time for the final trade. let's go around the horn. dan? >> yeah, guy got sick of me, but i think he agrees with me, final trade, expedia, where there's smoke, there's fire. >> karen? >> yes, all this was great in netflix, but i would sell some upside calls. analyst upgrades tomorrow. >> steve? >> uber's been a great trader. i bought it in the low to mid 70s, sold it mid 80s, got lucky on this one. but i think i'm going to round trip that once again. >> thank you for watchi ing "fa money." see you back here tomorrow at 5:00. don't go anywhere. areywi j cmeimrar stts right now. 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 but to educate you. so call me at 1-800-743-cnbc. or tweet me @jimcramer. memo to all of you compulsive fed watchers out there. get out of my face! everyone is p obsessed with the fed's next foray, basically investing with blinders on and as a result they're missing out on some of the greatest moves in my life. moves coming from the most unlikely of stocks and i don't want to see you ignoring these opportunities anymore. there. got that off my chest. on a day the dow gained 161, s&p nudged down .02% and the nasdaq advanced .04%, it was up big earlier, i needed to say something was over the past couple decades so many people in this business have become kraechd of the fed, not of companies, and the profits that they make. most people think unless they

have a pound of flesh these fed watchers won't pull the trigger and buy stocks, even stocks of companies that have almost nothing whatsoever to do with our central bank and are doing really well. as regular viewers already know i'm a huge fan of fed chief jay powell. in fact, i'm enough of a fan know how far his reach really goes. even those he's plenty powerful he's not powerful enough to control the direction of high quality companies with minimum economic sensitivity. you're not hostage to the business cycle you can't be hostage to the fed. yet so many traders remain seemingly unaware of that. we see it every day. travelers. the giant insurance company reported earlier this morning. i saw sellers swarm. why? i think they saw that retail sales were too strong which made them think that bond yields would shoot up which is exactly what they did. but these sellers were too clever by half. travelers has been raising its premiums to make a tochb money on the premiums so what happens to sellers? they lost their french collar shirts today as the stock of this dow component ultimately soared 9% to a new all-time-high. ♪ hallelujah ♪

the knee-jerk fed worshippers hear blackstone they think investments and to them a company all about investments is a company that lives and dies by the fed. if retail rates are too strong, these stooges run from a blackstone. never mind that blackstone reported one terrific quarter one that eventually sent the stock up more than 6%. new all-time high. ♪ hallelujah ♪ in the end blackstone is less levered to the fed and more to the brains of its executives. when you buy shares in blackstone which i wanted to do for my charitable trust and didn't get a chance to you're not buying the moosings of a fed chief during a q&a session with reporters you're buying the life's work of some of the smartest people in the business world. if you remember that you will indeed profit from it. then there's wells fargo. we've gotten a series of strong economic numbers of late which makes the fed watchers assume that we're looking at a series of slow and deliberate rate cuts nothing fast maybe won't even get one in november. what happens to wells fargo then? we own this for the charitable trust and if you really believe the rate cuts will slow to a

crawl i think it's reason to be concerned. what if heaven fovd the ceo set up wells fash goh's portfolio for this moment? that's what the ceo told us on tuesday when we went up to see him. he figured this stuff out. this is what they -- when they talk the dot plot are they -- these things take your fillings out. i can't eat them. you're dealing with someone smarter than you are who has a view of the world that's spot on. there's nothing static about wells fargo. charlie bliek blackstone schwartzman and gray like alan snitzer at travelers really knows how to do business in any environment. if you own their stocks you don't need to obsess over the fed's next move. you just need to know that these brilliant executives are steering their ships with the brains that got them to the top in the first place. they are not pitiful helpless giants cowering in the face of the fed. they're intimidatingly smart people. and those are just the financials. we see this stuff happen all over the place. tonight we've got excellent numbers from netflix. they have that advertising tier

of course. it's working. and surgical. fantastic minds there. fed immune stories hostage to the execs that run the place and their strategies and both are pretty darn good. the fed fear extends to any stock that seems to be expensive high price to earnings multiple based on the possibility the fed rate cuts to fully stamp out inflation. that's how investors get scared out of stocks like those in the semiconductor complex. that's how they sell taiwan semi, giant semiconductor manufacturer off a bad second quarter off a second tier -- they missed an $18 move. it was mid 20s at one point. they probably sold nvidia too which is a major stie juan semi partner with a stock that came roaring back. more on that travesty later. i referenced my charitable trust on the show a lot and not just because i want you to join the investing club to get our ideas and analysis. i reference it because it's an idea free-for-all. i literally have to be invested or i'm violating the spirit of the trust. it's not meant to be an index fund earning cash. it's supposed to be in stocks.

