anyway, google. >> listen, i think occidental has some upside. >> guy? >> see what you get when you come to this? >> there's a wait list so sign up. there could be a change, who knows? >> i'm going to go to my two and give you uber . >> thank you for watching. mad money starts now. >> my mission is simple, to make you money. i am here to level the playing field for all investors. there's always a bull market somewhere and i'm here to help you find it. mad money starts now. >> hey i'm jim cramer. welcome to mad money . i'm just trying to make you a little money. my job is not only to put things into contact and explained, call me 100 things

into contact and explained, call me 101 800. has the economy blossomed because of the biden administration or in spite of it? this is the question that so many are debating and the answer is a resounding, "in spite of." nasdaq losing pointin spite of." nasdaq losing .89%. we need to parse the in spite of because of rates because it could be important for what happens next on wall street with your portfolio. viewers know i'm not a politics guy but i'm also not deaf. i expect the ceos in the country to talk about it . with the biden administration they could talk as much as they want and they are. what a frustrating bunch. when i was in california where i talked to a dozen ceos from a host of gigantic industries,

everyone brought it up. no one thought business or the stock market did well over the last four years because of the biden team. you know it's very strong and in an amazing stock market. if they are antagonizing to business give me a break. some of them called me delusional. their discouragement was palpable. the endless parade of new regulations stifling, and punitive. there were there overzealous attitudes. first of the biden administration pushed for the inflation reduction act which gave medicare the right to negotiate prices for some of these expensive drugs as well as other limits hurting profits with big pharma. now this is one i have to tell you that i see both sides of the equation. i no-trump prices are often too high and many other countries do similar to what the biden

administration did. for the perspective of your portfolio you want a thoughtful approach to business. you want to give and take discussion. maybe biden did. i spoke to almost every big drug company ceo and the ones i didn't, you wouldn't recognize the names. if you were a shareholder you'd hope that they would sit down with the president, something, anything. they don't see themselves as the villain in a particularly expensive healthcare system. some believe that they didn't like the office. i wonder if he was meeting outside of the administration because the team seemed committed to hiding the fact that he was not as sharp as used to be. is easy to see why the drug stocks trade so cheaply. you don't know what will happen in a potentially hostile white house. for now let me say that the activity, they did a huge amount for the semiconductor

industry. it gave them a ridiculous amount of money to intel. a company that is deeply troubled. we know they prospered inside of biden. pushing back with this one too, they could not have fared that poorly. again though, i heard in spite of biden, his naivety because he would not meet with the industry leaders, there is no dialogue between fossil fuel executives. he's the anti-fossil fuel program numerals pro renewables president. they can't take it over. the oil company ceos that i know wanted to plead their case and play ball but they never got the chance. they got a kick in the teeth one year ago when the president crossed the most viable portion of the complex. putting a pause on export decisions yet, no dialogue. if you want to win the war in

ukraine you need to give europe a new russian source of gas. president biden never intended to lift the pause for the greatest pool program. these are their high paid projects. biden, they say, made unreasonable rules about where you could -- the biggest despite of came from the banks. i spoke to a host of bank ceos and they can't wait to give the president his hat and happily hold open the door. these financial ceos couldn't resist taking party shots at the biden team. i talked about the money they made under biden. the issues have more to do with tone and respect. these industries weren't bothered by the demonstration but i never heard anyone say anything about obama. they tried to block any merger.

i thought there were so many mergers in previous administrations now we have tons. let me give you the "in spite of". rather than having a discussion between the parties, they created an environment where few companies would want to go through the merger. many of which would have made shareholders like you a great deal of money. they reacted harshly. it was too lucid to come to the many bank rushes two years ago. when the regulators would step in, one thinker said the regulator showed solar respect that they wanted to stifle his business. the bankers wanted some greater transparency about the regulations that intruded on what they were doing and wanted a sense of capital levels that the government wanted to see. they wanted a seat at the table when the president discussed business. for all we know it was sadly a weekend at bernie's white

house, several ceos said that but it didn't matter. everything would be just fine. could this have been better? of course. maybe it will be better with president-elect trump but maybe it won't. they should talk and there should be dialogue but they were needlessly attacked. i have that feeling after speaking to these people, not saying i'm all with them but the antagonism was to palpable. if all that matters is who wins the next election you could argue that the style doesn't work that they might be able to bring down inflation which is what i think they did to the democratic party in november. somewhere in between maybe everyone would have done that. maybe that's what it is when it comes to business at the white house and the closing stock prices of this administration. >> hello jim . thank you to you and your team for helping us out. i bought shares below 90.

