i'm here to level the playing field for all investors. there's always a bull market somewhere. i promise to help you find it. "mad money" starts now. >> all right, welcome to "mad money." it's a tough day, obviously, out west. tough day in the country. still we come out to make sense of what's happening in the market. and whiltragic news certainly impacted stocks, there was a broader context to what turned out to be a fairly large decline. the context centered more on a speech given by the chairwoman of the federal reserve than any other event, including the tragedy unfolding out west. now, you know, we can hang on every word the federal reserve chairwoman janet yellen says about what whether the fed might raise rate. we can debate the size of the rate hike, the speed of the increases and what the statement will say, some people will feel that's more important than anything. we can worry about it endlessly

investors did before the events started occurring out west but ultimately the dow tumbling 159 points, s&p plunging. sadly, i believe, some of the late afternoon declined stemmed from worries about the tragic shooting in southern california and whether it could be part of a larger terrorist action. most of the selling started and was about janet yellen's statements. we can flit in and out of stocks based on every federal reserve utterance as we seem to do. how about this? maybe we can just keep calm and carry on? except rate hikes are coming and go to work regardless of what is set by the fed to build a portfolio that fits our world view. ouworld view even if the fed tightens. i know if you're oblivious to what yellen says or you try to be or what any federal reserve official of any importance says you may not know why the stock market spikes up or down on a given day or two. i know i can't afford to skip a big speech from janet yellen, i have to talk about it on the show.

every word. that won't make you money and you home gamers should don't that, either. here's why. for four years now i've been hearing the fed has pushed to prop up the economy and that's what it is. it needs to end. i hear it from the ideologues so to speak who don't like the fed meddling in business and want the economy to sink or swim on its own regardless of whether it might drown and take companies and their stocks with it not to mention workers tossed out on the street. i hear that same thing from those who fear inflation even as there's no inflation to speak of. i hear people who say business has gotten better so it's time for the fed to move. finally i hear it from people who can't stand the suspense and want to get the darn thing over with. here's the thing these people have in common. first, they've kept you out of one of the greatest markets in history, even as it's been muted lately. stocks of companies you knew were doing well but were afraid would happen when the fed tightened.

google, alphabet, facebook, amazon and apple. i pick on those for the moment because if you ask my kids to name some stocks of companies at they like and swewe by, that's the ones you come up. remember, the young don't inherit the earth, they inherit your stocks. in short the fed must raise, feds should raise, fed is behind the curve. fed can't act now, window closed, clack. it's truly kept people in the shadowowf certificates of deposits that yield less than 1% or if you're part of the crowd that is so judgmental of the fed you can argue the fed is allow reckless people to borrow a great deal of money and make terrible investments that can come back to haunt us but so far the terrible investments have produced terrific returns. i'm not here to judge what you might have done with your money. i'm here to tell you how to use the endless chatter about how to use the fed to your advantage. let's take today. we know the fed wants to raise

we heard that when yellen spoke. we heard the fed doesn't want to wreck the economy and throw people out of work but it doesn't want to stoke an overheated economy. i could have said that in the last four years. there's nothing new about what i just said. noing. it's the same thing we've heard since we came out of the great recession. yet every time we hear it the market sells off. the fact that this time the fed may raise rates by a quarter of a point is accepted but stocks t slammed any way. is that right? the question can be best answered by ththfollowing analogy. right now, the mall, let's go to the mall. it's stuffed with department stores that have too many winter coats. how can that not be the case? it's over 50 degrees and there's only 22 days left to christmas. e key is traffic if f amer's department store were to advertise winter coat sale 50% off that wouldn't get you into the store, you don't need a winter coat.

who knows if we have a winner? how about if cramer's department store took a different approach. something like this, this weekend take 25% off all store merchandise. that might help get people into the e ore and maybe they'l'lbuy those coats. if not, you'll have to sell them a company like a tjx or a ross stores at a loss. they come in with cash and buy them and sell them to you marked down. much better to have a sell than dump the coats. let's apply to the same logic to the stock market. what are the winter coats you don't need? maybe stocks of companies that would be most hurt by a tiny rate hike and a promise of more down the road. stocks of companies that sell should soar or it might be rates to entice you to buy their the car companies. notice those stocks haven't done well. this is a store-wide sale. all of the merchandise gets marked down.