we talk stocks. i can't say oh, the fed's making it mighty hard to invest, especially when we're only one rate cut into an easing cycle which is exactly when the market performs best. we typically make several additions to the trust roster every year. jeff marks and i constantly talking ideas spitballing. yesterday we did something i used to think unthinkable, we initiated, meaning buy for the first time two stocks at once. we couldn't do four stocks. that's how much i wanted to buy new stocks. what sector did i want them in? well, pretty much any. although i chose zpeng financials. the former crowdstrike is a high flyer that sells for 85 times earnings. that's supposedly the kiss of death if you worry about what you'll hear from the fed. speak of some austere civic organizations like the world order of george babbit. that's century old sinclair lewis reference. you can google it. the latter blackrock we bought that one too demonstrated such success this year i wanted the trust to own shares right alongside ceo larry fink. i'm mindful of the fed. i am. but i refuse to obsess. i'm a believer the fed is

powerful. but not all powerful. i'm also a believer that when you buy a stock you're getting a management team that traditionally is not just a bunch of clowns. here's the bottom line. i'm not saying the stock market will never go down when the fed's easing. the market was up big and fell off a cliff at 230 today. i am saying there are limits to what the fed impacts. and i swear by the managers who know a lot about business and who don't cower when jay powell grabs the mic to talk about the pace of rate cuts. i put my faith in them. that faith can be misplaced. but if you're going to invest in the stock market you've got to believe in something. otherwise, what's the point? let's go to vincent in new jersey. vincent. >> caller: jim! boo-yah! >> boo-yah, vincent, man. whoa. that's a dot plot if i ever heard one. what's going on? >> caller: applied digital corporation out of dallas, texas. i've been trading it. it's treated me good. i need the lowdown now. is it a buy or a strong buy, back up the truck buy?

give it to me straight, jim. >> no, no, no. you mentioned nvidia. that's the one. i like nvidia. and i don't need -- one of the things i've learned a long, long time ago is instead of trying to find the next nvidia buy nvidia. yours is interesting. there's no doubt about it. i'm not dissing you. yours is interesting. and it's a very exciting thing. digital infrastructure. but i do like nvidia. let's go to satish in california. >> caller: hey, boo-yah, jimmy. what's going on? how are you? >> i'm doing fine. how about you? >> caller: good, good. so you know, i have a question on e.d.a. market. is it going to be either cadence or synopsis? because you identified on each sector but so far you haven't identified chip design software companies. >> they're both really good. they've both come down. i do like design automation software which means i really do like mr. -- dr. devgan. i do like cadence design.

if you put a gun to my head. but i would buy cadence. let's go to scott in minnesota. scott. >> caller: hi, jim. i'm deeply honored. thank you for taking my call. >> oh, come on. sure. absolutely. >> caller: first-time caller. long-time listener. first of all, thank you for everything you've done for us small-time investors as well as the integrity and honesty you brought to the financial industry. >> oh, thank you. we've got to keep everybody including me on our toes. got to get it right. and thank you for those kind words. how can i help you? >> caller: absolutely. to -- and also a shout out to your great staff. >> oh, my god, they're incredible. emmy got us the dots. shout out to emmy. dot blot. she's a dot plotter. >> caller: my question pertains to pfizer. you gave a strong recommendation about ten days ago. since then we've seen some fallout or controversy regarding

the activist investor situation. is this something to be overly concerned about, and are you still recommending it? >> i like pfizer. now, let me tell you why. they have 5.7% yield which they can pay, but they made this acquisition of cgen and it's got a novel way to go after some cancers that have been really hard to cure. if they can do it, then you're going to say what the heck was that stock doing under $30. that's what intrigues me. look, i know the fed is powerful. but it isn't powerful enough to shake my faith in investing in high-quality companies that generate huge profits and it shouldn't shake your faith either. on "mad money" tonight the commercial real estate sector has been a volatile one so i'm going to go right to the source with s.l. green's ceo. gigantic manhattan real estate fund. then the airline stocks sbrn grounded the last few months but we're starting to see genuine green shoots after a host of reports. i'm running through all the major headlines you need to know about the cohort. and with a new executive at the helm what is it going to take for nike to return to its former glory? i'm taking a closer look at the

story. so stay with cramer. >> announcer: don't miss a second of "mad money." follow @jimcramer on x. have a question? tweet cramer. hashtag madmentions. send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com.

