i wouldn't be buying it up 10%, but on the pull back >> and guy >> rangers in winnipeg looking to sweep a five-game road trip first time in quite some time, courtney, as you know. chevron. >> thank you very much for watching "fast money." "mad money" with jim cramer starts right now. to sweep a road trip. first time in some time. chevron, overdone. >> thank you very much for watching "fast money." "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 a little money my job is not just to entertain you but to educate and teach you. so call me at 1-800-743-cnbc newsom or tweet me @jimcramer. after just a terrific day where

the dow surged 511 points as we shot up 1.2%, nasdaq up to 1.6% -- >> buy, buy, buy >> what would allow us to have more of these sixes? we know they can happen. days like today are why we stick around this ugly market, correct? but they've been few and far between, which is why everything in this market is a trade until the bears are finally slain and the bulls can trample unimpeded, which is not the case. this market is deeply oversold it remains that way even after today. it can't continue to bounce. for most of you, that's not enough you don't want to bounce you're not traders i don't want you to be traders i need it to be there is no bounce and just investing. in my cnbc club, we're stuck in a bearish box with occasional bullish breaks like today. still lurking. there are unrelenting negative forces, some which are obvious and some much more opaque. what can turn things around for more than a day or two

let's go over them first, we need many, many more buyers of u.s. government debt for longest time, the natural buyers of u.s. treasuries were from overseas. just a few years ago, they owned more than a trillion dollars they've been sellers, not buyers these sales are part of the run-up in rates. if we want the bond market to turn around, they need to become buyers again i don't see that happening japan isn't a buyer anymore either just a holder. our government needs to borrow massive sums of money to cover the debt siff. washington has no plans to rein in any time soon we need more buyers to offset the treasuries that they're selling or else interest rates will keep going higher it's been a historic run higher and stocks will become ever less attractive versus bonds. that's why when we find out what issuance the treasury is going give us when they publish the schedule wednesday, there could be a major bond sellin ining in anticipation of the sales.

$776 billion which was $776 billion lower than the previous projection that's positive. but not if the treasury sells 10, 20 or 30-year paper to meet that hole in the budget. two, we need the fed to stop selling bonds alongside the treasury the fed, it could stop, but they're unlikely to after something like last week's 4.9% gdp growth number. the fed sales bonds as a de facto tightening so they likely won't stop until the economy cools down, and that sure hasn't happened yet three, we need growth but without inflation. that means when we get our employment numbers on friday we need to america is still creating jobs, but just not nearly as fast and with wages below what we're used to if we don't get this stuff down, we're going to get another nasty sell-off that's why i keep saying everything is a trade. no, this is not one and done we are in a trading environment.

ford, to get out of the box, we need better forecasts than this earnings season. so many companies give strong results but then they slash their outlooks, and it's so grim on semiconductor, what a fantastic company. with lots of chips headed to the auto industry. it had terrific numbers, but lousy guidance and that's how a stock can fall $18, 21% unforgettable in this market i can't believe how down beat this forecast is last week's forecast that got crushed was whirlpool. it just got annihilated. it was so horrible five, stocks need stop getting slammed every time something goes wrong with another company in its sector, especially when there is a history of outperformance you know why historically, for as long as i've been in the business, this is a well run company, best for well run franchise it's incredible. but its history means nothing because right now everything is

meaningless, except for how a company does in its sector and if it's bad, then boom any disappointment sends its stock down too until stops being hurt by what i describe as negative pin action, this is an unsafe market that's the analog for a lot of situations like this nobody gets the benefit of a doubt in a bear market, not even companies that have earned it. six, the magnificents have done a incredible job, but this week results from apple which is the most difficult stock to gain in this environment a no-growth company with a stock that has no business being this high it determines what happened in tech and nvidia on november 21st that's a long tale but it's realistic we don't just need a good quarter. we need a good quarter that they can get credit for all the order in a market that there seems to be so many rooting against apple and so many betting it will slash its forecast like on semi did. we need to see the price targets

