>> altria going higher >> karen >> xle >> xle, the h in helm. >> silver starting to bounce >> guy >> tim's pfizer. >> thank you for watching "fast. "mad money" starts right now >> tim pfizer. >> thank you for watching. "mad money" starch right now. >> my mission is simple. to make you money. i am here to level the playing field for all investors. i promise to help you find it. mad money starts now. >> hey, i am kramer. welcome to "mad money." i am not trying to make friends. i am trying to make a little money. when you're trying to get your arms around the market, you

have got to look at the leadership, meaning that has been working day in and day out. that is how you can figure out how to make money. and the dow gained while nasdaq dipped 1.85%. it may surprise you to learn that there is an index that has been burning like a house on fire. it is a strange index. it is the dow jones utilities average or the utes which they are known as on the street . still one more powerful session for the smoking powerful amount of the utility stocks that dates back to 1929. yet this trailblazer started separating itself back on april 16th of this year. you know what? it has been going almost straight up ever since. the utilities industries are swaddling back. at this were just up for a week or two weeks, i might just ignore it. but i am sorry.

it is flashing red for the economy. heading for a slowdown. brown shoes be my term for companies with fading prospects. when you notice one of these index changes, you have to handwrite to the wall street journal archives this one was not hard to find. a headline from april 16th says it all. powell dials back expectations on rate cuts. and expectations have been firmer than expected this year. weakening the case for preemptive rate reductions. okay. powell did not look right there according to the journal. not that it was a multiple rate cut scenario off the table, but maybe rate cuts are out entirely because powell now wanted , quote, several more

inflation readings to take rates down. bingo. we knew something was afoot since we got that 3.4 number inflation rate over the week. but this was powell's interview. it was devastating. devastating news at that time. we had people who believe the fed was going to bust for multiple rate cuts in 2024. hey, maybe even before we saw genuine weakness in the economy these people were diluted. but they believed in the rate cuts in 2024. oh, by. now, for the last three weeks, these people have had no more delusions, and that is when the utilities talk off. unfortunately, very unsatisfying kind of leadership. now they have to spend more than ever because our electric grid is being taxed by the creation of endless new data centers. it is sending our stocks down. second, you think about it.

you pay your electric bill no matter what. it is the opposite of discretionary, which is why the stocks do so well during a slowdown. now, remember, these utilities are leaders. they tell you what is going to happen. a rally in these stocks almost always me the economy is going to be lower. this was april 16th. april 25th, the term rates peaked. not because of the fed, but because many a consumer seems to have tapped out. and that was the beginning of the brown suits. it is when we realize that starbucks and mcdonald's had raised prices too high. they had peaked in america. when oil was done going higher, especially now that israel and iran seem to have de-escalated. so it makes sense that the utilities are leading the way here. what do we have to do? let's bring up the old hedge

fund playbook and recognize new hazards that could make us course correct from usual playbook designed. first, as we know, the drug stocks go hand-in-hand with utilities, but there are plenty of drug companies that are not doing well. for example, do i tell you to go by bristol-myers, the quintessential slowdown stock? but bristol-myers does not have enough in the pipeline right now. so the company in the best pipeline is miracle, who do cancer and cardio drugs. don't think about it. how about pfizer? or just go with what is really working this year. like the weight loss wonder drug. following along by joining the cnbc investing club. dropping from 121 to 105 despite a terrific quarter three weeks ago because a competitor in one of their lines of business lost a

lawsuit badly in the death of a baby. now it has got stay home. stockholders are running homelike it is j&j. but at least one weight loss drug has thrown that group into a tizzy. we cannot be sure which one it produces. kneeler. neither coca-cola or pepsi have seen any. between these two in the carbonated aisle, pepsico could be hurt. they have got the small form factor been selling very well. the other slowdown stocks -- there's something to be noticed today. if you have a theme that can outrun you to new leadership, then we know one. these data servers are being put up everywhere. we are seeing to practically every day. last week we got this from one of my favorite companies.

