doesn't seem that interesting. maybe byd in china does. >> guy? >> hudson lab's web better be up, they're going to get u.n. dated. >> fascinating story. >> i don't have a x in my clam, but it would be exxonmobil. >> you might want g ttoethat looked at. >> thanks right now. >> my mission is simple. to make you money. i'm here to levelthe 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. to explain how we can keep going up like this. call me at 1-800-743-cnbc. tweet me @jimcramer. where, i ask. where are the sellers? where did they go?

for years every time we had a monster rally it was always met by giant selling at every turn. because when you offer higher prices sellers step up and drill the bids. slam the buyers. take the profits. but aller and especially days like yesterday and today we just keep running and running and running with the dow dropping less than one point but the s&p gaining .74% and the nasdaq it just can't quit over there jumping another 1.5% today partially aided by the fed's quarter-point rate cut. but on top of yesterday's giant rally this is incredible, people. what can i tell you about this? for starters many of the commentators who come on air don't understand how you unusual this market is. they rant and rave about how stocks have gotten to dangerous levels, that they're ridiculously expensive, look out it's going to be -- well, there's? trug to that. no matter what levels the s&p 500 seems to reach we can't seem to find any large sellers. they should be coming out of the woodwork. that's the real oddity, people. it's an extraordinary across-the-board bullish scenario i've never seen in an

entire 42 years of investing. so what is driving the bull? what is this market's madness? how about we step behind the curtain and find out? first let's talk about the mechanics of trading. i'm talking about institutional money management here. if you want to buy a stock, your trade won't move the price. you get what it is. unless you're at a trading desk putting millions of dollars to work at a fast clip. let's say you're a portfolio manager i'll start way small order and you want to buy 250,000 shares of home depot. that's a $399 stock it closed up 11 today. they have 393 million shares outstanding. down from 1.1 billion shares. that's some buyback. maybe you want to buy what we call the despot because you were confident that the federal reserve would keep cutting r rates. normally you pick up the phone tell your broker you want to buy 250,000 shares of home depot with the stock at $391 where it opened already up roughly three bucks from the day before. you might say you know what, it's 391, you have a 392 top,

that means you'll pay up to 392. with a company almost a billion shares outstanding a quarter million shares doesn't seem like much. but not in this market. it is a lot. determined to get all your stock in all at once before others move it higher with their buying. you wanted in because you know the despot's a winner when the fed is slicing rates. the broker then asks the sales people at his firm whether anyone has someone who wants to share 250,000 shares at a premium price or someone's do the more to buy or at least wants to buy it at a higher price than it's currently trading. normally that announcement of a big buyer would elicit a chain reaction, brokers who heard the trader say he had a client looking for stock would make their calls and white there may not be a lot of sellers at 391, 392 that's a better price. it's enticing. but not in this market. in this market that's only a

nominally higher price. it might not bring out anybody who wants to sell. people are skafcared to sell. in this market once people hear there's a seller three points above where it was yesterday they get skittish. even worse, they want four points higher. they want to make even more money. in the old days it wasn't like this. in the old days if there were no sellers close to the price that the buyers wanted the broker would actually short the stock to the customer, might sell 50,000 home depot short 1/5 of the customer's order to get the order. that's up $1. 392. then with the stock up a dollar maybe the sellers would emerge hoping they can get 392.50. anyway, it would make it so the broker retained the order. but in this tape that buck 50 premium tends not to bring out any sellers of size. that's amazing. are people being greedy? no, the sellers are often non-existent these days. especially now that the election's settled. the trader of course is now on the hook having shorted 50,000 shares at 392. if sellers don't appear and it gets out somehow that a trader's

short, well, boom, there is just a blitz of buying. >> buy buy buy buy buy! >> and then they force the trader to go cover the short up 50 cents or a dollar really burning his firm. these days it's way too dangerous for a trader at a brokerage firm to short stock. another reason why stocks go up bing like that. so it's more likely that the trader will need to sweep the street to find the shares. and this is where it gets real interesting. think of the setup. all of the big traders operate with pretty much the same playbook. they know that when the fed cuts it's good for housing. so what do you do if it's good for housing? you buy the stock of home depot. >> buy buy buy! >> yesterday the stock was down because of negative action in the bond market. but rates are lower today. it's a natural buy. you reach for hd. in this scenario sellers have the upper hand because when we all know that something like home depot is the right stock for the moment the sellers are confident they can get a higher price. with those hundreds of millions of shares outstanding you'd expect someone would be willing to sell, though. but the problem is there's not just one buyer. there's multiple buyers. everybody has the same playbook.