you can take your shopping list, by stocks of companies that won't be impacted by a rate hike but are being put on sale anyway as part of the store-wide sale. maybe this is when you buy a biotech or food company or higher yielding drugtock. they shouldn't be on sale but they are. perhaps you pick up general electric. we're going to hear from jeff immelt, the ceo of ge. maybe you'll hear about how his company isn't hostage to the fed but today his stock was put on sale anyway, although not that much because there's strength there. that's when you start buying. in case janet yellen jars more people when she speaks tomorrow we get a strong employment number on friday which will freak some people out because it would mean a december rate hike is inevitable. certainly you buy in stages on the way down. never all at once. you know that's what i teach. so here's the bottom line. you can be paralyzed by the stock market equivalent of the weather, federal reserve causing the store wide sale or think

stocks of higher quality companies at a better price you would be able to able to get. tell me what you do as a consumer, a shopper, and i'll tell you what you do as a stock buyer which is the same thing. on "mad money" tonight, my exclusive with jeff immelt, ceo of ge. then i'm looking at two stocks

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long time cramer fave ge is finally getting credit for its

financial company that happened to make turbine, locomotives back into a fast-growing industrial powerhouse with very little banking exposure management has sold off $126 billion worth of assets. in short, ge is transforming itself into a leaner more focused and easier to analyze company that may be able to buy back an immense amount of stock and offer an even larger dividend than the one that gives you a battle for more than a 3% yield. tonight we are lucky to have the architect of this with us, jeff immelt, the chairman and ceo of ge and a man who used to be, i'm proud to say, my boss back in the day when nbc universal was part of the family. welcome to "mad money." >> hey, jim, how are you doing? great to be with you. >> same thing, jeff, really is. all right, jeff, we have to start with the fact that your stock has been the best performing large capitalization industrial company in this market rallying more than 18% this year, a leader in the dow jones industrial average. what do you attribute to

portfolio? perhaps a change in culture to a more industrial internet company? a bit of all three? >> i think it's a bit of all three. we've had a lot of things come together this year. the dispositions of ge capital have happened fast and in a valuable way. i think the synchrony spin h h been a aerrific value accumulated for investors. our industrial businesses are going organically, faster than their peers with higher margin growth and i think people look at the company now, they can understand it better and i would tell you, jim, i've been doing this a long time. when i look at the next three years, the ge teams knows what we have totoo, we have the tools to do it with and from a capital allocation earnings growth organic growth standpoint we're a good bet for investors right now. >> i think people have to understand because i love you brought this up. your organic growth, this is a

the compmpies in your sector.. is that long-term decisions that are bearing fruit or just the fact that the portfolio fits the market and the times we are in? >> i'd make two comment, jim. first of all you have to invest to grow and i think the long-term bets we've made on technology, digitization, globalization those are paying off right now and in a slow growth and volatile world having -- being in a multibusiness structure allows us to be able to play through this in ways that more single-purpose companies can. so while the only gas business may be tougher, the aviation business is booming and you add all those up and you get an industrial organic growth in the mid-single digits. that looks damn good in the environment we're in right now. so that's what it takes. >> i know a trusted advisor of

$2.5 billion. has penned a white paper and it's a lot about what we're talking about except it's entitled transformation under way but nobody cares. thinks your stock could go from $40 to $45 at the end of 2017 but the way to g g there is to retutu 40% of the market capitalization which includes borrowing a lot of money. good idea? >> here's what i would say. we have a lot of great investors. i think having a long only investor like nelson in this stock is a good thing for our investors right now and i think the combination of organic growth, margin expansion, capital allocation that's more heavily weighted towards buyback through ge capital and the potential to take on more leverage, those things are attractive. it should give us top of class industrial eps growth and distinguish ourselves from a

the same time. we have a lot of good investors that see this as a good way to achieve value creation for our long-term holders and i -- look, i think the management team is being a good way for the company to go. jim, look, all that being said, organically, we're still investing in r&d, capital expansion, all those other things but i think with ge capital we have the opportunity to buy back a lot of stock, keep the dividend at very attractive versus our peers and grow the company organically higher than our peer set. so organic growth, margin expansion, return on capital investors, that's a good combo in the world we're in today. >> and it's also once you are the final disposal to wells fargo, this systematically important financial institution goes away, what does that mean for a new general electric?

