Tweet me jimkraim he were worst day since the crash of 87, the dow at the lowest close in two years no s p plummeting 9. 8 , nasdaq 12. 32 , a truly sickening day with a horrendous last hour. Its finally dawning on people were in a real crisis here. Ive been telling you this pandemic could be real bad news for stocks, since i came back from the super bowl we were underestimating the coming outbreak send us into i want to say a recession, because i think that its pretty obvious that thats kind of where were going. People did underestimate the coming outbreak and as far as im concerned it really isnt one of the situations where we can just ride it out we have to think about it. We have to figure out what to do we have to work together, and ive got some ideas, theyre not simple ideas theyre ideas involving opportunity, theyre ideas involving what i regard as being lets just say some things that happen that are good when the market goes down, but were not ready yet. First, lets talk about what went wrong here. Ive been saying that we were going to underestimate this situation. Ive told you this market was headed back to lows we made the last time we were on the eve of recession, december of 2018. Weve taken out those lows and we can go lower because this is worse than the fed mandated slowdown then. The markets trying to adjust to the vast economic downturn that is the only way to beat covid and were not there yet. The averages likely wont bottom until people adjust to the new normal ive been warning you about for biggs. This is a big but. After the dramatic heartstopping selloff we have to think maybe its too late to sell unless we get a short sharp squeeze that was you remember the short squeeze that we had on friday but these levels when everyones cashing in their chips in total panic and fewer russ redemptions knew need to consider what to buy when the bad covid and economic numbers come out in the next few weeks theyre going to be bad. One of the things that drove the market down the president is talking about july, people are saying this cant last forever, it may not do that or anticipate july we have to be ready. You probably say jim, you sound more constructive than youve sounded. The market is so horrible. Im more constructive because unlike the last big recession this time i find the people in charge, the real policymakers understand that something needs to be done in 2007, the fed and the white house were asleep at the wheel, totally unwilling to lift a finger to stop the ongoing disaster this time its different whether you love trump or hate him, its not about him. I think the people want to make it about him im going to take another tack i think its about the professionals. Fed chief Jerome Powell can make more of a difference than anyone in the white house when it comes to the economy yesterday the actions from the fed chief everyone seemed to poopoo. This i liked the fed made historic moves last night and the moves worked they worked why . Because your bank opened for business this morning. It probably wouldnt have. All day the liquid injection failed because the stock market got obliterated. Are you kidding me he wasnt trying to save the stock market he was trying to prevent bank runs and make the treasury market work. The fed had done this in 2007 we wouldnt have had the worst downturn since the Great Depression powell took another financial crisis off the table there will be plenty of losses, tons of bankruptcies and ballooning unemployment but because powell has his eyes on the prize providing liquidity where its needed we have one less horrible thing to worry about, a big horrible. Second this morning i stoke to Steve Mnuchin about his plans to stabilize the Small Business base of the country. People think he wants to stabilize stocks thats not what the game is about. I cant, nobody can but he liked what the fed did and made that point labeling something a recession doesnt really advance the ball i like that. Ive mentioned that what we really have a hiatus in business hopefully so much stimulus at some point wall street will be able to look through the current weakness and embrace great Balance Sheets that can thrive when the numbers level off were trying to flatten the curve. I know its too early for all that stuff weve taken out the lows from december 2018 but this panic is much worse than that panic this time there will be layoffs. Hopefully they can agree to a giant stimulus package to tide working people over until we contain the virus. Can someone understand the payroll Tax Deduction is great if you have a job, not if youre a 1099 and dont have a job. They have to think bigger down there. I wish i were down there, knock some Heads Together and straighten this out. There are opportunities developing over, what is it like Bernie Sanders here . Developing out there with the averages down 30 from the highs. The vix fear gauged highest level ever, worse day since 87 a day that felt a lot like today when i traded. There are opportunities here and now and you wont catch them using broad index funds. This is the time to pick individual winners are losers. 