their business is going nonstop and that also ignited a competitor. amazon stayed still. apple has been good, too. they can be good on a rolling. we got a weaker outlook than expected. so the stock is down a lot but i am not sure it is going to stay down. audley, one other group is playing on the razor's edge. it is the banks. they have fewer credit problems at the banks go down. as you know from upstart and affirm, these two stocks got obliterated today. then j.p. morgan pulled into percent. when in doubt, i say stick with what has worked in the past, not necessarily what is working at the very moment. but the bottom-line -- at the end of the day, the utes, they never lie. they may have gotten the ball

rolling for that slowdown simply by warning us they are not going to prevent one as long as inflation stays high. yet powell called and said that the rate cuts are on hold. if anyone is throwing in the towel when you take utilities higher -- you are throwing in the towel for certain. how about alex in pennsylvania? alex? >> hey, jim. how is it going? i am out here in p.a. >> it is a welsh name. people don't know that either but i have got that all in my head. how can i help ? >> hey, intel. what is your take? >> stop right there. philadelphia. a to philadelphia from the north side said one thing. madam mary said if you don't have anything good to say about something, then don't say it. madam mary says i am not talking intel. let's go to new york.

rebecca? >> high, mr. cramer. i want to thank you so much. >> i really got a good wrapped. >> watch your show every night together. >> i knew it had to come from somebody. okay. that is me. >> i wanted to ask you about american eagle. i see it just going south. >> you know what, they have the hot stuff. the problem here grandma is this. when you get to the hot stuff, you have got to get in and you have got to get out. it is too hard for me and too hard for you. let's go with walmart and my favorite -- no doubt yours -- costco! at the end of the day, the utes never lie and when they are rallying like they are right now you have to prepare for a

slowdown. man, there has been a lot of talk about a slowdown from the consumer. are they down with the dutch braves? i am going to speak to the ceo. so why are they selling this? maybe they are wrong. and if you wait on the fed to cut the rates, you may want to check in with this shopping center. do not call it a mall. so stay with cramer.

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>> all right. what the heck just happened to this stock? the by now, pay later. that is a key measure. credit quality looked real good, to go. and they got better than expected guidance from across the quarter. then they continue to go lower throughout the day. this session went down a kind of extraordinary 9.5%. we are told that the firm was down was shop a five. shore. it was a not so hot forecast. we just went over that. do not take it from me. we got a chance to kick the tires on this one. and we have the chairman,

founder of affirm. take a look. >> you have got a situation where you are going. you need even more growth. your loans are going down. to me this is what i would regard as a healthy moment for affirm. >> i would agree. >> so we have got to deal with the fact that the stocks stand but i don't want to do that until you tell me in your words how rare the combination is, because i have seen people accelerate loans and get more bad loans. i have seen people hold back when the rates are too high. i have not seen any f that from affirm. >> we are managing credit as carefully as we ever have and have no intention on compromising on either. in fact, the moment really shows that our credit diligence and care is decoupled from our

ability to grow. we are not trading went off for the other. we are probably yielding or earning a little bit more than even we expected so we tend to reinvest that extra money into growth, not necessarily by taking more risks but just by finding more ways of attracting customers. >> but you have said you are willing to go a little bit lower on the economic risks, meaning people have a little less money because you are doing so well in your data demonstrate you do not seem o make bad loans would extend credit to people who might otherwise not know what they are doing. >> not necessarily. when it comes to earning, we can subsidize more epr's, which works better for folks in a higher credit spectrum. those who like to use affirm who do not really need affirm . versus someone who does not have to borrow money. versus the ones who really

appreciate it. in the 105% rates, we are seeing a 0% apr. no compounding. no flip for your number suddenly changes. so zero pr loans are an extraordinary deal so we will invest some of the money that we aren't into creating more opportunities for more borrowers. >> so far it looks like you don't need to charge. you do raise capital. it is another way to raise money. i tell you what. it looks like your way is a little better for the person who has the card and seems to be making a lot of money for you anyway. >> not for me to judge other products. i have a strong point of view for affirm. our card is not a credit card. it was a bit plus. a debit card with a borrowing capacity built into it.

