trading lower on conservative guidance i think you want to continue owning this name >> amgen earnings next week, mel. >> thank you for watching "fast money. see you back here tomorrow at 5:00 "mad money" with jim cramer starts right now. with jim crams 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. i'm just trying to save you some money. my job is not just entertain but put tough days like this into context. so call me or tweet me @jimcramer. there's nothing like a banking

crisis it doesn't matter how big or how small or widely predicted when it comes to fruition, everyone is shocked and the market gets clocked. and that's why the dow tumbled and the nasdaq plummeted 1.9%. no matter last night first republic the san francisco bank that looks a lot like the failed silicon valley bank reported one of the ugliest quarters i've ever seen then followed up with a conference call so dispiriting didn't even bother to take any questions. after the ceo closed by saying, quote, we are grateful for the continued support and thank everyone for joining today's call, end quote, you may now disconnect huh, you just announced you lost

half of your deposits and borrowed millions of other banks in order to stabilize things and that money might be vaporized but then you don't take any questions? believe me we aren't supporting, we are are connectively disconnecting. jerry jones the owner of the caw boys talked about the legendary monday night football announcer. i found myself saying turn out the lights, the party's over there's no comeback from those huge losses and the unanimous thank you for your support there's one big difference between now and 2008, this time there is no systemic contagion it's a miserable moment for first republic, once a bank beloved by the rich and famous, but outs an all clear event for everyone else. you see these guys were supposed to use the tens of billions of

dollars in deposits they got from other banks to buy time to restructure. maybe get a lifeline from someone who's covered what's left of their well healed base, maybe find some warren buffett, a new warren buffett, any warren buffett. i couldn't figure out if it was hubris or stupidity or maybe both in the end didn't matter, though everyone thought the march banking crisis was over, so there's no way the bank could handle the implications of first republic's likely collapse it was an amazing session because a vast majority of companies that reported put up really good numbers, and if not for first republic their stocks would have been worrying this was the impact of a quarter derailed because of first republic i think it's important to

look -- let's put it into context. if you go back to the original crisis where silicon valley bank, everyone assumed they would be the next to go under, but these guys got the lifeline, from a posse of major banks. they didn't want anymore bank failures oats just too brutal for the bank industry. there was no reason to stay as a customer of first republic if you didn't want to they couldn't lock those people up and they were the ones that mattered that didn't keep the depositors from running rich people don't want to risk losing their uninsured deposits in a bank running, no amount of white glove treatment can change even as they do love the attention and adoration sadly for first republic you can't take that to the bank. still earlier this morning we

had mostly positive earnings r raytheon, mcdonald's it blew away the numbers and executed beautifully. amazing quarter, much better numbers they're putting up than when interest rates are lower. a genuine housing crisis in this country with a shortage. we don't have lot of sellers because they lose their low interest mortgages if they did it they hipdered development around the country which pushes prices higher we need millions of new homes to meet the real demand out there totally counter intuitive we could have a bull mark in-housing but staring right in the face unfortunately, it also hurts because higher housing prices also mean higher rents also want to push back against the higher wages some of the companies need to pay to keep their operations going and i've

heard that all day as long as we have wage inflation the fed is going to keep tightening. i didn't hear anything in the last few hours that would stay the fed's hand alt a quarter point, except for one thing and that was first republic. when you get a sizable bank out there failing it is a reminder we could have a powerful counter intuitive force to all the inflation i just mentioned the deflationary anvil of a bank day. basically led struggling regional banks do the work for them cutting back lending to everyone and anyone because they desperately need cash. all we heard was the possibility of a chain reaction from a now pretty small san francisco bank losing its lifeline. in march we thought the fed was going to tighten when silicon valley bank collapsed and the economy started roaring again like a fire that refuses to die. i doubt the crisis of first republic can douse its own thing again. it's not big enough.

