tte after the div, stay there. >> chairwoman? >> yes, happy birthday to my husband and my final trade is tlt, buy. >> dan? >> lawrence is the man. happy birthday. xlu. tnkou.carter's call on that >>ha y for watching >> my mission is simple. to make you money. i'm here to level the playing field for all investors. i promise to help you find it. mad money starts now. >> a. welcome to mad money. other people want to make friends i'm trying to save you a little money. my job is to not entertain but educate and put everything in context. call me at one 807 43 cnbc or tweet me at jim cramer. enough hasn't been enough. there's been fear but not

enough fear. there's not enough capitulation. that's the story. we had another day where we saw we -- nasdaq plummeting 1.87%. yeah. what you may not realize is the market is the same going on in stocks which is unfortunate. the bottom market is more important. it is leading us by the nose. enlist your professional investor maybe don't realize it. we have to get an understanding about the tyranny and how they are the overlords of stocks whether we like it or not. when the bottom market sneezes stocks get pneumonia. man is it sneezing. they are selling everything in the bottom market to get out before at this point maybe just their shadows. we don't know anymore. there are four kinds of very

motivated sellers. there's the treasury department that needs to finance our government. the federal reserve is 5.3 trillion in treasuries. another 2.6 and agency. crazy. it sells as a way to shrink the money supply. there are the regular owners of bonds some of whom are gigantic amounts of money to on those funds. finally, there are the short- sellers who are trying their best to slam the price of bonds down and they have been the winners. they got this right. they can probably keep winning if they raise rates again. they most certainly will if this keeps up. yes these days it feels like the prices go down on anything. any news about the economy. today we have job openings. what else is new? yesterday we had any fracturing number rates.

u.s. tenure is going from under 4.6% to around 4.8. in just two days. many are now betting that friday show meaningful job growth which will bring even more. it's perfectly reasonable for them to go down in price and upping yield. longer-term bonds had higher than short-term to merge over time. only in this crazy. has it been so much lower than short rates set by the fed. that is changing. in april when that 3 3/4 is now five and change. we are witnessing a wholesale reordering. we're all headed to higher rates. it's currently at a range between 5 1/4 and 5 1/2. lower term bond yields. i don't like talking about bonds because there is nothing boring about this bond market. treasuries are trading small- cap stocks.

think of them like stocks. you can't take the pain or they've got to put up more money to meet the margin. they can. as long as you understand bonds can plummet just like stocks there are short-sellers and vulnerable people. maybe you can get your head around the philosophy. this bottom market meltdown is like nothing i can recall. this brings me to the impact on stocks. right now is rates go higher investors decide stocks can't be worth as much. case in point, something you know in your pantry. mccormick. they reported an okay quarter. the spice company results would have been incredibly robust. they think china will eventually turn. i think mccormick stock would've soared today. thanks to this relentless

tsunami of selling it ended up plummeting nearly 8.5%. that's spilling over to what i'm looking at. we like mccormick for its single-digit growth. the company has been acquiring hot sauces and mustard. all sorts of things. something we learned in the pandemic is really good and cheaper. with the rates going nuts managers will give something like mccormick any credit. not when the stock sells for 25 times earnings. when rates go higher wall street pays less for future earnings as demonstrated and viewed upon by that multiple 25. it should be smaller. the stocking to go lower. it's rewarding for middling growth we slaughter it because it's not going fast enough to justify its valuation. we used to want it for its bland qualities and has been washed away thanks to the action. what i'm saying is we are going to pay less as described by the multiple.

