Transcripts For CNBC Mad 20240704

With a giant sheet of papers on stocks along with what we call topdown analysis from whip smart strategist to outline what they are seeing in the big picture from their 30,000 foot purchase. The top domes are exceptional at what they do all the what they do is an almost was doing. They typically try to rationalize all the big picture inputs, treasury yield, curve, recession, housing then come up with targets given their perceptions about the world. By the way, the dow finished with 100. Climb. I am not a huge fan of the top down analysis. That is called macro. I like the micro thinkers, the people who analyze the fortunes of individual companies. They managed to gauge prospect. They translate earnings into price targets for neutral stocks. They are pretty much always on the game, always doing their homework, especially during earnings season. These two facets of analyst seem to almost have nothing in common with each other. Is this the time General Mills is they dont do that. They have their worldviews and their hidebound by notions. If the fed raises rates, stocks come down. Isnt that supposed to be what happens . At this stage of the slowdown, the inputs they look at are all pretty negative so that leads to downbeat for cats and a propensity to want to warn people to sell stocks. As i told members of the investing club last night, these strategists can be wrong so it remains a matter of time before jpl crashes the plane and lets not forget lurking, and election on the runaway price of oil with crude hitting its highest level since april. All bad news. From a topdown perspective. I read these pieces with some respect. They are part of what i regard as the challenge of the profession but reports on the individual stocks, music to my ears. Companies themselves represent the dynamic state of capitalists not necessarily bound by any of these topdown forecasts. The reality of how companies are doing often reduce topdown forecasts to nothing but helpless mumbojumbo that sounds brilliant but is actually vapid when it comes to trying to make money. I will give you an example. On friday, proctor reported a quarter that was quite frankly remarkable. The company is a house of ingenuity with the tremendous Balance Sheet and the ability to create and develop new ideas that occur better than its current day products. Regiment extending, they say, while topdown strategists are thinking about how an economy might by be guided by great strikes the people it Procter Gamble have had half the companys profits wiped out yet the company was still able to grow its operating margin by 310 basis point putting up sales growth. And returning to shareholders via dividends. [indiscernible] maintain prices at high levels. Only three times in the past 50 one quarters have proctor had to cutcosts when prices came down. They can blow off keeping Prices Higher for you at the supermarket thanks to an aging brand market in the power of innovation. You dont mind because you like what you get but here is what is important. Procter gamble is not an outlier so j. P. Morgan and wells fargo are not going to put up blockbuster numbers this quarter, something that cant be reconciled with what big time strategists were bloviating about when it comes to russian short rigs and how can they explain the market resurgence of Something Like alphabet . And the youthful youtube which might be worth far more than anyone thought . Adsense supposed to be coming back in the scenario that analysts are talking about. It would be one thing if i were just cherry picking, picking the best ones, but we get those macro defiant quarters on almost on a daily basis. How can homebuyers all report extraordinary numbers when the fed is doing all it can to bring down the price of housing . They are saying this cant possibly be happening, but it is. We dont have enough houses. Interest rates stayed low for so long that people got cheap mortgages they are not willing to surrender. They see the same topdown analysis you do and i do so in the end you get this bizarre situation where the fed cannot crush housing, making the topdowns look like clowns. Kind of like lindy. They have bigger and better semiconductors. Hewitt, the most important Green Hydrogen, great longhaul trucking stool or boeing which cant help but to make loads of money. Because of the rise of revenge travel, never mind any of the models about how things have played out historically. The oddity of all this is that if you ask the average viewer what will matter, they almost always saves the prognosticators. They speak with more ground. They are steeped in history and are very eloquent and always seemed to be taking the counsel of the richest people in the world. To me after all these years ive come to know there is no monopoly on stockmarket knowledge. I would much rather put together my own insights on how the economy is doing based on individual Companies Rather than a big aggregate. New kids cover