own, sonos on the chart, it's bottomed. continues to rally >> thank you for watching "fast money. see you back here tomorrow see you tomorrow morning on "squawk box. meantime, don't go anywhere, "mad money" with jim cramer starts right now ♪ my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, 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 want to make friends, i'm just trying to make you some money my job isn't just to entertain you but to educate and teach you. call me at 1-800-743-cnbc or tweet me @jimcramer. i hate we have to spend so much attention to the federal reserve. it's possible to make money in the market with or without the

fed on our side, but it's easier when they're out of the picture. they're not. today a fed raised rates another quarter of a point and then said it would wait to see what happened and take action it seemed benign initially, but then a late afternoon selloff, finishing off 270, the s&p down 70% and the nasdaq 46% if you can get 5% risk free, who needs the stock market it's not as many people as we thought. easy when you can get a solid return from cds or short-term treasuries i have no problem putting a ton of cash on the sidelines it could make sense for the gauntlet we have to go through before powell made it clear he won't let up in his war against

inflation, mentioned the 2% target endlessly and we're nowhere need that. long term that's good for growth stocks short term it can hurt names don't suspend well to rate hikes. as much as you have a green light to go into cash, you get a green light eventually to buy growth stocks as the hurdles -- apple's quarter, which i'm not confident about, the employment number and debt ceiling crisis -- all fall into the rearview mirror. once that happens, that will be good news. right now, one down, three to go only reason to consider buying growth stocks is the fed made it clear they're going to hit us with lock step rate increases. powell is data dependent, wants to wait and see. if the economy stays too hot, whack us with higher rates but cooling down, maybe doing nothing. he's trying to thread the needle, wants to get to 2%

inflation, and i like that most important thing out of the fed meeting is the fact it ended so we could catch our breath and get ready for more pain which i've been telling you is going to happen. i'm not a fed watcher, i love a good steeplechase. and they went over this hurdle with aplomb because the fed didn't commit to anything. good news. didn't stop the market from rolling over end of the day but that wasn't all the fed. i think the fed is done or almost done tightening but won't be cutting rates soon, not this year, those who believe powell will throw us a bone are bound to be disappointed it's not going to happen this year, think. but what stocks should you look at buy the stocks that do well in recession, that's what people heard today, the interpretation of what the fed told us. you can go housing and housing

related stocks because the longer term interest rates went down that's mortgage rates. almost never makes sense historically but this is a weird market where history has meant very little. eventually, but not yet, not before we see apple, you can buy tech they do well with inflation under control and the fed going to the 2% target and succeeds. homes, surplus goods and tech? amazing mosaic i've never seen before, but never seen them take it 0-5% overnight. don't buy financials that group is horrible the fed is only focusing on march. couldn't believe he ignored the first this week. we don't have anything in place for the other branches of government to prevent bank runs.

look at them, killed in aftermarket trading. it was negligent not to mention what's going to happen we have to have pressure on the fdic to raise insurance or more banks will go. the wipeouts will reverberate through the economy, it's harder to borrow money. i was stunned that powell didn't acknowledge that tons of people banked at first republic and won't get sweetheart, zero interest loans from the new owner, jp morgan. massive declines in stocks like pac west, cut in half after hours, weighing its options, shorthand for waving a white flag and saying we're done lots of perfectly fine banks really necessary banks to the american economy have seen their stocks get crushed by short sellers betting they can crack

these helpless creatures and it's been working, a vicious cycle. shorts push down the regional bank etf, which takes down all the individual stocks in it. it causes people to lose faith, scares away the depositors and gives the short sellers more ammunition just kept saying the banking system is sound. great if true. but it's only as sound as the psyche of the larger depositors. if they're worried because of the declines, they'll take anything north of the fdic cap and send it elsewhere. that's not been addressed but it's causing banks to be more cautious with their lending. 100 basis points worth of rate hikes. the bank system isn't sound, we just have sound big banks. now we have 600 basis points of