they want to keep companies from expanding than contracting the way 3m did today let's say if the party is really over first republic you'll see some big reports wall street you want a dose but you can't. we've just got some tremendous results. a huge beat bottom with better than expected profitability in every segment. that had been a huge loser microsoft looked really good, top line growth accelerated back in the double digits thanks to sales. that beats on all segments remember, though, with microsoft you have to be careful how about this how about chipotle chipotle screaming higher thanks to a blow out that included better than expected comps and more than $10 in earnings per share. i've been telling you the stock has been headed for $2,000 how

many nights out here well, we're a heck of a lot closer and i think we're going to get there all three stocks jumped into the after hours trading and it might not matter because of the obsessive focus on this darn bank this too shall pass. and if you bought when it passed last time, well guess what, you made a ton of money. kerry in texas >> hi, jim >> what's up >> i heard you visited >> loved it. frisco is gorgeous i went to the little town beside and i loved it, too. how can i help you sph. >> well, i'm needing to diversify my personal portfolio some and costco is my go to retail stock with brick and mortar retailers like bed, bank and beyond cratering it makes me more nervous to branch out, though. >> costco is best in show

there's no doubt about that. i'm always going to standby can you say co my basis for liking foot lockr for the charitable trust is mary dylan. it's a bet on mary dylan it's the company costco, the person mary dylan. she's going to make this one big. let's go to connecticut. >> hey, how you doing, jim >> not bad how about you? >> good. so i was wondering about elf beauty >> elf beauty is sensational there's just no doubt about it the fact when this stock goes down -- a fan of this show forever when the stock was in the teens. if you can get that under 90 it would be really terrific >> love you drinking that spam juice on squawk the street with carl and david

>> i appreciate the recollection how can i help >> given most struggles with earnings it is a buy here and what's your thought on that $5 billion infusion to first republic >> yes so here's the deal with reld wells fargo they had an amazing quarter. they have the capital. i believe there's going to be a haircut. they're going to get a lot of that money back. i understand if a big bank goes down like that you're not going to be able to get your whole five bill back unless the teshry guarantees it, and i haven't heard that yet let's go to brandon in michigan. >> how's it going? >> it's a long darn day. how about you? >> doing well, my friend hey, my girlfriend and i are fresh out of college she just started at the high school as a nurse and came home with these big thick scrubs and love them. what's your take on? >> it's got to start making a lot of money it's kind of breaking even and

until it does that this apparel business as much as you're absolutely right, you're right to look at how they're doing but empirically it's not doing enough it has found a way to make money and that does matter as we know from march this too shall pass because we know if you bought like high quality companies like maybe microsoft, like maybe alphabet and didn't just walk away last time, you made very good money on mad tonight after cruising higher after earnings whirlpool found itself in the doghouse today. not easy to figure out so let's talk to the ceo. and can it help defend your portfolio? we need to take a step back and learn about the larger issue of artificial intelligence and your security don't miss my exclusive. yesterday we had a chance to sit down with cowboys owner jerry jones, and there was too much to talk about when it comes to leadership and business for me

not to put it on tonight so we're airing the second part of our interview with the texas and american legend, so stay with cramer. >> don't miss a second of "mad money. follow @jimcramer, tweet cramer wrg #madtweets send cramer an e-mail or give us a call at 1-800-743-cnbc. miss something, head to madmoney@cnbc.com.

and i remember kind of thinking like, "oh my gosh, i think we could be sisters." because i think we looked... yes. right. yeah. and i don't think at that time- i think you're the one to tell me that we had the same birthday. yes. it's really unbelievable when you think about it,

because it's been, like, really over 20 years that you were my mother and father's banker, you became my banker and now fran is in her third year of college and you're her banker. it's so unbelievable because i'm just 20 years old. [laughing]

we've got a conundrum here what happens when an iconic american company reports much better than feared numbers but then leaves its full year forecast unchanged

in this market the stock gets unpunched. let's look at my favorite companies for many years, whir pool last night reported much higher than expect. even as the ongoing earnings were cut in half a year ago when they talked about early signs of a strong housing market and seemed to peak in the second half of last year meaning the margins should expand nicely going forward. whirlpool left its full year forecast unchanged when you reported a big earnings beat on wall street that's viewed as a guide down even though the stock opened hire this morning it came up to gauge and down nearly 6% we've dpautd to find out what the hell is going on here. i think wall street has got it wrong. this stock now sells for less than 8% earnings and the new housing market i think remains shockingly strong. the chairman and ceo of whirlpool to get a better read of the situation