that's what you have to think about. i always go back to my first day at goldman sachs when i was quizzed in front of a bunch of people about what i thought of the stock of delta airlines. i had almost photographic memory from the facts and figures. i knew where the stock was and how well it was doing. i was able to factor in how many people were flying. even the revenue per seat mile and the price of jet fuel. only after all that did i come up with a target that was about 20% of where it was treated. did i think i was smart? then the instructor asked me where's the longbottom trustee mark i didn't know what the long run was. my silence had me on my heels. he asked where is it going? nothing came out. he told me to leave the class. what was the point of all that i just spent about? he said you need to shoehorn

the fact. i thought he was kidding. i didn't get up. >> i was petrified. was i that stupid? the class let out. all my classmates filed past me without looking. i was sweating like a husky and heat. he turned to me and said it's a 30 year treasure. he told me where it was. he told me it was going up in price. then he told me to go home. for good? just for today. maybe show humility going forward given how little you actually know. i never forgot that moment. it makes my job easier. i got pants. the direction was much more important than anything else. most investors haven't paid attention to boston in ages. that's over.

we're all in the goldman sachs classroom where i made a full of myself. mccormick was delta 40 years ago. that was one of the most important lessons i ever learned. bottom line, until rates go down until bond prices go up this cascade will continue. do i think it's overdone? absolutely. we bought stocks today because they crushed the nasdaq. our provision is always that we buy stocks on these days. if rates rise we will lose money because bonds are in charge for now. they aren't allowing stocks to rally. they are allowing them to fall. bill in massachusetts. what's happening? >> i have a question. what do you think about picking up a little mongrel db? >> i think it's an amazing company. right now with interest rates going high people don't want to own it but i think of the

quarters we had at the enterprise software you got the best one. what i would put on a little bit and not a lot because that's the kind of stock going down. if things turn with the bond market that is up 50 straight points. chris and washington. >> hey. how are you? >> i've got to rethink a lot of things. how you doing? >> about the same. appreciate being on the show and thanks for everything you do for us home gamers. yeah. thank you very much. i heard what you said about the consumers not raining down on certain products this morning. is that thesis carryover to retail store profits and what do you think about kroger? >> that does it spillover. kroger is doing what i think is a very good merger with albertson's. the problem is it's being reviewed. as much as kroger is doing everything to make it so it would work i think unless she

finally gets a little attitude is going to try to block it. that is her nature. her nature is poorly for kroger even though the merger would be a good one. it would be one of the largest companies in the country. right now, the bond market is in charge of stocks. until the moving rates start to stabilize this cascade of selling will continue. it's overdone but what does that mean? the company is doubling down. it gets the economic retail less dependent on the mall. i learn more about this plan. the federal service watched the labor market like a hawk so i'm watching like a hawk by going to paychex. learning about what they are doing and how they see the small businesses and how they are faring and what we can do before action. after a strong quarter in

august are investors are getting a buying opportunity with vehicle maker oshkosh. i check out its latest innovation on the new york stock exchange. you don't want to miss that. stay with cramer. >> don't miss a second of mad money. follow jim cramer on twitter. tweet cramer. send jim an email to mad money at cnbc.com or give us a call at 1-800-743-cnbc . miss something? head to mad money.cnbc.com.

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>> what do you do with beat down retailers?

take macy's. very well run but they reported the latest quarter stock plunged 14%. the credit card business became weak. macy's now sells for less than four times the point of therefore your earnings forecasts. this makes the stock cheap. wall street is skeptical. let's talk about the excellent chairman who retired in february. you will hear who has been running the bloomingdale's division. thank you for coming down to our abode. congratulations to you, tony. jeff, you've done tremendous things. he fixed the bounty to a degree i feel more safe. you have cash flow doing great. you've got a business that is humming and last quarter you did not do the credit card number. everybody said all this means nothing. before we talk about the future could you explain the past? >> i'll tell you about the credit card.

i think that in all of retail right now you've got a customer that is under stress. you have these rising credit balances that have happened in the industry. that's what we were calling out. we saw higher delinquencies in the second quarter and that's what we reported. we are not standing still. we have a healthy credit portfolio. we work with our partner which is citibank and we work on underwriting strategies, retain a healthy portfolio. we are working to make sure we are attracting new customers and migrating existing customers and making sure we do that with this balance we have. >> i look at the balance sheet and i see the cash flow. it makes me feel your incoming ceo you have to look at the bonds that are due in 2029 and 2028. can we focus on how to generate great returns and grow the business? which is the way to approach?

