can help you get through with temerity and humility great combination for winning on the gridiron and your portfolio. karen in florida >> caller: hey there, jim. thanks for taking my call. my question tonight is on lyft it's been in the doldrums but looks like it's getting a new ceo bringing somebody over from amazon do you think i should hold it and let it turn around or what are your thoughts? >> okay, john risher is a tough

guy. that's what i'm talking about. he came in and that makes me inclined he has something that can work let's see two quarters before we can say. you have to stay tuned for my exclusive with jerry jones, the businessman, and learn something about managing a business for shareholders his message can help get you through earnings season with temerity and humility. you need both to get through this week on a special edition of "mad money. leading the market today, i'll sit down with another person who knows natural gas, the ceo of co-terra then southwest airlines hit another bit of turbulence. we'll find out how it's positioning itself for the long term how about those cowboys? the legendary jerry jones talks about leadership, legacy and

football so 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 email to madmoney@cnbc.com or give us a call at 1-800-743-cnbc miss something, head to madmoney.cnbc.com. tions, 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.

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♪ while we're in texas we need to check in and drill down more on the oil and gas industry and know the price has gun meandering but the price of natural gas has been obliterated.

now, i would like you to meet tom jorden, ceo of coterra we own through the travel trust it gets 59% of its sales from natural gas where it is among the lowest cost producers in the world and created a solid dividend and huge buyback having pivoted from a general rouse variable dividend policy welcome back. >> great to be here in person. >> let's talk about what i think everyone wants to know which is can natural gas stay this low this long and whether isn't it an opportunity for coterra or could be the bane of your existence. >> natural gas fundamentals look great. we had a warm winter storage is above the five-year average but if you look out long term, long term being three to five years, the story is terrific you know, we're seeing a lot of

new capacity come on line in the next two years and we'll see with a little help from the weather, increasing demand and that's a terrific story. >> but at the same time no one can make money you're at the lowest cost and can't make money on natural gas if we can now. we have a low cost of supply so our break even plus our cost of capital is, you know, well below $2. >> which is terrific. >> so, yeah, we kind of hold our breath it's why we have a healthy balance sheet and we've got the wherewithal but we're in the business for the long run and one of the things we've learned over time is you cannot stop/start these programs without impairing your excellence and cost structure over the long haul. >> that's what i think a lot are thinking, which is, wait a second, why don't i shut down natural gas and put all the money on another thing but that could be a fool's game. >> there are plenty of people that play that game. >> i know them. >> one of the reasons that we

form coterra and what we love is having that long-term luxury of being able to weather through the troughs. that was our core thesis in forming coterra so we're doing just fine. >> one thing you did that i was most grateful for, you changed your capital return plan because the world changed. and you recognized the terrain was different from the map if you could talk to our viewers about why that made more sense, it would be great affirmation. >> well, jim, we're a science-based outfit and tell our organization don't get ahead of yourself with conclusions look at the data and make observations from the data and then conclusions and so you wake up every morning and re-examine some core principles, and we looked and saw a lowering of world supply, we saw an increasing demand as we recover from a post-covid world, we listened to our

administration in washington call on u.s. producers to increase supply, and we realized the world has changeded, that we are entering an era of energy scarcity, of a lack of energy security, and that the u.s. producer needs to re-examine you know, we also, although we love paying dividends to our shareholders, we realize that it wasn't being capitalized in our share price. >> no, it wasn't. >> and that a buyback was a better vehicle for returning capital to our shareholders. we also thought as we looked at our own asset base and our own share price that the best m&a opportunity was in a share of coterra so debated long and hard but when we made the final decision we were highly confident it's in the best long-term interest >> that's why your stock has been the best performer of the year people know you think it's inexpensive and you'll put money to work where your mouth is. now, you mentioned about the landscape and about being