you might have 30 buyers bidding for the same quarter million shares of the despot and everyone who pan irkd into selling when the stock was down yesterday when they were already sold there are no natural sellers. and that goes double now that the fed ratified the housing bull market. there are two other forces that are competing with you to buy stock. there's the company itself which has been a regular repurchaser of its own stock for years and there are the index funds which now are inundated with cash that's got to be put to work. the moment it's received. and they have to put it to work at any price. buybacks and index funds are one-way players. it's not like they're selling anything here. so you have three buyers, the natural buyers, the index funds and the company itself. and they are all in buying at once. ♪ hallelujah ♪ >> all aboard! >> in market has enough to push any stock higher until any sellers are finally found. sure there are plenty of times when sellers do emerge but not sellers of size these days. if there were sellers of size a stock like home depot couldn't have shot up 11 bucks today. that's because there were no sellers. it's a totally asymmetrical

moment. we have buyers who went in because they were excited about a second trump term after a decisive election. there arebuyers who went in because when the fed cuts rates that means home depot's a big winner. and when they have traders that need to buy thaws they have orders from index funds that don't care what price they pay you know they're going to move the stocks no matter what. the sellers have zero motivation to sell. so the stock ends up levitating as there truly are more buyers than sellers at lower prices. these battles go on every single day but there's never been such a dearth of sellers. we don't have a lot of people selling home depot because they don't need to raise money to buy ipos. we don't have any ipos. we have a dramatic reduction in shares outstanding because so many companies have been aggressive in buying back stock. we have almost no companies selling shares to raise money because their balance sheets are so superb. and there's endless index buying, which automatically includes home depot. in a market with so few sellers and so many buyers those buyers need to pay up if they want to get their hands on some shares. that's how a stock goes up 11. but they're willing to pay up because they're so worried that

tomorrow it might be even more than today. bottom line it is an incredible moment that's not being talked about enough or celebrated. the sellers are afraid to sell. the buyers are incredibly eager to buy. and that's how the stock of home depot can rally 11 bucks today on no real news aside from a widely anticipated rate cut. but who knows what will happen tomorrow? mike in illinois. mike! >> caller: hi, jim. how are you today? >> i'm having a good day, mike. how about you? >> caller: i'm great. i'm looking to add a chip stock. i have nvidia and arm. should i go with broadcom or amd? >> oh, you know what? i'm going to suggest that you go with amd because it's the most beaten up. it hasn't made you nearly as much. it finally caught a big today. i think lisa suh's doing a great job. amd is a laggard. i see 160 coming. i just feel it. steven in new hampshire. steven. >> caller: jim, boo-yah. >> boo-yah, steven. >> caller: jim, thank you very much for you will at the help you've been giving me lately. i just can't even explain.

>> thank you, thank you, thank you. >> caller: i joined your club. >> jeff and i were going back and forth today about so many different stocks. it's so exciting. the 10:20 broadcast is worth the price of admission. how can i help you? >> caller: well, my question is this. there's a company that manufactures things like radar, patriot missiles and so on, which might be in demand given the current situation in places in the world. and what i don't understand is why the dip. rtx. i just can't get my head around -- >> let's go over this. this has been one of the greatest -- the stock was up 45% this year. this is a big cap stock. it was down a lot because they had some sort of problem with their engines which was totally incorrectly perceived. and i think that what you should say instead of saying why is it down i think you should say hey, you know what? >> all aboard. >> let's do some buying.