an industrial company. that's what we're seup to be. more than 90% of our earnings will be industrial. we no longer fit the screen of what had been a systematically important financial institution and it allows us just to be what we arere a high tech best in class industrial company where we use financing as ways to generate good returns and grow our industrial business and from an investor standpoint, from a capital allocation standpoint it allows investors to see us for what we are. we should be a high margin industrial company and i think it's all kind of falling into place. it's one thing to have a plan. i don't think investors necessarily want to invest in a plan but when you see it being executed in a systematic way, that's why i think you see more smart investors that want to get into stock..

in paris over a climate change actually my kids were asking me, dad, what company is most in position to actually benefit? this is all they care about, jeff. you have kids, we know that's the future. anange is the company that is involved with trying to stop ban climate change. >> we've been working on this for a decade, a decade. long before it was cool. we're investing in clean energy revenue growth in technologies. we have more than $25 billion of annunu revenue that is really in clean tech, if you will, high-efficiency engines, wind turbines, energy efficiency. so we are as well placed from a standpoint as anybody in the world to be able to participate in the this clean energy future. the other thing i would say is look, we are -- we h he a -- an

will have to upgrade these plans to make them cleaner and more robust for the long term so look there's a lot of ways to play this, from energy efficiency to upgrades to new technology. we can play all three. we can play every dimension of this game and we plan to do so. >> now you did make large bets in fossil fuels. oil has come down big. is it time to double down. is it time to think oil is is a good investment or do you say it's part of the pastiche, it can't hurt the company? >> the reason why we invest in oil and gas wasn't that we thought the price would be $140 or there 100 or whatever it was. we could see the technical intensity of the industry growing. we thought the industry was largely undercompeted from a technology standpoint and we still believe that today. so we think the long term positiwn we have in the oil and gas industry is going to bear fruit over the long term. jim, if i would have done this show ten years ago right after

about the aviation business. for the five years for from 2001 to 2006 the aviation business stunk in ge. now it's amazing, right? so we have the ability to play through these cycles opportunistically in ways that oil and gas companies can't. so for the long term i still believe in this business but we really build our business around technical intensity, not trying to predict exactly what the price of oil was going to be and i see this even more relevant with lower oil prices than i did when prices were is $100 plus. at $100, everybody looks smart. where we are right now you have to be able to compete to prosper and that's where we think we'll be. >> i've been thinking, also, the acquisition. when i go to alstom's site and what ge is saying about it, it looks if you wanted to get out of coal you would call alstom. if you wanted to build

alstom. what does this mean for earnings power, not just feel-good? >> i think it's hand in glove in terms of what we know how to do. we've got a progression of earnings over the next let's say two, three, four five years that get it up. we're talking about five or six since next year, more the year after, more the year after. so w wve got it built intotohe plan. what iould say, jim, is look, this is about execution and if the ge team executes the way i know we can we'll make lot of money for investors as we look at alstom going forward because it's complementary technology, it's everything we know how to do and w wfeel great about our ability to execute. thisiss 100% in our control about execution. those are the deals. look, this was four times after synergy. we ought to be able to make a good return for investors on a day like this.