responsible. your company is well ahead of almost every other oil company when it came to operating responsibly well ahead of what the law said how did you know to do that? >> it starts with an organization and it starts with a culture around excellence. and, you know, coterra is one of many excellent companies. >> absolutely. >> but we do strive to be good in everything we do. we have a very transparent culture, a very technically focused culture but one where we force ourselves to look at data and stand naked in front of it however uncomfortable that may be and so our focus on operational excellence, on environmental excellence, on management excellence really is because of the dedication of our people to wake up every day and make this the very best company in our sector. >> i think -- you wouldn't be so big, i guess

europe, it seems they made misjudgments, they're overconfident and shut down almost everything as if it's sunny every day in germany 27% of the time it's sunny you have a whole continent that doesn't have enough. do they recognize it and with our cost structure could companies like you save them if it's a cold winter >> well, i believe that we'll be called upon. if there's any lesson over the last decade or two it's that magical thinking on energy policy is not very good and prudent. if you look at the parallels between the united states and europe over the last 20 years, it's striking. europe very slowly increased their dependence on foreign sources, they pivoted towards russia as a huge single supplier they banned fracking and shut down their own domestic industries, country after country. in that same 20-year period the united states went from an industry almost written off for dead to roaring ahead with

technology and innovation to become the largest energy producer in the world giving the united states energy security second to none and lowest prices second to none it's an amazing contrast i know which path i would like to see us follow in the future but we'll be there for europe. they're our allies they're our friends and we're not going to let them down. >> but you won't be there for new england because they won't let you. >> look, the situation with pipelines in the united states is -- >> difficult. >> difficult is a good word, jim. it's also a consequence of what i believe to be political malpractice when it comes energy. >> fair enough let's leave it at that mr. tom jorden, president and ceo of coterra i have a large position in it in my charitable trust. "mad money" is back after the break. >> announcer: coming up, does the stock ticker luv need some tlc?

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remember when the bull market in travel and every plane was full major reliability issues and some problems with some of the planes, but today southwest air had to cancel 16,000 flights over the holidays last year because of bad weather, technical issues and last week they had another tech problem that caused nationwide delays and disrussians, it's unfortunate because they've long had a reputation for being the best run airline and always favored it with all the recent issues can they really capitalize let's check in with bob jordan, the president and ceo of southwest. welcome to "mad money. >> thank you and welcome to

north texas. thank you for inviting me. >> thank you you report this week we won't talk about near term numbers but first of all have you been able to capitalize on what is an airline boom given the fact that you've had some technical problems >> you know, the demand environment is still really strong, so obviously, yeah, we report earnings on thursday so i'm limited in terms of what i can talk about but it's strong environment. we have a little bit of a head wind coming here year over year because international was really down last year and it's back this year but other than that, no, the demand environment is very strong. >> you mentioned it's the traveler is not necessarily the most lucrative traveler. we want business travel back you getting a lot? >> we are and i think a good indicator of that is we've talked about, you know, just in terms of our forecast that our march revenues here will be nearly fully restored to prepandemic 2019 levels and i think that's a huge accomplishment. >> very big.

now, without getting again to the heart of reporting, we know -- we mentioned the flight cancellations, there was news last week about some, again, some delays, and has it in general made it so that southwest is no longer the southwest we think is the most reliable or people still flying southwest? >> you know, we've got a 52-year history of being a terrific operator, terrific customer service, having the best employees and, yeah, we had some disruptions, we had a rough one in december but that bad week is not going to change what southwest airlines stands for. the issue last week, we had some issues with a vendor provided fire wall. we have backups to that. it failed as well. we need a little time to bring our operation systems back up, validate the data. we're always going to be safe. and it took us about 50 minutes to do that so we were at a ground stop for 50 minutes we took care of our customers and gave them the act to change flights with no charge or an

issue but groundstopped for 50 minutes. >> now, something -- we had an airline pilot association person on cnbc last week talking about how it's just kind of -- that's the way southwest is they didn't spend enough they haven't kept up to date the systems are really old could you just update us on the status of your systems and how well they work >> technology is my background technology is complex. every company has things that are brand-new, for instance, we put in a brand-new tech maintenance system in the last couple of years and a brand-new people or human capital system last year. you also have things that are in the middle of being upgraded and need work so we're just like every company. we have systems all across the map. we spend roughly $1.2 billion on technology a year, we're actually going to increase that and it will be 1.3 billion here in 2023, but, no, we're not behind we have things we need to work on. >> the point-to-point system, you're sticking with it?

