third, ulta reported at a bad moment for the market. we spend all day worrying about bank runs, of course people get more cautious with ulta caused by inflation and given it's more expensive in the average stock that's what happens. beyond that, though, there were other areas you could nitpick but the worst aspect of the call, you got to learn this. i got to teach you when management used the term investors didn't want to hear. that term was de, d-e leverage, one word deleverage we're not talking about debt here we're talking about operating leverage each additional dollar of sales has higher margins than the last deleverage is the exact opposite and that's what all t ulta toldo expect it will deleverage modestly as the company analyzes benefits from price changes and heads into a more promotional environment this year and projected to take a real hit too and that i didn't like thanks to higher sales, general administrative expenses, on going wage pressures, supply chain constraints, not great that's the bad news. ultimately, though, on

taking ulta, all-time highs, and mike referred to some vulnerability because of that. i'm with it. if i were long i would trim, reduce, but let's talk about docusign, the exact opposite, as opposed to ulta. docusign, consider this, at its peak, this was worth $55 billion. it was $315 a share. now it's worth 12. and it's 65. are those highs in for all time? we're going to use more docusign and it will grow, it's the fascinating thing about markets you get so far ahead of yourself that the shares once they plunge and drop 80%, you never retain those highs. so can you trade it for a trade into earnings? okay, but more important seeing its best day >> for everything "options action," check out our website and our newsletter, more "options action" right after this >> announcer: when "options action" returns, solar stocks are soaring this week. but we've got an overlooked way to brighten your portfolio, that takes solar, adds housing, throws in a dash of tech, and puts it all through a unique defensive lens, and tint. >>> plus, calling all "options action" fans, reach into your pocket, g

don't own dick's, do own ulta that's a holly index if you're in these names be prepared for that. ulta had quite a good move recently, maybe an area of vulnerability. >> what jumped out to you, brian? crowd strike interesting seeing what z did. >> crowd strike, we have been pondering if you want to get into thator not. when you look at its valuation it's hard to tell. but when you look at what it does in terms of cybersecurity and growth and cloud space and how it plays into that, seems intriguing as a pier the stock has been beaten down so much it's lagged behind a lot of the growth tech names even though it's reached a turning point, seems like it's going higher when you look at moves mike mentioned, they're enormous on the options side when you look at the last five earnings, these options premiums are getting up to levels pricing in that movement in earnings, cr crowdstrike being one of them. might give you an opportunity to sell premium earnings at least in the back months because these options have gotten bit up so high expecting big enormous moves. >> which chart stands out

and mary formerly of ulta is now at foot locker, and i am beginning to think that is a perfect fit for your portfolio. i am thinking positive. stay with cramer. >>> don't miss a second of "mad money" and follow at jim cramer on twitter. have a question? tweet cramer @mad tweets and send him a email at madmoney.com, and miss something? go to mad money.cnbc.com. (whistles) yeek. not cryin', are ya? let's tighten that. (fabric ripping) ooh. - wait, wh- wh- what was that? - huh? what, that? no, don't worry about that. here we go. - asking the right question can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - yeehaw! - do you have a question? - are you a certified financial planner™? - yes. i'm a cfp® professional. - cfp® professionals are committed to acting in your best interest. that's why it's gotta be a cfp®. find your cfp® professional at letsmakeaplan.org. i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ here's to getting fi

and elf shares up nearly 50% this year as of friday's close i spoke to ulta's ceo at shoptalk he saideep growing because beauty is resilient in joudownturns an they're an affordable luxury other retailer trying to use beauty as a foot traffic driver. target adding ulta, kohl's adding -- >> i love how they blend my makeup it's the blend. >> the exfoliation you're going. >> that was a knock on me. you didn't realize it, because i'm a big exfoliation guy. >> i don't have to point that out. everybody knows it. >> i will say, i use the st. ive's products i go to ulta jeff, i'm going turn to you first because it said i should turn to you first. are you buying the beauty trade? over the past six months i can't think of another stock i've heard other than tesla that i've heard in more people's buy lists, portfolios than ulta. everybody seems to love it. >> i'll tell you why they told to you turn to me. i have three girls at some may we we took a field trip, and we this photo is a result of that i'm a much better father than this indicates the store was crowded and i do like the stock if you l