hikes, not just the 500 that powell mentioned what does it mean to your portfolio? you have every reason to want to sell, bring the register, park your money in cash nothing wrong with that, we've been raising it for the charitable trust, but not enough but we're raising cash because we want to buy our favorite stocks at lower levels i think the gauntlet will send the whole market lower the bottom line, raise cash as we go through the gauntlet, keep your bat on the shoulder but recognize we're going to have buyable groups soon, just can't pull the trigger until the market is oversold and we're further in the steeplechase. right now, one down, three to go but apple having run big in the quarter, a big mistake, it almost always goes down when it reports, and pulverizing of the major banks because of the pac

west problems, but those are the issues of the moment brian in virginia. >> caller: thanks for taking my call dominion resources, it's been 30 years, always done well by me, and it's suffered over the past year keep buying? sell it? >> you should. dominion selloff is overdone people don't understand frankly what is happening with it. i think they need to flush things out it's been far worse than most of the utility companies i follow dustin in oklahoma >> caller: how you doing, sir? >> well, how are you >> caller: long time, many time charter club member. i love you man stuff i'm calling about is a holding i've held for some time in the club, gone through the lows of getting cut in half and came back up

with the numbers reported in the last few days with mgm and m macao, interested about the wynn moving forward. >> i like it we held on to it we had tough ones, too, though not just good ones roland in louisiana. >> caller: how you doing >> well, how about you >> caller: excited first time calling >> thanks for calling. >> caller: there was a stock you brought up a while back. i believe it's number one cloud-based security company in the world. >> i think you're right. but remember it's a tech stock, i don't expect apple to do well tomorrow the stock ran.

you can buy palo alto lower. we have some but i think it can go down more, even though the company is good, it doesn't mean the stock can't go down. we've got eventual viable groups thanks to the fed, but you can't pull the trigger until we go through three more hurdles in this endless and difficult steeplechase on "mad money," wing stop, how the stock continues to fly with the top brass. last year, boush and loem, first days on the job. and the company behind -- fell, the investors getting a chance maybe after the call stay with cramer >> announcer: don't miss a second of "mad money," follow @jimcramer on twitter

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earnings seasons are strange. there's a season for everything. in the restaurant season, most have been good, some a heck of a lot better than others longtime cramer fave wingstop. 45% basis, that's phenomenal and i'm talking about 20.1% domestic sales growth. and that's why the stock surged

$18. 9% today breathtaking move. it was one of the big winners in the pandemic, they fully embraced digital delivery. the stock had a postcovid hangover, but it's been on fire ever since more than tripled since late may of 2022. i wouldn't be surprised if there's a lot more room to run take a closer look with the president and ceo of wingstop to learn more congratulations on an amazing set of numbers >> ithanks for having me, jim. >> when people hear 20%, they can't believe it tell people what is the substance that's making this fly like this. >> jim, we have a lot of great and very unique growth levers here at wingstop

we have an amazing gap and opportunity in front of us to close brand awareness to another national brands. menu innovation in form of the new chicken sandwich launched late last year one of the first branches to expand beyond one service provider, adding uber eats there. it's fuelling incredible growth we think will last not just this quarter but take us into 20th consecutive year of same store sales growth. >> what does 65% digital mean for your company >> we have grown a database of 35 million users strong. it's allowing us to get targeted with our marketing, very personalized with each guest engages with the brand it's part of us continuing to

drive engagement with wingstop but we also see expansion in the delivery channel, we see a nice lift in the average check as well >> people are worried about credit crisis, saying you can't get funding. you're saying they're not issues maybe it's it's so in excess of when i first looked at the company. i imagine anybody could get -- anybody could get financing with those numbers. >> jim there's a ton of growth in the brand right now. we have a pipeline as strong as it's ever been, over 1,200 commitments strong, setting up for a record year of development in 2023, fuelled by the strength of the unit economics. our brand partners, auvs close to $1.7 million on average are experiencing some of the strongest level cash flows they've had in a long time,