come down. so many stocks have fallen after earnings in part because their stocks have come down so much already, even if analysts have something good to say, they still need to cut their price targets or else they would look insane this beats an incredibly down beat setup great quarter, cutting price target onlydecline in price to a leve where it doesn't matter can change that but we clearly aren't at that level yet eighth, we need to stop it with the wishful thinking about how the fed is going to start cutting rates. there are so many people who don't want to buy stocks until the fed starts cutting rates, but the fed has told you at least this economy puts together a half year's worth of soft numbers, it would be foolish to cut, and who could blame them. look what would have happened if they cut and last week the 4.9 number growth, they would be regard rightly as idiots we have to stop wage inflation the deals between the uaw and automakers, they are fantastic for workers, but terrible for shareholders the auto stocks are horrendous,

and they will stay horrendous because now they have electric vehicles while the less of the business becomes less profitable any way. you have to assume they'll end up with a lower price to earnings multiple. uaw was incredibly effective at getting much more money for his people than anyone thought possible it's terrific for his members. awful for anyone who owns the stocks he deserves a lot of credit as representative of his flak, even as he crushed strat gems, including my charitable trust which owns ford. 10, the worrying in gaza has to be contained to that area. it can't escalate into a regional conflict with iran. marcus went down big because it seemed to believe we could wake up to a much wider war with the u.s. involved. if we don't get one over the weekend we have a brief rally like we had today. can these things happen? as usual, i want to say of course do they have to happen for us to break out this bearish box

unfortunately, i think we need most of them or we'll have endless sell-offs punk waited by these short selling rallies and the rallies can only be used to lighten up i don't want to throw out the positives, especially when year oversold, but i dough don't see the chinese government buying bonds. and that backdrop makes it much harder to own anything in this market unfortunately, rye now the bears are in charge with the bulls merely paying periodic visits to the new york stock exchange like the visit they played today, and one they'll probably play tomorrow when this miserable october finely comes to an end >> hallelujah! >> robert in new york? robert >> caller: hi, jim how you doing? >> i'm doing well. how you? thank you. >> caller: thank you very much you know, i read that nvidia augmented their large language with 30 years of chip designs for their engineers. so this is going to give the senior chip designers about 60%

of their time to developing new chips. is this development with these chat boxes really going to catapult nvidia over all these other ai companies coming out? >> it's a great question they are well ahead of everything else because jensen huang had a lot of foresight, but they saw what could happen and they took down a lot of chips that is not a reason to buy the stock nvidia the reason why you buy the stock nvidia longer term it has the most thoughtful ai content the reason why you might not want to buy short-term is the market is awful. and i want you to make money when you buy something, not lose money. steve in connecticut, please, steve? >> caller: hey, jim. thanks for taking my call. >> you're quite welcome, steve glad you called. >> caller: i'm a club member. >> thank you. >> caller: and i appreciate all you do for all of us out there. >> thank you very much. >> caller: my question today,

instead of buying wells fargo, i bought bank of america because i have been so impressed with the ceo and the performance. but i'm in the house of pain being down 38% but i don't need the money, at least for eight years. >> okay. >> caller: should i buy more should i sell and roll into something else long-term >> no. i think your analysis, by the way is spot-on about brian moynihan and what he has done at bank of america. i think he is sensational. i don't think it matters right now. it's a bank stock. we bought wells fargo for the trust because charlie engineered an amazing turnaround and had a really great quarter no it just doesn't matter a bank stock, they're all trading the same i think to lose hope at this level would be a mistake how about william in indiana, please, william? >> caller: this is william jim? >> how can i help you? what's up? >> caller: yes, you think broad com will close the deal and do

you think broad com is a millionaire maker? >> i think broad com is a buy either way if they close the deal either way it will go up. if it can't, the ceo will buy as much stock as possible because the stock is very cheap. i will say this. i know that this deal was supposed to close, and there is claiming it's going to close very soon, but there is a pay issue. i need to see the deal closed before i can tell people look, this stock is going much higher. close or walk away, not limbo. unfortunately, even though sometimes we see some visit from the bulls, right now the bears are still very much in charge. that doesn't mean today, tomorrow can't go higher, but the bears are in charge. at least we know this miserable october is soon coming to an end. and as stocks tend to go up on the final days of a really bad month like this one. on "mad money" tonight, a new ceo at the helm. so with a tech executive in control, is this what an apparel company like vf needs to turn itself around or a style executive?