>> you have to do both. out years come before you know them. our short-term focus with the team is delivering profitable sales. we have these growth factors. we announced 30 new macy's small format stores. a key part is to have a balance to the portfolio but it's leaning into the success of mercury luxury. it's the private brand portfolio and making sure we have a modernized assortment of market brands. this is the strategy and making sure our short-term objectives that the team is focused in delivering and at the same time paid attention to what happens. >> you come from bloomingdale's which has been a tremendous performer even when things are tough it does well. what i see is 34 bloomingdale's. should that be 70? maybe fewer macy's? when you've got a good hand it don't you put all your money behind it? >> i love bloomingdale's. i'm glad you and your family

love bloomingdale's. you can never buy too much. 2022 best year, profit year, service year. the team has done incredible. it's all about duration of product and delivery of a better experience for the customer. i believe in the growth of bloomingdale's. we have opportunities for stores and they have their own small stores concept. we have a successful small division within bloomingdale's and their online business with the launch of marketplace. it's a gross vehicle. that doesn't come at the exception of macy's. you're talking to different customers. we can learn from one another without becoming one another. >> what did you tell when you earned the job? i'm grateful for it. what did you say to him about what wall street thinks about your company? >> he's been by my side for the last number of years.

we have been in the same business and have known each other for 20 years. he was running marketing and i was merchandising. one thing i was excited about when the board made the decision to put it all in with him is he's got this amazing tool chest. when you look at what he does in terms of innovation, brand building, talent development he was the right choice. we have had six months together where we are passing the baton on various subjects. still the ceo but he is learning quickly. we have another four months to go. he's understanding what the street believes in us. the imperative is to get profitable growth. that's what we are focused on. because of the fact we have no debt maturities for a number of years we have flexibility. we are staying at the operational efficiencies we have honed to the pandemic, the opportunity to take customer signals and work on our customer centricity and go where the customer is going and having the muscle to do that is something i'm proud of and he is going to take it to the next level. >> what do we do here?

we've got nordstrom at seven times earnings. these are retailers i think are either better or comparable. how can they have such higher when you guys make things right? >> we have to keep telling our story. you open with the fact we are a portfolio company. macy's, bloomingdale's and blue mercury. three great brand names. had we lean into that? how do we make sure we get credit for luxury? how do we get the multiple associated with the beauty businesses? how do we make sure private brand is not only a margin but a differentiator with an assortment? we have these strategies. the time is necessary to make sure we tell our story as a portfolio company that has the option alley between the different areas. it's digital and physical. it's off-price and full price.

this is a stock you can invest in and feel confident that it's going to be there in good times and also in tough times. >> you mentioned the portfolio. i look at blue mercury and they look at sapporo. blue mercury can be those. at what point can that become a actual drive where people should say i'm not selling this at four times earnings they have blue mercury? >> i'm with you. 10/4 of sales growth. malley bernstein is the new ceo of blue mercury. they are an entrepreneurial group. there focused on growth. they have a great neighborhood concept where they are and all that neighborhoods around the country. opportunity for growth we have given the capital to really add to the store portfolio and build the digital business. expect to hear more about blue mercury in the future. >> one thing you have to do with that people don't realize is you had a tremendous amount of

tourism when you took over including asia and china. it seems like right now macy's herald square is not visited as often by tourists. is that just something beyond anyone's control? >> tony and i talk about tourism being a tailwind. it's not going to be a tailwind in 23, maybe not in 24 but it will be when you think about almost 3% of macy's business on the international tourism. we get half of that back area that's a point and a half that is coming in the future. >> holiday season. what are you thinking? it is a huge part of your business. >> we are more penetrated as a holiday destination than others. this is something we start the moment we finish holiday 22. we start 23. as we said at the end of the second quarter call we feel good about our christmas strategies. we were out in jersey city looking at the early setups at