something. there's a great ad you guys are running. a guy comes, a lot of smart people, , ey say where do you work? he says i work in ge. this is about obviously the digital economy and i want everyone who's watching to understand where you've taken the company and how it's an internet industrial and what that means for earnings, for dividends and the future. >> jim, this is maybe one of the momo important thing thahayour ininstors can think abouou there's a lot of buzz words out there, the internet of things, industrial internet. here's what i would tell people a locomotive today is a rolling data center. an aircraft engine is a flying data center. this is producing terabytes of data everyryy. this data can be used to give back to customers to drive fuel efficiency, better performance, better environmental performance. we can take the same technology and do it in our plants. so every investor of an industrial company ought to

strategy is. for us it will mean more productivity and faster growth. we've been doing this for five years so i think we have a leadership position but jim, i don't have to tell you, if you go back 15 years, trillions of dollars of wealth have been created in industrial internet stocks over the last 15 years. if you look out ten or 15 years, there will be trillions of dollars of wealth created in the industrial internet and we're just in the first innini and i want ge to get itstsair share of that. so maybe we think of ourselves or people think of ourselves as an old industry company. those days are over. we think this is a place we can play and we're participating in multiple ways. so investors don't have to understand everything about it but ask questions about it but for us higher margins, faster growth, , rticipate from a valal standpoint the way value is created on the consumer internet over the past five, ten, 15 years. we think this is possible for ge. >> i think you're right and the fact that it's the best-performing industrial until the world is certainly a

jeff immelt, chairman and ceo of ge. great to see you, sir, thank you so much. >> good to see you again, thank you. look, good yld, strong balance sheet, great long-term view. terrific ceo. ge. my kind of stock. "mad money" is back after this. i have asthma... ...one of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine, i talked to my doctor and found a missing piece in my asthma treatment. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid.

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sometimes in industry you just get so hated that the stocks get so despised that wall street becomes blind to anything positive that's happening and you know what you have to do? you have to break with the consensus. you have to go positive because the stocks in question are baking in the down side but none of the potential upside. tonight i'm going to make a very contrarian call and i'm going to recommend a vitamin retailing company, one of those nutritional supplement retailers that have been caught in the cross hairs of the regulators for ages to the point where the two leading players in the space, gnc and vitamin shop are

representatively. wow. the vitamin group went into a tail spin starting around march when the new york attorney general announced he was forming a coalition to investigate the business practices of the herbal supplements industry causing g to plunge 9%, vitamin shoppe to fall 5% in a single session. since then the drum beat of regulatory has gotten louder and the new york attorney general demanded they stop selling certain supplements. in october, oregon went after gnc with everything, knowingly selling products containing non-herbal synthetic ingredients not approved for sale in the united states. although gnc says these accusations are invalid. stock plunged 14% on that news and there's a pervasive sense the regulators could crackckown on these retailers at any moment sending their stocks again into freefall. here's the thing, at a certain

been punished enough. i think we've reached the point at least for gnc which i now consider the superior player in the space to startrthinking ababt accumulating the stock. why am i warming up here? to what looks like a fallen knife? first of all at a time when the broader retail landscape has become -- people will order fish oil or tylenol online, i'll order vitamins online but a lot of gnc's products are more complex. these are things you ingest and put into your body to fix an ailment or build muscle. you're not going to order gnc's proprietary prostate pills from amazon, you i'll probably going go to the store if you want to take their weight loss supplements hence why their loyalty program has 6.6 million members. when you buy this stuff on line you have no idea what's in it or

say it a test same when you buy in the the store but if there's one thing the recent regulatory uproar has shown, companies like gnc can be held accountable if they're selling things they shouldn't. the fact is, only 6% of supplements are purchased over the internet and that's lower than any retail category i follow and gnc is beating the industry with its own online presence. the company gets 9% of its sales from the web. above and beyond everything, gnc is more thananust a retailer. this is what s ss it apart from the likes of vitamin shoppe which at the end of the day is, eh, vitamin shoppe. gnc has it own brands and manufacturing facilities. the products they sell are company owned that means they have inherently higher margins than the comomtition. sure the whole industry has been getting powdered lately and same store sales have been in a rut,