the numbers were good enough to send the stock soaring more than 3% today. 52-week high. now, this is a company that's been on my radar for quite some time. they own some of the best office properties in america.

like every other reit its yield gets more attractive as interest rates come down. i think it still works. don't take it from me, though. let's check in with mark holly, chairman and ceo of s.l. green realty. >> great to be here. >> first of all, congratulations. the bloomberg lease is huge. >> that was big news. >> and i think people aren't paying attention they're a little too jade bud describe to people how important that trophy property is to your business. i know it's a deal that both sides win on. and what it means for people saying maybe i have to move soon, maybe i ought to lock up some sort of lease with you guys. >> it's a great point. first of all, it's great to be here. there is so much energy in this new york market right now and i think it's really underappreciated because there's always a mindset that's still a little caught in the past. there's still a lot of vacancy out there. but really not in the core market that we deal in which is midtown and east midtown. that's where 919 3rd is. bloomberg signed a 19,000 square feet lease. they grew by 25% in just this

transaction. it's a real statement to new york about the growth of a global media company like bloomberg in new york city. great for them, great for this company great for the city. >> when i first heard you speak i went over to midtown east which by the way because i moved to summit a long time ago i have a place in brooklyn i'd forgotten what it was like. it's nothing like the way it was even ten years ago. people seem to think that nothing's happening in new york other than offices being empty. it's the opposite in midtown east. >> the vacancy rate in and around what i call the park avenue spine is under 10%. it's about 7%. i would say that's about as low as i've seen it in my 26 years of doing real estate at sl green. it is enormously space constrained right now in the a-class buildings that are in the hands of better landlords. sustainable. you can't find space in the rents which used to be $70, $80

a foot, now 120, 130, 150 a foot. >> i do dabble in real estate but if rates come down and they come down the way that people think then you're really kind of -- it's like a dilemma. i've got november -- is there going to be a rush at a certain point because the properties are all going to be gone rates come down work from home kind of thing of the past? >> if you're a tenant between 500,000 feet or more it's already past. there's really no block of space in what i'd call a-class midtown building other than new construction which we know takes many, many years. you have the other factor that we now have an afford aable ren bill that was passed so there's conversion incentives from office to resi. that's going to take tens of millions of square feet off the market. and that's going to make that space even more constrained. so the combination of increased demand, loss of space to the conversion market and growing companies, it's pretty powerful. >> when i heard you guys speak before they worked out the deal on conversion i thought that the

big issue would be commercial taxes. the state wouldn't allow it because it's so much money, revenue had been lost. but they worked all that out. >> that got worked out in april. it's a good program. it's a fair program. there's an abatement of real estate taxes to incentivize people like us and other developers to go out there and create workforce housing, affordable housing. there's endless demand for that product. and at the same time help the office market. >> now, i'm a big believer in work at the office. but i don't want to be colored by my own view. but i've spoken with the ceos of almost every bank in the last month. people are now kind of reluctant to not go back. no one's saying you must go back but it seems to me everybody's interested to come back. has that changed the psyche here? >> jim, we don't even talk about work from home anymore. we don't talk about hybrid work models. i think for most leading companies that collaborate it's

a failed policy. and i think there's a little bit of a wave in that direction maybe early on in the pandemic. i've seen that come full circle. we never subscribed to that philosophy at sl green. we're five or six days a week in the office and we love it because that's the culture of this firm. and i think other leading firms in finance, tech, business services, they're all coming back. and like i said we don't really talk about it. >> that's the same i understand. i'm doing something a little different from what i usually do, marc. right behind us had just been pictures of summit and if people don't know it where would they go? because it seems like it's the eighth wonder of the world. >> yeah, hard to put in words. i don't know what to say. it's something that we developed over four years. we opened it october 21st, 2021. right in the heart of covid. everyone said don't be do it, wrong time. it's been nothing but a phenomenal success. and by that i don't just mean financial success or success in terms of the nearly 6 million people that have visited summit

since it's opened, but it makes people happy. you have to go and experience it. it's a total unique experience. 1,100 feet in the sky. it's dramatic views outside but it's an artistic installation inside that's immersive, that's different. it's a little disorienting. it's quite instagramable. and everybody's there taking pictures and changing, doing wardrobe changes. and everyone's having fun. i don't care if you're 10 or 70. everybody goes, everybody has fun. it's interactive. and we're going to take it now and go global with it into other cities. >> now, i do want to understand the situation occupancy versus free rent. i know you're up to 990 you mentioned that. but are you still offering big deals where you get long periods of rent for free if you come in or abatements? what's the negotiating like? >> for the big rents, and by big i mean triple digits, $100 a foot and up, it comes with tenant improvements, so work