60 index fund for years weve been told were morons trying to pick stocks and the best could you do is hope to mirror the performance of the averages but the problem with the index fund you own the winners and losers and the difference has become too stark to make sense. Thats where the opportunity comes in, people there are Many Industries truly on the ropes here and i expect to remain on the ropes for a long time unless they fall flat on the canvas. If you invest in s p 500 index fund you have to own the bad, the very bad, the disastrous and small group of easily identified winners. I dont want to own the Airline Stocks reminds me of 9 11 when the industry was crippled. It bounced back after a 15 billion bailout. Day three of what is looking like a total collapse in air travel aerospace either, not with boeing struggling, debt being down, thats a bad one like 2007 i know i wish it werent so another problem Economic Activity is dropping too soon for a bounceback, hope they dont bleed into the other parts of the finance world, same for restaurants, entertainment i just got word from new york today we have to close our restaurant and bar, too many people gathering i wish social distancing makes this whole group uninvestable the great hookup with bar stool for sports betting, everything is canceled, the stock at 39 last month, eight bucks today. Someone upgraded las vegas sands. Nobody feels like buying anything unless ordering from amazon i think there will so much excess inventory they will offer consumers incredible deals were not there yet. The whole industry is toxic. Macys has fallen 75 , sports 2. 5 yield, kohls down 17 . Nordstrom off 60 , 9 yearly the other stocks are screaming the earnings are in danger and dividends will have to be cut. Retail is a zast we are the exception of the largest companies. I know the banks are cheap and now that the fed has taken action i believe theyll come out whole given the fed is willing to throw money at them until other people agree you fodder for the bears before the bottom its not 2009 while many of the banks were in Single Digits. They lost principle support when they pledged to buy back stock autos, oh, please, please. Suppliers, no. Commodity no, paper, no, steel, no you think maybe im too bearish . Listen to jim fitterley, ceo of dow chemical in the show, tapped too hard and probably too soon i said last week buying the best for a Spring Loaded rebound but prepare to lose money before we get you and i bet you 99 of you are not willing to and better learn how do it. If the data is just going to get worse and it is, well see the denominator get big, the stuff its like algebra. Why am i telling you to be opportunistic . The makers of literally everything you might find in the supermarkets saw their stocks dropped and the packaged Food Companies rallied and so did many of the drug stocks. They gave back the gains in the late afternoon, some closed up big, conagra, need until a hay stack but we look for needles. I think were going to get some big coronavirus numbers now that are really going to saltz peoples strength in earnest, getting more lockdowns like in San Francisco may not be able to Shop Grocery Stores will still be open we underestimated how bad it was going to be. Some of us did but today gave us a template for what works when the economy is on hiatus stocks of companies that make things we cant live without cabinet, pantry, oen a horrific day the averages down 12 to 13 we got to stop buying average instead we should buy quality recession proof stocks because thats what works when the economy is on hiatus time to hold your nose and buy a couple winners get started. As for the losers, no more selling without a big up day like on friday to get you better prices than you can expect and into the teeth of this panic lets go to jay in ohio, please, jay. Caller booyah, jim, how is it going jay, slightly better days but im still around how about you . Caller im doing well, thank you. Good. Caller i got a quick question for you, interested in adding silver or gold into my portfolio, trying to diversify up my investments. Wanted to get your thoughts about the precious metal market and which is the best way to invest in coin and or stocks people have given up on the Precious Metals think were in a deflationary storm and i say you know what . I always find room for gold. I think that you want to own gold and i dont mind that gold is going down. I think you buy some right into this weakness. I actually think barrett gold bottomed and thats the way id do it buy gold. Stick to the quality recession proof stocks as they come down, this is what you have to buy into those openings when were frozing, down 7 , thats what works. It will work again on mad tonight well get a big bump, thermofisher received an emergency okay produced up to 5 million saltz kits a week. I have the exclusive and the head of cvs health discussed with trump the coronavirus ill talk about the latest initiatives and demand crushing global pan demme ek, how is dow positioning it self . Im talking with the ceo stay with cramer dont miss a second of mad money. Follow jimcramer on twitter have a question, tweet cramer madtweets, send email to madmoney cnbc. Com or give us a call at 1800743cnbc adhi sometng he to madmoney. Cnbc. Com. But in my mind im still 25. Thats why i take osteo biflex, to keep me moving the way i was made to. It nourishes and strengthens my joints for the long term. Osteo biflex now in triple strength plus magnesium. Shouldnt you pay less when now you can. Data . Because Xfinity Mobile gives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy s20 ultra. Thats simple. Easy. Awesome. Call, click or visit a store today. Until this pandemic