i would argue the latter let's hear from the man himself. then this earnings season, we're seeing one theme soar in the face of some volatility. i'm talking about the aerospace sector i'm digging into the cohort to see if the bull market can continue yes, there are bull markets somewhere. and the last three years have been volatile for the travel sector what do you make of a cruise line stock like carnival at these levels i'm getting the latest on this story from the ceo so stay with cramer. don't miss a second of "mad money. follow @jimcramer on twitter have a question? tweet cramer, #madtweets send jim an email to madmoney@cnbc.com. or givus cl 1-800-743-cnbc miss something head to madmoney.cnbc.com.

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after the close today, vf corp, the apparel company you know as vans, north face, timberland, dickies, supreme, many others, a kitchen sink quarter. this summer the long-struggling company brought in bracken darrell from logitech as the new ceo, and now he has a real tough job. but he as great track record logitech up almost 750% from the time he took over in 20er 2013 to the time he took over this summer that's more than triple what the s&p did. today his first step toward turning them harned of international line sales with slightly than weaker expected earnings and it straight up with its full year earnings forecast, slashed his free cash flow guidance, slashed its dividend we call this a kitchen sink quarter because management throws everything bearish in there to get ahead of things what's the plan for turnaround

let's check with bracken darrell, the new president and ceo of vf corp welcome back to "mad money." >> hey, it is so good to be here, jim. i couldn't wait to see you again. >> i feel the same way, bracken. i think what you have done is taken on, like you did with logitech, a very tough situation. you're no stranger to tough situations you kind of give us a sketch about what you've been thinking in the first 100 days? >> yeah, you know, i couldn't be more excited i had a turnaround when i got logitech, i had a turn around in old spice. so i'm kind of accustomed to being there. but i'm long-term underneath i'm really doing things looking for long-term. i see four things we need to do, jim, in short order and then we'll have a bigger strategy to follow the first is our u.s. businesses always lag the rest of the world. so we're taking the same aploce we took to emia and apac and put

it under one leader. that's step one. we're going deliver the vans turn around. it came off very, very high number now now it's coming down we're going deliver that vans turnaround we're going lower our cost base. we're going do a $300 million restructuring, really reduce the cost across the board and invest back into innovation and brand building and finally, we're going de-lever, lower our debt and really strengthen my balance sheet. these are the four key priorities, super simple, super clear, we're intensely after them all >> what attracted you to this? logitech, we all use the devices. we all used them ever since you were there you introduced so many great ones why this task right now for you? >> i love logitech and i had such an incredible time there but i was getting towards the -- i turned 60, jim so i decided if i'm going have one more go at something in a public company arena, it's got to be something i'm excited

about. and that is not just one brand, it's really an array of brands they're household names. they're all deeply embedded in the culture. they're super powerful, and the business needs to turn around and turn back into something these brands, some of the stuff is just on fire. north face is a phenomenal brand. and vans has the potential to get back to being one. supreme is super interesting timberland is part of the hip-hop culture. i just got very excited about not just the categories, but the brands themselves. >> let's talk about something that you said is one of the top priorities you said you have tode-lever, number four. how can you de-lever without selling some of these offerings? >> well, we've announced that we're going to sell a very high performing asset by the way called the pacs biz. it's eastpak and jansport and kipling. that continues to do very, very well that is going through a sale process. we're in the middle of that now. between that we announced that we'd lower our dividend today. that's another contribution.