the robots on their hot wheels. If the game is one of love that you can study other companies in the s p and reach your own conclusions which would be more valuable if your goal is to make money in the stock market, not just to opine. Of course you would have to have a lot of free time. Nobodys perfect but bottom line im trying to help you make money in individual stocks, not allocate billions of dollars among a host of sectors. Bigtime Money Managers have so much money under management that individual stocks are just too small for them and that is why they use these topdown forecasts because they can only make meaningful bets in the aggregate. You are not them. You can do homework with me and arrive at much more meaningful conclusions about actual stocks with Real Companies and make much more money. Lets go to north carolina. Thanks for taking my call. I have two questions. American airlines, what is going on with that . Ever since they came out with [indiscernible] it started going down in the second question is a long on shares, so i bought at 90. Should i hold . I want you to. Its a very expensive stock. The Airline Business is a little bit in flux but i think its 16 are going to do well. Hold on to american airlines. Lets go to brian in florida. I want to ask about a company i dont hear talked about a lot but in the ai wheelhouse, nice limited. You know, its really interested. We used to talk about it a lot of the time when they were only cybersecurity. They are video, there are telephony, so many different spaces but i share with you the joy of that company. It is a little bit expensive but i think its really good. Weve like this since the show started so i say game on. Dale in florida. K jim, happy monday to you. Im super excited. This market is driving me nuts. Lets go into that. People are making money. Lets get our share. Absolutely. I got one for you. Coming off a betterthan expected earnings, and exciting new Advertising Program getting ready to start. What is your take on roku . I have to tell you ive been surprised that roku is doing as well as it is but when we look and see that 40 of the way people watch tv is through streaming. That is rokus wheelhouse. The stock is up so much, more than 100. 30s , its going to have to do without me at this point but it is so darn powerful. There is no monopoly on knowledge when it comes to the stock market. If you dont listen to what some of these companies are telling us he might have a more positive view on the market than they are telling us. On mad tonight, the stock is really on fire. But how well do you know it . And just when you thought it was safe to go back in the water, it is shark week on mad money and we are going to face off with one of the best of the best, jessica, sharing with us. Im digging in with an old hand, the ceo, so stay with cramer. Dont miss a second of money mad money. Follow at jim cramer on twitter. And jim an email to matt money at cnbc. Com or give us a call at one 807 43 cnbc. Miss something . Had to matt money at cnbc. Com. Hows the chicken . The prawns are delicious. Oh, i have a shellfish allergy. One prawn. Very good. Did i say chicken wrong . Tired of people not listening to what you want . Its truffle season ah thats okay. Never enough truffles. How much are they . Its a lot. Oh okay im good, that its like a priceless piece of art. Enjoy. Or when they sell you what they want . Yeah. The more we understand you, the better we can help you. Thats what u. S. Bank is for. Huge relief. Yeah. My favorite is something called linde, and Industrial Gas distributor. Its been one of the greatest longterm performance the trust is ever had. The numbers were a little confusing because lindes business reportings are little more complex than most industrials. They seemed to miss the headline sales number but that is only because their contracts with customers allow for very low pricing. Big swings in the cost of energy doesnt really impact their bottom line or you as the shareholder. It was actually up 6 plus a pushed through a huge margin and that got some Major Clean Energy opportunities. Lets check in with sanjay, the ceo. Welcome back to matt money. Thanks, jim. Good to be back. When it comes to some of the true great themes of our world right now, decarbonization, making semiconductors, staying so that we have a planet that can use Green Hydrogen these all come back to you. How can one company be so central to so many Different Industries. The underlying principle of our resilience comes from the fact that we sell many Different Industries and different gas applications for each of those applications and that is where we are actually solving the electronics market. We want to make sure any major player is successful. We play a small but Critical Role in most Manufacturing Processes so whether we introduce blue and Green Hydrogen for decarbonization of Different Industries or whether it is using carbonization for food and beverage where you pick up a nice