>> we're in the midst of an incredible moment for this market with so few sellers and so many buyers. that's how a stock like home depot can jump 11. the buyers keep stepping in because they're worried they might have to pay even more tomorrow. "mad money" tonight. draft kings is on the move after crossing the tape. the company's top brass is joining me to break down the quarter and how betting was affected by the ballot box and the winning parlays. and should you be buying utilities against the backup of data center growth? i've got a ceo to see if the stock's light guidance could be a chance to get plugged in. hanger's on the run after a beat and raise quarter. what a monster. i've got an exclusive with the reit's ceo. fresh off of another fed cut. so stay with cramer! ♪ hallelujah ♪ >> 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. don't miss jim's best deal of the year. join the club and save when you sign up for black friday early access alerts. go to cnbc.com/clubearlyaccess now. terms and restrictions apply. at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. so, let's get to work. (♪♪) ♪♪ ♪♪ ♪♪

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it's from the company with 99.9% network reliability. plus advanced security. let's power on! power on with the leader in connectivity. powering possibilities. comcast business. power's out. draft kings the leading online sports book. this was a very confusing quarter. the company reported basically in-line sales and earnings with monthly unique paying customers coming in higher than expected. up 55% year over year thanks in part to the acquisition of jack pocket, a digital lottery ticket app. also because of jack pocket their average revenue per customer came in light. however, the real swing factor was the guidance. draftkings had the to trim its full year forecast for 2024 because in the month ofoctober we got too many customer-friendly sports outcomes meaning too many heavily favored football games -- football teams won their games. and that's why the stock got hit

in after-hours trading. this is an opportunity. because it's not a long-term problem. it's something that became clear when they gave a super strong forecast for 2025. that's why i'm not sweating the fact a few more favorites than usual won last month. but don't take it from me. let's dig deeper with jason robbins the co-founder chairman and ceo of draftkings. mr. robbins, welcome back to "mad money." >> hey, good to talk to you again, jim. thanks for having me. >> excellent you're here, jason. i see a high-quality problem. customers are winning too much. isn't that kind of the big variable the short term is not so good but long term for next year is fantastic, isn't it? >> yeah. and who knows? maybe this quarter. i mean, we're obviously not forecasting anything other than neutral sport outcomes. typically things swing back and forth. really what we're excited about is we had a huge increase in handle in october. revenue is actually down 20% because customers are winning.

the handle is up 20%. so really excited about that. and i think we're going to have a really strong finish to the quarter and a really strong 2025. >> you're using an implication, 31% year-over-year growth at the mid-points. that would be an extraordinary leap. >> yeah, we're looking forward to that. 40 is always our goal and next year we should be well above that. >> i only have enterprise software companies doing that growth with rule of 40. how are you able to do that even without california, florida, texas being members of the draftkings crowd next year? >> well, right now we're still super early in the development of the industry. everything is growing. most of our states are still two, three years old. we have a few that are older. some are even less. north carolina just launched this year. massachusetts and ohio are still only in their -- really in their first full year this year. there's still a ton of growth.

i think really excited about this is not factored into our guidance. it just happened. they're really excited about missouri opening up too. it's the 18th largest state. just passed the ballot. about 2% of the population. lots of -- you're right. we don't have california, texas, florida yet but obviously still some upside if we get into any of those states as well. >> don't you have to believe that one day they come on? when i talk to people about them not being on it yet, they're shocked. they can't believe that there's anyone in this country that doesn't have draftkings kinds of games. it is kind of shocking this day and age, isn't it? >> i think so. but you have to remember it's still new. the supreme court only overturned the federal ban a little over six years ago. it takes time for these things to go through all the state legislative processes. take texas as an example. texas only meets every other year. so they've only actually met twice since the supreme court overturned it. so really i think a lot of

opportunity to get more done and i think really california, florida, texas are big ones. those collectively are just under 25% of the population. all very different. i would expect most states over the long term will have some form of legal sports betting and hopefully we'll get those three. >> i want to ask about whether you're now in more of a retention mode than an acquisition mode, if it's only just missouri and north carolina. and do you have to defend your turf with really interesting, exciting games? >> acquisition has been the big -- i naerngs continues to be way up. it comes back to what we were just talking about early as an industry. we only had one big state launch this year in north carolina and then we had d.c., which is not a state, but that launched in july. other than that no new state launches and yet we're way up year over year on customer acquisition. it's no sign of slowing down. i just think we're at a very