welcome back to "mad money." i admit, mark, i read the numbers without looking at how the stock was doing, and i said this is a win because a lot of things are going in your direction plus i like the in syncerator which is such a good acquisition. what do you think happened today? i know you're not a stock guy, you're an appliance guy. is there some miscommunication on wall street >> you heard in our earnings call and also in ow press release we feel actually good how we started the year. we picked up 200 points of margin, 400 base points of margin in north america. we picked up margin share. we feel good about the start of the year it's one of these days where good news may not always translate in intraday share pricing increase >> let me put it back at you

using your words you talked about improved 420 basis points and next two paragraphs, we continue to expect a promotional environmental. wait a second, promotional environment, you're taking share, margins are expanding if this is promotional, count me in >> yes, jim, we basically said we expect the promotion environment to be stable stable compare today the back half of 2022 so nothing is surprising the u.s. market is always unique and some percentage up that's nothing new. people compare to 21 where we basically had a complete absence of promotions. what we see around us is what i would call a normal environment. we know how to win in this environment and felt good about the sequential and year over year gains >> let me push back, again, europe, all right. i was hoping you would sell europe, make a huge amount of money, buy back a ton of stock

and live happily ever after. instead europe's got a very complicated let's say resolution to it. you buy it a good idea, except it costs money and now you're buying or trying to trim debt. we got a new story than what i saw a year ago >> remember, jim, you had me on the show about a year ago and speculation with what we would be doing with europe was pretty correct. we feel is a very value creating solution for europe, which we announced in january and we expect to close at some time in the second half of this year that on its own will create about 750 million so, we think it's the most value creating opportunity, and at the same time we added in syncerator, an incredibly large product >> explain to me how your

business does work in the nitty-gritty we had five giant home builders in this country and all of them are doing great. everyone wants whirlpool can you offer a package deal can you say listen we now have a sweeter product unbeatable and it'll cost you "x" and you make a lot of money and also the home owners make a lot of money >> jim, we have been making a big bet on the u.s. the last couple of years. we feel good about the share we have there we have seven of the top ten home builders we have long-term contracts. we think we have the best solution from a brand perspective, a foreign perspective, from a delivery system you've got to keep in mind you've got to deliver on time, so we feel very good and make major inroads. that's yet helped us in q1, no because the housing market is still somewhat soft. as you pointed out much stronger than expected. we do expect that to be a major

tailwind for us going forward. >> okay, one last question you bought a ton of stock two years ago, a ton of stock last year, no stock and then you didn't raise guide, so you have to understand i think the simple way or the simpleton way to look at whirlpools they like to stock higher, they're not buying back stock, they're worried about the dividend and now they have a lot of debt. there it is, right is that the simpleton version or is that someone who just is shrewd and is seeing through a lot of your strategy >> well, you know, i think first of all on dividend we had have more than 70 years dividends we have now ten years in a row of dividend increases and that should be certainly established in the floor on our share price. on paying down debt we basically said we want to bring down our long-term debt leverage to 2 plus debt leverage we are concerned about balance sheets and we basically want to re-establish very conservative

measures and basically right now holding back share buy back. we had very solid multiple year cash flow. we guide to a number 800 million cash flow and that will further allow us to put the cash to use. >> all right, i think the first judgment of the market when your stock was higher is better than the last judgment of the market when your stock was lower. i want to thank the chairman and ceo of whirlpool doing many great things great to so you again. >> thanks for having me. >> "mad money" is back after the break. >> coming up it's a palo alto powwow this company is taking on cyber threats worldwide, but can they handle cramer? keep it here

well, today was bad for the overall market it was truly terrible for the cyber security cohort