beer you know its great because we put some gas into it and it brings it to like life. That resilience comes and goes because we are spread across this vast market we serve. I said decarbonization, that could be a lot of companies but its you. Your passion comes through everywhere and this is really an important issue. It is and we feel we have a role to play and really what we have to say is that linde has something to offer across the entire Hydrogen Value chain. Lets talk about decarbonization. Headline numbers we went out of the markets and said we believe over the next 10 years we will make Investment Decisions of 50 billion. Thats a big opportunity in our industry in a big opportunity for a set linde so we get very excited about that but there are use cases that are real. This is about producing blue and Green Hydrogen to make sure we are enabling decarbonization. Where does this happen . Its only a question of time. Its a question of a couple of years when you get to a point where youve got a Large Technology development that allows long distances with short refill times, thats the key. Thats the holy grail. 1000 kilometers they say but a 15 minute fill time. 40 tons of truck load there. I go and see whats going on in the gulf. Well i see linde . Absolutely will. We are working in the kingdom of saudi arabia. We see potentially the largest gas project in the world. We are working to develop that. It is a big investment 5410s kratom of co2. Thats a large investment. First phase, we are developing 11 million tons. Now i go to texas and new zealand do i see you . You absolutely do. We are working to develop the oci project. We have some co2 coming out of that. Exxon is going to sequester that for us. That is what Partnership Means and decarbonization. Okay, india, south korea . Weve been in india for nearly 90 years and a lot of new growth coming in india. India is the rising star in asia at the moment and we are well present at the moment. South korea, some of our biggest investments, 1. 5 million for samsung. Okay, i got to a plant and they are understaffed. We will be ready with providing gases to them and make sure they are ready for major production and ramp off over the next year and a half. Thats a major lifecycle for a semiconductor company. I have a plan in tuscany and im thinking what is linde doing in tuscany . We are there and we help the wind become just that little bit better. Is making sure that wine is preserved and in the process itself we have a small role to play with our gunnitrogen mixtures as well. But then with covid we needed help. That was a tough call. Medical oxygen was key. Returned every asset we had to produce mass medical oxygen certified and delivered to houston homes to make sure we saved lives. Okay so then i want to go buy 1000 balloons at dollar tree. What can i say, hydrogen is in short supply but notwithstanding that we allow a little bit of joy to happen. How is it possible youve had fine sales but unbelievable earnings and what happens if we get some growth in this world because youve had so many different worlds you have been up. You said organic sales were up 6 , maybe on price. We recognize that. For that pricing we know when we work them hard and we have this consistent track record of a decade of doing that. That is what drives market expansion. We manage the spread between market and price and that is compound value creation, Margin Expansion every day. Not just that. We feel confident to go ahead and raise our folio guidance for the year and we have to do that because i believe we do stand in todays market by doing that but we have an amazing 66,000 people who do a fantastic job of delivering this business every day. That is what gets us to that doubledigit growth we have committed to. Ive got to tell you. You are unsung, i dont know why because you are unbelievable. You can see the cylinders. You see the trucks, you see everything. By the way, you are the heart of our hopeto make it so we have a cleaner planet because you are thinking more about it than anybody i know. We are concerned about that. We have a role to play in sustainability. This is not only about helping our customers. We will definitely help them. For every ton of co2 or Greenhouse Gas emissions we have, we saved 3. 