it does have 1 million users. it is gaining traction. we are increasing the annual usage of the cards. we still have an incredible amount of features we want to build into the card. it is slightly better than a beta product but it will grow through the creation of new features. >> now, until very recently, we had innocence by association if one bank did well another bank did well. then the ed decided to keep things higher for longer and suddenly it is the other way. you have a partner, shopify, and he did make one little change because frankly there was some businesses that you could say were in the gross margins . let's say the general merchandise has come down a little bit, but it is really sleight. but your company stock went down quite sharply after harley outlined that on the street today. the correlation to me seems a

little overdone. >> no. if i could predict the market, i would have a different shop. i am just very focused on running the company that i am running. >> but i am focused on the people who own the stock who are not as rich as they were yesterday. >> i want to make sure our stock over a long period of time gets to the dizzying heights that i think we rightly deserve. for the record, i have never sold a single share of the company founded and i remain a very proud holder. we are partnered with shopify. i have a lot of favorite partners but maybe harley and them are my favorite, favorite partners. today's market reaction is today's market reaction. i take market temperature every quarter or two. >> you had been associated with palatine. we can take that

temperature and it seems to be a little bit more on the rigor mortis side. i do not want to extrapolate you. in some ways i am putting up the trial balloon. but i don't see palatine being a firm. i think that is a distraction. >> that is entirely right. i did not mean to laugh it off at all. so shopify is a very important partner. 26% of our business comes from peloton . we have grown tremendously even in the last year as we saw nother great quarter of growth so we are not dependent on anyone major or minor partner and we do have a great business. moreover, we have a direct to consumer business that is entirely independent of any merchant partners.

the millions of cards we have are coming because people are pulling them outside of their pockets. we feel very well diversified. what the market does is not for me to decide. >> true. i could have started the interview by saying, hey, you have amazon and walmart. those are the two best. and i happen to know that both of them as of the last few weeks are doing well. but what matters is affirm doing well versus what max wants and you seem to be content , and i know you have been hard on yourself and it is not right. this seems to be one of those moments where you are never contented because you are an aggressive guy. you feel that you can put some are gas on and press down on the pedal. >> absolutely. i think the market has it wrong today. i think the market reaction is entirely misjudged. that said, i do not control mr. market. mr. market controls at self.

we are in a great position from the capital markets point of you. from the development product point of view, extraordinary and yet i can see as far as the engineering road map will let me. >> merchandise view, maybe the best ever. no. not maybe. the. in a similar industry -- and again not to extrapolate to you -- it seems like her -- strong cardamom exits are making it so that it is not only not an issue but you have got to figure out how much that you want to use. >> the best way to manage our capital market partnerships is to continue delivering great yields and to make sure they see that we are in control. part of why every quarter we say we are in control of credit is because we know eric stored in a position to the capital markets is very much a function of the results we have delivered so weekend to keep

both eyes on credit. we will continue to do well. we are doing great as of today and our capital market state of things is singular. >> and i sought you close, which is what i wanted to get to. you're probably the foremost figure for democracy and credit. you said that you believe that your metrics are such in the work that you have done that democracy would succeed. at this point, we can make a judgment that it has so far exceeded too many different kinds of interest rate increases including the one of the harshest cycles we have ever had. i can presume this is a model that we can declare victory on. >> the proof point is exactly as you said. in the world of zerp, everyone is a credit writer and feeling great about themselves. and reports were greatly exaggerated, thank you very

much. 30+ percentage gme growth and 50%. >> i thought your way was you had to do 15% and 17% to make up for all the so-called deadbeats. that turned out wrong. >> i think we can debate this one on air or off. there is the right price for a record at risk. the thing that is really, really dangerous is when you start paving over sloppy decisioning or bad discipline just by pricing it all in on the consumer. there are people who are great people who want to pay their bills on time and bad things happen. maybe because they lose their job or some other thing happens. you can find the right price for them. so when they cannot make the bell you do not tell them great news. we are going to charge you some late fees.

we don't do any of that. we want to keep their business and keep their faith so i think our model works really well. and that is what we set out to prove in 13 years and counting. >> i can say there were a lot of people counted you out. i say when the stock is down you buy and that has tended to be very good. max levchin, the founder and ceo of affirm. it's a beautiful... ...day to fly. wooooo!