going up against a modest investment to open a wingstop. $400,000 on average and seeing such a quick return on the investment, so much growth is fuelled by cash flow from existing operations. >> you put good money behind your people. emphasis on sports on tv has worked significantly for franchisees. hasn't it? >> it has. we put that strategy in place knowing that all the eyeballs would be on live sports. we showed up in nfl, nba, which you're seeing now, and it's paid a lot of dividends, we've seen our ad fund grow significantly with the growth in system sales. q1, that grew 30% in itself. >> and you have a deflation going on people are experiencing deflation costs if they have a

wingstop >> very favorable commodity backdrop today and the rest of this year, the leading indicators, looks favorable for wingstop it's really fuelling that pipeline, setting us up for what we believe will be 240 net new restaurants this career, growth rate north of 12%. >> you put out a -- i'll let you say it because -- tell people your international goal. it's so high, people won't believe if i say it. >> we actually just last week eclipsed the 2,000 restaurant milestone for the brand but we have so much growth in front of us significant amount of our footprints in the u.s. we can grow to 4,000. outside of the u.s. we have an emerging international business on fire right now. we see an opportunity north of 3,000 units. >> do you ever look at domino's

and think that's you >> there's a lot of things they've done well and someone we look up to and admire. they blazed a trail we would be grateful to follow and we do see similarities in how the brand expands and how we engage heavy off premise but the one thing we're leaning into is strong unit keconomics. >> i think people should know, to get a wingstop is very special. you just don't apply, you like seasoned operators that's still working for you, isn't it >> it is working really well the biggest testament to the strength of our brand, over 92% of restaurants we open are existing brand partners reinvesting and expanding with wingstop says a lot >> i've studied these business models almost all my life, you

have the toughest to get because you're the best and people have to recognize it. thanks to michael skipworth, president and ceo of wingstop. thanks for coming on "mad money." >> thanks for having me. >> "mad money" is back after the break. >> announcer: coming up, an earnings report that raised questions for investors. does this pharma company have clear-eyed answers find out next. introducing the next generation 10g network only from xfinity. the future starts now.

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what do we do with the legendary bausch + lomb, the eye care business? it's been stuck in the midteens. but back in february we learned they were bringing in brent saunders as chairman/ceo

he originally sold it a decade ago before he took over a company he sold again, ceo of a alergen and told that. he's a legend. can he breathe new life into the business bausch + lomb had a solid but mixed quarter, some weaker earnings, but the market liked it enough to send it up on a nasty day. what's the plan going forward? brent saunders, the chairman and ceo of bausch + lomb and longtime friend of the show. welcome back to "mad money." >> thanks for having me. it's exciting to see you again you've had terrific success. this company i think is just a shadow of its former self when you ran it because of people who didn't understand it what made you come back? >> so, i think you're right, i'm

excited to be back i came back because one, i love the eye care industry, it's filled with amazing professionals, lots of innovation and unmet need to solve for. also, it was a company i loved i sold the company about ten years ago. my first ceo job was here. they're amazing and talented people throughout this company but it needs to be reinvigorated to reach its full potential. >> i view you as someone who knows blockbuster brands, has high margin products you identified that's what bausch + lomb doesn't have right now. is it in the pipe? could you buy something? you like big brands and a pipeline. >> you're exactly right. when you look at bausch + lomb today, it's very solid

but you're right, we don't have big brands or products what we do have is a massive infrastructure we touch virtually every eye health professional in the world with a sales rep or product. manufacturing and distribution in almost every country in the world, but our issue, we don't sell enough to take full advantage of that scale. we need some blockbusters. but we may have to hit singles before doubles, triples and home runs >> this is a complicated situation, my trust is involved with it, unsuccessfully, i'll admit. and we've been waiting because your company owned by bausch health, it has a lot of debt when can you be less part of them to really now what brent saunders can do? >> you're right. they have spun about 10% of our