quarters. this is what's important. in the latest quarter they declined by .3%, that's a lot better than the weaknesses we've seen. so many other retailers we follow and gnc's management said going forward there's same store sales would trend into positive territory. last month the company raised its earnings guidance and that's a positive sign. why bother, right? why set the bar high? best of all, gnc is among the cheapest stocks in the retail sector. too cheap. not only does gnc have an excellent ceo in the form of michael archibald who took over in the summer of 2014 and is determined to turn this company around but it's got major catalyst in front of it. we know 60% of gnc stores are company owned 40,% are franchise. bizarrely, their franchises tend to generate higher operating

their company-owned stores do. you almost never see that happen in r rail and because of this fact gnc has decided to refranchise a vast number of its stores selling bundles of locations to franchisees for cash up front while retainin the royalty rights. this refranchising strategy should be rolling out in a major way over the next six to 12 months and it willring in an enormous cash windfall just as we have seen with so many other franchise companies we follow in the show where it's really worked big for the stock. and gnc seems to recognize how cheap the stock is. the company is using its cash to buy back shares hand over fist. between now and the end of the year, gnc is exited to repurchasing $200 million worth of i iown stock, 8% of their market cap. next year they're likely to accelerate that buyback, that refranchising money at around $300 million and that's another 12% of the market cap repurchase. it's like they're gradually

let's not forget gnc plays a good 2.4% yield here. let me give you the bottom line. the nutritional supplement retailers are despised here. but hate blinds people to positive developments. and right now i think gnc is so cheap with so much going for it that i would be a staged buyer here picking some up now and some on the way down as tax law season is upon us and headline risk remains very much in play for this incredibly beaten down $30 stock that traded at $51 just four months ago. how about we go to dennis in michigan. dennis? >> caller: hi, jim. they've been on the down side going from 65% to 49% currently, roughly 20%. its fundamentals seem fine, what are your thoughts in particular since this is the apparel buying season?

lululemon is down a lot. there was a lot of fast money in this one, dennis. there were people who thought they could make money on a takeover and when the takeover didn't appear these sellers ditched the stock. i think the stock will trade as low as $43. if it got to the mid-40s it's safe. remember, you're speculating. this is no nike and underarmor is actually a better stock even though i expect this quarter to be bad. need to enhance your portfolio? i think gnc has gotten too cheap to ignore and will bulk up. on "mad money" tonight, the saudis, opec, oil and how they factor into the health of this market. still to come from calvin to tommy, millions get dressed with the brands of pvh each morning. after a rough start, with they finally strut their stuff on the wall street runway? i've gotten a exclusive with the ceo fresh off of earnings. plus, all your calls

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this has been a very difficult period with the ridiculously warm weather, retailers don't have the merchandise consumers are looking for. they have e ts of winter clothes. that doesn't help much when the temperature is statang in the mid-50s all week. however, some apparel companies are doing better than you think.

powerhouse behind calvin klein, tommy hilfiger. the company delivered a 19-cent earnings beat off of a $2.47 basis with higher-than-expected those were good numbers. the guidance for the next quart is pre-mixed, higher-than-expected sales but weaker-than-expected earnings with the pain mostly coming from the strong dollar because the pvh's vast international business. results were better than people fear. let's look at the chairman and ceo of pvh. here more about the quarter. mr. chirico, welcome back to "mad money." >> thank you. >> i don't know what to do. you have the terrible weather, the dollar, i have to look at the numbers and i say calvin klein up 7%. that's pretty fabulous but it's constant currency basis. tommy hilfiger up 4%. terrific numbers but you've got this whole thing with the

of and now you've got the weather. what is a retailer to do? what is an apparel guy like you to do? >> i think you hit the key numbers and looking how the business is performing overall. we are facing head winds. you talked about currency and that will be with us for 12 months as our hedges start to wind down and we have to be up against the volatility and the strengthening of the dollar. this is the apparel industry so part of whatate deal with is fashion risk. part of what we deal with is the weather and what goes on. those are things that we are -- i'm 20 years in the business, we did a great job of managing in the third quarter and we'll get through in the the fourth quarter. the challenge in the fourth quarter is inventory, you've heard everybody talk about it, itit more promotional. so although we had this fantastic third quarter we just