the whole group was eviscerated thanks to a small action by tenable. spa sparking fears of a slow down by the industry we know companies are cutting their budgets everywhere, but does that really include cyber security are companies really holding back can they afford to i'm not sure but i know who to ask. the cyber security chief which is also presenting at the annual rsa conference in san francisco this week. this is key investment club name, so let's take a closer look the chairman ceo of palo alto networks find out more about what's happening in this welcome back to "mad money." >> thank you for having me, jim. >> we're starting to hear from smaller companies that there are industries, whole verticals, financial services, banking, technology, telecom, that are either slowing down their cyber

security or saying, look, we've got to figure out what to do before we start spend. and yet at the same time i've got a document from the president saying you better start doing this stuff now and all i ever hear about is the only area of the entire economy where we're spending might be going up is what you do. i wonder whether i'm listening to a company that might be losing business and now i'm talking to a company that might be gaining business. >> first of all, thank you for having me. there's a lot of excitement and buzz out on the floor. the team i've been walking around and listening to people, they're all excited about ai they think the moment of ai has already arrived. we've been talking in the past you and i about how there's a huge debt in cyber security that needs to get paid. and the way that debt gets paid is through more automation and more ai. i listen to the national nsa directory yesterday here to talk about how the threats are continuing to rise, more

attacks, more user ai. so i don't think the bad actors are taking a recession break it continues to drive more and more activity. so on the adversary side the activity is not declining. the introduction of ai which has both a positive and negative side to it, you're going to see people use ai to start creating new malware and start experimenting with chatgpt but i don't think we can let our guard down i don't think this is the time to pull back and say, okay, i'm going to take a break and when the world is looking like a muc more bouptful and happier place we'll go back to looking at it again. >> are you seeing more companies saying i can hold back >> jim, we talked about this the economic climate through the first two quarers you and i talked about has been pretty consistent where customers are looking at what's happening to them and paying attention to see

do they need to do belt tightening so they're more cautious we talked about the revenge of the cfo. they're scrutinizing deals and taking the time, and that trend was here to stay as long as we keep going through this economically uncertain environment. but i don't think they're being silly by saying we're not going to spend money >> but at the same time i've seen your numbers grow and grow. if that's the environment you seem to be triumphing over the environment. i don't want to be concerned as a shareholder it's just been hard and you're winning. >> you know, jim, we talked about how in the moments of uncertainty what's going to happen is you are seeing small and medium sized businesses think about how they attribute their spending you're seeing in the past quarter we talked about how customers want more certainty, more trustworthy names, more steadier partners going to be around for a while, and that's what they're going to do to concentrate and in the trend

>> do you think artificial intelligence could be something that could make the industry reaccelerate no matter what the economic climate >> jim, i was having this conversation with our internal team and they shared somebody numbers that had me flabbergasted. we need just 56 terrabytes a day. we see 5 billion new attacks a day across our entire customer base, 5 billion. you cannot do that humanly you have to do that through ai, through automation we find 275,000 new attacks every day. this is a compute problem, this an automation problem. i think ai is going to come to the rescue we all get excited talking about chatgpt on the conversation

side it's wonderful to get creative in this case, there's only one right answer, you have to find that threat and you have to identify it accurately so the role of ai in enterprise is going to be amazing, is amazing already. and what you're seeing sometimes but models allow us to apply as much as they can to the consumer world. >> how can companies compete with you given what you've just described? >> jim, this is a scale problem. as you i'm sure talk about how this conversational ai, how is generative ai going to be a playground for the very large companies who have the wherewithal and resources to deploy at scale. and i think the same thing happen in the enterprise world in the enterprise world they have to use similar models, a similar amount of investment to make sure we can find the right

answer and most importantly we have to have lots of data. if you don't have data or analyzing someone else's data, this is going to be a challenge. >> how much does it matter what the white house said because i'm looking at a march document where they're saying we'll place responsibility on those in our eky system and shift risk of poor cyber security away from the most vulnerable to me that says, listen, the government is going to say two companies if you're part of an important systemic risk in our country you better spend the money. we're not waiting for when you have it, you better just go do it >> look, jim, i've said it before we've had audit committees supposed to take responsibility of the security company. most of our companies are tourning into part digital companies. they have customer data, transaction data, they have data about our locations. there's a lot of personal data out there in the systems of many

