time for final trade. tim. >> it was kind of a trading call from an analyst. i kind of like it. term and unh. either way. >> lori. >> regional banks. they're cheap and the funding of the economy. >> great to have you on the show tonight, lori. dan nathan. data scientist. >> those guys are fun. >> i like sirius here. >> buy you guys a bunch of pocket protectors for the holidays. >> thanks for watching "fast money." see you back here tomorrow at 5:00 for more fast. "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." my friends, i'm just trying to make you a little money. my job, entertain but also explain because this is a very complicated day. call me at 1-800-743-cnbc or tweet me @jimcramer. the absurdity of earning season has arrived. it did not take long. people are already doing stupid things and i have to point them out so you don't make the same mistakes. i'm on a mission to make you a thoughtful investor, not a focus trader. i want to teach you the difference. on a day when the dow lost 325 points. the nasdaq lost and s&p. we saw stocks trading oliver as part of the recording process. you need to know, the vast majority of the time if there's no big event that changes things

there's not much that happens other than external forces that are often tangentially related to a company's future. what's and associated move? today energy prices collapsed after a report that is real is not planning to attack iran's oil facilities. speaking of china, we already know that the market was spiraling but today we got some real bad news. lv mh, a luxury titan like cognac, louis vuitton close, reported organic sales declined . that was driven by weakness in china. that was truly the chinese communist party stimulus hasn't kicked in. so with no threat to iran's oil, the price of oil just plummeted taking west texas to

$70. it was a brutal round-trip. without concern possibly off the table, it's a stunning decline not just in crude but in the oil stock. they, quite frankly, were obliterated. i wonder if they are even investable at this point. it's no use investing in something that could go from 70 to 50 because opec has no production discipline anymore. anytime oil goes down the retailers, restaurants, travel and leisure stocks that should be winners in a world where consumers have more money in their pockets from lower gasoline prices and that's exactly what happened. the cruise lines for example, just exploded into the stratosphere. carnival is up more than 6%, norwegian almost 4%. royal calabrian almost 3%. anybody that likes crews stocks, ideal.

it's not so much that texas wrote stock should be up. traders cannot resist these often bogus revaluations. i hope they read the register. when you extrapolate one from the rest of the industry and then to customers you get to the height of absurdity. asml reported a heinous quarter. they were not even supposed to report today. it was a mistake. the panic brought down everything related to microchips including the ones dedicated to artificial intelligence which is the one and market where asml said things were smoking. because asml was not supposed to report nobody was ready so it was just a free fire. it is why nvidia got clobbered even though asml talked about a.i. as the one bright spot. more on that later.

the mother -- the most this information comes from drug stocks. i saw the numbers and they look great for johnson & johnson. it turns out that things are better than expected with the pharma portfolio especially the cancer drugs. they have an amazing treatment for bladder cancer, something that used to just be fatal. this was all due to problems in asia and the excuse made total sense. moreover, the bravado franchise, the psychiatric ketamine drug that makes people feel like life is worth living if they don't, it is growing like mad. the company has created a subsidiary to handle the lawsuits accepted by a texas court. 83% of those who are suing want to settle. you get that overhang it will be measured over multiple times and multiple years, not just one big check.

that could happen relatively soon. this morning i was looking for the stock and thinking, i don't know. it is down. it is literally down one dollar. that is nuts. a price set by morons who have not done their homework. i've gotten the point in my life where i want except that. i callout stock prices being fixed by bozos and i invoked the fabled scrooge mcduck. this was the moment to reevaluate them up, not down. millions of dollars are being flushed down the drain at that moment. fortunately the useful were defeated and the stock finished up $2.50. and now on goldman sachs. i did my homework and thought this was some story. david solomon, the ceo is putting up fantastic returns. i thought it should go up to to

three dollars. it opens up $16. what kind of bozo the clown paid $16 higher? what a chowder head. i hope they are playing with your money. the stock proceeds to drop $25 in a totally chaotic moment. they finished down only a few cents. i wonder where it would've traded of the people buying and selling knew how good it really was. that is shameful trading. i saw what happened last week when wells fargo reported a perfect quarter it started -- saw it stock plummet. i wanted to throw something at the tv. i quickly realized it was a much better than expected quarter. if you stick around, i will talk to charlie sharp, first time on cnbc and the stock is up 9%. i'm not saying everybody is a moron, i'm saying there are details that inform that people