the year at this point. given the macro environment i'm satisfied with the underlying business. >> you have to be. i don't know, when i look at the quarter i think europe is bebeer than the u.s. >> right now for sure. >> it is. >> the tommy accounts for 10% in europe. >> let's think about it. their federal reserve guy mario draghi, he's saying that things need to continue to ease and yet their economy is better for yours than us. >> there's a lot of variables in that but across the board, market by market for our calvin klein business or tommy hilfiger business, that's the strongest market we've had. following the paris tragedy that went on there was a lull in

seems like business has come back now post that. but we've had a -- we had a very strong third quarter and it's continuing into the fourth quarter. europe is very strong, we look across the world. the rest of asia, hong kong, korea, under more pleasure. south america, the underlying business, latin america doing really well, dealing with the currency issues of brazil. the u.s. is -- it's probably our toughest market right now. >> isn't that something? all the years we've been together it's always the u.s. shines, now this is good it shows diversification oversea which is some question was dead right. i want to talk about china. a lot of people thininchina is doing better but that's steel, that's copper. the chinese consumer herself, she's spending more. >> she is. i think it depends where you sit in the market. if you sit at the luxury end of the market, you're struggling. >> the government doesn't want that. >> exactly. there is pressure at these prices. where both calvin and tommy sit, we're at the premium point in the market and we have a lot of improvements in the base business and we've seen that

continue to grow for us and continue to perform for us. >> one of the points you point out, it's s t just the strong dollar translation but you mentioned domestically, tourists. >> when you're running two global powerhouse brands like calvin and tommy, what we over the last six or seven years as we've continued to invest, one area where we've outperformed is domestically and international markets. new york, miami, l l. with the -- at that time the weakening dollar really attracted an international consumer that is not coming here to the same degree. particularly south american consumer, brazil in particular which is a huge market. we had big business there. europe and china we don't see the e urism we had in the e st and i think you see in a lot of luxury brands from tiffany has been speaking.

square store which is the largest department store in the world being under pressure because the international tourist isn't near the same degree. >> where's the mall in your thinking, manny? the stores you sell in malls. there's this death of mall theory that's going around. can you shoot it down? >> no, i can't completely. i think the issue that's going on, there are too many stores in america and i don't know if that's 10% or 15%. >> we're overstored? >> yes, we're overstored. but 85% of the business we're doing is brick and mortar and i don't know in three years ago that will become 80% but it will be a lion's share of the business. but there's no doubt that not only the fact that there are so many stores that there's a continuation of building new and stronger -- more stores and new entrants into the markets. brick and mortar is under pressure and we just came

friday week and what we saw is brick and mortar was soft, okay, but our e-commerce direct to consumer business, both direct we operate and third party direct meaning macy's.com or some of our other key players, those businesses were thriving. so the consumer is moving. we have to move with them. we continue to make those investments and i think there will be a period of time as you'll see a contraction in brick and mortar stores overall but it will continue to be 75%, 80% of the volume done at retail. >> well, i'm wishing you a weak dollar and cold weather because i bet you the numbers will be unbelievable until we've got this. thank you so much, chairman and ceo of pvh delivering a great quarter in a very tough environment. "mad money" is back. ruining them forever. protect your clothes from stretching, fading, and fuzz. with downy fabric conditioner it helps protect clothes from the damage of the wash.

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it is time for the lightning round. are you ready? time for like ng round. let's start with wayne in louisiana. it's wayne. >> caller: jim, nike. buy more, sell, or hold? >> i thought it would have been down on that conviction downgraded by goldman sachs. you should wait if you want to buy more but don't trade it. too good a stock. mark in wisconsin. mark? >> caller: jim, my stock is an lp. the name of the company is cvr and ticker symbol is cvrr -- >> i don't care for the refiners. i notice they're not doing that

thank you rbn, i don't need to be in refiners right now. how about minnesota. sager? >> caller: booyah, jim. media's short term on tesla motors. >> cold stock. so there for it defies the four walls of the spreadsheet and certainly is beyond the can of my thinking if you like the car and you want to go to the stock, that's fine. audi has a 2017 electric that people are saying good things about. anthony in new york. anthony? >> caller: booyah from long island, new york, jim: excellent. i was there this weekend. loved it. >> caller: good. just wanted your thoughts on consol energy. >> this stock is creeping up, it has a lot of support among hedge funds and what i say is sell. you get the picture. let's go to mickey in florida. >> caller: jim, appreciate you taking my call.