2 times that. We feel good about that. We are serving a mission. Again i want to say thank you, ceo of linde. Back after the break. Thank you. Coming up, mad money kicks off chart week. Talk to the technicals with a special edition of off the charts when we return. Dont cha written by callaway ray, rerecorded by massivemusic camera shutter dont cha wish your phone was fun like this . Dont cha wish your phone was fun like this . Dont cha wish your phone was fun like this . Dont cha wish your phone looked more like this . dont cha wish your phone could flex like this . dont cha wish your phone could fit in here . Dont cha . get a free storage upgrade when you preorder at at t. Become an aunty. Book a flight. Stay 4 nights. Meet the baby. Make the baby cry. Give the baby back. Fly home. Silver tier in a single trip. Join one key and move up tiers fast. Shark week on the Discovery Channel has sadly come to an end. Chart week is just beginning. Tonight we get the ball rolling with the director of product and operation, jessica inskip. What does she see now for the nasdaq 100 . Welcome money and jessica, its great to have you. I am really focusing on the nasdaq 100. It is the shark nato, to keep the shark week thing going. The last time we spoke last time i sent you my charts, we talked about this very important resistant line. This was part of the september Higher Heights and what is super important about that is we are now looking at making a higher high which is at 16. 74 found on november 22nd. This is actually the support zone for that high. This became resistance here, became support here, so that is why this is just of the other most importance when we are looking at weekly closes. Are we aware of this or is this at a level youre scared about . I think this is something where in these waters there is a heavy point of resistance. We are in the molasses, if you will. Its very difficult to go above these lines and i do want to see some consolidation before i see it move further. However im looking for consistent weekly closes above this. This was our resistance. We went above that. Now its our new support. The weekly closes above that. This seems pretty bullish. I am always worried about a couple of things. For instance, have we ever done it . Are we to stretch . Adding another lens to try to gauge the strength of the rally, tell me about the bollinger bands. A lot of people will utilize this. A lot of technicians will utilize this is a point of resistance, which is true in some instances or if you think about meeting reversion. But this is true in two instances. If this is above it indicates strength of the trend so we are hugging consistently, and thats good. Is it possible to go too far and then we are going to regret that we went . Is there Something Like that or does this show a sign of strength and continue . This shows a weakening of strength because the hugging does not continue and that is what concerns me right there. Youre saying dont get too bullish. Im saying periods of consolidation. We have a rebalance. You have an engine, you dont want one part moving that engine specifically. Otherwise it gets overheated. Okay, show me something in the next chart that would make you feel more sanguine about the situation, maybe a broadening out. The s p 500 chart is the best chart for looking at broader breads. I look at the overall trend of the market, looking at the 200 weekly moving average, which is the smoother line here, and i look at the 26, 40 and 13 moving averages is the trading cycle because 13 represents one quarter, 42, and 26, three, so we want consistent quarters of pricing moving up. I like nvidia, i like apple and also but but this would make it seem like everything is equal. Why would i care about these little guys . Because we want broad participation. Why does it matter to you . Because of that strengthen the overall market. I do believe the nasdaq 500 is a great measure for the market. However, i still want broader participation because of it is just one sector, that is not indicative of true health. This is good. Im having deja vu of the s p 500 last quarter. Remember we were stuck at 4100 and everyone said oh, we are sideways . This is still a direction. This is sideways, but this is high or lows and that is good. Is that how you would one of the many reasons why you got this right. How much did the 200 mean to you because i think the people who are saying all lines must be created equally to jessica, that sounds like its not true. No, its not at all. I want to see this slipping upwards. This is starting to slip upwards and these are what i really Pay Attention to to get that Training Cycle and as soon as we see a weekly close consistent above the 6321, we go back to that. Any chance we could have an august swoon and there would be some level where we can say okay, thats where i want to do my buying . Its possible, but i would not say we make it all the way over here. The big shark in the market is the labor market. I dont want that conversation. I want someone who gets it right and that has been you, since he started working with us. It is an honor to have you on the show. Jessica inskip, who has been so right. You see the work that shes doing, the high quality of it and you get some comfort by the fact that its getting better. Back in a minute. Coming up, evening the field of play . Cramer sits down with cnh cramer sits down with cnh industrial next. This is dr. Arnold t. Petsworth, hes the owner of petsworth vetworld. Business was steady, but then an influx of new fourlegged friends changed everything. Dr. Petsworth welcomed these new patients. The only problem . More appointments meant he needed more