are looking for benchmarks we accepted going into earnings. for the first few moments of training there's oblivious action based on who knows what. it is definitely not the key metrics. it's definitely not the homework. bottom line, this is the sloppy way wall street reconsiders the price of the stock compared to its peers during earnings season. then kevin said only happens four times a year. the only time it is unwarranted , if you are not a professional you should not be involved. there are so many people playing with so much money. professionals who pay people portions -- fortunes to figure this out, let them do it. it is an easy way to lose money four times here like clockwork. let's go to hutch in new jersey. >> jim, it's hutch. i'm just wondering -- >> hutch, stockton?

where are you? >> i'm at the stockton inn. >> i love that. let's do something. >> paypal, what are you thinking about paypal? >> this guy, alex chris has energize the place. ever since i saw david, i'm jealous with his interview with alex. it was at the bottom. the stock is down one dollar. it is a buy. today's actions are a classic example of wall street reconsidering the price of a stock during earnings season. i urge you not to get involved in this process. the wells fargo ceo was about to celebrate his fifth anniversary. i am sitting down with an executive from the new york

city office. it's a rare and exclusive interview. the swiss watchmaker brightly is celebrating the birthday. i got one of the first ones, just kidding. i will discuss the state of the luxury wants -- watch market. as i said, chip company asml plummeted today in an earnings report. i'm starting to realize there are two very different semi conductor avenues here. i will let you know what you need to know so stay with cramer. don't miss a second of mad money. have a question? tweet @jimcramer on x or call at 1-800-743-cnbc.

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on friday, wells fargo the bank reported what i thought was a great quarter and the stock roared kicking off a terrific earnings season. during the past three days they have rallied over 9%. we will be going over it tomorrow when we do our meeting. as much as it seems like a reaction, it is part of ceo charlie scharf's long-term plan. they are cutting costs under the watchful eye of the regulators. they are still keeping close tabs thanks to the misdeeds of the previous regime.

i think it is headed in the right direction and could have room to run. scharf is a visionary and operator. we are approaching the five- year anniversary of charlie scharf's appointment as the ceo. for the first time since he took over we had a chance to sit down with him earlier today for an interview. charlie, you came into a very difficult situation for a storied bank started in 1852. i have to ask you, given the fact there was a couple years of what it was called controversy, why did you take this job? >> i think it is one of the greatest jobs in the country. the franchises incredible. if somebody handed you the pieces and said you have the opportunity run this. we have some things that need to fix but if you think they are solvable what else would you rather do? >> to some degree you are a ward of the state after that happened, but you did not do

any of the things you have to correct. >> listen, it was clear we had to prioritize the work that the regulators required of us. that was on us and to me it was clear that with the right people, with the right urgency, with the right process in place we get that done. that is part one of the mission. part two is taking advantage of the great franchise. we have to clear that . we've accomplished a lot and we still have a lot more to do. >> so it is the ball and chain -- ball and chain. you had to do it. what have you learned? >> what i have learned is if you set your mind to something, if you are really clear what the priorities are you get the right people, you manage to it and you can accomplish it. i feel great about -- this is not about me. this is about the 220,000 people at wells fargo that have accomplish this.

>> a headcount reduction every year. what did you start out? >> 270. >> you sold asset anagement, retirement trust, corporate trust, closed dozens of offices, closed student loan origination, sold the canadian direct, exited the auto business, stopped personal lines of credit. i thought that was wells fargo. >> the core of wells fargo is what we do with consumer banking and lending, wealth management and corporate investment bank. part of the mission when i got here was to make sure we are focused on doing the things that matter most for the core customers of the company. a bunch of the things that we did were perfectly fine businesses. it just did not matter to the core customer base so they are better owned by other people. >> why did you close wealth management and open a different one? >> we did not those. what we said was we don't need to manufacture our own project. we don't need a manager.