important inflection point in the industry where national advertising and general awareness -- to your point i think most people assume that it's legal in most states now if not all and we're just seeing a lot of great growth. yes, of course retention is always the most important thing over the long term. that's why we always emphasize product, because product is what retains people. but i do think we're still very much in a heavy customer acquisition period in the industry. if you look at kind of where we are from a revenue standpoint, we're actually way ahead of where we thought we'd be only at our last investor day. i just think that continues to be the surprise, how much customer acquisition is on fire and just doesn't seem to be slowing down. >> does it matter at all that -- i'm an inveterate fantasy player as you know. i have to play dfs, daily fantasy. the injuries are terrible. and i have so much i.r. i don't feel like i fall behind. i don't want to say i need action but it's so much more exciting to be doing daily fantasy than just having one

thing, your fantasy team go down. does it matter? does it matter that people realize you know what, i've got to have something else going on, my team does not have half the starters that it did three months ago? >> i love daily fantasy for that reason and for other reasons too. but i have the same problem, jim. i have so many people on the i.r. on any season-long teams right now. you know, what's nice is i go play all their back-ups in daily. i don't pay enough attention to pick them up quickly enough. there's other people in my league that do that. but i can play all the back-ups in daily fantasy on draftkings at least. >> i was with my daughter and her friend at the eagles box this weekend. and i was trying to tell them -- one of them didn't have an account. i say you go on draftkings right now they'll be giving money away, and you still offer some impacted propositions but i i this the days where you have to give all the money away seem to be gone. i didn't see the first touchdown by mahomes kind of thing or will saquon score. i don't see those anymore. can you bring it back or you

don't need to? >> we'll bring -- right now we've actually been very nba focused with those types of promos because the season just started and we're about midway through nfl. but jim, you asked for, it i'll make sure we get some of that. >> it's the most exciting -- look, i play my kids as you know, and all my kids are addicted and -- i shouldn't say addicted. i don't mean that. but they like the wrong games. you know why? they like the parlays. and they somehow think that a parlay is easy. could you please tell people how hard it is to win on a parlay? >> well, you don't win as much but when you win you win more. and that's kind of why people like it. because when they win they get a big multiple on their money. we see the same thing in daily fantasy. people prefer those big games where you have the huge prizes even if they know they're competing against a lot more people and have less of a shoot at winning because when they do win it's a big one. the people who like parlays that's what they're playing for. they want a big win. they don't mind if they lose more often because they're trying to get three, four, five

combinations if they win five times as much when they win. >> a free tight end weeks ago the hit but one that was destroyed this week by a.j. brown. anyway, i love having you on -- >> you know who's been on fire, by the way? your friend dave portnoy. >> he's done have well this year. i can't believe how -- well, look, he's money and he shares everything. the losses and the wins. you've got to give him credit. he always mentions when he has the losses. >> i know. he does. he shows everything. but i joked with him, it's like you go on the biggest winning streak of your career right after we do our deal together. but lots of people pale him and he's been doing well this year. >> not only that but he had president trump which told me that he and zuckerberg are getting along. that's how i knew to buy meta. you can learn a lot from that guy. i want to thank jason robins, draftkings ceo. congratulations. next year's going to be a huge year. good to talk to you. >> thank you. >> "mad money's" back after the break.

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these tech titans are putting up new data centers all over the country. these things are energy glutons.

they devour electricity like you wouldn't believe. that's why so many independent power producers have racked up huge wins over the past few years like constellation energy. but there's an equally straightforward way to play this theme go buy the best regulated utilities the ones who actually sell power to the data center customer. although the profit margins are regulated more demand for electricity translates to more volume for these guys and thus more revenue. take the columbus ohio based utility that's one of the nation's largest electricity producers, massive transmission system, the largest in country covering 5.6 million customers across 11 states. aep delivered solid quarter but unfortunately their freshly issued guidance for 2025 earnings came in a little light which is why the stock sold off in response. however, when you think deeper aep talked about how they expect 20% commercial load growth over the next few years large l. because of all the data centers being built in ohio texas and indiana. is the stock worth buying on weakness? let's check in with new president and ceo bill fehrman to get a better sense of where