companies. even your e-commerce vendor has your data and obviously social media companies have data. that data has to be held responsibly because if you don't there's a risk it gets attacked and bad things can happen. so the government is trying to make sure that everybody that has consumer data has a responsibility to keep it safely, and they're making sure you understand your responsibility because it is no longer acceptable that i did not upgrade my infrastructure and the dog ate my homework. you have to be accountable and you have to be responsible they're reminding us this is our responsibility, which bodes well i guess for companies in our sector and also means that a lot of companies have to step up and pay attention to whether they have secure infrastructure or not. >> to me it's one of the best secular growth things out there. let me just ask you because you know security better than anyone, can should we be worried about tiktok our kids are all tiktok? >> look, jim, i think it's important many countries around

the world have shown us our data should be held securely within our geographies. and a lot of companies have implemented that strategy because as you can if there's data about everything we can do, ai ai can recognize your face, ai can take your voice and make a video of you and me chatting very soon this will be done by ai if all that stuff is going to be happening you've got to be very careful all the data out there, and to the extent you can make sure that data we've got to make sure that stays the case >> i like that and that's what i'm thinking to. palo alto network chairman and ceo. "mad money" is back after the break. coming up giants fans don't change the channel jerry jones is all business in part two of this next.

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benefits. payroll. compliance. trinet. people matter. they say everything's bigger in texas and apparently that also includes interviews yesterday i had a chance to speak with the legendary jerry jones, the owner and general manager of the dallas cowboys. we didn't have enough time on-air to give you everything that we saw, so we're going back we hardly ever do this i thought jones had tremendous insights not only how to run an nfl team but how to run any business, and by the way how to run a life so i want to show you the whole thing. take a look. in your lifetime football has become the american dream, and you have been integral to the american dream, but you were resistant at times but you never stopped.

>> that's the part of it i don't know why i used to walk around before practices in school and say why am i going out there, i want to quit everybody that's ever played it wants to quit. >> wants to quit >> the point is it did, the really did do what the quit said this will prepare you for life you will understand the difference in pain and being heard. that's the game that does that now, it's a little much relative to this conversation, but what it can do it really can relate to that and does relate to it. and in my mind that's the number one reason of its popularity >> but you also understand the entertainment value. you understand philadelphia versus dallas, new york versus -- you understand these are -- it's bigger than what's down there >> it's very important if you were my daddy for me to have a team different than yours so that we can sit there and compete in our own way while

we're watching the game. it's my town against your town now, who's going to take it this year >> one thing you have told me you changed tv the other owners didn't see the value of football. you did. now you're seeing the value going out west, talking to amazon, talking to google. are you educating them about the value of these franchises? >> jim, the thing that i have to say is that there was a time when it wasn't as appreciated, we potentially could lose money. "i love lucy" came along, laid-back, most won't remember it but it was a loss leader people bought it although they lost money to make people buy other parts of the programming everybody gets that. the nfl, though, not only sold itself as a reason to be the law's leader, the network's

rupert murdoch and in kind sold to it and advanced beyond it and they did it again, and they did it again and they realized what a draw it was if they wanted to show something at 12:00 at night, they need today be showing the nfl at 3:00. >> return on investment for anyone that affil crates with the cowboys for the nfl, good? >> well, relative to, i don't even look at the return on investment i think you pay your quarterback more than i paid for the cowboys, but the point is serious lei never saw that coming i never saw it i didn't get in it for that. i just wanted to somehow make it my loss leader early but when i strapped it on, and when i walked out there there was no joy in mudville if you're using the proverbial, there's no joy. so you thought of things that might help it be more workable, help some dollars coming in

rather than all going out. >> so you realize value. you realize value with names, realize value with affiliations. most people didn't see that. it turns out everyone who's been affil yaeted and partners pretty much still with you because they've been along with you. >> well, i hope so when i say that i hope so, but more important than kpg i hope they can feel my passion it is not for the dollar i had some dollars but luckily, and i spent it all plus some to buy the dallas cowboys i'm not here but when you got here in order to be the very best you could be as a sport, as a league, as a team you needed to have financial viability. you can't be what you want to be as a family, a city, a town if you don't have a little money in your pocket. then you might be a star >> but you're willing to tolerate -- you accept you have