we love the business and we have the advisor so that makes sense to keep in the company. let other people run the asset management. we have the wealth advisory and we get to pick and choose the best products for our customers. >> you have a storied background. you worked at visa, j.p. morgan, investment banking, retail, you are reinventing the bank and some very competitive areas including investment banking. how are you going to do this as fast as you would like? you are not a seventh guy, you are a one guy. >> first of all, when you look at the franchise we have a great consumer bank. that is the top one, two, three and everything we do. same thing is true when the commercial bank and even in the corporate investment banking space, we have a great corporate investment bank where we have been banking the big companies forever and ever.

the opportunities we have are to build the businesses where we have not been as strong but it's taking advantage of the relationships we have. we have not had the same amount of focus that we have another areas. we do business with more than 60 million americans and have the opportunity to spread their. on the corporate banking side we went to huge numbers of cups demurs both on the commercial bank inside as well as the larger size. we have attached chance to get more. >> i'm retired from j.p. morgan. on 56. what is the pitch? >> how about i tell you what our clients tell us. one of the things for me when i got there was i had an opportunity to have conversations with a lot of people. i set up these calls with ceos

of large companies and what i would hear from them is, we love doing business with wells fargo. you've been lending to us for a long time. you've been through good times and bad. you have great treasury management relationships and we want other options to deal with and we think you are a winner. you will look at our relationship and say, you are probably not making the returns you need to make. this is them telling me, what i want you to know is we want to do more with you. that's a unique situation to be in when you have the customer telling you they want to do more. we have to build capabilities. we have to have the best people in front of them. when you think about what we are doing and why we are doing it, when you have the customer saying this is what they want from us, when you have credible people and credible products and services we want to use you. it's an incredible position to be in. >> the goldman sachs report, the uber wealth management, when i go to wells fargo i knew that i could hit them up for

$200 for junior baseball, hit them up for the santa. because that was the local bank. do you still do the local bank and become this? >> we are in a lot of ways the closest bank in the country to the communities we serve. we have more community branches than any other bank out there. that's the heart and soul of who we are and the way we've done business. we are not abandoning that. if you think about who wells fargo is, we serve consumers, small businesses, middle-market companies. years ago before the banks got so big we did business with the corporations as well. now that we do this across the country it's a continuation of that, making sure we are continuing to build the services we can provide for them. >> you are reinventing the bank at a time people aren't sure how many people need to work, we have tremendous technology in -- chat gpt. >> i would say, i think the

technology that exists is incredibly exciting for the people that work you. you pointed out earlier we have a lot less people than we had when i got here. we try and get from point a to point b as much as we can by attrition. what we try to use technology for is to help our customers and help people do a better job. we are just at the beginning of a.i. but we have been using it for a long time and this company. it's embedded in how we analyze credit and how we do marketing and how we provide information to the bankers. there's just another step to go. to us it is the most exciting things for the people who work here because they will have tools they've never had before. >> you have been buying back a huge amount of stock. you are back to the number of shares you had before the crisis in 2007. wi-fi back -- why buy back

stock when you could invest, it's great that it's a partnership but why not plant a flag and jumped to number three, number four, number five right now. >> first of all we invest as much as we can inside the company. that is the first priority. as much as we have done, that investment is happening. we do have an asset cap and we live under under the -- other constraints just like other big business. when you are limited in what you can deploy and in terms of what the market is asking for you have to return it to shareholders. the idea of buying something sizable is not on our radar screen. it's not what we are thinking. what we come in every day what excites us is the organic opportunities that we have. as you pointed out, we exited things we don't think we have great opportunities for. everything we've done today with some minor exceptions, we

have done it organically. >> we have to take a break but let me ask you, have you taken business from jp stanley -- oregon stanley, j.p. morgan, because of the people that you've hired? >> we've been lucky to attract people. one of the things that i would say is when you look at the market shares that the big banks have, there's plenty of room for all of us to do well. >> we will have more with charlie scharf when we come back in a moment. coming up, and a transformational moment for big banks, could 149-year-old wells fargo continue to innovate? cramer's exclusive interview with ceo charlie scharf continues next.