that. we are happy about it. stay tuned. we feel good about the role that beauty will play and gift giving. think about the macy's brand. it's a third of the business when you're in the first three quarters. it's over 40% of the fourth quarter. those businesses are ripping right now. >> this is where we shine. whether you want cashmere or a fragrance or a small leather accessory or handbag something for the home this is where department stores shine. it's our opportunity to be the gift destination this holiday season. >> you're not leaving for a couple months? we want to drop by herald square if you don't mind. we think it is so much fun. it has just been great in our time working together. i can't wait to be working together with you and it is working together.

that's how i feel. i don't mind saying it because it's how i feel and what i believe. ceo of macy's and macy's ceo elect. gentlemen, thank you so much. >> coming up, a 360 view of the economy. dig into the indicators with paychex next. hi, my name is damion clark. and if you have both medicare and medicaid, i have some really encouraging news that you'll definitely

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feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. >> both the stock and bond markets plummeting because we have especially hot august job openings. remember there watching the labor market like a hawk. it means they have to raise rates. they have to do it may be much more than people think. that's why it's so important to keep up-to-date with paychex. they are focused on small and medium-sized businesses.

last wednesday, paychex reported a terrific quarter. in-line sales and management raising their forecasts. since then like many other stocks more than half of that move thanks to the market one. let's check in with john gibson. he's the president ceo of paychex. mr. gibson, welcome back. >> it's always great to be with you. >> thank you. let's get to it. the job openings number this morning. incredibly strong. i'm wondering given the fact that you have correctly laid out a sustainable increase in how things are going, are you surprised it was such a huge leap in job openings given everything the feds have been trying to do to slow the economy? >> i wasn't surprised. the report was down last month. now it's up. we have a lot of different stats out there. what we are saying is small and

medium-sized businesses continue to be resilient in the face of a lot of challenges. i think they're turning to companies like paychex and our technology and advisory solutions to help them navigate what is a tight labor market which is one of the things i've been talking with you about for over a year which is that's one of the drivers of a lot of these employment numbers. >> in your conference call you talked about the idea that there are still many businesses that are forming and many businesses expanding. at the same time, the feds sat down with small business people in pennsylvania yesterday and gave them an ear full. why are people expanding? i would think they should be contracting. >> we keep saying it. small business owners are resilient and see a lot of opportunity. as you said, businesses were up last month. we continue to see a good, stable environment for small

and medium-size businesses. relative to the fed action we continue to see wage growth cooling. we saw the lowest growth we have seen in two years if you look at our indicator month after month the last five months it has been under 3%. i think the fed action is working in terms of cooling the wage inflation out there. i think the real reason you're seeing these numbers, again, is more about there is a labor supply problem finding high quality labor. >> it seemed when i read through your quarter what do we really want? don't we want the growth with not wage inflation but stable wage increases? it was almost like this is perfect but all i hear about is complaints. stock market goes down and rate soaring. all my life i wanted it to be exactly like it is right now. what's wrong with this? >> i don't think there's anything wrong.

as you pointed out, small and medium-sized business owners are voting with their pocketbook. their opening businesses because they still see opportunities and a stable macroenvironment. that's really the reason why, as you pointed out, really strong earnings and 7% revenue growth and 11% earnings growth. i really strong double-digit new sales growth and outsourcing our digital offerings. we were able to raise guidance and guide the street to the top end of revenue. >> another thing is you do this small business watch readout. it seems there are parts of the country that are red-hot and not necessarily what people would think. when you talk about some areas right now that are very strong? >> when you look across the index we just released today's showing two things. one is stable moderate job growth just what we talked about