to make mistake tuesday be great and part of leadership is overcoming mistakes. >> well, if you can't get up or don't know how to swim you can't get off the boat you've got to swim if you're going toidary get throwed off. >> will you win the super bowl this year? >> that's a great question i'm going to mealy-mouth that real good. with this team we've got a canc. >> all right, that's what matters, and anything you've been looking for in the trip, will you speak to management about who you think is right first round, second round, third round? >> manager is me and picture, if you will, our organization and the organization is continually bringing forward information >> right, right. >> picture me with a -- something over my head and my head on the table and i'm listening and working in there and they're feeding me information. >> well, you need a helmet

and when we come out with it, that's our pick. the facts are everyone thinks they did and everyone really does have input in that decision ultimately i made the decision >> we all knew you as a bad boy. i'm hearing a humble man who wants other people to do well. is that an evolution or you, or do we have a misperception when you dive in? >> i've always said if you're willing to give others thet you can probably kyunger it on one hand on the other thing anybody that knows football knows how incremental team, t-e-a-m. truly the more you have out there, that makes a different. it is a team thing i've actually got my tongue in my cheek when i'm saying i make the call >> i never thought i would see a humble mr. jerry jones, but that's what you are and were,

and that's a great -- it's been a great honor to be able to spend this time with you jerry jones, owner and president of gm dallas cowboys >> big day for the cowboys coming up cramer takes the calls, and the sky is the limit. it's a fast fire lightening round next i'm barbara and i'm from st. joseph, michigan. i'm a retired school librarian. i'm also a library board trustee, a mother of two, and a grandmother of two. basically, i thought that my memory wasn't as good as it had been. i needed all the help i could get. i saw the commercials for prevagen. i started taking it. and it helped! i noticed my memory was better. there was definite improvement. i've been taking prevagen for a little over five years. prevagen. at stores everywhere without a prescription.

(fisher investments) it's easy to think that all money managers are pretty much the same,n for a little over five years. but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different.

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over are you ready. time for the loigening ride. let's start with michael in ohio michael! >> jim, i am looking for some small cash growth. what can you tell me about hudson technology? >> wow, that's really small cap but it does make money, okay this is what i would regard as being how i put "h" factor, like a broad but i want to hear what the carrier says about the industry and they're going to be talking about it tomorrow and then i can make a decision on hudson technologies. adam in florida. >> it's adam from miami beach. >> love it what's going on? >> jim, is it time to go big with big lots? >> people have been telling me to go big with big lots since it was at 50, 60, 40. no, there's so many quality retailers for sail right now and you need to be one of those. let's go to jamie in michigan. >> boo ya, jim from motor city

licensed therapeutics. >> it's a clinical stage biotech. on the clinical stages i always say let's go do some more work we're not going to make a judgment here though on the -- it's too dicy to just say, yeah, go buy let's go to david in michigan. david? >> thanks for your help over the years and congrats on your anniversary the 18thch. >> yeah, thank you we've been hanging out some people think we're like the circulatory system of the company. what's going on? >> well, considering its balance sheet it's run up over the last week and the price of $55 with $115 one-year projection and two years left at its current burn rate do you think piedmont lithium is a buy >> i have to tell you he wants more companies to go in this

business i'm worried he'll stir up competition himself so i'm going to stay, no, don't buy, don't buy. let's go to paul in wisconsin. paul >> jim from mke. let's talk altice usa. >> no, we're not going to talk anything involved in that particular industry because the balance sheet has to be good and it isn't, and that's what matters in this industry let's go to brenda in north carolina >> hey, jim. this is a carolina girl from north carolina >> all right all right, i'm ready for you. what's going on? >> thanks for letting me be on your show tonight. >> it's incredible how well cory barry is doing but also incredible how the money is being spent on travel, on services, on leisure i'm going to have to say even though it's a 5% yield it could