it's gone up to 118. should i buy hold or sell? >> disney, i said when should we buy back the stock that we sold much higher? i think that you've got a great price today. i think that disney is a remarkable company. people were selling because of the fires in los angeles. i feel horrible about what's happening but i don't think the franchise of disney will go down very much or low very much. eric in michigan. eric. >> jim, i love the show. >> thank you. >> member those commercials from 2009, when ef hutton talks people listen? >> of course. so that's jim cramer, when you talk ilisten. about 8000 shares back in the summer at $30 per share and i took your advice. i listened and i sold 3000

shares at $80. >> what a play. >> my question to you is what do i do with these 5000 shares? >> no, you hold it and when it drops down you buy back the stock you sold because this company is a winner and they've sparked a lot of good contracts. it's the best debt analysis company in the world. >> jim, i stopped shopping with my wife years ago after she told me it was tacky to have the price --. today she came home with a pair of heinous valentino sandals last worn by brad pitt in the movie troy. evidently the commission sales associate told her she just had to get them. jim, the consumer is strong and in our household the consumers husband is barely hanging on.

should i put all i have shopping names behind the house of vf court? >> the way her marriage is going this is the only thing that could save it. >> may be in the next administration it would be quite mishandled. back on the east coast we have a lot to unpack. i'm bringing my sitdown with the bio haven ceo as these companies work with new companies. i'm checking in with the top brass fresh off of coverage report. biden issued an 11 hour executive order aimed at protecting silent security.

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a little over two years ago bio haven sold it for $11.6 billion. migraine drug was a game changer for me. they are not some one hit wonder. the rest of the company stuck around. and that got some exciting stuff in the pipeline. the early stages treatments for obesity and oncology and full disclosure, i don't know if it

will pass muster but i play with an open hand. so could lightning strike twice here? we caught up with doctor vlad coric, the chairman and ceo of bio haven. take a look. >> vlad, you are going after the toughest. you are also going after big ones. this new portfolio of yours is exciting. >> thank you. it's exciting to be here to kick off 2025 and to talk about these new advances. it's only been two years since the spinoff from the visor deal pfizer deal. we are going after some of the hardest to treat brain disorders. this years we will have readouts on polar, mania, depression, ocd as well as a number of other conditions. >> everybody fails, why do you

think that you've got something special? >> we have innovative approaches, new mechanisms we have to explore today. when you look at the older drug, it's plagued with side effects and it's roughly hitting the disease and frankly it's not good enough for patients, the media we are hitting on his novel. if you target this you lower the hyperexcitability of the neurons and you are able to treat mania without all of the side effects of the older medication that targets the dyskinesia, the brain bleeds, the metabolic syndromes. we have to move past this. >> mania is a disabling thing. all of us experience times when we are exhilarated and happy but when there's mania that persists and is hyperactive can be disabling. you have to bring forward better treatments. it's true you get creativity and other things that go along with this but we want to temper down the manic symptoms so people could be more functional. >> now you are into precision

immunology and i think that could be gigantic. these are large markets you are tackling. >> these are big markets and when you look at what's been going on in oncology , with the technology we have, we could actually usher in a true precision immunology. the science comes to us from yale university. trenton where you used to be full time. >> exactly. we keep those relationships because you have to be close to the edge of cutting-edge science. we allow you to harness your own liver to remove proteins from your body which causes disease. we call these trapped a graders, targeted removals of a barren protein. we could go in and identify in your bloodstream the disease causing pathogen and redirect it to your liver and your liver will remove it without hitting any other aspect of the immune