. we are seeing cooling in the wage inflation. continued for the last 18 months, the south continues to be red-hot. we see places in the midwest surprisingly also very strong. the west coast and portions of the northeast. really the south is winning. >> were taxes are so high. part of the reason why you need paychex and why i use paychex is because of things like the secure act 2.0. stuff happens. we are busy working. we don't know about any of this. we don't want to get in trouble with the government. this is another thing i thought was hard to understand. >> you really point to the fact of why we continue to have such strong revenue growth. that is our hr advisory solutions really resonating as you pointed out. it is complex to be an employer today. the rules are changing, it's very difficult to engage your

employees and governments constantly come up with new regulations. in the case you just mentioned in retirement with the secure act we are advising small and medium-sized business owners they can open a 401(k) plan to make it more competitive against large employers in this labor market. they can get the setup feedback and tax credit and then they can actually match up to $1000 for their employees and get that money back into a tax credit. it's an excellent way in which policymakers are helping support small and medium-sized businesses who you know are the drivers of the economy. >> at what point do we see the massive immigration a lot of people like her didn't like? where people can join the workforce and perhaps make it so it's not so tight? i'm just saying, and what point would paychex say that person is allowed? i try to figure out whether i've got people i'm allowed to employ or not. >> i think the tight labor

market and all of the factors going into that as you said the immigration issue, the retirement of the baby boomers, the fact that birth rate is low, there was a great article last week that really laid out fixed charts what the problem is in the labor market. the fact is policymakers are going to have to do something to address that. i think there's two angles for policymakers. had we keep more people into the job market and get more into the job market and how do we support small and medium- size businesses and all businesses in their ability to invest in technology and other productivity enhancers? we are going to have to increase productivity if we want to grow the economy as the labor supply continues to shrink. >> you're a great advocate for your company. it provides almost the entire to the u.s. economy. i want to thank john gibson. love having you on.

>> thank you. >> mad money is back after the break. >> put your portfolio into gear. this midwest company could be a wisconsin winter. stick with cramer. the citi custom cash® card automatically adjusts to earn you more cash back in your top eligible spend category. hi. you don't have to keep tabs on rotating categories... this is the only rotating i care about. ...or activate anything to earn. your cash back automatically adjusts for you. can i get a cucumber water? earn 5% cash back that automatically adjusts to your top eligible spend category, up to $500 spent each billing cycle with the citi custom cash® card. i love it. (sfx: stone wheel crafting)

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>> interest rates keep making stock market meltdown or we can search for opportunity. the seller creates a lot. oshkosh corporation makes special-purpose vehicles and equipment for construction, airports and local governments. at the beginning of august oshkosh reported a strong quarter. a massive earnings.

they raise their forecast from six dollars all the way to eight dollars. the stock jumped 10% that day. they went all the way to 106. as we know, the markets turned negative since then and oshkosh quebec nearly all those close earnings but slipping to 93 and change today. don't take it from me. let's speak with john pfeiffer, the president and ceo of oshkosh who is here with his companies new e.r. cv. that's a new vehicle. the latest in a long line of electric vehicles like fire trucks that we saw before. i am very excited to see you back. good to see you. i want to talked about so many of these. behind you is one of the most beautiful. it looks like a museum piece. why is it so important that the companies by your trucks? >> this vehicle you see today

is the next in a long line of electric vehicles we have in bringing out in every market we serve. this is an important vehicle. this is a real product and sellable unit. this one right here. we announced an order with republic services. a great customer. we will start supplying them this year and of course a lot more next year. this is a revolutionary vehicle because not only is it fully electric, zero omission. we all know the dangers of diesel in our communities. this takes all that out and makes it perfectly silent. the thing that is so revolutionary about this vehicle , first time that has ever been a fully integrated environmental services vehicle developed. what that means is it's not a third-party chassis with a body slapped on the back that is not optimized for the vocation that's being done. this is optimizing for the location. the driver is comfortable, it's laid out for them to be productive and really safe.