when you add that up with our performance, we will deleverage. we've got two tranches of debt coming up. about a billion sub50 in total and our intention is to pay both those off. >> what is an analog of you can give me of a sneaker turnaround? they're hard to find >> an analog, look, i have a lot of respect for what new balance has done. >> yes >> new balance is a great story, great story. i was never a new balance customer, but i remembered new balance when i was growing up and i thought it was just a rung brand. i think they've done a super nice job. >> it's a great example of what can turn around. i came back from iceland recently i got to find this vf corp for the club because when you're in europe, north face is the predominant brand. how can that happen again here in the united states can that occur >> yeah, absolutely. i think the bottom line is the platform that we're running in europe has been in place now for several years. it's had success across all our

brands we're going bring that platform right into the u.s what is that platform? it's a way of doing business that basically transfers best practices across businesses very quickly and effectively. i absolutely think the north face can be as strong here as it is in europe >> i know you're a guy who would say jim, you can't look back, you just look forward. but i remember the initial vf corp and then i heard they had to move to north carolina because that would be close to where the mills were are there any mills in colorado? does that move make sense in any way? >> no. we're out of mills now but the one thing that colorado has that's very close to those mountains. those rocky mountains. and the north face is all about being in the mountains and outside. so i think for from that standpoint, it's a very good fit. we have smart one icebreaker, if you've never tried one, they're amazing. smart wool, it's merino wool brands that are a certain kind of merino wool that is very, very comfortable, very warm, very breathable and natural.

>> that's a good example of something i didn't know and why i think you're the right guy for the job. there are people who say jim, he is a tech guy. how could he be there? i think you're a brand guy who is very aware of fashion and what people like that's why i always felt you were ahead at logitech am i too optimistic? am i making statements that perhaps i'm going regret perhaps it's going to take a little longer time than i hope he does? >> my job is to make you so right that absolutely what i'm going to do. >> i'm going to believe it i think that one of the things that you understand more than anyone is that there are brands that have a technical nature, actual technical that people really like because they're authentic. you have got these brands. some of them are technical, but some of them are out there look, i have to tell you when i see the vans decline, what was vans that it became something else it was an authentic brand, and it seemed like it became a

knock-off of itself. >> i think what vans really was, for those -- and i hope there are some people listening who are big vans fans, what vans really was, inside all of us there is a little bit of an underdog, a little bit of an outsider not everybody, but almost everybody. vans really catered to that through the skater community but it really for all the people, whether you skated or not. i think we got so big and we kind of started catering to other people that were purely into fashion, which is not bad but we kind of lost our way. i'm really making sure always appealing to that slightly mischief fun side that we all have inside. >> now there is that also timberland which at one point was the shoe you wanted to climb a mountain with, a hip-hop shoe. and then i know the boot. >> timberland, it's so associated with hip-hop. this is the 50th anniversary year of hip-hop. if you didn't know that, you do now. and it's also the 50th year of that beautiful boot.

we just created a movie that's really amazing susan mulder created this movie that is worth watching i don't know where you can watch it yet i'll try to make it available. it celebrates the fact this really was part of the culture, timberland and our goal is to leverage that. >> i hope you'll come on repeat lid because you're a straight up-front guy i'm pulling for you. abt friends, not about money. but i'm pulling for bracken darrell, vf corp president and ceo. great to have you back on the show great to see you >> thank you, jim. >> "mad money" is back after the break.

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get paycom and make the unnecessary, unnecessary. - see you down the line. ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. now that the market is having a rare terrific day, i want to focus on one of the most positive themes we've picked up from the last three weeks of earnings season. i'm talking about the resilient bull market in aerospace. >> buy, buy, buy >> for a long time we had a lot of confidence in aerospace

because the airline was booming and they desperately needed planes in the past few months, though we started worrying about a about increasingly tapped out consumer, especially after a number of airlines announced downside. >> sell, sell, sell! >> but last week we got very positive news, big-time of some updates from major aerospace companies that frankly made me feel pretty darn good about this industry let's take them one by one starting with boeing here is a company that had a terrible trard for years calling them a team that couldn't shoot straight would be a problem. but in the run-up to the quarter, that's one reason why the stock has sold off high. when boeing reported last wednesday, headlines were mixed, better than expected paired with larger than expected loss and larger than expected cash flow numbers. the stock finished down 2.5%, but it was bad day however, when you dig deeper, i thought there was a lot to mike, not dislike. boeing reaffirmed its full-year cash flow and free cash flow and