his company's heading. welcome to "mad money." >> thank you, jim. it's really nice to be here with you. >> oh, i'm thrilled you're here. american electric power is probably the most consistent company we've had since we start the show. some people said well yesterday, jim, you've got to be careful, they had a shortfall. when i look at it, what i think is given the fact that the next years after next year are all good that it's really kind of a rebasing. there was no shortfall at all to american electric power's earnings. >> well, really what the issue here is is that in 2024 we sold off a number of our non-core businesses, which really accounted for about 24 cents per share. and so as we go into 2025 we still are looking at a decent year's growth but then beyond that we're back up and actually increased our projected growth rate to 6% to 8% as well as increased our capital budget significantly up to $54 billion

over the next five years. >> now, you are an old hand in the business. you worked at berkshire hathaway. and they have tremendous energy business. are you shocked at the level of demand and the growth rate of a utility in this country? >> i've been in this business for 43 years or so now. this is really in my mind a once in a generational opportunity for load growth. we saw it many, many years ago and now with the data center growth as well as hyper scalers, ae and rebasing of manufacturing back into this country it really is a significant time for utilities and a need for really robust transmission systems and new generation. >> so all that money that you have to spend, where's it come from and what are you going to use? are you going to use natural gas? are you going to try to use some solar? some wind? what is the mosaic that you're

going for? >> well, we're going to utilize a very diverse set of assets to service load. we have a number of projects that are in flight for us. certainly natural gas is going to play a key role in our needs over the next few years. but we're also investigating small modular reactors. we've got a number of customers who are interested in that technology. and if we can come up with the right risk profile then we would look to pursue those as well. >> but those are really according to ge vernova, you're talking about a ten-year period between now and when you might be able to use the power. have you been able to figure out a way to speed it up? >> not right now. we're continuing to look at the various technologies. but that's where natural gas will certainly play a bridge role in this. we'll look at renewables and storage as well.

but for now with the load that we have coming onto our system it's really going to be a case where we need some spending iron to serve this load. >> we've been dealing with some of these hyperscalers as we call them, the googles of the world, and they seemed to be so hungry for power they're only going to make direct deals with the actual facility. have they come to you and said we want a nuclear plant and we want to make a deal with that plant or does it still have to go through you to get the deals? >> we've been working with all of our large customers like the major data center providers, and really what we want to do is serve the customer. if they're coming onto our system and they have different ideas on how they want to have that load served and what kind of approach they want to take we're certainly going to be talking with them and being creative to try to serve their needs. >> speaking of being creative, duke energy came out with a statement talking about

revisiting coal plants if trump axes pollution rules. would you put your utility in harm's way, so to speak, from all the plans you've made to diversify away from fossil knowing that there is a president-elect who doesn't have any problems with fossil? >> well, our focus is really on what our states want to have done. and of course american electric power has a significant coal fleet that we're still operating. we have all of the best available control technologies on those plants for emission control. so we'll continue to work with our states and see where they want to go and ensure that whatever approach they want to take we're going to work with them and try to achieve that. >> understood. i know there was activist involvement. carl icahn reached agreement with your company to put on two members onto your board. we also had julie stone on a couple times. she represented american electric power very well on "mad

money." i was thinking she's doing a pretty good job. >> well, that was away little bit before my time. but certainly with regard to the icahn group i have an excellent relationship with them and i work with them just as i work with any of our other board members. in my view it's a perfect board. we've got a lot of diverse talent on the board and i greatly appreciate the advice and counsel they've been giving me here in my first three months on the job. >> well, sounds good. i know it remains to be -- the utilities that we've been recommending, we have a double on it now. not a lot of stocks have doubled during that period. congratulations to your team. i want to thank bill fehrman. he's the president and ceo of american electric power. good to see you, sir. thank you. >> great. thanks, jim. >> absolutely. "mad money" will be back after the break. >> announcer: coming up, retail reit tanger is up more than 700% from its all-time low in april 2020. but could potential import

tariffs slow down consumer spending and the stock? cramer checks the health of the shopping center giant, next.