response. we are the only ones with this technology. other people are trying to target b cells, you degrade all of the healthy immune functions of the antibodies. then they are indirectly trying to lower that disease causing pathogen but we don't think that's the best way to go. you need healthy immune function. at the j.p. morgan conference we presented some new human data showing that one kidney disease, we could just remove -- >> it's pretty amazing. it mystifies people. >> in renal disease there's come thing where you have a barren protein that causes complexes in your kidneys and

stops her kidney from functioning. everyone is trying to indirectly get at the protein. we could tag it, send it to the liver, have it removed, and we think this could be a potential cure for the disease. >> i don't know if people realize muscle goes away. so without muscle they could fall and that's pretty much, we know that is very disabling for elderly people. >> what we seen from the gop , those who pioneered in the area, if you ecrease fat you could have profound effects on your overall health. we know that but however, we think you should be decreasing fat without losing muscle because what happens is when you lose muscle you also lose bone density and when you lose

bone density other fractures and things can occur. as we age we actually lose muscle mass at 10% per year. our approach increases muscle, decreases fat and increases bone density. we think this could be the potential game changer. >> one that no one has tackled that law all. we know that epilepsy wrecks people's lives. they cannot lead a normal life. if people find out, they could lose their job. you are after this one which no one has had any luck with. >> it's another area that needs modernization because we have some therapies that all easily will decrease the emergence of seizures but they are lagued with conic chronic side effects. sedation, difficulty operating machinery, like driving. we are bringing the ion channel activator, we think this could be a treatment for epilepsy without the baggage in side effects. people didn't have other baggage. >> i want to thank you of course. he sold it to pfizer for a huge

amount. you just have to wait for it to happen to get approval ahead of time. thank you. thank you for everything you do. the chairman and ceo of bio haven. it's great to have you here. >> thank you. coming up, will 20/25 be a strong year for the regional links?

we are a couple of days into the bank portion of earnings season. first horizon has grown from tennessee to become a heavy hitter across the entire southeast. the numbers were much of a revenue increase but please, keep in mind this stock ran 42% in 2024. it was coming in hot. plus, when you checked under the hood there was a lot to like with quality credit metrics. they are doing smart things with a broad portfolio. don't take it from me, earlier today we got a chance to speak with bridie and jordan, the chairman and ceo of first horizon. check it out. >> brian, i read your excellent numbers. your bank has caught the

optimism. >> i'd say we certainly have. we are brimming with optimism at this point. we have a lot of borrowers that are beginning to build. the economy is doing well. i think we will see the uplift in the early portion of 2025. >> i notice your charge-offs are down. also, commercial real estate, you say people are ready. this is opposite of what we thought would happen at this point. >> the charge-offs have been very contained. we feel good about the credit performance. year over year we are down by 10 basis points. we are seeing still, very strong performance inquiry. as i said on our conference call earlier today, we are seeing some commercial real estate developers who are

beginning to lean a little bit forward at this point. we had not seen any projects started but we are seeing the signs people are starting to move forward which is a reflection of the economy and reflection we might be adjusting to interest rates as they are today. all in all i think it's a really good thing. >> you said using a prospect of rate cuts, you recognize when they cut the rates last time, the long-term rates up. they were actually hurting growth. so what will happen in your view about these rates? >> i think rates are not likely to go down very much this year. i don't buy the ford curve, we use three cuts in 2025.

i'm a little more cautious than that. i don't think we will get one, maybe two cuts over the course of the year. the economy holds up. you see job growth remains a strong and inflation which is running a little higher than the fed would like. you see the rates remain in the area and i don't think they will go up but i don't think they will go down as much as the market might be domestically hoping for. >> i'm with you on that. i noticed a few things you did, you reshuffled the portfolio with the low rates and higher rates. i think you also got rid of the so-called hot money which is empty calories and doesn't help. you're in a position with your balance sheet to be really strong with what you are doing. >> yes, i agree with you. i think we did a really nice job of repositioning the bond portfolio during the quarter. we sold $1 billion, that was insecurities from the yield and reinvested it at a 5+ percent yield. we got a shorter duration so i think this will serve us well and as you suggested, we did a lot of work around deposits and deposit calls. we reduced significantly the wholesale funding over the