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it's time to feed the dogs real food in the right amount. a healthy weight can help dogs live a longer and happier life. the farmer's dog makes weight management easy with fresh food pre-portioned for your dog's needs. it's an idea whose time has come. friday morning wells fargo reported a solid quarter with guidance. the income should bottom this year mounting a major come back for 2025. then profitability all the way down the line. i think it is truly transformational. we had a chance to speak with charlie scharf , the president and ceo of wells fargo. i already showed you the first time that because this was so

important we went over time. take a look. >> there's so much that you've done in life but at the site you just killed it. i remember meeting you. you were a little gruff with me but that's okay. what i want to know is can you go by the gm, apple, either credit cards that you want to on right now that people are do anything with? >> our credit card business is doing extraordinarily well. we've launched nine new products since we've been here. when you look at the point of sales, it is up well over 50%. we are doing a great job growing organically. that is where we think the opportunity is. it's not about portfolios or looking at other things at this point. when you look at what the opportunity is if you don't think you have the organic opportunities, you do need to look elsewhere. that's not how we feel about

where we are. we feel great about the opportunities that we have and you see it in the results. >> you have special relationships i have to believe that because you are on the board of microsoft, you want everybody to sample copilot. are they doing it? >> we are introducing copilot in a risk-based way across the company. i think that there are great opportunities for people to use it. >> day one it is people become far more productive and able to do a lot more. the idea of waiting two or three days to get a note versus something instantaneously, you get a lot accomplished very quickly. the same thing is true with copilot. >> how do you feel about the state of things in the country. i know that he went over and over. you stress hiring, deployment is good. inflation is down. it seems like a halcyon time but we know it is a bank. we do feel, you are very

optimistic. >> what i know is what we see. we have the facts in front of us. the consumer has been extremely resilient. spend still continues to go up at a very measured pace both in debit and credit cards. when you look at deposit balances, they are still strong. credit quality is performing extremely well. corporations went into the environment with very strong balance sheets. the facts are that things look pretty good. the fed has done a great job managing this down under the circumstances people said were extremely difficult. that is what we have seen so we are pretty optimistic. we are conscious of the risk. we don't sit here and say, risks don't exist but what we see looks pretty strong. >> i imagine when you came in there were things you did not even know about. you have been in a true teddy roosevelt arena situation. did you ever think when you

were at visa, j.p. morgan, that people would say this man is doing the wrong thing? >> i understand why people are critical of wells fargo. my mission in coming here was to change the dialogue. the easiest way is not for me to give a speech but to actually show the results. that's what i think we are doing. i feel great about the progress we've made and i have great confidence that we can put this behind us. >> you think you can preserve the greatness of this historic institution at the same time layoff the people you have to do and make things compliance friendly and simple? these are all things that you like? >> absolutely. >> i don't know. what time do you wake up? what time do you go to bed? this is not the usual challenge for a banker.

>> my job is not the artist in the world. when you ook at what other people do in this company, they have hard jobs. you talk about me a lot and i appreciate that but i have a great management team, 17 people on the operating committee. 13 are new to the company since i joined and the other four are new jobs. it's a great team. we work extraordinarily well to each other. i put this team against any other institution. >> you have a lot of people that worked at other banks. it seems operational. >> our board is deeply involved in what goes on at the company. they provide the oversight and challenge us. as you point out we have board members that have been at other large institutions and they've experienced these things. we gain great insights by the experiences they have and the way that they push us. they are supportive when they should be supportive and they challenge us when they should challenge us.

if you are a shareholder that's exactly what you want. >> what do you tell them about what the fed is going to do and the interest rates? is that what we talk about and then you laugh and say, why can't they think of something better to do? >> it's a little bit of both. we care about our shareholders but at the same time i just want to point out that the market can obsess on a quarter more so than we would. take last quarter versus this quarter. last quarter the stock reacted badly and this quarter it reacted well. it's the same company. the trends are not dramatically different. what we've been doing to build the business and the progress has not changed. >> your stock is up the most of any bank. you said exactly what you were going to do. >> i do think credibility is important and if you say something you should deliver. we believe strongly in that. unless something has changed in which case we have to tell