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>> the guidance. and we will have to wait and see. >> that is what that legendary frank slogan, one of the most successful businessmen on earth, told me. as he saw it, the forecast is just a number. in a skittish market, that number can have a lot more impact than it should. welcome back to a very skittish market. investors are not caring about

what you did. they only care about what you say you will do in the future. so your stock could be instant roadkill. we told them not to worry about the guidance. does that make sense? it depends. it expected 50 basis point growth margin declined. it largely comes down to -- and i'm going to quote here -- a lower margin payments business and lower margin from a high cash partnership that were fully advertised. end note. that is hardly worth noticing but to the market was a disaster. it lost nearly 20% of its value in a single session. fantastic quarter across-the board. gross booking of $38.75 billion to $40.25 million. that is not to knock, 6% off the stock. kind of ridiculous after figuring out why uber even gave

such a forecast. they must have known something. we saw the same thing with upstart, the artificial intelligence-based one. upstart had a terrific quarter but the outlook was so optimal and the stock dropped 25%. is that fair? just today, there is digital infrastructure and monitoring analytics. 127 to 112 yesterday because the second quarter earnings guidance was a penny short. the quarter has failed but it is still way down from its pre quarter highs. but you know what did not bounce back today? disney. they had a terrific quarter yesterday. however, there is no such thing as a vacuum on wall street.

disney ceo gave us a bomb of a forecast. quote, as it relates to demand and as we see record numbers -- a, so far, so good -- and still see healthy demand -- don't like that word, still -- we are still seeing some moderation from peak post-covid travel. that is what took disney from 160 to 105 yesterday. now, there are times when i think we have to take all these forecasts with a grain of salt. they are not the first ones i reach for. like this homebuilder supply that felt 19 points yesterday. that one should fall immediately to a rate cut. you need to understand in this market even though it is guidance and it is just guidance but the guidance is all that matters. "mad money" is back after the break . ??

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>> we have got a lot of big breakdowns today. take dutch bros. coffee chain. the company earned $0.08 per share. get this. 10% sales quote versus the 4% we were looking for . this is driven by higher price and crucially higher traffic. not many companies can do this but dutch bros tested it. no wonder the stock went 12% today. let's check in with christine bruno, the new president and ceo of dutch bros. welcome to "mad money." >> thank you so much for having me, jeff. i brought you and i see

annihilator. >> can i have my absolute favorite drink? thank you for coming on the show. i want to ask you first of all, these are spectacular numbers. there are other high-profile changes including starbucks. i know you are not going to knock starbucks but they had low single-digit declines. how can you explain your 10%? versus the king which had single digit? >> i think if you look at our quarter we were really performing on all cylinders. so we were driving on innovation. we launched protein coffee milk. hugely successful. we grew our awareness with paid immediate. we also were super focused honor awards program. so our customers who come in a lot came in even more. >> so how do you deal with the lines? i mentioned that is the single greatest problem, especially if you want to go global order

which you are trialing. >> absolutely. so what we focus on is speed, quality, and service, with our baristas. so speed is something we are always focused on. helping our customers get through the lines faster. but they still always want to have that awesome conversation with our baristas. >> i want to have people understand what a real growth story is. accelerating and making more money in a certain number of states. it can be anywhere. how many dutch bros could we have in the united states? >> well, we are on the path to 4000 dutch bros. we had 476 this quarter and just open our first two shops in florida so we are now in 17 states. >> why does everything work in every state? your nutrients resonates everywhere in the country. correct? >> absolutely. >> i was looking at the prices.