>> it served us well we are the number one carrier in 23 of the top 50 markets in the u.s. nobody provides more flights domestically in the united states and actually restoring the network to where we were prepandemic provides more reliability. provides more opportunities for our customers, more options and also provides more options in terms of recovering when we have irregular days like bad weather. >> how about planes? i mean, i've been somewhat critical of boeing just because i think there are real snafus there that are -- we don't want to deal with the government but they have to deal with the government are you getting the planes you need >> boeing like everybody, every company on the planet is suffering supply chain issues, and they uncovered a supply chain manufacturing issue last week we're working through it with boeing in terms of what that means and we'll talk about that thursday, what impact it has on this year, maybe on capacity

boeing is a terrific partner and we need aircraft we need boeing and i think they're just suffering like all of us have been with supply chain issues. >> one of the reasons i have loved southwest for so long is -- >> we appreciate that, by the way. >> one of the things that i feel there is an ethos and a culture and maybe because it is texas based, it is a mecca and you are a different kind of company. i think a lot of the stuff that happened is bad luck could happen to any airline because every airline tells me it could tell me about texas being a mecca for business. >> all the companies that are bringing headquarters and business in texas, right here in the north texas area it's very business friendly. we are a texas headquarters business love field is our headquarters and we love doing business here but very friendly business state and all are welcome. >> do you think that people --

i've been saying people are low money and short on time. do you think that stays? do you think a generation has been changed and they want to travel and see the world before it's too late. >> you know, it's really hard to tell where all this settles out. i do think -- if you look at the recovery, services are holding up very well especially right now compared to goods in some cases, i do think travelers want experiences. our customers want experiences i think our younger generation travelers especially seem willing to forgo other expenditures in order to take trips to see things and we see that in the data. >> i know the federal reserve is focused on how much airfares have gone up i think when you travel it's the hotel fares that have gone up more than airfares have you done any comparisons about who had to raise prices and where you are versus 2019. >> we have and i think where i'd start is you raise fares for a reason inflation is real.

you know, we talk about just labor accruals, we have a huge number accrued in terms of expected labor contracts, so inflation is all over the map. i mean it's in labor, it's in parts. it's in suppliers so we're all trying to cover our costs and boost margins. but, no, i think that's really the driver if you look at pricing, though, in the industry and go back dec de decades, air travel is less expensive on an adjusted basis than it was decades ago. >> that's what matters and we can't live without you we found that out. we're a lesser develop the country in we lose our airline business. >> airlines are essential. southwest is essential we love our customers and our business customers and leisure customer. >> bob jordan, president and ceo of southwest airlines, "mad money" will be back. >> announcer: coming up, get to the chopper, it's fourth and inches on "mad money." jerry jones joins cramer next.

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on the road doing the show from the star in frisco, the campus that serves as the dallas cowboys' world headquarters and practice facility talking to a couple of local companies while down here but first had to check in what jerry jones, the business person president and general manager of the dallas cowboys as well as a huge investor in natural gas through a giant stake in comstock resources. take a look. >> a lot of people know you as an owner i think of you as maybe one of

the great businesspeople of our time you took a struggling franchise and made it into what we call jerry world, jerry world 2 how did you have the instinct to take something that most people just took for granted, just kind of a trinket and make it into one of the greatest businesses of all time. >> well, i think we have to go back to something very simplistic i was so passionate and had the want to so bad to somehow be a part of the future of football i liked other sports, played other sports, but football was my deal because i had to always call on myself to play my trainer, jones, i believe you have the lowest tolerance for pain of any kid we've ever had at this school get tough, son well, i said, well, it hurts me more than it does the rest of them i deserve a medal but i loved football as i mentioned, though, financially i did not see the