they said they're looking to add new brands to all categories >> julie, let's trade ulta here. this has been a stock to my casual observation that everybody seems to love. this is probably one of the best categories in retail beauty is pretty important, that it does well in good times women love to spoil themselves my question sometimes is, what does this do when tiktok goes away that's obviously where guy and i learn all our makeup tricks. i don't know [ laughter ] >> overall, what is impressive is the level of margins really, really solid margins in a rising cost environment, even with spending to boost their labor force, paper people better, and they're holding quite good profitability. retail is generally a space i don't love, but i think of the category this is the best. >> do you have to share any makeup tips you learned? >> well, i mean, tim is deflecting a bit you don't need that, being the handsome man you are, but julie and i have talked about the importance of blending it's detailed stuff. this stock is a monster, and the sell-off is probably just taking profits, but

> shifting gears, wanted to highlight beauty it's been a major bright spot in the market this year ulta, while coty is at its highest in two years cnbc retail reporter melissa repko has that story it really has been a bright spot, like a consumer staple, like buying food. >> yes, sara good t discretionary spending has been beauty ulta shares are up 15% this year, outperforming the retail focused xrt and nasdaq retail is up 40% since 2019, crossing the $10 billion in the last fiscal year with same store sales expected to increase by 4% to 5% this year i spoke to ulta ceo dave campbell earlier this week on all this optimism and why beauty is succeeding where other segments aren't. >> historically beauty has been somewhat resilient to economic challenges and changes and pressures. it is seen as an affordable luxury and particularly now in the context of self-care and wellness give us some confidence it will be able to adapt as a category to change as a head. >> it's worth noting other retailers are following this trend, too target's opening mini ulta beauty shops in select locations and ko

. >> is ulta a hot name? >> it is definitely rising to the top and that's why it hit an all-time high today. >> elf is very affordable. i would call this like the teenage brand in the drugstore that you go in and every teenager can afford to spending their allowance on elf, right? >> yes, exactly. that's a very good point that's something that cuts across both ulta and elf when i spoke to dave kimball at ulta, he said we have across the brands price point so he said they are hedging their bets that way. with elf, for example, i spoke to their cfo and she said they are actually gaining more traction among older consumers who are looking to save on those beauty items too. >> i'm curious what you see in terms of trends here when we were talking about the return to the office, there was this expectation that everybody would go out and buy new work clothes maybe to fit changing bodies from the pandemic weight gain or loss and maybe a decline in ath leisure, for instance, lululemon. we all got used to these zoom ca

ulta is in the latter.hink -- they're right now on the precipice of having -- or they're on a seven quarter streak of better earnings and revenue, kelly so does it stand to reason that maybe you should see a little bit of flattening out on the stock chart? and maybe on the earnings? >> so you're not a buyer >> yeah. so this one would be -- i always liked to classify it as buy, sell, hold my grand father used to say if i can't describe or explain it to people in 15 seconds, i probably don't understand it myself so this one is probably a hold for me the reason why i gave you is, above all, it's moving averages. it looks -- it looks like it's climbing some sort of mt. everest here how long can things do that? stocks don't grow to the sky dot, dot, dot, any more. so you would think there has to be some leveling off let's hold it and see how it reacts to earnings >> we have the 50 and 200 day lines on the charts and now i see what you're pointing out let's turn to gap, much more challenged story expected to repo