and a half ago after i saw you interview the ceo and i brought it around 7:00, i watched it go into the 80s but it's down into the 40s. what should i do? >> people have concerned that these contracts -- liquefied natural gas will not be honored. i prefer the cqp but understand that as long as the oil complex is down people don't want anything do with anything oil. that's the way it is. we'll take one more. wayne in massachusetts. wayne? >> caller: booyah, jim, from massachusetts. my son nico and i love your show. appreciate all you do for us. hey, i'm looking to add to my line position in sirius xm. buy, sell, or hold? >> i think a buy. it's a play on auto sales and auto sales are staying strong and i like that and i like the pats against the eagles this very weekend. that, ladies and gentlemen, is

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every time we hear about opec getting together -- as we will this friday -- we have dozens of stories about how the other members of the cartel will put pressure on the saudis into scaling back production which is running at an all time high of roughly 11 million barrels a day. the rest of the opec countries collapse in the price of crude and it's destabilizing many governments. but saudi arabia's ministers are likely to be moved at all because they're thinking about market share and so far they haven't picked up much.

that's because in this country we've only begun to have our first few weeks where oil output hasn't increased year over year. that's right, if the saudis wanted to put a dent in u.s. production so far, they have failed. next year? next year is different. next year the hedges come off for oil producers and that's when the issue hits home. i've heard people wonder about why the banks didn't deny credit to cash-strapped oil companies in our company. it's in part because the companies figured out ways to pump way more oil -- way, way less expensively. their production costs are insanely low right now. beyond the that, though, many of the more responsible oil companies -- you can always tell which ones i'm talking about because their stocks trade above two bucks a share -- hedged their production, including prices before the big collapse so the banks had no reason to deny them credit and less than 5% of the credit lines were cut back. this coming year, though, according to work done by rbn, consulting expert in all things oil, they show many oil companies are less hedge and at the prices they are hedged at,

the best ones are lucky to have locked in that price of 60 bucks a barrel for a partial portion of production. some of them aren't hedged at all, so 2016 will be the year of the credit crunch in the oil industry if crude keeps plummeting like it did today losing $1.85. a saudis know about these hedging strategies. they know everything. they know if they can keep pumping that the pace for another year -- and they can because they're exporting newer cheaper ways to drill themselves -- all these hedges will go away and so will the credit lines. in short if they keep pumping at this pace the saudis can indeed crush the u.s. oil industry which has been their goal from the start. the chatter about how they might bend is the belief they may feel camaraderie with other opec members. be through's no camaraderie. the saudis don't want to make things better for iran which is practically their nemesis. they don't keir about nigeria or venezuela.

out the refugee crisis in the middle east? please. these opec states are about as buddy-buddy with each other as the members of the medellin cartel were, although they may lack pablo escobar's natural charisma. while there are worries about saudi arabia's cash-strapped economy, the budget issue over there isn't all that pressing, they're not only swimming in oil, they're switching in cash reserves. that's w at the end of the day i expect the saudis to keep the oil down here in order to cut into u.s. drilling the 12 months from now. if the saudis do, then the hedges will come back on and producers will buy another year of big production. that that's the opposite of what the saudis want. why on earth would they allow it to happen? stick with cramer. red 97! set! red 97! did you say 97? yes. you know, that reminds me of geico's 97% customer satisfaction rating. 97%?

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last time i talked about the nascent rally in the semiconductors and i think that's going to be gathering

sky works solutions looking good, but most importantly avgo really putting out an unbelievable number that is going to excite people and get people to be thinking about buying corvo and texas instruments, those can go higher, analog devices, cyprus semi can do well. these are part of one group people are feeling good about, including, by the way, xyling. there's always a bull market somewhere, i promise to find it just for you on "mad money." i'm jim cramer, see you