thing that motivated me. had i known i was paying these coaches what i'm paying them now then i might have got a little more motivated to go into coaching. >> you saw the opportunity when others didn't. you saw the value, yes, promotion and marketing and you're naked about that. you believe -- >> yes, it had the ingredients first of all, it was underserved, okay. the model was broken no team to my knowledge was making money in sports it was a hobby. >> you made it a business. >> it was a hobby, though, it was a hobby before that. the greatest pr, sports, pages, sports shows and then had the blood and the passion of the college scene, all was there, but they didn't have a system to get enough juice marketing to come back around and go again. and so it needed the markets cowboys were losing a million a

month when i bought them, cash flow. >> i know this is the most lucrative team and most valued team and part of that is what i see here you created a world. no one else has this this is disney world for football it's a mecca how did you think about making a mecca for a sport? >> well, i've always thought when i was going to school at the university of arkansas -- >> where you won the championship. >> where we won the national championship which was inspirational. >> okay. >> it showed me it can happen to you too. but when we would practice, we would practice before 2,000 or 3,000 students and they would be sitting on the hills or little knolls 50 feet from our drills and, boy, i'd pull my socks up and would want to want that drill almost like you felt when you were playing on saturday so the aura of getting into the game, what it took to have the game in close excited me that

can transcend to a more, if you will, entertainment which is almost like -- almost the wrong word to use but it's more than that, because it calls on you to do something that's not natural. it calls on you to get in front of somebody physically, not out in front of them >> are you looking for that on draft day? >> yes. >> i know you care about draft day. this is where we're going to watch it no one ever thought to watch anything now you get people to watch it it's not in your town but they come. >> here's the thing about draft day, you can't see what you really are looking for on draft day. you try to go back and talk to their neighborhoods when they were in grade school you try to go back and read their families and how they grew up i really want people that care i want them to care. now that comes in a lot of different ways but it's hard to care about your teammate more than you if you don't care about something in

your other life as to how -- >> i'm not hearing about -- you wanted to transcend that talent is not enough to play for jerry jones. >> well, let me say this at the end of the day, at the end of the day, this would be a hell of a business if you did not have to play them football games. you got to play them football games, and it's important. i tell our players when they come in, why am i here in front of you why am i talking to you about your background and family because nothing works unless you execute. nothing works unless you give it up and i'm trying to motivate you you should be motivated by the financial possibilities that are here you've been motivated by just your competitiveness combine that together and you'll be a war daddy. >> you understand -- you understand dallas and you decided to make dallas bigger than it is i'm not saying you put it on the map because it was always a great city but this is about texas business too this is not just about football.

>> well, football and texas have always been synonymous when i was in college in the southwest conference, arkansas, the only schools we played were texas schools. so in order to go someplace had you to go to texas and so they were kind of rough on you but they had a great attitude and, of course, that has carried through. football brought me to texas >> okay. >> i did not see the huge growth and the opportunity and the ethos of what texas is about and the culture of business. >> elon musk sees the ethos, right? >> let's put it like this. people will gnaw a leg off a chair, young people as well as people who are 70 years young. this is a great place and it's a great place to have the dallas cowboys. now, i used to think that maybe

a center like chicago or a center like new york and i thought about, boy, now those are areas that speak to a franchise, certainly an nfl franchise. i used to think about being at gallagher's maybe after the game and sitting there talking a little bit about the giants and having played philadelphia let me tell you this, i got to texas and i started feeling this cowboy thing and i started thinking and watching friday night lights and friday night football. >> right. >> i saw the coaching staffs that are on high school teams, the moms and dadded that are involved it's in the blood of texas they're football players here. >> one thing i want to make clear is that you are a natural gas aficionado you have a larger vision than that you want to dominate with america's team i know you call it that. i think -- i'm from philadelphia so that's tough to swallow but