they can spend to build out their offices, and some free rent to get through that construction period and a little benefit beyond. but you know, when you're doing rents in the 70s, 80s, 90s, those concessions very hard on what we call net effective rents. but when you're doing rents at 125 to 150 a foot those costs are pretty fixed. there's a lot of extra margin those big rent deals and that's why we focus on mostly if not entirely class-a properties. our average rents in the portfolio for this year are in excess of $100 a foot. >> that's pretty good. now, who does own the bs and cs? none of the publicly traded companies i know. they got pretty smart early on and decided that's not where they want to be. >> yeah, it's a mixture. there's a lot of individual owners that used to dominate the market back in the '80s and '90s -- >> families, i forgot. >> families, individuals. but also, you know, some institutions that are let's say outside new york who may have looked at something that looked really good at sort of a peak of market but they don't wear as well in the bottom of the

market. although the conversion to residential may be the panacea to bail out a lot of those folks at the end of the day because they may not be prime office buildings but they could be prime residential locations. >> right across the street is where i started at goldman sachs and that's now a three-bedroom place. it looks pretty good. they've got i apool at the top. i would have never left goldman if we still had that. congratulations on coming through. it was a puff time. now that's over. now we just try to book restaurants. >> hard to get a reservation anywhere but you have my number. we have great hospitality all throughout town. >> i'll get fired for that. i'll try to book it myself. but thank you. marc holliday, ceo of sl green. it's doubled and i think can go higher. "mad money" back after the break. >> announcer: coming up, are airline stocks hitting turbulence or could they gain altitude after earnings? keep your seat belt fastened. cramer's taking to the skies, next.

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the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. e. don't look now but the airlines are suddenly red hot ag again. this is frankly a very surprising development. back in the spring the industry started cooling as we moved past post-covid revenge travel and lots of new capacity came on line. which meant the airlines had less pricing power. from mid may through early august these stocks were just

zafrz. >> sell sell sell. >> since its close august 5th the jets, j-e-t-s, etf has rallied almost 35% practically in a straight line. the airlines are economically sensitive so when they get rate cuts they do better. but more recently it's all about earnings as we got a pair of quarters from delta and united airlines that sent both stocks into the stratosphere. and i think something big is happening here. delta reported first last thursday morning. there were some worries about this quarter thanks to in part remember the massive crowdstrike fueled computer outage in july? the headline numbers weren't great. with weaker than expected sales and earnings. total revenue per average seat mile which is a very important number. it's called rasm. down 3.6% year over year. costs up 5.7%. that's not particularly good. right? looking forward to the current quarter delta guided from 2 to 4% revenue growth a bit below the 4.2% number wall street was

looking for. operating margin earnings per share forecasts were both in line with the estimates. why the heck did delta's stock take off in response to across the board miss of a quarter? well, look at first the stock fell 7% in premarket trading. i looked at it said oh, don't tell me this is true. but it was last thursday. but eventually it finished the day down only 1.4%. then the gained over 2% friday. and tacked on another 4% plus this week. so the market eventually came around on this. so the question is why? first delta was mostly forgiven for the soft third quarter because there were so many one-off issues including the impact of the crowdstrike debacle, 3-cent earning hit from hurricane helene. they only missed by three cents in the first place. also while delta's guidance for the current quarter's a bit soft wall street just assumed management was being conservative perhaps because of election-related uncertainty. second and really more important, even though the quarter wasn't great, the cadence of the quarter, what it did month to month, that was terrific. on the company's conference call delta president glenn hollenstein said during the

quarter unit revenue improved sequentially in all geographic entities, in fact on the strength and travel demand and an improving industry backdrop. in the month of september unit revenue inflected to positive in both domestic and trans-atlantic. that's a pretty positive trajectory highly unusual for the group. there's another thing going on. after recognizing 25067 supply came online the airlines have started to reduce their new supply which began last quarter. they never had that kind -- they would always promise and never deliver. delta has an invest day coming up next month where management plans to introduce new long-term guidance. more on that in a second. for now just know detaila's conference call commentary was bullish enough that eventually investors gave them the benefit of the doubt. >> buy buy buy! >> how about united? which reported on tuesday morning. well, wow, their numbers were just plain good, no explanations needed. united delivered healthy top and bottom line beat and gave excellent earnings guidance for the current quarter and on top of that management announced an astonishing $1.5 bhl buyback.