equity out into the ipo market and still hold roughly 90% it's an issue for bausch health, when they're going to do their report i'm confident. right now i have my hands full working on operational excellence and driving market expansion, finding the blockbusters you described. >> could you have a strategy with -- there are a lot of products in a drug store next to yours, some would fit in your portfolio. >> right now it's making the most of what we have we have preserveision, we have an fda approval in june for a

product i know well. but we need more bolt-ones, more products to get get better options and take advantage of the destructionistribution. >> kids are streaming, i don't think it's great for their eyes, we're creating generations that will need your help. what do you have in mind for them >> control is becoming a bigger issue for young people staring at screens too much. i say young people but i stare at a screen too much it's me, too but it's a big area. we're working on contact lenses and we'll look at drugs and other technologies to help people deal with the issues. they're becoming more prevalent. this is a massive market, eye care it grows mid single digit around

the world, china and asia, even faster we have a great opportunity for a robust marketplace. >> other companies in the segment have done a lot of work. it's j&j guys, can you catch up? they've done a lot of work >> they're a great competitor and we have two or three other amazing competitors. we have to do more with what we have we have the hottest technology in contact lenses, we're just launching the full line of that as we speak around the world but we got to get to the next level. the cycle on contact lenses changes every seven, eight years. we have to work with our labs in rochester and waterford, ireland, to find the next to

leapfrog to beat the big guys. >> you always made shareholders money, a sensational claim, brent saunders, chairman and ceo of bausch + lomb blco thanks for coming back. >> thanks for having me. >> absolutely. "mad money" is back after the break. >> announcer: coming up, is it salad days for brinker cramer digs into the meat of our quarter, next. tr quarter, next. hr quarter, next. ther quarter, next t power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley.

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one of the big bright spots this earning season but expectations can get ahead of themselves

i think that's what happens to brinker international, parent company of little italy and favorite of the show higher than expected revenue, 10.8% same store sales growth, a terrific quarter but the expectations ran all the way up, key numbers, only some in line. same store sales growth for chili's. everything went down near the end of the day could this be the buying opportunity for an amazingly well run restaurant company or should we wait let's check in with the president. welcome to "mad money." >> thanks for having me on appreciate the intro >> when the number came out, we all knew it was good then it goes down badly.

come on, this is ridiculous. read the conference call, there is nothing wrong then the market turned down at the end. but fact is, margins improving, great strategic change and frankly, you have a simplified menu so the stuff is almost always good. tell us about the changes since we've seen you last. >> yeah, we had a really good quarter, beat the top and bottom line look at guest metrics, they're all very high level, increasing versus q 2 and a year ago in our biggest quarter. we're on track we've made investments and still delivered the margin growth and what we needed i understood the questions and we were prepared to answer, that's why the stock bounced back >> it's full of all kinds of things, how to improve, also a

love for food and drink. going over it, some of our people, we all like chili's, it's simple and good you addressed all the considerations, including your chicken dishes >> yeah. so we're on -- we call it the core four, burgers, margaritas -- and chicken tenders. we're getting rid of stuff to triple down on those items, and innovate on them to drive pricing power and check over time we're having great success new chicken crisper menu is coming out in may and will drive traffic over time. premium margaritas into the business it's exciting time to be at chili's, we are lovers of food and drink, we're going to

upgrade and make the core stuff even better. >> the level of stuff you talked about as ceo you talked about what would happen if you got rid of tempura chicken. you're focused on the menu, aren't you >> when i talked about chicken tenders, a groan from the audience, why, want to make more of the same thing more often hey, it's hard to make the two different breadings. we got rid of the one that's small and doubled down on new procedures so the guest gets a hot, fresh one every time. that's rolling out in may. talking about losing sales with the tempura, and we're up 2% and haven't gotten to the relaunch on the tenders it's focusing on the core things to move the business

you're going to continue to ese increases. >> how attuned are you to the way that vegetarians love your restaurants? >> say more about that, jim, i haven't heard it. >> fried mozzarella sticks i'm not kidding. >> absolutely. >> i'm not typically focused on the actual food, but when i read this, you were most attentive to what people like as any ceo, so i threw that out there as maybe part of what oyou're thinking about. >> what we have to do to accelerate is serve great food and hospitality in a fun atmosphere that's what we're at that's the progress. look at the results, the guest experience, all is headed in the right direction.