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all right. we talked about my favorite place to shop. look at tanger run. this real estate investment trust owns dozens of outlet centers where you get incredible deals. they reported another quarter last night after the close, in response the stock jumped 5%. now up 32% since we last had them on the show back in august. plus with the fed gifting us with a 25 basis-point rate cut today high yielding reits like tanger become more attractive. it is a growth story. i think it's getting better and

better. still given how much the stock has run of course we have to say should we wait for a pullback or maybe just come in and buy? right now. let's take a closer look with steven y'alloff, president and ceo of tanger. welcome back to "mad money." >> thanks for having me back. >> i think there's a misperception here. i think people -- it's been changing over time but when we see these big name brands, ralph lauren's in there, birkenstock, kate spade. tori burch. we're thinking maybe they're not giving us their best and we have to go to the real stores in the mall. but i think that's not the case. you're getting the same thing in a lot of your malls. >> the strategy for a lot of the retailers in the outlet space, there's several but one in particular, it's a great place to clear excess inventory. when you have too much inventory in your store, you have another season of goods that's coming in right behind it, you've got to move it somewhere. so a lot of these sophisticated outlet channels have a number of different types of products in

their store but the one that has the dedicated shopper that always seeks them out is the one that's looking for that first quality merchandise value price. >> if they don't go to you, i mean, they may end up in a channel that a lot of people feel is not as dignified as their brand name, correct? >> well, i think what the retailers like about the outlet channel is that when you walk into a store you mentioned a couple of brands, but when you walk into call it a ralph lauren store, you mentioned it, everything in that store is ralph lauren. so if you're a fan of the brand, you can get the entire assortment at everyday value pricing. and i think that's what the consumer's looking for. it's not a rack of stuff you have to fish through to find your size. classification merchandising that takes you a while to find what you're looking for. but also what it does from a retailer perspective is it puts a number of brands on the same rack that are competing for ad space, that are competing for, you know, share of wallet. so it makes it a lot -- at least for the consumer who is a fan

there's one single destination for them. >> at the same time we're in a weird moment i find in retail. i think there are a lot of people who feel like they've been ripped off. a lot of people feel like prices went up, up, up and the way they want to get back, a revenge to that is to go to tanger. >> i think there is a trade down mentality right now. where a consumer is looking to get the brands they want at the best possible price that they can. but you know, what we're doing in addition to that is we're adding other things in our centers. so we want to bring you in for the value but we want to keep you there. we want to keep you there with better restaurants. we want to keep you there with better entertainment. better amenities. we also have a loyalty program. so we want to keep you come back far more frequently, shop longer when you come, and obviously spend more money. >> we had texas roadhouse on this week. i guess you've added them to your stable. >> we did. they just opened up a store with us on a piece of peripheral land, which is in our center in westgate in arizona. >> now, you had a terrible,

terrible hurricane that really ravaged the southeast, and we know, soon as i heard asheville i thought of you because i know that that is a destination that a lot of people like to go to. tell me -- you were out of -- offline for a while. i know you have insurance. but what does it look like now? >> well, first of all -- and thank you for mentioning asheville. obviously, pleased to re our people are safe and everybody was fine. and in fact, we have a sportsman's warehouse that sits on the pad right there. they never closed. >> really? good stores. >> great stores. and the first responders came and took over our parking lots. you had duke energy. the linemen were out all day and at night they were parking and actually camping out in our shopping center. it was a lot of activity there. stores started to open. a week later we were probably a full run rate, about two weeks later, and all stores are open, happy to say retailers are paying rent and there was not a tremendous amount, significant amount of damage. >> when you speak with

retailers, do these potential for tariffs come up and are they trying to figure it out? >> i actually asked the question. i was -- mickey drexler had that -- he had a big reunion about a month ago. >> did he really? >> yeah. >> from gap. all the -- >> here was a who's who of the people in the retail industry. people who had started their career at gap and then gone elsewhere. and i made it a point to speak to a lot of those retailers and ask them how they were thinking about it and how they were thinking about holiday shopping. this was back in october. and the consensus was they did a lot of planning obviously. there's a lot of manufacturing that's being done in other locations as well. they were thinking ahead about how they were going to get their supply chains activated so they can get the inventory stuck because these retailers are trying to get the stores stocked staff ready to go as early as november 1 for their holiday selling. and that's what we're seeing. in fact, i've been walking malls for the last couple of days. the decor's out. the music is on. and santa is in the house. >> how about the fact that there