it is not necessarily cheap. it is a small $3.95. that is well under starbucks. but when i get my large, it is not inexpensive. will people pay now? >> what customers are coming in for is the experience and they balancing what they are paying with what they are getting. and i think when you come to a dutch bros, it is not really about the beverage but that service and the conversation you're having with us. >> i had a fellow come on and he knows everybody's name. how do people remember my name at -- no. ashland is a nice down. how about the two ever want to never watch cable? is there some trick to knowing people's names like your people do? >> it is actually not a trick.

initially authentic. we hire people who really want to connect with others and that comes directly from our baristas. it is not something that comes from training. it comes from hiring awesome people. >> you hire awesome people in florida. how do you find them? what is the way you can find great managers and keep them there? and other chains are struggling to find the right people? >> it starts with how we go. so we only grow as we are ready to have people who are ready to go into these new markets and open shops and we have operators that move from all over the country to our new markets to introduce dutch bros to these new markets. they move into a new market and introduce the brand . we have our mob, which is our group of trainers, to a market, and they really like our stores up and turn it into a party and do such an incredible job on training employees on all of our beverages and service.

>> it is a show. if a long time ago home depot was not in new york and they opened one in elmont, long island, and i told karen cramer that when they opened in long island they're going to catch a double -- when are you going to open in new york, dutch bros? >> we are coming one day but we are focused on florida. we are focused on texas. we are focused on tennessee. then starting to move up the east coast. >> how many are going to be parking lot dutch bros and how we are going to be filled up dutch bros? >> we are really focused on building out drive-through locations and we do have parking spaces within our drive- throughs which of the really helpful. >> and are you averaging 2 million all over the country? >> we shared that our average unit volumes for the quarter were $2 million. >> that is extraordinary. it took chipotle forever to get

there and this is just coffee. >> well, we have been doing this since 1992 and for 30 years i think i have worked on a lot of things. >> give me your background because you did just take over. previous management from the day they became public. what is your connection with dutch bros? >> so i joined dutch bros 15 months ago and i am just thrilled to be a part of this team. i love going into our shops and making drinks with our baristas and i just see such ncredible potential for what we can do in this country. i love being part of a brand that is growing so quickly and really going in the right way for our people. >> well, look, i have been sold for a long time. that is christine barone, the president and ceo of dutch bros, a stock that i think could be a rocket. i am so glad you came on the

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>> it is time for the lightning round! buy. buy. buy. sell. sell. sell. are you ready for the lightning round? i will start with jeff in california. >> we love you.

one quick question. do i chill out like that chill master would do or do i freak out? and the clouds fell over 13% a couple of days ago, which was unexpected. and i am just wondering if this is still a great company. >> okay. we looked at the quarter several times. your prince has lost his charm and i say you buy, buy, buy right here. let's go to darcy in illinois. >> curious for your thoughts on tgns. >> it is a keen evasion. i kind of like it. it makes money. but i like it. let's go to george in new york. >> high. >> how are you doing? thank you. >> question. i want to see what you think of this private equity in krr in

what they are doing in offering employee ownership. >> they and blackstone have been winners. i like hem very much. i typically don't recommend these companies that don't know what they own but sometimes you realize they have been so good for so long that you go with the flow. now, i am going with dave in illinois. >> jim cramer, my man. my fisherman friend. how are you? >> i am breaking in the big ones. after many hours of fighting. what is going on, dave? >> this $66 billion company provides water and services. echo labs inc. has delivered surprises every year for the last two years. seems to be a solid performer. jim, your thoughts? >> the echo labs , i have not been a customer of theirs.

why not give david two free calls because he is always good. i am giving you echo labs and cin-toss. >> how are you doing, jim? >> i am all right. how are all you guys? >> i am all right. with congress approving russian- uranium brands, what is your take on uranium, especially you, you, you, you? >> that is not the one that i have been recommending because the one i m stuck on his uranium energy corp. because it makes money but i will be back with a little bit of you, you, you just because i like the symbol. now, cary from new mexico. >> how about astera labs.