spa. Thats when dr. Petsworth turned to his American Express business card, which offers flexible spending limits that adapt with his business. He used his card to furnish a new exam room, and everyone was happy. Built for dr. Petsworth bu built for your business. Amex business. The first time you connected your godaddy website and your store was also the first time you realized. Well, we can do anything. Cheesecake cookies . The chookie manage all your sales from one place with a partner that always puts you first. we did it start today at godaddy. Com the past couple of months, the industrials have come roaring back. No wall street realizes we may not be headed for a recession. Take cnh industrial. On friday they pulled back a quick 6 but we are going to dig into that. Cnh beat the headline sales and earnings estimates. There were some issues we had to find more about. Management did not raise their four year forecast. Even as they said that we will see more of the benefit from currency fluctuations. Thats just organic numbers. Stocks pulled back to four dollars and change. Lets check in with someone who is an old friend of the show, welcome back to money. Its great to be on. The last time i was on was when we inquired acquired raven. We just spent a half 1 billion in the first half of this year on r d, so our innovation pipeline both on the ironside and the Technology Side is in a really good place. This is so important because a lot of people tell me theres global warming, the grounds got to be dry, few fewer arable acres and we have ukraine. The whole thing is arable technology, using ai to make sure the grains come through our combines more effectively, bringing technology to farmers enhances their productivity and yelled and ultimately thats how we are going to feed a growing population. I dont want to get caught up in too much story. The reason why i dont is that one of the great longterm sector themes is that we have a growing population still in this world and we need you to feed them so if i Start Talking about what will happen this quarter or that quarter i miss a Bigger Picture about what you are going to do so in europe, we are in an era where there are fewer and fewer acres, you can still produce as much food. Is it possible . We can capture methane from a slurry put on a farm, use it to power a tractor, use it to power a generator and use it for the farmer. [indiscernible] the reason we had a little bit lower cash flow and actually a little bit lower sales, we were prudent as we saw demand from farmers slowdown in the brazilian market, we cut back to make sure we gained market share but we cut back so we did not put as much inventory into the channel. That means we kept more inventory so we have the tractors ready to sell to the dealers when they wanted in the third and fourth quarters but we took a prudent measure to protect the dealers rather than put more into the channel. In the meantime, big machines are going. Is that agribusiness, just putting more and more money into what looks like a pretty Good Environment . The cash crop in north america is as good as it can be. Weve had the best production weve had since 2015. We are going to have a tremendous second half for combine sales. We are working closely with our dealers to make sure they get the retail coming out on the other end but we are really bullish on cash in general, specifically here in the united states. I know you have 4. 8 billion a night but 1. 8 million in construction and we need everything we have all the stimulus bills coming in. What does it look for you guys in terms of infrastructure in the u. S. . The case construction brand is really strong. We launched so many new products that it is really what drove a 19 growth in construction and it was by only 6. 8 but that is double what we had in the last couple of years so were on a margin trajectory. Tell us more about that. With can structure, we but the [indiscernible] brand so we have access to many excavators, great electric technology and the footprint serving the south american market. We are cash flowing income positive in europe now, we have a growing business in asia so we like our construction business. It is a smaller part of the business but the brand is really strong and the opportunity for authentic bone growth is really significant. You are a vet and one of the great supporters of our program to help vets and yet we have this mess in ukraine. Sorted out for me. Tell me what it means for the world and food. Certainly we are incredibly proud of the ukrainian population of the work they are doing to defend their country and really seeing the west come together to provide them the support they need. We backed out of a halfdollar half 1 billion market in russia. We are out of that market. We still continue to sell to ukraine farmers. Most of the farming is in the west end fighting is in the east so we are able to have a little bit of business there. Shutting down the porch into the