to day on legislation that will pay the way for it. joining nato that her secretary journal against ulta burger visited of helsinki on tuesday. speaking alongside the prime minister, santa marin, he said now is the time to alarm finland, unsweetened to join the military alliance. james comments was directed to nato members. turkey and hungry were still standing in the way as t w's. terry schultz reports i took, his opposition is causing the most consider side by side. that's how almost every one presumed nordic neighbors, finland, and sweden would travel the path to nato when they submitted their applications in may. this is a good day or at the critical moment for our security. but turkish president, wretched tie up to one, put the brakes on the 2 countries bids do primarily to their perceived tolerance for kurdish groups. he considers enemies. the 3 countries made a deal at the nato summit in madrid to work out their differences. but only finland has succeeded in sweden where the officially designated kurdish terrorist organization, the p k. k is more visible. activists have targeted a

my agenda when i travel to japan tomorrow, with sweden, to avoid competitiveness, a little going, ulta, good luck, and we will only be competitive and successful if we have balanced budgets in all of you have been this week the eat, you finance ministers have pushed for a reform of the stability pact. and even if there's a great deal of work ahead of us, that will be successes that we have already achieved will be set in writing. and we will build on this as will deal with this difficult local subject to launch the ladies gentlemen. neither in germany nor in europe can we achieve our ambitious goals alone are hooked up through our climate protection. the co operation will be necessary with the emerging economies in latin america, africa, and asia pacific. and so we will be stepping up our efforts, there will be diversifying our economic will ties, particularly with regard to raw materials dr. young. just the list of heads of government, of state and government in the you will be looking at our trade policy off fatigue if we need to have an ambitious trade agenda personal which pursues

vote to day on legislation that will pay the way for it to join nato. nato secretary general against ulta berg visited helsinki on tuesday, speaking alongside prime minister, santa marion. he said that now is the time to rely finland and sweden to join. the military alliance for his comment was directed to nato members. turkey and hungry off was standing in the way asti w, terry schultz reports turkey is causing the most concerned. i'm side by side. that's how almost everyone presumed nordic neighbors, finland, and sweden would travel the path to nato when they submitted their applications in may. this is a good day or at the critical moment for our security, but turkish president wretched tie a bear to one, put the brakes on the 2 countries bids, due primarily to their perceived tolerance for kurdish groups, he considers enemies. the 3 countries made a deal at the nato summit and madrid to work out their differences. but only finland has succeeded in sweden where the officially designated kurdish terrorist organization, the p t. k is more visible. activists have targeted or to one person

also a personal and life changing project for the photographers who hope to afford your career and ulta, and he, and a living from their what a malin, as a mo, use instagram to showcase their photographs, which have already won a number of awards, including assurity which recognizes outstanding work on social media. this is the very 1st time on global speech data case there what is being showcase. and i think like for people to see their walk and to question about their life. it's something that is very unique for us. as the festival starts in the crowds, poor in the organize is an artist who their work will influence the broader public . not just in cattle, but also the rest of the world. the tory, a gay to be al jazeera, doha. nasa has revealed a new space suit it could be worn my astronauts on the next mission to the moon, which is planned for late 2025. the 200000000 dollar design will be used for astronaut training this summer is the 1st upgrade since the start of the space shuttle program 40 years ago. ah.

and ulta sales benefit from the resilience from the beauty category as shoppers budget for makeup and beauty projects. >>> turning attention to apple kicking off the investor day today with more insight into apple's business in china. shares out performing the broader market up more than 15% this year compared to the s&p's 200. for more, let's bring in gene munster. i can't get the words out. nine proposals on the docket is there one investors should pay attention to specifically? >> frank, that is proposal number six four coming from management and five coming fromshareholders proposal number six is about an annual audit in terms of how apple is doing business in china. suppliers and political connections. it is unlikely that passes i think in part because apple management is recommending you vote no for the five shareholder proposals. that one did jump out at me. i think what it does speak to what will be one of the well traveled story lines with q&a. that is apple and exposure to china. there are two basic layers to it which i suspect and this is the juicy part of the event today i

and that was the casablanca taxes, and their repercussions does that ulta do do, do okay. attacks had led to a weakening of the islamist justice and development party. but why this led me to property? because it was accused of having laid the ideological ground for terrorism. fanaticism, et cetera, i read, you said that he, j. d, kept a low profile during this period, but from that value, and that was precisely when a breach opened up for this reform to be pushed through. this is to move what mooney vertically from. oh, in february 2004, the law reforming the family code was passed in parliament marking a historic moment, full moroccan women just cannot allow for me to consider them in until then women were considered subordinate to men so that even in the home fight this change was very important because the greatest inequality existed within the family unit. suddenly, women were considered jointly responsible for the household correspond. this opened the door for many more achievements i bought. could that key or no or not? we would hire timely again, that this would never change, t