is contained or just burns itself out, covid19 is in the drivers seat and its a very bad driver. Theres nothing more important than getting this crisis under control, thats how we save lives and its how we resuscitate the economy. We cant contain the virus until we know who has it what are the characteristics we cant know who has it until we ramp up our diagnostic infrastructure there havent been enough test kits in the united states. Fortunately on friday the fda issued special emergency use authorization for two new tests for roche and Thermo Fisher scientific its a long time cramer fave life science instruments and Lab Equipment maker. Think of them as an arms dealer to the biopharma industry. The dow is more than 60 bucks from the high and funlg part of the fight against covid19 marc casper is the chairman and ceo of Thermo Fisher scientific. Mr. Casper, welcome back to mad money. Jim, thank you for having me today, and i really appreciate the opportunity to talk to you and let me start by thanking my colleagues at Thermo Fisher that have been engaged around the world in addressing this pandemic marc, when i saw the press release i said oh, they got the professionals involved you know how much respect i have for your company how did this come about and how are you able to produce the numbers . I know a lot of people feel like we were caught flat footed or whatever but i care where things are going, not where they came from you were able to produce something that could save a lot of peoples lives. So jim, you know, once the outbreak started in china, our teams mobilized to actually start to develop a test and during the course of the last month weve been working on that once in the u. S. , the state of emergency was declared about a month ago by the secretary of health and human services, we actually started working very closely with the fda in collaborating, able to get that authorization from the fda to have our test on friday of last week where will we see Thermo Fishers tests jim, could you say that again . Where will we see these tests . Will they be at walmart, at the parking lot, or is it our Doctors Office, Emergency Rooms . Yes, so what youll see the tests will be at the laboratories across the country. The protocol here is well be shipping to about 200 laboratories we started that process across the country. Samples will be collected at either your Doctors Office or at a testing center, depending on whats available locally. Those samples will then be brought to a laboratory, and each state will know which laboratories have the tests, and then once the process starts, about four hours from the receipt of the test at a laboratory to actually getting a result so i will know, i take a test at 10 00 with a her to mow fisher instrument and i might know say by 3 00 whether i have this or not . Yes, its going to determine the time how quickly the sample can get to the laboratory and what the backlog is in the lab but once that testing starts in four hours, youll know the answer why is this the best test you know, it is a test that can be distributed across the country and around the world and the labs know it is high quality and reliable and simplifies their work flow tremendously it is really a Proven Technology that weve worked on and other diseases in the past, whether it was h1n1 or zika, things of that sort were experienced in doing this. The numbers that youre talking about making are staggering how do you have the equipment . How do you have the supplies on hand to make this many so we have already about 1. 5 million tests in stock and began shipping them yesterday and today, so thats whats currently in stock but were ramping up to about 2 million tests of production a week, and then over the course of april, well be able to get that to 5 million tests a week in terms of production so very dramatic rampup. We have large factories to make these tests, jim look, youre not dr. Fauci whom we all adore. Should everyone take one or is it you should think preexisting illness, youre elderly and someone say in their 40s or 50s that has a cold should not, in your opinion, take one so i think in this case its straightforward. You follow the government guidelines of whether you have symptoms and what risk profile you are, you follow those procedures to determine whether you should be taking the test or not, and thats how i would think about it for myself as well is there much difference between your test and the rosch test theres only one competitor out there, thats the virus and the more tests available for the public, jim, is really what the important thing is, and you have tests from our oeselves after rh and home Lab Developed tests as well and expanding that capacity so its across the country and other countries as well is super important in addressing the virus. One of the things that i hate him or like him, President Trump blarought together executives in a quick partnership. Are you happy with the way things are going now, the Public Private partnership is it what you want . Ive known you a long time, an exacting person who wants to do things right are we getting it right . Yes, the thing that i thought was super encouraging from my perspective is that the fda collaborated throughout the process, worked literally around the clock with us, but they never reduced the standards. They wanted to make sure that everything was clinically validated and make sure its