black sea really does raise grain prices, which is horrible for the people who need those grains most in africa but its going to raise grain prices. Government stimulus does matter. Where are we and washington . Are the farmers just doing so well they dont need help . I think we are seeing soft money prices come down. You know the government will step in. Not everything is high horsepower. The other stuff seems a little soft. We talked about low horsepower tractors moving down in the second half. It is the demand in the pandemic years so i think you saw that and really lacked just the cash crop is where the Strong Demand is. Our hay and forage business is doing better right now so actually we did a little bit better in the Second Quarter but still expect to be slower than [indiscernible]. You always come to play but i think you are just i think cnh could be trading here by the end of the year. We are going to think of it as american and youre going to be that guy. We certainly have unpacked to have a listing here. Its been great having the dual listing what serve the purpose better but we are excited to be a real as always, scott wine, ceo of cnh industrial. Coming up, cramer wants to hear from you. Your calls on the thunder is lightning round, next. Old school wisdom, with a passion for whats possible. Thats what you get from the Morgan Stanley client experience. You get listening more than talking, and a personalized plan built on insights and innovative technology. You get grit, vision, and the creativity to guide you through a changing world. The first time your sales reached 100k with godaddy was also the first time your profits left you speechless. At the counter or on the go, save 20 with the lowest transaction fees and keep more of what you make. Start saving today at godaddy. Com i got the cabin for three days. Its gonna be sweet and keep more what . Im 12 hours short. Have a fun weekend. Unnecessary action hero unnecessary. Was that necessary . No. Neither is a blown weekend. With paycom, employees do their own payroll so you can fix problems before they become problems. Hmm get paycom and make the unnecessary, unnecessary. See you down the line. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . It is time. The lightning round. Are you ready . Brad in south carolina, brad. Whats up . How you doing . I am doing well. How about you, sir . All right. Spirit airlines reporting on wednesday morning and the airline is doing so good. Where do you think spirit is going to go from here . Im concerned about spirit because that market has become very competitive. The government is not going to lend them so i would say there are better places to go and i like delta. Lets go to matt in colorado. Thanks for taking my call. Ive already learned so much from you so thank you for everything you do. I was just wondering what your thoughts are on [indiscernible] they are losing money. Im not going to recommend stocks on the money that are losing money. I will tell you it wouldnt shock me if it shot up but i cant recommend a final basis. Lets go to cody. Whats going on, jim . Line. Its quantum computing and people are desperate to find something that does quantum. I kid you not, there are concepts as time has come. Quantum is one. It goes higher. No, i cant recommend it. Its losing money but i get whats happening. Boo yah, jim. First time call. Fantastic. Wanted to get your input on bio haven. There was a study that did not turn out well last week and it drove the stock down. I like it but it is losing a lot of money and i remember the original bio haven but by pfizer was no tech. I want everyone to ask for no tech when they have a migraine because the medical community is not aware of it. Thats what i care about. Lets go to randy in florida. Good evening. Thank you for all your insights and observations. They are very helpful. I need help on a stock that seems to be in a slow downward spiral. Is there any light at the end of the tunnel for gold . Gold has been a disappointment. Looking at things like franklin, nevada, gold crypto. I have to stand by the fact that [indiscernible] is very good but it has been disappointing and i think that there may be other ways to play gold including actually go eagle. I got to call it as i see it. Lets go to tom in new york. Tom. Hello, jim cramer. Boo yah. Dont you love that . Whats going on . [indiscernible] on Marvell Technology . The quarter was good. They just added this tremendous ai business that goes with what nvidia is doing but i looked at it again to be able to go back to it and i did feel that perhaps youve got to wait for a pullback before you pull the trigger. Working for you 24 7. Jenny in florida. Hi. Thanks for taking my call. [indiscernible] looks pretty good over the years. Thank you. How can i help . I have some issues with cleveland cliffs. They dont have much of a future is what i am seeing. Well, ive got to differ. I think that company is in a cyclical position when we talk