they've never had that in the industry. it will drive a lot of improvement. it is clean. >> i would imagine in europe they know the importance of not having diesel. what if we adopt the european? >> our communities would get cleaner for sure. if we continue to electric that are in our cities. i think that is probably clear to everybody. >> last time we saw you there was an electric fire truck. any update? >> we are building more. we released that for sale in 2024, but we have them in gilbert, arizona. we have them in portland, oregon. madison, wisconsin. those customers are taking the validation units and giving us feedback on it. it's going extremely well, you will see electric municipal fire trucks in communities, online year-over-year starting next year. >> we want them. the

firefighters job is paramount to save lives but we don't want dirty fire trucks nor do we want dirty post office trucks. what's going on there? >> we have the contract to replace the entire fleet of postal vehicles. the delivery vehicles that the postal carriers use every day. they come by everyone's house and business. those are 75% of what we supply will be electric vehicles starting from 2024. >> the government recently changed and put $3 billion toward electric. that's got to plains your hands. >> it's great for us. the first time congress has appropriated money for the postal service. they did it so they can electrify the fleet faster. it gave the postal service the ability to put charging infrastructure in place more quickly and order more battery electric versus infernal combustion. that's why i say they will have 75% of the first order be electric.

>> is there a way we can speed up the time? >> that's not our area of expertise but we do a lot of work with charging software and optimizing the charging management of the battery is critical to the life of the battery. this battery is designed to last for the entire life of the truck area you don't have to replace it. that is done through battery manage software. you never want the battery depleted too much. you also don't want to overcharge it. you have to do that with software to make sure you get the best life and best efficiency out of that. >> i like to stay with electric but i was so impressed since i've seen you. this aerotech acquisition. there's tremendous demand for that. >> aerotech is a great acquisition for us. we closed on 60 days ago. this is right in our wheelhouse. it's all purpose built vehicles for people who do tough work. where is everybody investing today?

incapacity for airports and to support airlines. if you listen to all the ceos of the airlines and heads of the airports around the world they all need more capacity. we give them the ability to put more capacity in because we do jet bridges, all the ground service equipment at an airport , we have the technology to electrify it, to do autonomous functionality for that equipment, to drive more productive operation at an airport. >> one last one. it's another fantastic acquisition. >> they are doing extremely well. the demand is fantastic. looking forward to the future. >> you seem to just hit it exactly where it is going to go and that is one reason why your company is doing so well. all i can tell you is that is a thing of beauty. you and i should go on a ride.

we can go right back. john pfeiffer, ceo of oshkosh corporation. recorder because they've got the right things to sell. mad money is back after the break. >> coming up, cramer takes your calls and the sky is the limit. it's a fast fire lightning round next.

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>> it is time. the lightning round. are you ready? i'm going to start with daniel in illinois. >> a. an ongoing plunge in the overall market. how are you seeing retail change like columbia sportswear? >> i think columbia sportswear is inexpensive but it doesn't matter. the estimates will have to come down. let's go to fill in california.

>> thank you and boo yeah from san diego. i'm thinking about what do you think? >> hold off. i think they have so much capital spending they have to do. right now i don't like at&t or verizon. they have to refinance and too many bonds. they are not the right stocks. david in california. >> listen, have you talked to your old buddy rick hill about the company? they are just -- >> i know. i talked a bunch of things but not about jen digital. it is inexpensive and i like visio very much but it does not have -- it yields three. it doesn't have great growth i need to see right now. that's the way it is. stephen in new york.