. >>> gearing up ahead is jobless claims and bj's and ulta after the bell jobless claims are ahead ofhead, let's bring in patrick palfrey at credit suisse >> thank you for having me. >> we are looking at the data. the jobs report tomorrow futures under pressure with jay powell on the hill for two days. what do you make of this >> i think the fed is trying to be almost painfully clear in messaging. they need to slowdown the pace of inflation and in order to do that, they are going to need to be more aggressive whether that is a prolonged experience with higher interest rates or whether that is and i think there will be continued rate hikes past what we previously expected. both options are on the table and equities need to adjust to the reality of higher rates and for longer that is what we are seeing as stocks continue to soften up on the messaging. >> i want to ask about the futures. jay powell said they are not making decisions jobs report tomorrow and cpi next week. why are the markets under pressure when we don't know? can we take him at his word or is the market doubting the 50 b

. >> josh, what do you think about ulta beauty, the other stock i wanted to talk to you about. initiated. you did have it as one of your stock summit picks. >> yeah, i think it's recession proof. if you talk to people under the age of 50 and it's a private moment where no one else overhears what's being said and you ask them what's the most important thing you really care about, it's what you look like on zoom or instagram or tiktok and that's not going to change. it is the new reality we all live in which is hybrid, which is onscreen all the time. everyone is an influencer, et cetera. it's a 19 forward p/e. 10% expected shares growth. i don't know why that couldn't be exceeded. it's up 12% year to date. up 33% over the past year. most of what i'm saying i think people understand it's not a variant perception. it doesn't need to be. i think it's a popular trade that could stay popular. >> all right. >> all right. >>> u power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your sk

beta and the crummy stock some of that had to be given back >> josh, for the 12% that chubb was down ultae same amount next era is down energy has been a disappointment and aerospace defense up 2%. when you look through your picks, what do you think will happen here? let's say one quarter now in front of us. >> well, i think the main thing is none of them have anything to do with each other there's nothing schematic about this particular mix of holdings. i guess that's probably why i like what i did. i don't think that's a basket that is designed to flush the market but in the fullness of time all of these companies have individual reasons, specific catalysts, as to why they should have good years on their own i guess we'll see what happens that's my read of them circa december whatever when i was asked to select them >> okay, i hear you. this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. i screwed up. mhm. ♪ i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the dr

other names down 3 to 4% oracle, we'll get to on some of these other earnings like ulta and gps and docopening bell coming up in about six minutes. listen and floth"sawonolw e quk the street: opening bell" podcast. (funky electronic music) (narrator) all in. as in, never partway in. never halfway in. all in is more than just buying in. it's investing in... her. them. him. and them. do they look "sort of" in? this is a place you can live in, build in, move in, thrive in. if you're all in, it's all in north carolina. ranked america's top state for business. this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. the cloud makes it possible to expand your infrastructure. but to make it powerful enough to connect your data wherever it is, you need cdw and netapp. cdw experts will work with you to understand your needs, then customize a netapp cloud services solution to integrate data management for all your clouds, helping you reduce spend, improve security, control data 24/7 and automatically detect anomalies. in the cloud, at least. netapp makes ef