course of the quarter. the deposit base so we should be well-positioned for this margin that is steady to slightly improving this quarter but i think it's a balance sheet that will perform very well. notwithstanding the direction for the rate curve. >> and that's exactly what we want for the stocks that have been as strong as yours. a couple of quarters ago you talked about being in some of these areas. people were coming in and spending a lot of money on marketing. there were bank accounts shifting for incentives. it sounds like that war is over. you said it would end and that the franchise would come out on top and those number cues indicate that you have. >> we saw the marketing line come down because there have been a little bit of a slowdown

in the competitive environment. i think our investments have done a good job of positioning us very well. we've done a great job retaining the existing customers and growing our new customer relationships. we will continue to invest in our franchise but i feel good about the way that our foot print is performing today. >> you are in the strongest area. it seems like the expansions you made only made this stronger. what is your feeling about that portion of the country that you kind of own, so to speak? >> yes, i think the southern footprints that we represent will show phenomenal outperformance that the u.s. economy over the next several years -- i'm very encouraged by the demographic trend that we've seen in the footprint. i think, from a policy perspective, whether it's around taxation, the right to work or the ability to grow

businesses, you'll continue to see businesses relocating to the southern footprints. i think you'll continue to see the economy growing at a faster rate and i think this is good for our customers and our communities. we will see our shareholders benefit from that as well. >> one last question. i spoke with a lot of bankers, actually i've spoken to every banker over the last 24 hours. something that stunned me, there had been harsh regulatory tones that the regulators came in much more heavy-handed than a lot of the banks thought and if that changes and we get more transparency and different rules than it will free up a lot of capital to invest. do you feel that could happen? >> i think that you'll see a shift. maybe in supervision but clearly, and regulation. you will see that some of the more onerous aspects of the proposals out there will be

rethought. i'll give you an example as it relates to us. the proposal today across $100 billion, it indicates he would have to raise 6% of risk- weighted assets and total loss absorbing capital. not that that is a necessarily bad thing but it's costly. in our case, a significant amount of debt that we don't have a use today for. so i think as we go through this, i'm hopeful regulation will continue to be appropriately tailored for the size and systemic risk of the organizations. the first horizon is nowhere near as risky as j.p. morgan or the bank of america and i think that the regulations will likely reflect that. >> i think that is what is necessary and especially in an area as strong as yours.

another great quarter. hey brian, thank ou for coming on the show and explaining. >> thank you for having me. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real.

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...can help you open those doors. by proactively reviewing your entire portfolio. with an eye on taxes and risk. doors were meant to be opened. i think the demand for the software isn't going away anytime soon because companies

can't afford to let hackers care about their businesses but a lot of corporate customers are trying to find one-stop shop situations with larger players in the group. what about the small and medium- sized players one of the leading companies in the identity verification space, they had a strong quarter. what will it take to get this company running gain? could we get information about what's going on in the industry should? and let's check in with the ceo of okta. welcome back to mad money. >> thank you, jim. it's great to be here. >> you must be up late at night looking at all of the things that the biden administration does at the last minute. they launched an executive order imposing security standards for companies who do business with the u.s. government which requires companies to demonstrate the security of their development process. don't they need okta to find out what the security is? >> i think what you are saying with the biden administration is consistent over the last four years. they understand identity and

having great identity verification and security is absolutely critical for the functioning of the government and the effectiveness of the government. we had big parts of the federal government from the department of defense to large civilian agencies and we will see this continue even to the trump administration. everyone knows the stakes are high and we have to defend our resources and we intend to do that. so we are happy to provide this service to the government. >> is there a way to stop china? looking into the agency, they talk about fraud investment. there was also the tiktok , it's at the heart of our relations with china. >> the stakes are high as you mentioned in that example. what we have seen in our industry. of all of the security breaches, 80% of them have to do with some kind of compromised identity talking about the breach of treasury, the access token, the identity access token that was still misused. we are trying to lead the fight