go to a 6% yield and only then pull the trigger because i see that money going out on travel and leisure and not on hard goods. i need jack in colorado. jack >> hey, jimbo. got questions for you. >> well, again, these lithium stocks i keep coming back to what the great elon musk says and there's going to be a way to get around lithium because he doesn't like the pricing let's go to tim in texas tim. >> hey you doing, jim. i work for a health care hospital in dallas taking advantage of the 10% discount. should i increase monthly purchases through your stock program? >> yes, you had a great quarter and lucky the market is taking it down but it had an amazing quarter and that, ladies and

gentlemen, is the conclusion of the lightening round >> the lightening round is sponsored by tv ameritrade coming up there's no free lunch, but cramer's handing out wisdom with no extra charge. when "mad money" returns good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. (cecily) you're looking pleased with yourself. (seth) well, not to brag, td ameritrade. but i just switched my whole family to verizon. (cecily) oh, it's america's most reliable 5g network. (seth) and it's only $35 a line. (neighbor) i got that deal too. (seth) oh hey, bragging buddies!

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chaos reigned today thanks to first republic bank which lost $72 million in deposits sending its stock plumbing and like a grim reaper scything everything in its path but first republic couldn't touch pepsico, they couldn't scout general mills. maybe you think their strength is up, and these are safety stocks, exactly what investors run to in times of turmoil especially turmoil caused by a financial chaos, just one of those regional banks again, mayhem that's certainly true. you'll always see some recession from stocks hanging in there, fine but it's not the whole story because these stocks didn't just hang in, they climbed higher and higher to the truly miserable and at least in your mind waiting for the moment, and what

makes these so special, let me count the ways first, they didn't just beat the earnings estimates they sent the estimates to the emergency room these price increases stuck because their brands are unassailable there's no resistance to doritos. the snackers have spoken, and they can't live without the stuff. general mills cashed in on two big themes with its emphasis on blue buffalo pet food, the as for kimberley clark we want a kleenex no matter the price, and there's a lot of weakness at times and it's worth buying. procter and gambles honorable

mention even though the stock gave up its initial gains and finished flat there's a lot to offer. after a great quarter i think we're up sided to those great numbers from last week, this is a terrific charitable trust name we talked about it at today's club call. proctor can do no wrong when it comes to grooming, personal care, and health care. oral b and crest took market share with higher prices, pepto bismol, monster number that last round of price increases wasn't about what could be expenses. it was purely about making money. many of the raw cost especially chemicals are starting to come down, they're rolling over right now. you might think they pass the savings onto you the consumer but, no, that's not their style. nobody cuts prices in this group unless their customers give them no choice, and that's the case with these titans with

tremendous bad equity. paper and plastic freight, the margins will expand and even into higher earnings third, these are companies that have leveraged they've seized players who know how to save technology and money by bringing new customers. finally and best of all i love the fact pepsi, general mills, kimberley clark, proctor have basically no meaningful foreign competition. there's no chinese knock off competing on price, no japanese improvement competing on quality. you don't go into a room in this and see chinese tissues. when chinese companies tried to muscle into pet food they failed miserably. these brands are just too iconic companies don't just love these products and consumers don't just love these products they're practically dipping into them they underestimate it at their own peril. i know people are supposed to trade down and cheaper knock

offs but it's just not happening. these companies have spent years ensuring they have the highest quality and most deloved brands and now it's all paying off. for you, the shareholders, loyalty is amazing and triumphant companies i like to say there's always a bull market somewhere. i promise to find you just for . see you next time. "last call" starts now welcome to "last call," everybody. i am brian sullivan. good tuesday night today it's not just one big story like we'd normally do to kick it off. tonight or today, it's a hat trick of headlines around your money. story number one, microsoft riding high on an artificial intelligence and a strong cloud number story two, google jumping in the wake of first quarter results and a colossal new stock buyback. and story three, the bottom falling out under first republic bank and its investors shares losing half their value today. and new concerns about its ability to survive and even if yodo