are so-called five fewer selling days? what does that mean for retailers? >> well, they build that into their plan. and obviously with thanksgiving being as late as it is this year, black friday will fall on the latest possible day and condense that selling period. one of the things we're doing at tanger is every day is black friday in the month of november. we are on sale every day but we're working with participating retailers to give additional value not only to our loyalty club members but to those who engage and come and shop with us during the week. >> are you surprised there's -- whether you hate donald trump or like him, there was a sudden burst of euphoria. and it seemed like both sides of the aisle, both parties -- do you think maybe people are happy that the darn election is over and not contested? >> i just think when there's uncertainty i think that makes people sort of hold on a little bit tighter. when there's certainty, whether you like the decision or not, that's when i believe the

shoppers can actually go out and feel good about spending, feel good about planning. i think it's the planning that's -- >> i agree with that. one last thing. you do have a lot of leases up next year. there would be a time where i would say that's a cause of concern. when i look at the numbers, and one of the reasons i think the stock was up so much, i think people realize wait a second, the more leases, maybe the more money. it's shifted like that, hasn't it? >> well, i think -- first of all, there's not a lot of development that's hang in the market. >> that's a very good point. >> and uz because of that, i say thatto our leasing team our square footage in our shopping centers is more valuable every day. you know, it's up to us to make sure we're getting what we consider to be a market rent, a fair rent for each one of our -- for our space. right now with the economics being -- the tailwind pushing us as we've just seen, with the rates drop, coming into holiday shopping season, we've got retailers that are looking to expand their franchises, it's a great time for us to be in our

business. more importantly, as we get space back or as retailers roll or brands that are perhaps less productive than they've been in years past, we get to retenant them with really productive brands that are coming into the space. pay more rent but doing a lot more sales. >> that's why it's a growth -- you are a growth reit that i have always felt, and i've known -- i followed this company for double now. that offers that bargain that everybody wants. and i'll tell you, they need it now given the fact there's been such inflation. so i want to thank stephen yalof, president and ceo of tanger, skt. long one of our favorites and not just because we like to shop there. "mad money's" back after the break. >> announcer: coming up, cramer takes your calls. and the sky's the limit. it's a fast-fire "lightning round." next.

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it is time! it's time for the "lightning round" on cramer's "mad money." buy buy buy, sell sell, my staff -- 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." i want to start with sanjiv in texas. >> caller: boo-yah to ya. i truly enjoy your show and my kids enjoy your show. it's really been -- i really appreciate it. >> oh, thank you, man. thank you. >> caller: thank you so much. i want to take your -- to get your take on backing up the truck on a biotech where johnson

& johnson and sanofi are the second and third largest shareholders. they got some manufacturing facilities and a robust pipeline and kind of a novel gene regulation technology. the ticker is mgtx. >> you know what? this is a curiosity because those companies would not be putting that much money in unless there's something there and yet it hasn't done so well. i'm going to put it as a spec. i think you speculate on it. just put it away. speculate. if's something great happens terrific. if not you won't even notice. let's go to james in michigan. james. >> caller: big jim, thank you for taking my call. can we get a boo-yah? >> boo-yah! >> caller: okay. jim, i cannot tell you how much we love your show. and we've made some great money. >> thank you. >> caller: we've made some great money in the stocks. >> yes! nvidia millionaires. that's what we're looking for. >> caller: jim, your thoughts on jbil both long and short. >> it's such a good company. i used to have them on in the old days. they're a great contract manufacturer but also do away lot of stuff themselves and it's

had a series of remarkable quarters. buy jbil. let's go to joel in california. joel. >> caller: jim, thanks for taking my call. >> of course. >> caller: first time. club member. shout out to my boy nigel in detroit. i know he's listening or watching. >> nigel, how are you doing? boo-yah, nigel. all right? >> caller: thanks, jim. >> stay in touch with your dad. stay in touch with your dad. >> caller: thanks for all that you and your team does for us home gamers and the charities you support. >> thank you. if you saw the team you would say that i'm just a puppet. i'm a marionette and my puppet mav's puppetmaster's right over there. her name is regina gilligan. give me my arm back. >> caller: i know you have a lot of help behind the scenes. >> i do. jeff marks. ben stoto. rhymes with photo. >> caller: you sir are a great american and a true man of the

people. >> i'm trying to stay in the mix like everybody else i guess. how can i help you? >> c all right. for three years i've been in the house of pain with my stock. but nobody has made a dime by panicking. and you said the ceo was -- so i aggressively averaged my cost basis down and i finally escaped the h.o.p.s with sofi. >> when anthony yoto came on we were in santa barbara. the stock was like at five bucks. i'd known anthony for 25 years and it bugged me so much that people questioned him, questioned his ability, questioned his integrity. i would come after anyone who questioned anthony noto. i'd be the first one in front of him and behind him. and noto is delivering and sofi is no longer a bank it's a technology company as it's always meant to be. and i think he is terrific and the stock is good. and thank you for sticking with it. and that, ladies and gentlemen, is the conclusion of the "lightning round"!