ulta beauty, bj's wholesale, docusign, gap. gap's going to be an interesting one to watch, they've had some store issues. all those come out on thursday. the week is going to close out with the retail company the buckle. so a lot of numbers that really, again, give us a window into the consumer, inflation, how americans are feeling, are they spending or in some instances not spending. to how the market's going to react to powell's testimony and of course those earnings reports, hodges capital management chief investment officer craig hodges and slatestone wealth chief market strategist kenny polcari. gentlemen, welcome to both of you. kenny, i'm going to start with you because in your note you write: because none of these elected officials that are going on the listening to powell's testimony even understand what they're asking or what the answer should be, it may be comical. so what are we going to get out of his testimony then? >> well, listen, i think what you're going to get is they're going to ask the questions, powell's g

and also the ulta numbers from last week which were extraordinary.. >> i love "squawk box" from 6 to 9, joe, right, becky >> all of them >> who else is going to be there tomorrow >> tomorrow i'm going to be there. >> love that >> isn't that great? >> it's must-watch tv. >> do you have a trade, police >> sr. >> all right thanks thanks for watch fast "mad money" with jim cramer starts right now >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. call me or tweet me @jimcramer if the consumer is confident then i'm confident at least

. >> it's no wonger ulta beauty goes up every day and trading at a high this is not a simple picturensumer is slowing down or feeling the pain if you ask a furniture store or electrical appliance maker like a best buy, consumers, they're seeing morerecessionary type behavior but look at the airlines, hotels and grocery stores and they're seeing the consumer boom i think the overall headline on this bank of america report is that february consumer spending still good but did significantly deteriorate from that very high january number, which does make you wonder if there were things going on like the weather, the cobra benefit increase on social security and other factors that helped january >> they did have one line in there about lower income households kind of hanging in relative to people, say, who make more than $125,000 a year you would expect maybe a sharper drop-off given what we're seeing in some credit -- revolving credit growth and delinquencies but that's not showing up quite yet in the data. >> the pressure from the company color about the lower consumer hurting more we h

. >> okay, joey to you, mitch in florida, started buying ulta a year ago owned 75% shares and should hold or buy more what do you think? >> so they're reporting earnings and i think built inherently within the question from mitch is the subconscious answer that he knows if you ask the question, should i be selling, in fact, that's exactly what you want to do. so you want to trim the position and you can do it in the options market and you can sell some covered calls or trim heading into the earnings report on thursday >> okay. he just needed a little confirmation >> he knows what he wants to do. >> jason snipe, kareem, d.c. bought amazon $20 in 2020 and the stock doubled in '21 and now back to where i bought it three years ago and it's 3% of the portfolio. what do you do >> yeah. so this one it looks like an obviously round trip for you for me, i would be trim. there's been a secular shift from goods to services there was a soft guide here and deceleration with the juggernaut aws and i would trim this name here >> all right good stuff we'll come back and do final trades next. real ze

ulta is one to follow and then on macy's the valuation to us is attractive and the consumer could beimistic for the consumer the last one i'll mention is walmart. it's built a very an e-commerce specifically advertising >> that's another make we like as a bigger global story that's also defensive in terms of the beta and dividend yield but offensive in terms of technology >> walmart's 60% food now? did you say that >> 56%, in that range. it's a food leader >> it's a grocery store with a bunch of other stuff >> there's a consumer discretionary recession, so staples, essentials, becky, those are all key things we'll continue to watch. the valuation is more expensive at walmart, so buying that costs more in terms of the p.e. above 20 times, but we think it's worth it >> oliver, thank you oliver chen. >> great being here. >> when we come back, we're going to tell you what you need to watch ahead of the opening bell on wall street. >>> and a reminder for you, you can get the best of "squawk box" on our daily podcast just follow "squawk pod" on your favorite podcast app, and you can listen

and spending held up and you see di dick's sporting goods up and ulta beauty up today and tractor supply up earlier. you see the consumer plays, and it is a matter of how much rates are going to do to all that. my take is still that the stock market has done a lot to absorb this outlook the inflation numbers have been coming in a little stickier than we would like. but it is nothing like what we saw last year when they were coming in way high of the forecast and still a little -- the aggregate story has changed, raising the stakes for every data release, jobs and cpi coming up. >> that's what i'm thinking about now. leaning into friday and the jobs report and how much more pressure, if you want to put it that way, is now on the bulls >> yeah. tremendous amount. and it is also about, you know, you have to actually see the inflation come down. it is not just like it is a softer than expected jobs number, maybe that offsets some of the sticker shock from the half million jobs that were added in january put if it doesn't come with some suggestion that you're seeing prices moderate, wage grow