management said free cash flow should grow next year. that's probably the most important metric things are getting better in 2025 and 2026. if boeing can hit that target, it's very positive for the stock. i like that. more important, if you listen, dave calhoun had a ton of positive commentary. he said demand in boeing's commercial businesses will remain incredibly robust he told us they're on track to hit preproduction goals for the 737. he predicted major production growth by 2025 i thinks they pretty amazing it confidently can ramp up production because sales of the 737 and 787 remain strong. do you know they had about 400 net orders and the overall backlog stands at a staggering $469 billion, including over 5100 commercial aircraft to me that's the key point i know it's hard to stay focused on the long-term opportunity, where no one is thing long-term at all in thismarket, where boeing has so many short-term hiccups, but the long-term story, i got to tell you, i

think it's incredible. admittedly you need a lot of patience to stick with this one. well didn't have it for the trust. i now regret that we also heard about air aerospace strength how about honeywell? it reported a solid quarter. the stock didn't get much credit, but their aerospace business is on fire. their organic aerospace sales up 18% year over year according to them, it's led by robust after market demand driven by increased flight activity with commercial flight seas up. that's fabulous. even the company formerly known as raytheon managed to report being a total -- >> the house of pain. >> for the past few months rtx has been slammed by a recall for hundreds of engines. this will cost them 3 to $3.5 billion. they assured me it won't go over that over the next several

years. the company lost roughly $40 billion from the market cap from the time the story broke in late july to the stock's lows earlier this month that is absurd and looking like a mistake. not just because this is a defense contractor in a world where there is suddenly big conflict in the middle east. just as importantly, last tuesday they reported a solid quarter with an incredibly strong aerospace business. their collins reported 16% sales growth, well ahead of what the analysts were looking for. a good acquisition there all that strength came from commercial after market sales up 30% year-over-year, commercial orange 'nam equipment sales up 30%. and when you recall the aircraft business, mid to high teen numbers. you keep getting them in this industry but if you want to know the single best story from the aerospace industry, that would be general electric, which is currently in the middle of a breakup. they spun off their ge health care technologies at the beginning of the year, and now they're about to spin off their power business as ge nova.

that means they'll be a pure play on aerospace. and the prospect of a stand alone air woe roe space stock, let me put it up there. >> buy, buy, buy >> orders up 34% to 9.8 billion. revenue up 25% to 8.4 billion. thanks to 31% growth to commercial grosses and 33% growth for commercial engines. and the segment profit grew to 1.7 billion thanks to margin expansion. on g.e.'s conference call which australia a victory lap, ceo larry cole said the strength was driven by robust demand and solid execution, end quote, though we also know the company is still navigating supply chain challenges which has really kind of got me down it makes the numbers look even more impressive, frankly imagine how well they can do when they get the supply chain sorted out incrementally more exciting and positive in florida g.e. said deliveries for leap engines would be

pushing the fourth quarter into 2025 it's incredible to think about what the numbers could have been like if those delivery had happened as scheduled. but i feel pretty good knowing that business is going to boost the next several quarters, and that's why g.e. stock jumped 6.5% last tuesday in response to the point where it's um a cool 68% year to date [ applause ] that's an amazing run. here is the bottom line. as you hear companies reporting this earnings season, remember that you don't want to just ask about their own company's specific results you also want to hear what they have to say about entire industries so far this earnings season, they've gotten pull evidence that the bull market is alive and kicking, even though many pessimists thought it was about to get sent to the slaughter out. not all these are clean stories. boeing has a track record of lousy execution. rtx just had the jet engine recalls. g.e. is great, but in the middle of a breakup that said, the overall strength of this aerospace market is enough by buying any and all of these stocks right here.