against these identity-based attacks and if we could solve these attacks across the entire technology industry then we could get to the root cause of 80% of the security breaches which is huge progress to make when these stakes are so high. the information that's so valuable, everyone who's trying to make sure they protect and defend it. one of the reasons we are positioned in the market is because we have the leading independent neutral platform to do just that. >> i thought of you yesterday because i was getting on my wi- fi from san francisco. they wanted the last four numbers of my social security number. how could something that's been done for 100 years stand up better than any of the scrutiny? >> these systems need to be better integrated. if the system that was providing airplane wi-fi knew who you were and could tell by your biometrics or your

indication on your device, they would need to ask this information. the developers of the systems have to resort to bad options like asking you for your frequent flyer number and ask you for the last four of your social security or asking for a password that's been reused. this is the bad result of when these things get integrated so that's why business integration is so important. >> how many of these big companies are pulling the trigger? on the show when you reported the great quarter, organizations are scrutinizing these budgets. maybe with this sense of optimism, a lot of people are talking about this after the election, has spending become more robust? >> this is what i am seeing and i would say what dozens of conversations over the last couple of months. companies are being prudent with spending which led them to pick trusted partners and consolidate categories of technology for their partners. i was at a meeting earlier this week where a customer of okta's

told us they had 40 different security vendors and now they are working with us so they can consolidate to one security vendor. so they have this platform is asian which is a trend platform utilization which is a trend. they want an identity that is neutral independence. they don't want to tie up their identity with collaboration software or cloud infrastructure. they want the identity layer to choose and have the freedom or flexibility to choose the best technologies. >> i think the federal government is woefully behind. he said half of the 10 biggest deals you did were with the u.s. vertical. will that change when president- elect trump comes in? >> i think that it's kind of apolitical. we want to defend our systems and protect our information.

one thing that the trump administration has talked about his efficiency. one way is to have more modern technology systems which are easier to use to get the best results in the government results faster. which means upgrading cyber or the systems which have the best technology. which is good for the leading independent neutral identity company. >> how could these big companies not realize that identity is at the heart of being hacked? instead rely on the one-stop shop like with microsoft. their core competency is not cyber security. >> i think that what is really changing over the last five years, the debate about how important identity is, that debate is over. they know the industry and people who are trying to have cyber defenses know that you have to have a great identity strategy. the thing we've spent a lot of time talking to customers and prospects about is this

critical architectural decision they would need to make to choose an independent and neutral leader in making sure that you understand if you choose identity as part of your platform whether this is infrastructure, collaboration, you would be locked into that platform and that's not good for business. that's not good for agency. that will lead the organization a certain way which may not be flexible or robust. everyone wants to do ai or have the most robust side of ai agents making it more productive. if you identity is coupled into a certain stack, how would you choose the best ai agency stack. you could be railroaded into a situation like it was five years ago and who knows who will have the best ai agent framework today? you've got to have the choice to choose. if you're going to secure your

ai agent stack you have to have a robust identity or security. so that's why the future is so bright for okta. >> doesn't the agent needed to? why couldn't you hacked the agent? >> that's the secret, everyone thinks this is exciting technology but no one has figured out how to secure this. the framework out there now, if you think about the agent as a person, they have a bunch of passwords written on sticky notes on the monitor. that's how the security is done and that won't work. we need better systems and protocols to make sure that they will have access so it could work on your behalf only when it's trusted and to do this in a way where it will not be hacked or let your passwords get leaked over the internet. that is what is at stake so like many technological advances, you need the base technology and the supporting technology and identity security is a critical supporting technology for our agent feature.

>> i hope the fortune 500 ceos who watch the show call you. i don't like the fact that they don't seem to understand how high the stakes are. i want to thank the chairman ceo of okta. always good to have you on the show. >> thank you for having me.

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the lightning round is over. are you ready? the lightning round, i'm going to start with erin in rhode island. >> how we doing? >> what's happening? >> all right so i bought this stock at $100 a share and it's sitting at $220 per share and i wanted your professional opinion on how much higher we could keep going? amazon. >> a multiyear move. looking at it not on a quarter by quarter basis, higher on the long-term. let's go to bruce in california. bruce. >> hey this is bruce. calling from newport beach in southern california. it was a rough week with the fires, jim. >> i'm sorry for everyone. i've lived out there. it's horrible. let's see what we could do. let's do what we do.