very ill advised mary dillon just bought a half million dollars worth of stock, she turned around ultaere in the report is it even mentioned. one of the things i think the person auto to do is go to the new foot lockers they're gorgeous they talk about the nike reliance, the way they're going to be hurt mary dillon wants minike relian to be over >> here to invite me to your funeral. >> thank you, jim fisk, for always reminding people when he was telling people they should go own gold one block from here. there's a definite funeral invite there >> you talk to lulu. their forward pe is still lower, cheaper than nike's. does it deserve to be the same i'm not saying nike has lost their way. that would be wrong, but i'm saying this country has much bigger growth path and your question about china is rather extraordinary. the stock is up versus 2019. people got it wrong. i'm not going to ever go against nike because it's a great manufacturer, but wow. >> let's get the opening bell here cnbc realtime exchange at the big board, celebrating the recent listing of its first etf, and at the nasdaq

. >> yes i was going to do ulta, because they are going to have a lift.ers strange day. we didn't get to amc i know you're going to be first in line at walmart for the amc popcorn. >> i am. i'll have my popcorn watching u d benioff. >> see you tonight, 6:00 p.m. don't go anywhere. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don'

subcategory has been one of those pretty good themes that you could lean on, like you've talked about ultatractor supply, dick's sporting goods, i keep coming back to them because they are considered to be, okay, in a spot, they're well managed, they have good comps, they're not so big they can't stop growing their store locations, so i do think it's a little bit of a sheltered story from, again, is the consumer getting fatigued in the whole overall picture of exactly what you have to worry about from the macro? >> the worst-performing sector of the week is not financials so far. it's energy. the other thing happening in the backdrop to all this -- and this plays into the lower yields we're seeing -- it's not just the fed rethink, but a rethink on the economy toward a harder landing and toward an inevitable recession. you saw that really take its toll on crude oil. >> wti was very low yesterday. even with increased chinese demand, story in "the journal" about these large tankers and incredible demand for them, but you can see it right there $67.50, despite what has been an increase in dema

remember, she was at ulta and hugely successful, so foot locker's propespects have briebri brightenedt. nike reports after the bell. nike, a huge supplier for foot locker last quarter on nike's call, mary dylan and foot locker got a callout from the executives saying they were encouraged about working and growing together, something that made foot locker investors pretty excited because that relationship has been on the rocks in recent years. >> nike also getting a little benefit of the quality bid in the market they actually picked up 2% this month in a down broader tape not tech >> when i do think of nike, i think of china and the risk to that company and we should point out that xi and putin are together we'll see what comes out of any of those talks that they're having chinese try to assert themselves as a diplomatic player on the world stage, but of course, there is also that concern that should they actually become more bellicose in terms of their support -- >> that's a scary thing. >> it would be very scary. >> how the u.s. would react to any escalation there >> very, if you we

i want to check out the ulta mont pass here. we don't have a lot of slow traffic there. that truly means that it's early and there's not a lot going on. not a lot going on on highway four. so if you take it easy, fingers crossed, this will be a pretty decent commute. for tuesday morning. it's 401. let's get right back to the headlines. thank you, sal topping our news this morning. there are new reports that meta plans to cut thousands of additional jobs as early as this week, bloomberg reports the parent company of facebook, whatsapp and instagram , wrapped up performance reviews last week. historically those reviews are followed by pay raises. now workers are concerned the reviews were to determine who would be leaving the company last november. meta. based in menlo park, eliminated 11,000 jobs to reach what it called quote efficiency goals from oakland. we're learning that the social security numbers and driver's licenses of oakland city employees are part of the data reportedly stolen in that continuing cyber attack. the hackers are now releasing some of that data, th