let's go to dave in illinois, dave >> caller: dr. cramer, my mad former ford falcon dweller friend, how you? >> i am doing well, thank you. happy to get out of that car and into my ford maverick which i've only had one warranty problem to say. but that's all right what's going on? >> caller: this morning on "squawk on the street," you mentioned this company is remarkable and should receive more than its fair share of u.s. defense budget spending. of course i'm talking about l 3 harry's. down some 15% on the year, it has been a consistent market performer. 23 analysts average a 23% upside from here. will you give lhx your blessing in today's difficult stock pickers environment? >> it's the last of the defense contractors that seems to be unheralded, even though their actual products would be used by any war fighter. so i think it's probably -- a lot of them are just like they

make these big problems that aren't going to help war fighters need the stuff. i think you should buy it right here richard in california, richard >> caller: hey, hi, jim. >> krrichard, what's up >> caller: i'd like to thank you for all your no bs analysis over the years. >> thank you, thank you. you're very kind. >> caller: anybody that can stand up in front of a million people and admit they're wrong sometimes, that's a guy you can trust. >> thank you what can i say i'm in a business where if i were ted williams and batted .400 in a season, people would hate me any way. >> caller: well, listen, jim, i'm having great success with your advice, and a few years ago you advised me on this one i looked it up liked it i got it it's been doing well, although this year tanked a little bit. but it reported on thursday, and it shot up, and it came back down, and i'm waiting. i want to keep it long is this a good time to buy now

that it tanked a little bit? what do you think of carrier global >> i think they did a great job. i know there are a lot of people betting against him now because he is making this big german acquisition? i've looked a at this nine ways to sunday. i think it is very solid i think the carrier is a great buy. you can buy some at 47 you thank you for those incredibly kind words we've gotten clear evidence that the bull market in aerospace is alive and kicking, even though many pessimists not it was to be get sent to the slaughterhouse they were wrong. carnival, after reporting a record third quarter, this is the turnaround invest were hoping for a turnaround? or could a debt acquisition keep them on the sidelines until it's bade down? i'm speaking with the ceo. and this morning mcdonald's gave us a glimpse into the pressure the consumer faces while price increases continue to mount when will it be the straw that

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everyone is so worried about the health of the consumer that they often don't take it seriously when consumer oriented companies report great numbers roughly a month ago carnessale, yeah, the big cruise line company put a strong top and bottom line beat with amazing books and the stock fell nearly 5% in response probably because management cut their full-year ebitda forecast. but that was because of higher fuel costs how could people not have known that. carl van is down 70% over the course of october. so who is going to be right

here the company that says things are great going or the investors who seem to be misinformed or have decided who cares? let's take a closer look at josh weinstein, the ceo of carnival corporation. mr. weinstein, welcome to "mad money." >> thank you very much happy to be here. >> i have to admit i am co confused well talked it over in the office you crushed 2019 a lot of people were saying maybe bookings aren't that good. the books are incredible a lot of people are saying the bonn board spending is not that good the onboard spending is great. tell me what i'm missing that make people realize that this is an inexpensive stock >> so you sound like me. i appreciate that. >> because i've done the homework and obviously you're living it >> we had a tremendous quarter we outperformed on every single metric that we put out i used one word to describe the third quarter, record. record revenues, record yields, record pricing, record customer deposits, record bookings.

not just in the media, but thinking about that future trajectory so we're performing. our brands are delivering, and we'll keep doing that and hopefully the stock will catch up. >> on fuel, i noticed you have to lock in certain prices, but gasoline year-over-year is not so bad that cannot be the reason why you shouldn't own the stock. >> it shouldn't be fuel is going to go up fuel is going to go down the one thing we are maniacal about is use less, and then it really doesn't matter what the price is we cut our consumption every single year. we peaked in 2011. even though we're 30% bigger today, it's 10% less fuel that we are using and that is a testament to all the work we put into that initiative >> now let's talk about balance sheet. i had thought that perhaps -- i approach this kind of differently. i know you're coming on. i want to see what went into the stock price. you pay down a lot of debt you have huge free cash flow there is a path here for you to go back one day to having much less debt.