simplifying, getting rid of the things that don't matter, double down on the things that really improve the experience, you'll see it turn. we're seeing it in the metrics, top and bottom line sales. guest metrics that determine long-term growth >> you do town halls, what is your retention of managers >> prepandemic, we were well ahead of the industry. went down just like everybody else and when i got there, hadn't seen it improve. we did the town halls to understand the changes, how the managers were reacting and what they wanted next to make it easier to run and fun for the team things have never been stronger in the business. the managers are having fun again. i had a couple come up to me across the country, say i wasn't

sure about staying with chili's, but i love the direction of the brand and feel like i have control where we go next that's exciting when all the managers feel like they're part of the solution. we're going to have better results because of that, including reduced turnover which leads to better customer experience >> we had the fed meeting today, making some progress on inflation. when i read your your documents, that's where you are, making progress on inflation in labor and food. >> it's still a challenge. inflation is not as high as it was three quarters ago but still high most important thing we can do in an inflationary environment is deliver an amazing experience for guests if guests are pulling back, what shifts do i want to make, we have one we know is consistent with great food and service, the guest will charge us more. that's what happened

march and april, the market share results, things are accelerating when we got on the call and talked about it, we saw the stock rebound. >> sure did. >> people want to see that. >> happy cinco de mayo, one of your core pillars is the margarita. >> we're number one margarita seller in the world. it's number one in america for alcoholic beverages. >> i am with you kevin hochman, president and ceo of brinker international, eat. "mad money" is back after the break. >> announcer: coming up, cramer takes your calls and the sky is the limit. lightning round is next.

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>> announcer: lightning round is 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? lightning round. cynthia in minnesota. >> caller: how you doing >> well, how are you >> caller: very good the stock i wonder about has a fantastic dividend but wondering if it's sustainable big lots. >> i don't think you should be in big lots. it's a retailer losing a ton of money, step away from that, i'm sorry, low as it is, could go

lower. dave in illinois >> caller: dr. cramer, my mad vegetable gardening friend, how are you? >> looking forward to planting in a couple of weeks what's going on? >> caller: last september you labeled this a good utility stock. pull the trigger now >> buy some now and if it drops to 4%, buy later 50 now, 50 if it cracks 4% let's go to illinois. >> caller: hi jim, hea question for you. >> hi. >> caller: is on holdings a good buy? >> it's one of the most exciting new companies i've seen in a

very long time we have a bad market and a bunch of different hurdles we have to go through before i would suggest pulling the trigger on on, but that's a great one, i like it. michael in new jersey. >> caller: boo-yah, happy wednesday. >> same to you what's going on? >> caller: good, just trying to get your input on ali baba with the recent reopening of china. >> i'm not a big fan of the chinese stocks, if i have to own one, it's ali baba, but not banging the table on any stock now in china at all. andre in north carolina. >> caller: hey, how you doing? lot of people who love your show down here. >> thank you, i need to hear that very much what's going on? >> caller: there is a company out of durham, north carolina. they're going to big a $5

billion chip manufacturing facility what do you think of the company? >> no. i just think you've got another company not making money that's very good at press releases. we'll take a serious pass on that one i'm not going for it let's go to dawn in california >> caller: hi jim, i would like to ask about super micro computer, it's had a great run and today jumped on earnings is it a good buy >> the earnings came out today and it was a difficult day for the market and all of us who apply the market i saw that stock go up and didn't get a chance to analyze why that quarter was so good i'm going to have to come back on that. i promise i will let's go to robert in west virginia. >> caller: hey jim, mountaineer boo-yah.