>> announcer: the "lightning round" is sponsored by charles schwab. coming up, elf beauty is on the rise after earnings. is it a sign consumers are breaking up with high-end makeup? cramer talks the trade down in the beauty business. next.

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getting there starts here.

you don't usually find me in the makeup aisles but earlier last year i found myself in a jam. i needed to buy makeup to be watchable for the morning meeting. that's that ten-minute broadcast i do for the cnbc investing club at 10:20 a.m. every day. the problem, i was in florida and i had to apply the makeup

myself. so i went to target and perused the ulta aisles. i couldn't believe how much the stuff costs. especially makeup by estee lauder, their mac brand in particular. right next to mac, side by side, was makeup from elf beauty. that was a third of the price. i'm not a cheap guy. but i did grow up in a cheap household. i found myself thinking you've got to be kidding me, they look exactly the same. so i bought the elf and i slathered it on. i asked my wife how it looked. she said terrific. the makeup was perfect. i figured she'd detect i wasn't using mac because that's what she uses. nope. she couldn't tell the difference. so i did a little experiment i went into her cosmetic cabinet her, voluminous cosmetic cabinet, and put my elf makeup in there label facing backward. she put some on not long afterwards, she didn't know the difference. i told her what i'd done and she didn't actually mind. i asked her what was the catch. she said elf's made in china. while there are certainly a lot of snobs who wouldn't want to use elf then there would be others who didn't care. turns out she was dead right. the customers are trading down like mad in this one particular category of cosmetics.

like in so many other industries the big cosmetic companies have been raising prices. maybe it's because of covid where people learned to live without makeup. maybe it's because consumers plain had it with higher prices and has become more value conscious but the estee lauders of the world are seeing their stocks crushed beyond all recognition. clearly i should have listened to my wife, famous last words-b expensive purveyors of expensive cosmetics. we held on to estee lauder in the charitable trust until it was stymied by china but lauder couldn't pivot and reported a terrible quarter until they finally cut their dividend, heaven forbid, and recognized the competition was eating them alive. no, they never mentioned elf but i think makeup is just one of many categories where the customers are sick and tired of the price gouging and estee lauder is frantically trying to protect its gross margins and still offering something reasonable in price. they are failing to do so. but it's not just estee lauder although i like to pick on them because it costs the trust so much money.

i think all these companies misjudged that they could get away with this in a new era of price sensitivity. uh-uh. only elf beauty knows what it needs to do. as ceo taranga min explained about his boffo quarter last night elf's biggest advantage is their value proposition. as he put it quote our mission is to make the best of beauty accessible to every he eye lip and face. the average price point for elf is about 6.50 today as compared to nearly 9.50 for legacy mass cosmetics brands and over $20 for prestige brands. he points out that if you switch from prestige to elf for four of his brands you could save more than $120. as he puts it, quote, our customers don't have to compromise. we continue to hear from consumers that we deliver quality that's often better than prestige, end quote. when we look back at this year you know what we're going to do? we're going to see that the consumer simply get fed off with being ripped off. they've had it. the companies that realize walmart and costco on a big scale and elf on a smaller scale they profit immensely. the biggest losers the tone-deaf

incumbents who couldn't pivot it because they were worried about protecting their darn gross margins. they've been crushed for not cutting prices because in the end the customer's always right and the customer like my wife, well, they don't know the difference in quality but they sure do know the difference in price. i like to say there's always a bull market somewhere and i promise to try to find it for you just right here on "mad money." i'm jim cramer. see you tomorrow. investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪♪ that's the last thing you got to worry about, bro. i know. i'm just saying. narrator: first into the tank is an affordable solution to a formal-wear need. ♪