people what is different and why. when people listen to us your word is credibility. it's just like the reputation of the company. it takes a long time to build and a short time to lose. we understand that. >> speaking of that i always felt one of the beacons of san francisco could be wells fargo. i do not see an and market. what about san francisco? >> san francisco is still incredibly >> reporter:. we are a national company. we have over 10,000 people in minneapolis, des moines, we have over 10,000 people in the state of california. we have ver 20,000 and north carolina. we have 4000 4500 people in new york. so we go where the talent is. we travel around all the time. it works for us. >> do you have to worry about who gets elected in the fall? >> you always think about that, but we will work with both

sides. >> do you have a contingency plan? >> i am encouraged by what both candidates are saying about the way they want to interact with business. >> that is certainly more positive. i think the current regime has been tough on business. have you talked to tony west? >> i would say that both myself and people in this industry do engage with people on both sides of the aisle whether they are current or future. as i said i think there is a desire to make sure that the private sector is helpful as the country moves forward. >> five years ago you came in right about now. what does the bank look like five years from now? >> we want to be america's greatest bank. >> like it was before the destruction of america's greatest bank? >> that's who we want to be. you know, when it was the buffet bank, when john came on my show and talked about the

buck stop there but it hadn't. you could see it. >> our customers love doing business with us. they want to do more with us. they are giving us the opportunity. as i said i think it's one of the great jobs at one of the great financial institutions. i'm incredibly excited to be able to get from where we were to where we are today but even more excited about the future. >> i like that message. let's stop there. charlie scharf, thank you. coming up, it's time to talk the global luxury market. watch the clock, the exclusive with this with -- swiss watchmaker next.

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before we get into that the governing season -- earning seasons i want to take a step back and look at breitling. they are celebrating their 140th birthday this year. james bond war a generac in thunderbolt. not james bond's best but always great. we spoke with georges kern . thank you very much. >> thank you, jim. >> i tell people you might love your apple watch and i do, but when you are going out you want to be in style. is that the reason your company is thriving even though we know these things are pretty much everywhere?

>> one does not exclude the other. like you said, it's for a different occasion. you might wear your apple watch for sports or any outdoor activity. when you go out with your friends, your family, your wife, you take a beautiful hopefully breitling watch on your wrist. the beauty is it is a storytelling. there's an emotionally to will watch. i'm sure you remember your first watch. i don't think anybody would throw away an analog watch. i don't know any collectors of digital watches. i know many collectors of analog watches. there is any motion. >> you are so right. when my dad passed away i had his that he had since he was 15. you are right. there's an emotional connection. does that mean when i see you are opening boutiques, people

are getting a watch that maybe their parents had? or does it mean they feel like they have done well and they want to reward themselves with something that is not ostentatious but makes you feel like you have done well. >> it is perfectly right. especially after covid, we saw how many people were getting luxury goods. we call it revenge buying or when you make a good deal it's a reward for yourself. you try to do something good. we have 43 boutiques in the u.s. you have all of the products available, the storytelling and fantastic people selling them. >> one of the things that you have done, that i would say is a little unconventional, you have a deal with the nfl. i don't associate the two, but i want to know my. >> right from the beginning we said we want to be different, we want to be more approachable, or relaxed and

cooler than the other brands that are very conservative. we went into surfing with kelly slater. we went to triathlon, now we have an amazing deal with the nfl. we are launching 100 pieces per team, 32 teams around the u.s. people love it. >> that is fantastic. they are going global also. can you tell me what the state of the luxury goods market is here say versus china where you have a small position? >> the u.s. is surprisingly extremely resilient. it's an extremely resilient economy. everybody was talking about recession and it never happened. actually, we are growing double digits in the u.s.. china has

been in a very difficult position. you have a lot of youth unemployment. it is the biggest luxury market in the world but we don't want to be dependent on one market. we want to be a plane with five engines. >> lv mh was down big. it is a great company. when you talk about america double digit that says to me maybe the country has a lot more people doing well than people think. do you think it is from stock market? generational wealth? where is the money coming from? >> i believe the usa is the biggest entrepreneurial country in the world. i don't know any other ountry in the world where the setting