6.2 mers h.% of the market cap at these levels. this is their first buyback since they suspended the last one in 2020 when the pandemic hit. just a major vote of confidence in the stock. i was taken aback by its size. united airlines ceo scott kirby came on our air. removal of unproductive capacity meaning flights where tickets are priced so low no one makes money. fortunately he says unproductive capacity is leaving the market which is the same thing we heard from delta. he promised capacity reduction would occur. on the previous conference call he totally delivered. there's no need to overthink the united quarter. positive is positive. while the company still has some issues like negotiations with the flight attendants union, this was an extraordinary set of numbers with even better commentary about the future. that's why the stock jumped a shocking 12% yesterday, packed on another 1.8% today. after looking into those quarters from delta and united here's what i have to say. first i want to be very clear these two earnings reports were not the same. united's results were much better than delta's which is why its quarter was instantly well

received. not eventually well received after an initial sell-off like delta's. all that really matters is their commentary on the state of the industry. we are finally getting confirmation of something airlines have been predicting for a while the industry's removing low fare domestic flights. that's great for the entire airline business and not so great for flyers. great for the airlines. most of my career i've been wary of airline rallies especially when i'm late to the party because this is a textbook boom and bust industry. there are all kinds of costs out of your control. fuel costs, labor costs. unionized business. all sorts of disruptions that can tank a quarter. they're even at the mrsy of the weather and now computer glitches. normally when the airlines catch fire they order lots of new skplainz keep putting that additional capacity to work until prices collapse the whole industry gets crushed that's been the story p time, though, they're being disciplined and with boeing's myriad problems it's not like anyone's going to flood the world with new planes. plus with this removal of capacity spirit airlines might go under after the regulators balked at their merger with

jetblue. there's another lower cost airline south west that's got an activist flifrt breathing down its neck. the other thing delta and united are dirt cheap stocks. delta trades at 7.6 times next year's earnings estimates. united sells for just 6.1 times next year's earnings estimates. that's because wall street expected it to follow a trajectory. now the that airlines have backed away from a ruinous price war something that's much easier to do thanks to you will at the mergers over the past 20-odd years i'm betting the group can actually do better. give you the bottom line on what is a surprisingly positive story here. after we heard from delta and united i'm much more open to the idea the airlines could be an actual -- i cringe to say it but don't hold -- i think it could be an investment, not a trade. we'll have to wait for american airlines and southwest next week. but for the moment i think they're looking pretty darn good. burt in indiana. burt. >> caller: hello, jim. good evening. big fan of your show. thanks for taking my call.

>> thank you. >> caller: my call's about axon the taser and body cam manuf manufacturer. >> it's just going higher. it's just a great story. it's much more than taser. it's a storage -- record storage company. it is a great company. we used to have rick smith on all the time. he's just a total hitter. and i think the stock can work its way higher. even though it's expensive it keeps delivering and delivering and delivering. let's go to eric in massachusetts. eric. >> caller: hey, jim, thanks for having me on again. >> of course. thank you. >> caller: jetblue. last time i talked to you we were kind of down but things are looking -- >> we don't need it. we've got united. united is 6.1 times earnings. it's just a better story. jetblue's had a big move off the bottom since the spirit stuff. go with united. eric in michigan. eric. >> caller: hi, jim. how are you? >> i am good, eric. how about you? >> caller: good, jim. my question is on general motors today. with potential rate cuts on the horizon and the company

reiterating guidance in 2025 to match 2024, which has been stellar thus far-w a share buyback program that's happening right now and the stock trading at a forward p/e of under 5, this stock seems extremely undervalued. jim, what am i missing on this $49 stock? >> i think people think former president trump wins and he's going to go after any mexican imports. gm is the biggest importer. mary barr's been there for ten years. i'm backing with barr. i think the stock goes higher. i think you should buy it. i am definitely more receptive to the ideas the airlines could be a good investment rather than a trade after hearing what delta and united had to say this earnings season. nike is ready to put its best foot forward with a new ceo. [ rimshot ] is it time to nibble at the stock ahead of a potential turnaround? i'm running you there the story and giving you my take. cramerica know i'm watching the chip sector closely and last night's conference call from taiwan semi gave us a lot of clues about the state of the industry. i'm giving you all the important