you see our country as dominant and you want people to understand why that is >> well, one thing that i have learned is that headwinds, resistance is huge head winds, resistance, if you don't have something to push you can't get stronger. >> you want headwinds? >> i want head winds, i look it up. >> you don't fear them. >> after i get there i help try to create some the point is that head winds are an important ingredient when you're trying to look around the corner do you have headwindsy is there a natural barrier? i think natural gas is like riding on secretariat when they're holding the other horses back. >> hold it this is supposed to be secretariat. that might be worth more than the cowboys. >> i feel that the gas that i'm involved with comstock is involved with certainly has a chance to exceed what the cowboys are worth and, frankly,

what that -- what our sports part in the industry -- >> only if it's unleashed and saves europe from a cold winter. that's the power >> gas, gas has always been much like football players. availability availability there's never been in my mind a question about the quality and what it can do how about food try to save food without natural gas? try to save products without natural gas? much less the energy that it takes to run -- >> that's why you bought in the open market. you did not just take loans down you're lockstock comstock. >> well, natural gas to me is the question the market for the natural gas, so the challenge is how do you operate when you're in trying times in market, because -- >> you walk away and stop drilling >> natural gas -- >> do you quit >> no, you learn to operate

during those trying times. you learn to operate at an acceptable -- how about a real good rate so that when you get the spikes and get the good times, you're sitting there with the goods. jim, i've got one more thing, has to do with a very important part of you is that head and when you put it in there, slide it over to the side. don't face it up we don't tackle like that anymore. i want to present you number 1 draft day pick from the dallas cowboys. >> wow i am honored and you know what, i will not let whatever fran size takes me is going to be in the super bowl, that i promise, mr. jones. >> i'll tell you this, i don't know if you're fast enough but you are tough enough >> aww, gee. thank you very much, sir appreciate it. >> announcer: coming up, cramer takes your calls and the sky is the limit. it's a fast-fire "the lightning round" next.

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>> announcer: "lightning round" is sponsored by td ameritrade. it is time, it's time for a very special dallas cowboys deep in the heart of texas edition of "lightning round" on "mad money. we'll take your calls. rapid-fire my staff will play this sound -- [ buzzer ] >> and then "the lightning round" is over let's start with jonathan in pennsylvania jonathan >> caller: boo-yah, jim. second time caller from p.a. in the heart of bucks county. >> fantastic >> caller: your investment club when you started it, great >> thank you very big talk tomorrow at noon

i want you on that talk. let's go to work >> caller: you got it. i will like to know what you think going forward of jazz pharmaceuticals and if their acquisition of gw pharma was a good move. >> no, i was not crazy about that why? because i think that we've decided -- everything is decidedly cooled even on medicinal so i think they spent a little too much. longer term it will be fine. i'm not panicking but only long term tom in illinois. >> caller: hi, jim thanks for taking my call. my question is with at&t going down so much lately, the dividend yield is high, do you think they may cut the dividend and more generally do you think the stock is worth holding on to or get rid of? >> well, the company told me they weren't going to cut it so i think -- >> sell, sell, sell. >> trustworthy nature alone go with t-mobile. nick in florida. nick >> caller: b-b-boo-yah

salutations for the wizard of boo-yah in the land of boo-yah. >> i wish i were a wizard but let's go >> caller: i think disney with iger has the chance to double. what are your thoughts >> my travel trust owns it i would love to be as optimistic as you are but bob iger versus the governor of florida, my money is on iger andres in florida. >> caller: this is andres from port st. lucie my question, jd.com. year to date down 38%. >> the only chinese stock that i would possibly recommend is -- it's alibaba it is too hard we're not done let's go to mason in florida mason. >> caller: jim, the legend hey, love this show and i love