steel. I think they are doing better than people realize but nucor is my favorite. If you want to be in a steel company, nucor is the one you want, a lot of big move again in the stock. Lets go to california. I want to know your opinion on this under the radar derivative ai play as ai disrupts the job market. Youre going to see students flocked to the Online Education platform. The company is course sarah. I dont know it. I know check. Im not going to opine on something i dont know. That sounds very exciting. Ill get back to you and find out a little bit more about it because that does sound good. Youve got me interested. Lets go to brandon in new jersey. Hey, cramer. Ive got a stock which you know, my ai has pointed out to me as being particularly interesting. That and java. And alva endava actually makes money for a lot of Different Industries at. Im going to say youre okay with that one and that is the conclusion of the lightning round. The lightning round is sponsored by td ameritrade. Coming up, but goodbye, old friend, until we meet again. Next. Good luck. Td ameritrade, this is anna. Hi anna, this position is all over the place, help hey professor, subscriptions are down but thats only an estimated 15 of their valuation. Do you think the market is overreacting . Howd you know that . The Company Profile tool, in thinkorswim®. Yes, i love you please ignore that. Td ameritrade. Awardwinning Customer Service that has your back. fan 1 there ya go thats what im talkin about td ameritrade. josh allen is this your plan to watch the game today . hero fan uh, yea. I have to watch my neighbors nfl sunday ticket. josh allen its not your best plan. But you know what is . Myplan from verizon. Switch now and theyll give you nfl sunday ticket from youtubetv, on them. hero fan this plan is amazing josh allen another amazing plan, backing away from here very slowly. fan 1 that was josh allen. fan 2 mmhm. vo for a limited time get nfl sunday ticket from youtubetv on us. A 449 value. Plus, get a free Samsung Galaxy s23. Only on verizon. Today we say goodbye to a longstanding holding, Johnson Johnson. Normally when we sell a stock its become a change at the company. We care about chasing profits but as we teach members and the investing club, which chronicles the moves of the trust and he tells any trades before the trust makes them, we care far more about containing losses, because when you control your losses the earnings take care of themselves but we did not sell Johnson Johnson because of the fundamentals. This company is one of the best out there but we sold the stock because we are tired of being hostage to legal dissensions that have little to do with the profitability of this company, specifically, j j is involved in lawsuits about talc. When these lawsuits first exploded, after a considerable amount of research of my own, i concluded Johnson Johnson acted in good faith. At the very least, they did not know about asbestos. I was convinced they did not know about the asbestos to begin with. Since then there has been a seamlessly endless line of lawsuits to j j. They came up with what i thought was an excellent strategy to pay plaintiffs that wouldve put this whole thing behind them and put money into the hands of plaintiffs immediately, good for everyone. In the meantime, jnj reported [indiscernible] but really it was betting on litigation. On friday night, the judge overseeing the bankruptcy sided with plaintiffs against j and. The court ruled that jnj was not in true financial distress or did not have a right to the bankruptcy course that they took. I guess they have to wait until jnj is blood dry until they go for a commonsense solution. Friday night, i just had enough of jnj regardless of my personal beast about their culpability. I cant have a position that is precarious because of litigation, not because of fundamentals. This business is hard enough without jackpot justice. I dont want to wake up someday and decide some find some jury has decided j js profits belong to claimants. Ive seen this happen many times for companies were worth condemnation. I dont think jnj is one of them but it doesnt matter what i think. It matters what the juries think. In the end its not worth hoping for victory down the road. Hope should never be part of the investing equation. Given the nature of our legal system there is really no telling about this could be which is why we had to sell shares in this Great American company. I like betting on businesses, not lawsuits and the lawyers. Im Contessa Brewer in for Brian Sullivan tonight mean stock mania in full swing again, tupperware shares surging but another nearly bankrupt company that has traders in a frenzy right now old faces make new returns to disney, a succession drama reboot in the making who could replace ceo bob iger and what is going to happen to espn apples preparing to make some major changes to its next iphone and from the automotive world to media, ceos get paid the big bucks. But who hath