takeaways from the report. and all your calls rapid-fire in tonight's edition of the "lightning round." so stay with cramer. you founded your kayak company because you love the ocean. not spreadsheets... you need to hire. i need indeed. indeed you do. our matching platform lets you spend less time searching and more time connecting with candidates. visit indeed.com/hire

it's the beginning of a new era at nike. on monday long-time nike veteran elliott hill took over as president and ceo officially grabbing the reins from the now former ceo john done ojo who drove the company into the ground in what can only be considered a new land speed record, sadly. so with the company finally entering new management what's it going to take for nike to make a real comeback? while the stock rebounded substantially off its august lows the properties of this leadership transition, turnarounds, they take a lot of time. plus elliott hill has been dealt a very poor hand. when nike reported a little over two weeks ago it delivered a

solid earnings beat but also had a revenue miss and weak guidance for the current quarter. they even pulled their forecast for the 2025 fiscal year which ends in may. the stock got dinged in response and is still down more than 50% since it peaked in late 2021. business is not good at nike. so how can the new ceo turn the ship around? the company's already taking the first step by firing john done ojo a great tech executive who turned out to be a subon the smal shoe dog the name real shoe people identify with. they replaced him with a homegrown nike guy someone who got his start there as a sales intern in 1988. before his retirement in 2020 hill served as president of consumer and marketplace from nike. he really knows the core business back to front. you need to know that hill is beloved at the company, employees actually cheered the news of his appointment last month and he reportedly got a standing ovation at an all hands event on monday. that matters. morale has really suffered under done ojo. but i also like that hill's not in denial about the very real challenges nike faces even as he seems confident that he can turn things around. the last guy always seemed clueless about what was going

wrong. it was almost as if he thought that it was going right when it was going wrong. and make no mistake there's a lot wrong here. nike got too reliant on direct to consumer dtc chanlsz especially the digital marketplace. the consumer has grown more ten nid north america and europe. china's awful. at the same time nike's facing intense competition especially in the core footwear business. competition from kramer faves hoke, new balance, asics. so how can hill turn things around? couple suggestions. first nike needs to repair its relationship with top distributor partners like foot locker where they used to distribute some of their best new shoes before moving many many of those hot launches yonl online mistakenly. same goes for dick's sporting goods. after sports authority and modell's went under. management's already on the case. listen to what foot locker ceo mary dillon told us jut over a month ago. >> i think it's important for people to know that you have

solidified the relationship with nike to the point where you're getting the absolute best. some felt that foot locker wasn't getting that. this to me is really the most important stuff that nike has to offer. >> well, listen, i'm excited about where we're headed with all of our brand partners and nike and jordan brand are very important to us. you can see many of the launches here. in fact we have some new kobes up there on the shelf. for us it's about really building together with all of our brand partners to drive category growth. >> nike started fixing its retail problem back in july when the company brought back another retired executive, tom petty. he managed its retail relationships. like hill he left in 2020 when the dino era began. news of his rehire broke in july. i'm bringing this up now because in the weeks since we learned elliott hill is taking over as ceo we found out that petty's getting an even more important job general manager of north america effective october 2021. clearly nike's on the case. the next problem is the spotty consumer spending environment both at home and abroad this is something they have zero control

over but with central banks around the world cutting interest rates in order to juice their economies i think we're headed in the right direction. just today the european central bank can ut rates for the third time this year. pretty big. these moves are good for the consumer especially the kind of consumer who might be willing to pay a premium price for a pair of sneakers. the next piece of the puzzle china which looked pretty bleak until a few weeks ago but now that the communist party's announced their largest stimulus effort in years including programs aimed directly at consumers, things look a little less bleak. very helpful for nike which is in very good stead with the communist regime. who doesn't love michael jordan? so far so good. what i am worried about, though, is competition because those challengers like hoke and on have become a lot stronger in recent years and they're also much better in quality than they used to be. i certainly don't think the nike brand is dead but it's been losing mind share. the last iteration of the semi-annual piper sandler teen survey very useful poll of thousands of teens nike had what i can only call mixed results. it held on to the number one spot as favorite brand in footwear and apparel for all teens and still number one by a large margin. that's very good for nike.