>> too high. >> high. >> bruce, what is happening? >> i just wanted your viable input. my question was on a.i. on the edge. my former hometown, a san diego company. it is approaching an all-time high. qualcomm. >> okay. i need you to redo my piece on sunday. i had my immediate on qualcomm. join the club . and that has been the lightning round! trading at schwab is now powered by ameritrade,

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>> as we see more brown suits, it is more likely that the federal like cut interest rates but you might want to consider owning real estate. tape federal ruling, which owns lots of mixed-use properties, primarily in suburbs. even during the toughest times it caters to high-end tenants which are holding up much better than low-end retailers. they saw the quarter with fines at the equivalent of earnings. and to all the excellent leasing activity, wow. everything is pretty much spelled . don't take it from me. let's go straight to the source. welcome back. >> jim, it is great to be back.

>> you have got almost no vacancies. where you have vacancies, obviously you will make more money than you were. it is a consistent moment for you. >> it is about being consistent. and the question of, do demographics matter, i am not sure they matter that much coming out of the pandemic. there was a whole lot of artificial things. and to have them come out, now we are in a period that is post that that i think is more normal. >> right. >> i actually feel very good about the future. let's see what happens but you are also in very, very good shape. >> there are outfits. big lots. family dollar. they have closed a lot. but not yours. >> let's talk about inflation. it is not an equal opportunity

affect her. just about everything that you spend money on today and that i spend money on today is about 30% more than it cost in 2019. however the retailer is, your labors up higher. your cost of goods are up higher. your interest cost and many hostel are up higher. the question is are you able to pass it on to the consumer? >> and you say point blank that your people can. >> the companies you're talking about their cater to a lower end customer. it is not a bad thing but just a tougher thing if you are trying to produce consistent results through ups and downs in a reciprocal economy. >> i think about the term shopping center. it does not define where my father is from and it is not defined santana row were my fabulous producer and i recently had a couple of

margaritas. but what i want people to understand and sitting there i am looking at an office and residents. this is not -- you know, this is not your grandparents' shopping center. >> no, it is not. these are communities. the realization that outside of america's best cities, there are suburbs that are close in that can provide the entire experience for consumers who today -- especially work from home and after covid -- do not want to sit in traffic. they want the amenities that they could get in the city. they want to be able to live in a really nice place close to where they work in some places with mass transportation when that is there and have it all. and today you can have it all in select locations. >> i want people to understand this is not a sales pitch. they are coveted. the retailers covet. the residence covet.

he assists though. they covet it. >> there is no doubt that when you have a place like this, first of all they are expensive to build and expensive to do. so they have to drop from more than three or four or five miles. they have to draw from larger areas. and when you have a regional location that does it also allows you a much roader palette of tenants that you can bring in, especially on the retail side because i am a retail guy. we are a retail company through and through. the idea is to make background floor as exciting as you possibly can. then you can talk about living there are working there or sitting in a hotel there. >> but, don, you mention it . starting with some big new projects. >> there are times when it is better to build stuff and there

are times when it is better to buy stuff. >> and to sell some stuff. >> certainly to sell some stuff in order to buy more raw material, because what we like to do is take under managed shopping centers and take shopping centers that have not been invested in, if you will, for the last 20 r 30 years because then we can work our magic, and our company is very good at it. >> anger. i know you're very good at it. they are looking at the huntsville and the bills but you are really a coastal guy? >> yes and no. i do think covid has changed that a little bit. i was just on a panel today with steve. and i said to him then and i say it again here, i think he did a great job buying huntsville. it was a bit too small of a market for us but they are doing a great job. there is my commercial.

>> i know. you are a great spokesperson for your industry. anyway, that is don wood from the investment trust. and i can be as real as i like . why? because he has made money for right now on last call, is the ai trade still rocking? jensen wong speaks out to dan ives. herewith reaction. bull's-eye, robin hood earnings moving big on results. the ceo will join us. breaking tonight, big development in the streaming video wars. we will have the new developments. withdrawn, astrazeneca making an eye-opening move on its covid vaccine. the story deserves a lot more attention than it's getting. plus, a truly rare market event that has not happened in