>> this one has unlimited returns. my question today is about stock al hc, alignment healthcare. >> i don't know alignment healthcare. i know it's a software company but i'm not going to say if it's good or bad. i have to go to work because i don't know alignment healthcare so thank you for your call. let's go to tie in arizona. >> how goes it? >> it goes fine, how about you? >> i'm good, thanks. we are huge fans of the show. we like seeing you on tv and listening to you in the car. you always have great information. >> that's what we want. thank you very much. >> the company were calling about today is michael strategy. >> look, it's a super hyped up

version of bitcoin. i like bitcoin but i'm not in love with it. by all means though if you love bitcoin, you really have to love that stuff. let's go to john in ohio. john. >> i just want to say happy new year, god bless. my heart goes out to those in california on a serious note. jim, what are your thoughts on financial? >> it's a very inexpensive company which does a lot of execution, a great market maker and i think you should buy the stock. it's always been a good purchase for as long as i could remember. let's go to wayne in connecticut. >> thank you for taking my call. >> of course. >> we thought the stock could be poised for growth but with the professional interest rate,

there's this potential reality, would be a good purchase at that price point? what are your thoughts on best buy? >> we have a meeting next week . i feel very strongly that best buy has been a one-way ticket to hades. yields 4.5%. it's going to have to have a major redo. i don't know why the stock can't even lift for a single day. let's go to charlie. charlie. >> hey jim, recently i bought into a stock and caught a bounce from the 99. do i hold it or take? >> it's the tinker business

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>> right now the whole semiconductor industry feels like it's in flux. that's how it felt after the blowout quarter from taiwan semi, they invested in chips in

china. it's hard to keep up with the news flowed from the conductors over the last several days. they made the weekend midnight decision to pick which amounts would be restricted. 18 countries have heard being key allies. the ceo has traveled around the world encouraging them to create their own sovereign ai but the country was restricted to much more high-end chips to pull that off. it seems completely capricious to me. many countries would like to see sovereign ai. israel, mexico, portugal, they were not on the friends list. the idea that israel could ship chips to china means it might be a little fanciful.

they are a gigantic trading partner. you can't arbitrarily restrict them. that's what the white house did. the regime seems unnecessarily restrictive to me. even as they supported every restriction from the biden administration, this flies in the face of positive unified initiative to get the rest of the world up to speed without damaging american interests. at the very least it would have been nice for the white house to give them a heads up here. then again, who knows of these rules will stick when trump takes office next week. on a positive note there was the time on the tour de force from the boundary company in taiwan where they played their hand saying they needed a huge amount of semi-conductor capital equipment. i thought people would hear this as a call to purchase despite their estrictions. they could meet their demand for nvidia. the stock is still in the doghouse . declining almost 2%.

i don't know if the traders will feel safe buying this but who knows what they will do next. they've got another couple of days then we have the chinese dumping news. it's the chinese charging us with dumping lower chips there. the decision will send the stock company at more than 5%. they accused our government of unfairly supporting their own semiconductor industry through the chips and science act. no kidding. they say the act "violates the fund mental principle of a market economy". now they care about dumping. it didn't seem to bother them when they spent decades dumping cheap manufactured goods here in the devastated vast swaths of the u.s. a comedy. it's meant to preserve the semiconductor machines that would otherwise happen overseas. without the subsidies it's too expensive to do here but it was a good plan. unfortunately the government chose to give it intel. building new facilities in november. i'm worried about intel's

credit. everything else, i think it's all case-by-case for the moment. all that will work as the semiconductor equipment makers. at least until they sort out these export restrictions. i thought we had something going here. maybe they could salvage it. maybe we can't. it's always a bull market somewhere. it's mad money and i am jim cramer. we will see you tomorrow. is an innovation in personal security. [ laughs ] corcoran: oh, it's a real llama. wow. are they cool. i've never seen one. have you? o'leary: that's crazy. wow. [ laughs ] hi, sharks. my name is nick nevarez.