>> i'm looking at zebra technology. it is way down. >> i know. i've got to tell you, this is a good company but people are not paying 23 times earnings for this anymore. they are just not. we have to stay away for now. let's go to carl in california. >> is must take a broken company? >> moss tech is what you should be buying. it'll do incredibly well with infrastructure money. it's down 20% that makes no sense for me. i'm saying it's a buy. the pyramid goes lower. let's go to garrett in wisconsin. >> this is down to a new low. >> we have to get back. we know brack and darrell from logitech. we have to find out what he's going to do.

you know you're welcome on the show anytime. i'm going to sandy in new jersey. i am good. how about you? >> good. so, question about otr a. what are your thoughts? >> i don't know that one. you got me puzzled. i'm puzzled. i have to come back. i have to do homework on that one. let's go to andrew in new york. nevada. hi andrew. i'm trying to hold up. how about you? >> enjoy watching your show. i had a question about the stock groupon. >> i can't believe it's been a horse. people feel it's giving -- i would not buy it. it's too high. let's go to jeff in wisconsin. >> love the show. i want to get your opinion on a new physician. canadian natural resources.

>> i have to be in favor. i like oil and gas. they have very inexpensive properties. it's a good situation. be careful it is up 13% for the year. i think you can buy that one. now we are going to deke in pennsylvania. >> good to hear you. i'm glad you mentioned this morning the fact some people don't have the money to purchase name brand products. i got some stocks. >> big data is still big. i have to tell you what people are worried about is at 22 times earnings. i think big data is fine. i like tara data. that is the conclusion of the lightning round. >> sponsored by charles schwab. coming up, cramer revisits the

post-covid travel boom. what does it mean for your investments today? stay tuned. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place.

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>> if you believe the not action not only is the pandemic behind us but so is the post- pandemic. travel. after covid we saw a change in consumer behavior. everyone wanted to see the world. after seeing so many people

pass away from the fires people realized you only live once. the cruise lines, airlines and hotels. the bookings companies and airbnb. then some of the public. one by one this dissolved in front of our eyes. just the stocks, not the companies. have you seen disney's stock lately? the enthusiasm is gone, prices are expensive. none of this is true to disney's theme parks. they are booked. wall street doesn't seem to care. the forecast for theme park growth because of higher gas prices and depleted savings as we get further away from covid handouts. after flying high for a while airlines have grounded. tourist travel slowed and more domestic flights were added hurting the airlines pricing down. it didn't help high spending customers never returned to the pre-pandemic ways. travel can

possibly remain as good as it's been and they are convinced the premium leisure business that replaced will peter out. notice this is all a forecast and not reality but that is the mind-set. the only positive for the airlines is a humorous piece called way to go. this is a new class of weight loss drugs that will save the airlines fortunes. passengers are overweight and any weight loss could save airlines a bundle in fuel costs. if that's the most bullish case for the airlines you can see how negative wall street has gotten on this one. then hotels. they raise prices. marriott had a positive last week. really they will have unbelievable numbers in the next year. sellers seem to be everywhere. why? they are convinced marriott can't stay this good. we have had numbers from cruise lines. morgan stanley crushed today.

who cares? they are doing well. it doesn't matter. morgan stanley says things can't hold up. momentum is rightly stronger in september. the forecasts come down. finally, the bears got to the greatest part. airbnb. taking a break from travel. they had a period of strength and can't stay this good even as pricing remains firm. we haven't heard yet on booking and holdings. they cut the cost of travel, but it's just a matter of time before the bears get this one too. when i look at the facts there is no reason to travel now. a few costs have gone up. i don't like the credit card interest rate going higher. i don't believe all these will have down years in 2024. i don't think the thesis has changed that much. consumer behavior hasn't shifted that much. what has changed is wall street

which has gotten very negative on everything including stocks that don't deserve it. in the end it doesn't matter. unless interest rates have gone down. we have seen the last of the travel bullhorn. i'm jim cramer. . i'm brian sullivan, and tonight, the bond market breaking. big name groups of stocks slumping, but other opportunities in this pain, pem ceo cofounder is here. and opec, could trigger a new rally for energy prices. we'll tell you why. sam bankman-fried's block buster trial underway, likely witness, anthony scaramucci will join us on what will come next. chaos on the hill, the gop on shambles, what speaker mccarthy's