that's why i wouldn't write it off. but a year ago 61% of the teens called it their favorite footwear brand. that's down to 57 in the latest survey because of quality concerns a lot of people have and a lack of newness. i think the downward mind share trajectory is going to continue. done ojo did some real damage to the company. the quality of the companition products is perceived to be notably weaker. done ojo was a tech guy not a shoe guy. he focused too much on growing the digital business and not enough on the actual merchandise something that doesn't fly if you want to try on the shoes p and who buys expensive shoes without trying them on? i believe nut management team led by elliott hill can fix this. they're shoe uys. but i'd like to see a little more evidence before declaring the turnaround is at hand. unfortunately sometimes in this business you can't afford to wait for decisive proof. nike's already selling for 30 times this year's earnings estimates which is far from cheap but still a nice discount from its five-year average multiple. if just a couple of things go right here the stock can roar. if you're waiting for proof of comeback you may just miss the bottom. here's the bottom line. nike's under new management.

once again being run by people who understand the footwear and apparel business. and we've also got central banks around the world cutting rates making things easier on the consumer. at this point you've got my advice to put on a small position. only small. because if nike can really turn itself around the stock will take off long before the financials do. you need to get ahead of that. but it's a risky call. build in your position gradually over time. there's no hurry to buy this one because the fix can't be a quick one. too much damage, too much mind share sacrificed on the dlijts altar by the done ojo regime. "mad money" is back after the break. >> announcer: coming up hit us with your best shot. an electrified fast-fire "lightning round" is next.

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it is time! it's time for the "lightning round" on krrms "mad money." say the name of the stock, buy buy buy, sell sell sell -- staff prepares the graphic -- play until you hear this sound and then the "lightning round" is over are you ready skee-daddy time for the "lightning round" on cramer's "mad money." start with preston in illinois. preston. >> caller: jim, i need your help to clear the air on this one. i'm a student studying financial management and i've been watching your show for six years. i believe you're the best to ever do it. >> thank you. >> caller: i'm looking at small cap stocks but since 2020 i've been watching the stocks draw downward thinking it has more of a 2027 story. given current market conditions, though, maybe the price is consolidating but the balance sheet has been so rough over the last couple of years. am i throwing the ball or am i staying in the pocket with ezlv, evolve technology?

>> it is a pure spec. it doesn't make money. i am willing to say that i can bless it but you have to understand because it's not going to -- it's not making any money anytime soon, you've got to be willing to lose a lot of money. that's how i -- let's go to jack in kansas. jack. >> caller: everything's good here in kansas. the royals, the chiefs. the jayhawks are struggling. if people listen to you they make a lot of money. >> coach reid's my man. i kwogot juju this weekend too. go ahead. >> caller: you told this story a while back and i think it fits perfect. during the gold rush which is kind of like ai you can't know -- you can't remember any miners that made money but safeway, levi strauss, wells fargo they all got rich. >> yes, they did. >> caller: i think my stock is one kind of like that. i think it's going along for the ride. vrt. what do you think? >> oh, vertiv. yeah, it is. but the problem, everyone is a lot smarter these days and they know this is a good one.

the stock is it s. at an all-time high today. you've got to wait for a pullback because you have these pullbacks they're so vicious everyone runs and when they run away -- >> buy buy buy! >> let's go to abdi in georgia. >> caller: boo-yah, jim. >> boo-yah. >> caller: it's an honor to talk to you. and thank you for helping out investors like me. >> thank you. >> caller: first-time caller. i've been listening over ten years. >> thanks a lot. thank you for calling in. >> caller: thank you. >> chinese, they're going to -- this is really -- just go with tesla because then you also get the robot kicker. i'd rather see new tesla. absolutely. let's go to bill in massachusetts. bill. >> caller: jimbo, my question for you today is if qualcomm acquires intel is there any way for them to get some value out of it? >> i don't think so. i know that they're talking about doing it after the

election. i can't tell you what's going on with qualcomm because i don't think they know what's going on with qualcomm. let's go to robert in new york. robert. >> caller: boo-yah, jim. what's your take on celsius hold sngz. >> celsius is a difficult stock. giant short position. i don't understand -- john field is a be terrific guy but he has not explained the pepsi relationship. i don't understand it so therefore i can't opine on it. let's go to guy in new york. guy. >> caller: boo-yah, jim. >> boo-yah. >> caller: i'm an old louis ruck hooizer fan, charter club member. i've been following you since kudlow & cramer days. >> thank you. >> caller: thank you. i'm calling about a company with a peg ratio of 1.71, almost 20% growth rate. beat last three quarters. busy place. what do you think about txrh -- >> i have liked this stock literally for 100 points. it has got the best $11 meal in the country. it is still a guy even though it just keeps going higher and higher. let's go to sammy in california.