save the date. >> we do not recommend these stocks losing money on "mad money" because we do not want to hurt you let's go to frank in ohio. favre. >> caller: yes, i have brazil stock pbr in my portfolio. should i buy more? >> a many worried about pbr after what chile did with lithium. i'm not messing with the brazilian companies. it's too hard. matt in new york. >> caller: longtime viewer appreciate you having me your take on the wwe acquisition endeavor i'm not an ipo guy but this is one i'm thinking about getting into what do you feel >> i do -- endeavor is my agent and i'll not talk about it at all. that is the conclusion of "the lightning round" forsponsored by td amir tad. coming up expect fewer 20%

coupons to show up in your mailbox. cramer on bed bath's trip to the great beyond next. (♪ ♪)

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over the next few days you will hear a lot about what ultimately killed bed bath & beyond they decided to wind down this weekend. you'll hear that they couldn't compete with amazon. they were doomed the moment they were invaded unless you were jonesing for a coffeemaker or needed some clean towels it was easier to wait 24 hours to get the stuff from amazon you always hear that mark who took it over wrecked it by trying to change its image from a cheap retailer with a coupon strategy into a more episodic place nobody could figure out. they had no management to speak of once he got ousted and maybe they could have dragged it out longer by selling their popular

bye bye baby brand while there's truth to all these explanations i think the real culprit is something else entirely, what destroyed bed bath & beyond, i think it was slow motion suicide. they wasted so much on endless buybacks with no real innovation and then when mark had a chance to turn things around his plans got interrupted by the pandemic. from 2011 through 2022 these guys spent nearly $9 billion buying back stock? even as their stock kept going lower and lower. there aren't many businesses that can survive after layighti $9 billion on fire sure, amazon had the best number years ago but you know what they did the same thing to other retailers and they're doing fine maybe even sometimes beating amazon at their own delivery game the geniuses that ran it kept doing the same thing year after

year in the stores as if amazon was one day going to go away and invested in their stock and spent nothing on their business. many pretty much everyone who has written about it, mark, i think he did a good job. the original bed bath is about a mile from my house couponing their way against amazon but to his credit he tried to reinvent the whole place, i remember going to the company's new flagship store in manhattan with a crew to see the top to bottom makeover it was dazzling versus the store a block from me and explained bed bath & beyond had spent very little on any technology whether talking tech for customer relations or knowing what was selling and thought buying back stock was a better investment and had to replace everything which was costly but no one talks about it at the same time he put his considerable skills to work as a designer and executer of a private label strategy deal learned at target. top to bottom, it was breathtaking and low price points but covid hit and who

cared about what the stores looked like. bed bath & beyond spent fortune buying product once mark came in brilliantly he outsourced mostly everything to china, except the pandemic ended that, didn't it? messed up the supply chain but good couldn't get the product he needed too expensive to fly in. he was caught stranded none of the old and none of the new so customers disappeared over the course of the pandemic. i think it's insane to blame tr tritton in retrospect. the strategy could have worked but if not for covid by the same the supply chain was fixed cash was running out and already too late and that's when it became inevitable it was like a doctor being brought in to save a dying patient. sure, he failed but the buybacks and pandemic, it's hard to see anybody else salvaging it. the sales that they did last year will go elsewhere

ironically mostly to target where tritton honed his skills before he joined a retailer that loved itself so much that it betrayed the very shareholders is tried to reward with reckless buying, not a good, fresh, competitive product but of a very, very bad stock i always say there's a bull market somewherere i promise to find it right here money. i'm jim cramer see you tomorrow "last call" starts now thank you, jim i'm brian sullivan tonight amazon delivery drivers in one critical market on joining the teamsters union. will soon more follow? japan versus america are there carmakers going in a much smarter direction than detroit? breaking developments. first republic bank's earnings with regional implications dark clouds ahead. one of wall street's biggest banks is saying sell on america's biggest solar company. and the alphabet ceo getting paid millions for security we'll show you just how much even as employees are bein