>> absolutely. we've already -- we peaked in january. we've already paid it down $4 billion from that peak we set out long-term targets such that by 2026, we anticipate being back to investment grade leveraged metrics. it's up to the rating agencies to give us a credit for that and rate us accordingly. and we do see a path we have a tremendous amount of free sky harbor flow generation capability in the business our new build pipelines, our cap x as you look forward is significantly lower than it's ever been. we've only got four ships on order. and that means we have a tremendous amount of headroom to pay down debt over this next three-year period. >> now i know from the other people who run cruise ships, i've not talked to you about this directly that what always seemed to hurt them was new supply coming on there isn't a lot. there is really i see barricade to a higher price. people at 109% capacity, no one seems to blink >> that's absolutely right so we can focus on same store sales, right

and generate all that demand with less supply in the pipeline you don't need new ships to generate the brand you need great brands and guest spaces we're leaning into that. >> labor is labor the problem cost >> no, i don't think so. i think we try to be competitive. we have to be competitive. but that is being managed in the normal course. certainly, inflation, i think everybody has found is stickier. even though it's decelerating inflation, it's not as fast a deceleration. >> you were the first person to say it right on your conference call it's not like it's deflation it's just inflation -- >> decelerating. >> and people don't seem to understand that. >> yes >> and to me, what you explained is it's not like things are going down in price. they're going up less. and to me, other than the fact that you seem to have a product that the market can bear, it isn't like you're able to make huge amounts of money on board because you have to pay more for things that are on board. >> we can make a pretty good amount of money, we absolutely

can. and we have to be thoughtful about how do we run ourselves more efficiently, leverage our scale to the maximum effect. but it's not a matter of going into deflation this is about inflation finally slowing down >> how about some markets that have historically been good that maybe aren't so god right now? >> well, for us, there is a huge difference between this year and a year ago if i was sitting here a year ago, we would have been talking an awful lot about the challenges of germany and italy and the uk and the concerns and the environment around fuel price. well, have i fuel to heat my home and what's the impact on the consumer psyche. i will tell you that as part of those records that i was talking about in our third quarter, that wasn't just driven by north america. that was our european brands coming on strong actually, both of our continental european brands yields higher this summer than back in 2019 cruising is back in our established markets. >> any lingering -- i know there is bad publicity about

coronavirus. not playing any role at all? >> no. >> and some market taken out by ukraine? >> yeah. >> but not anything that couldn't be made up immediately? >> that's pretty much right. obviously, the ukraine has caused a ripple effect on our itinerary planning you lose st. petersburg, which is one of the high yielding trades that we had it probably knocked about two points off of what we would have achieved over the third quarter. so instead of being up 7 points in price, we were up 5 points in price. >> horrific middle east, israel, gaza, no impact, right i shouldn't say -- >> it's terrible >> but that's not a destination? >> it's not. with have less than 1% of ou capacity would touch israel on stops, ports of call and that's already been managed through and obviously safety first. so we are -- our assets are mobile so we can move them. >> i want to make it clear, you're not in a position the pay down much more debt to be able to buy stock >> priority number one, two, and

three is reduce the debt load. and we're going to do that through the cash generation, which is going to take a few years. >> right but at the same time, it's obvious will there is a tremendous demand. people love to cruise. that's what the real takeaway. they love the cruise more than anyone realizeded. >> we kend it on that note if you want, because that's absolutely true. >> that's how we feel. that's josh weinstein. he is the carnival corporation ceo. you heard, i hit him with every single one of the things i thought might be driving the stock down, and you heard the answers. i think they're good "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 it's time for the "lightning round. cramer -- cell phone, calls and play this sound -- [ buzzer ] -- and then the "lightning round" is over are you ready, skee-daddy? let's start with gary in new york gary >> caller: hey, jim. give me the long and short on what you think of corning. >> okay, they reported a disappointing quarter. in this market it stays disappointing. there is no bounce maybe next year. that's how i feel about corning. let's go to jonah in massachusetts. jonah? >> caller: ba-ba-boo-yah from boston, massachusetts to the chill master himself. >> good to talk to you how can i help >> caller: thank you for take my call, jim. first time caller and a long time listener. >> fantastic glad you called. >> i want to give a quick shout

out my dad for introducing me to investing and the best show on television, "mad money." >> wow. >> caller: i've seen it absolutely explode they just reported the fourth consecutive quarter of year-over-year triple digit earns and benefitting from ai tailwinds. what's your vacation on vrt? >> every since jay cody got involved, these guys have raised price to where they know there is plenty of demand, yet they put out the absolute best products i completely agree with you. i think it's a buy marty in pennsylvania, marty >> caller: hey, jim. hearty boo-yah from lancaster, pennsylvania >> what's going on >> caller: the stock i need help with the texas instruments i've owned it for 20 years >> hold on to it just hold on to it they have very shareholder friendly, but they do havea lo of industrial that is not doing that well. auto has been their one area that's good. that's not going to be good.