is put in a way that you can do business, that you can become an entrepreneur and do something. >> what is the objective of government. it's to put the right frame in place. they should not do anything else. you have a setting which is great, much better here than many european companies -- countries unfortunately where there so much bureaucracy and taxes et cetera. >> do you find men to get them for themselves are they gifts? >> men get them for themselves, would somebody get a car for you you would never accept it. men get gifts for the wives or girlfriends which is very

different and they accept that. >> i've learned so much from you. have always felt that the country has understated wealth but a watch is something i don't regard as ostentatious. i never feel self-conscious. the best way to put it. i am so thrilled that you came because it helps me understand the psyche. mad money is back after the break. hit us with your best shot. and electra fired, -- electrified fast fire lightning round is next. is it me... or is work not working? at least, not the way it could work. your people are buried in busy work.

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lightning round is sponsored by charles schwab, trade brilliantly. before we start, i would like to dedicate today's lightning round to a man behind the camera. it is his 60th birthday and a very special member of the band money family. happy birthday, joe. he's been part of the action for many years and we just love him. thank you for all you do, joe. we can't do the show without you and this special lightning round is dedicated to you. and now it is time for the lightning round. we will play the sound and joe's lightning round is over. are you ready. let's go to mary in idaho. >> mr. cramer, hey from idaho. i'm a jersey girl through went

through. >> you have both bases covered. >> i do. >> we spoke two months ago about cassava sciences. i set up an account for my son and we are doing great. >> i remember they have an alzheimer's trial. lily has an alzheimer's drug that is great and they have the edge on everybody else. let's go to dennis and jersey. how are you? >> hey, jim. can't complain. nobody listens anyway. >> never explain, never complain. how can i help? >> i have a company that develops driver assist technology in autonomous vehicles. it's called mobileye >> i know this company.

we've looked into it, it is just too hard to tell. let's go to -- oh no. joe's lightning round is over. the lightning round is sponsored by charles schwab. coming up, chipping away at semiconductor stocks. cramer is breaking down the latest action in the space, next. ah, these bills are crazy. she

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right now it is like there are two different semi conductor industries. there's the industry dedicated to artificial intelligence which is on fire and then there's everything else. today we found out just how porous everything else is when asml talked about the slow recovery outside of a.i. . its stock fell $162 or 18%.

it is really best of times, worst of times. there's been weakness in the semi area. second, everyone who owns these chipmakers has already either taken action and fled from the biggest weaknesses or in some cases they see reissues for next year's. those are mostly in pcs both of which are about to get a boost. third, while they did indeed have a clue we clearly have a lot of investors or maybe traders or maybe jokers that don't know a frito lay chip from a semi conductor chip. the stock plunged 4.5% for nvidia as part of a broader semi conductor selloff even though asml was explicit that

companies like nvidia are doing fine. it did not matter. tomorrow we are convening our investing club meeting and i was trying to figure out a scenario where some of our stocks can come down so we can recommend them at better prices. it is 53% declined quarter over quarter. truly shocking. even if they are not doing well, they cannot offset the weakness in the rest of the industry. this gives me a chance to explain that they are really only as good as the end markets. everything in the data center is on fire. the high-bandwidth memory chips needed, also the big pc refresh cycle with the a.i.. i think it is going to be so huge. they have a giant allocation of these machines.

amd has exposure to pc and a.i. which is why we got some triggers for the -- shares for the travel trust. it was painful to do so but we want to build a position and get a better basis. we know from some recent surveys . maybe they will get better but i think that there are better things to invest in. these applied materials, the other company that i like they are all good. they trade together. if asml is having such problems you probably don't want to get involved in the food chain. this is a company of the plethora that unities. nvidia doesn't mess around with the semiconductor makers. they are made by taiwan semi

conductor. they report later this week. today a really serious reminder that even the most bulletproof can be brought down by others and its cohort. if you cannot tell a microchip from a potato chip you probably would have sold nvidia today. if you have done your homework, you note that you are getting an incredible buying opportunity in the a.i. related semi conductor stock. like i like to say there's always a bull market somewhere. i'm jim cramer, see you tomorrow. gonna take a huge bite out of you. join me as we show the world the beauty of africa in design. so, who wants to blow this market out of the water? i like a lot of it, but not enough of it.