>> back at you what's going on? >> caller: watching you since the days, man. >> long time how can i help >> caller: wondering what your five to ten-year time thoughts were on ionq. >> no, i know quantum computing is the next great thing but i'm not interested in a company losing money right now they're not working. dennis in oregon >> caller: boo-yah, jim, from the land of the dutch bros rogers communication >> i like it very much the stock, the companies are starting to realize, 3% yield and steady business, it's worth owning you're fine with that one. john in pennsylvania >> caller: hi. >> hi, john. >> caller: um i'm retired,

secure income. irtn >> this is one of those companies we don't know what the portfolio focused on real estate and financial services, two areas in play to the down side i don't want you in that if you can avoid it dave in florida. >> caller: boo-yah, jim. >> boo-yah >> caller: calling about fathom pharmaceuticals. >> i'm familiar, i think it's a very speckive but interesting situation. and that, ladies and gentlemen, is the conclusion of the lightning round. [ buzzer ] >> announcer: the lightning round is sponsored by td ameritrade coming up, this morning a bankable ceo convinced cramer to stay the course on her stock find out what tipped the scales

when "mad money" returns you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me.

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when you own stocks, you always need to be thinking about your time horizon. if you have a long-term investment, don't be shaken out by short-term fears. but it's hard to avoid it's fight for flight and most choose flight when patience might be better to do battle talking about key situations we're going through with the trust, they're tough ones, what we've been telling the members to do with the high profile

names that haven't worked out. you don't need my help with those that do. we interviewed a ceo in the wake of her latest quarter. we were nervous amd was coming in too high, it ran up no reason whatsoever the headline numbers were fine but the sales forecast talked about too much inventory in the channel, the postcovid computer hangover of too many pcs they wenter berserk but then it reverberated hitting the semiconductor firms. they're still working that off it wasn't hot for amd near term

but i didn't like that for near term the long term is important and she talked about a watershed moment for a. i. that will be good for them. it's just to justify buying more at these prices. i come back and say you almost have to. you don't know when the moment comes that inventory clears up better to fight than flee. same about starbucks, it didn't offer a huge forecast based on nothing. why should the new ceo play aggressive forecast game just could be setting up for failure. he kept it subdued because he wants to beat it as the chinese economy comes back to life starbucks is huge in china he's going to overdeliver i

think. ford, too, both are buys i made a mistake with boeing, company has been struggling for ages, issues are in the rearview mirror i sold this because i couldn't take it anymore, didn't trust them or like the pain. too much for me. i didn't fight every time it looked like boeing was going to break out, it broke down drove me crazy i threw in the towel because i ran out of patience. it was a huge mistake in retrospect, that i made looking at the tape, not the business or the fact that boeing had a huge backlog and potential customers had nowhere else to go, given the only competitor was airbus with a bigger backlog, i got impatient and the trust lost out on a rebound i have another i don't want it to happen to estee lauder is down 17% today easy to say sell it, but under

the leadership of this ceo, it's reported 56 quarters, his only second miss of all 56. the other was the first quarter of covid what went wrong? presumed that the cosmetics would rebound quickly and it didn't happen. duty free stores got all the merchandise they wanted not to lose the market share, but they didn't get the customers chinese shoppers didn't show, there's a surfeit of product around doing nothing what do you do, brace yourself for miserable quarter, but on the other hand you have a ceo with an incredible track record, only missed two quarters in 13 years. i don't want another boeing. i think a great ceo, almost always shot the lights out, deserves the benefit of the doubt even if the stock is horrific i would be a buyer here, maybe a huge one

i made huge money for the trust on this one before, i'm a flighter not a fleer sometimes you have to check your fears and tread where others are afraid to go ameritrade there's always a bull market somewhere and i promise to find it for you right here at "mad money. i'm jim cramer see you tomoowowrrrr. jim cramer see you tomorrow "last call" starts now hi, i'm brian sullivan fresh back from los angeles, and tonight it is not over another massive california bank crashing taking others down with it this happening real time we'll have all the breaking developments 10 million and counting. that is how much carl icahn has reportedly lost in two days since the scathing short seller report we'll speak with the short seller about it. social media shield. trying to protect your kids online is it too little too late? is jeffrey