coms is really bad you can hold on to it, but understand you're not going to make money right now that was a terrible last quarter. joe in new jersey, joe >> mr. cramer, thank you for taking my call. >> of course what's happening >> caller: with better than expected earnings and positive results from keytruda, is merck is buy >> yes, it is. i thought the results were incredible merck is doing very, very well that is one inexpensive stock when you look at what can happen with keytruda which may be the greatest selling drug of all time co conner >> caller: with the colder weather ahead of us, it is time to look at algonquin power and utilities? >> it's a good utility i was going over wit the research director. 6, 7, 8% yes, the answer is yes i see a lot of stocks that have come down to the point where i think the utilities are buys let's go to sam in

massachusetts, please. sam? >> caller: hey, jim. thank you, bud my company just delisted from dublin and debuted on the nyse december 25th. what is your take on crh >> after lindy went to the u.s., it was a terrific opportunity and a catalyst let's do some work on it before i say it looks good. and that, ladies and gentlemen, is the conclusion of the "lightning round"! [ buzzer ] >> the "lightning round" is sponsored by charles schwab. sponsored by charles schwab. ♪ go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly.

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management at mcdonald's puts the pressure on the consumer while still pushing through strategic price increases, i wonder what's happened to companies that seles portable merchandise i always consider mcdonald's to be one of the greatest bargains on earth this quarter proves sales were pretty darn good, and the stocks are not bad either even after shares rallied $4.30 today. however, i think their warning on the consumer this time spot-on too. why is the consumer so cash-strapped? we often read that it's because people have run out of cash they say durping the period when the covid lockdown i got to assume that inflation is far more important at this point. almost every company i know has taken several targeted price

increases and its expansion gdp growth came in at 4-point number plus, unemployment rate, below 4%, why not take a chance? why not raise prices they know the customers can afford it. of course only some companies can do this and have the prices stick. first, chipotle. it's been able to take small incremental price increases. that's why the stock keeps advancing. i think it's going to 2,000. however, when i think of everything we need to buy, it's all gotten more expensive, except maybe your heating and natural gas. to me it feels like the federal reserve may be actually on the cusp of winning its war against every company that's raising prices we know that even as home builders are making a huge amount of money per house, the median house of a home has fallen to the mid 400 to the low 400. i think long-rates rise a mortgage will cost 9%. unless you can get a teaser rate, putting a gigantic amount

of money down, though, then you'll be priced out of the housing market until homes get back to the 300,000 mark where they were precovid same with dealers, cars are too spiff. finally, there is a reason why all the retail stocks deluding the dollar stores are way, way down they too put through price hikes that are no longer holding that's why the real price cutters, amazon, walmart, tj maxx, those companies are offering prices that still attract consumers. namely, prices that feel like they did before like they did before the pandemic made everything more costly we know the fed is going the win the war on inflation by tamping down on liquidity. but i think what we're really seeing is all the companies that raised prices aggressively from food to cars to homes or even more discretionary parts of health care are now finding out that they took things too far. it's no longer enough to cut a few ounces out of a bag of dog food while you raise price sneakily nobody is putting up with that

anymore. i think we'll see the same price play out with snack food, soda the consumer pushback is finally happening, and it's pressuring margins. yet the year of price risk inflation is now over. bad news for most of these businesses, but great news for you, the right now unless call who is next after a big win as the ufw set its sights on tesla. >> prices below where they were before the israel hamas war. a new report should have everyone concerned.>> apple after dark. scary fast product event kicking off an hour from now. we have a preview. return to office tensions flaring. even at the new york times. billionaire with reaction. secret text revealed. was sam a bank been freed really thought about some of his crypto customers. out of alignment. you won't believe how