sammy. >> caller: hey, how are you doing, jim? hi. all the people that own nvidia say thank you. we love the stock. we saw your chart report yesterday. thought it was great. i'm calling about mstr, micro strategies. >> micro strategies is derivative of bitcoin. i always tell people buy the real, either bitcoin or buy ethereum. both of those i'm fine with. you can do an etf out of vanguard if you want to do it that way. let's go to bill in missouri. bill. >> caller: hey, jim. boo-yah. i bought iron mountain. two years ago in july at $48. >> whoa. >> caller: i sold it off a little bit but i hate to sell off any more because it's doing so well and i'm getting like 6% on my money. what do you think? >> back then it was very cheap and had a 5% yield. now it's no longer cheap and has a 2% yield. higher prices create a lower yield. and i think it is no longer a buy. i would actually take some profits in that stock. let's go to dave in florida.

dave. >> caller: yeah, boo-yah, jim. thanks for taking my call. i'm wondering -- i'm an investor in applied materials. what happened yesterday? aside from -- >> this is all derivative of lam research -- i'm sorry-i want to buy lam research. it's derivative of asml and lam was down huge and that's the better one right here. and then applied materials. and that, ladies and gentlemen, is the conclusion of the "the return of the king." "lightning round." >> announcer: the "lightning round" is sponsored by charles schwab. coming up, how do you spell taiwan semi? with an a and an i. cramer chips away at its post-earnings move higher. next.

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set the alarm for 2:30 a.m. last night. actually i was already up. that time difference with taiwan's a killer but if you didn't listen to taiwan semi's conference call last night you missed out on a performance that explained so much of what's going on in this market. in the world. i'm talking about the off the charts demand for chips that enable artificial intelligence. those are almost all manufactured by taiwan semi, which is the crucial cog in the semiconductor machine. that's how you know this move is for real. this company's the biggest and the best. last night was i atushdour de f

show, especially for one customer, nvidia. nvidia's crushing it in partnership with this amazing taiwanese company. i talk about nvidia a great deal you about i don't say much about taiwan semi which is wrong. like most american semiconductor companies nvidia's more of a designer. taiwan semi's the company that builds the product, foundry. you can't have nvidia without taiwan semi. how close are they? let me quote from dr. c.c. wei, chairman and ceo of taiwan semi. one miff key customers said the demand right now is insane, end quote. the key customer's nvidia. nvidia's ceo jensen huang, wei says the demand is real and i believe it's just the beginning of the demand end quote. bingo. there it is. asml, an equipment maker that gave you a sob story about the whole industry the other night with the inception of ai. taiwan semi is on the -- as wei said, quote, we have our real experience. we have been using ai and machine learning in our fab and

r&d operations. by using ai we are able to create more value by driving greater productivity, efficiency, speed, qualities." he goes on to explain that taiwan semi's customers would say the same thing. what a contrast to the lame asml call that caused so many people to panic and once again revved up the chip obituary machine. here's how i look at this business. it's their job, their being everybody else, to get you to trade the semis. it's my job to get you to own them. but there are plenty of moments of doubt. when i read the tweets from salesforce ceo marc benioff chiding microsoft's co-pilot for being second rate i thought maybe ai's all for show. when i see a chatgpt entry for smith know and the darn thing's completely wrong i cringe. but in the end we're just really early in this ai story. jenswomen tell you that right now those machines are about as smart as the average person but in two years they'll be smarter than all of us. i'm just urging you to identify stocks that are worth earning based on long-term trends and stick with them even in moments

of turbulence. when everyone else has lost their head. two days ago because of asml's errant comments nvidia's stock fell 5%. did you sell? if you did you're probably kicking yourself as it hit $140.89 to i anew high before selling off at the close. believe me i was worried about taiwan semi's numbers. i'm always worried. i trust but i verify. last night was the verification i needed to stay the course on nvidia and other ai chip plays. i hope you'll join me. if the ceo of taiwan semi is right it really is just the beginning. of course i can't say he ain't seen nothing yet. the move's too big so far. but i can say it's not too late to own nvidia and not to trade it. i like to say there's always a bull market somewhere i promise to try to find it for you right here just on "mad money." i'm jim cramer. see you tomorrow. we're talking about a rare beauty secret called -- shhh! all: shhh! i got into this business when i was 11. you're a perfect example of what every kidpreneur should do. corcoran: the people that really succeed, they have to do it or the sky's gonna fall in.