safe and reliable for the American People and thats exactly what i would want and its been a very collaborative process and im appreciative of it this is rapidfire, right this is something that youve never seen before. Im not saying theyre not rigorous im saying there is an element that we should feel a little bit good about as americans that you got this thing together this quickly. Yes, im very proud of the collaboration, and you know, we had executives from the lab, companies that do the testing and Companies Like ourselves that supply them and the Government Asks what do we need to be as fast as we can, and its been a very collaborative process from that perspective. Do you talk to dr. Fauci . I did not in that case. I did work with the head of the cdc and the head of the fda. Just in general, just because i have you, a fantastic acquisition and i dont want to conflate lives with money. I know it just happened but its a great idea for thermo to do that correct obviously. Jim, we as you know have a proven Growth Strategy and we invest to create a Bright Future and strengthen offering for our customers. Earlier we announced a large acquisition 11 billion to strengthen our Molecular Diagnostics and Life Science Solutions portfolio and look forward to next year welcoming our 5,000 new colleagues from kiage to the company it will be an exciting addition and one of the things that will be positive is that they will strengthen our Infectious Disease portfolio, something that will be very important Going Forward as well. Thats right. People think cramer is trying to recommend a stock. I saw what they do and t. B. And a lot of, they do a lot of very tough stuff and it was still one more great acquisition you have done marc casper and a fabulous job with Thermo Fisher thank you for coming on the show i appreciate it. Thank you for having me today. We can be gloomy. I saw marc casper, i heard that he was involved with this, i said that guy is a hitter. We do have hitters in this country. Were not a total, you know, we can get this we can beat this things like Thermo Fisher. Mad money is back after the break. Even though this has been another terrible horrible, no good, very bad day we dont want to forget friday afternoons big rose garden event at the white house. President trump gave us the first stage of a plan that will hopefully help us mitigate the damage from the coronavirus outbreak he announced a set of Public Private partnerships between the government and some of our nations largest companies. I like that. It wasnt the marshal plan ive been calling for but a step in the right direction. Big names including cvs health donating space in its parking lots for covid19 testing. On top of that, cvs rolled out a series of initiatives to help with the outbreak, broadening access to medication, working with local governments to deal with patients who show up with the virus at minute clinics and bending over backwards to keep their employees safe and shelves stocked. Major drugstore and major health insurer, they own aetna, an essential player in any response to the pandemic. Larry merlo is the president and ceo of cvs health. Mr. Merlo, welcome back to mad money. Jim, great to be here larry, give us perspective, some context where are we in this pandemic and what is cvs doing to help us well, jim, first of all, were in a unique position to help address the pandemic, given our physical presence in communities all across the country, and the ability to reach millions of consumers with local solutions, and you think about the health, the safety of our customers, our client numbers and certainly our cvs colleagues thats our number one priority and were taking the necessary steps to ensure their wellbeing and weve got key leaders across each of our business units, working to maintain Business Continuity in order to meet the needs of consumers, clients and communities we serve and we asked ourselves every day is there more we can do jim, i think were in the early stages i think weve seen from dr. Fauci and other clinicians that we have the risk of this getting worse before it gets better. Right there is a lot that is being done in many places, Many Industries across the country, to gain control and put this behind us. Larry, do you envision a world where one of your multipl cvss be a line almost like a car wash where you can get a quick test, is that the right appearance that i got in my brain . You know, jim, as a leader in health care, we have hey regular contact with white house key leadership on the hill, and i think its important to acknowledge that as we sit here today this is no longer about politics, not about competition. Its about Companies Working together to be part of the solution, and in this case, how we could make testing more broadly available, and you know, weve had a series of calls throughout the weekend, again today, working out the details, and the testing would take place in secure areas of parking lots, not inside stores, and individuals being tested will not have to leave their cars i think one of the important things, jim, that has been discussed is, defining the testing protocol, and the fact that, you know, the individuals would be prioritized health care workers, First Responders and those over 65 with the symptoms of fever and respiratory distress, but many details have been worked through but theres more details that need to be developed to get these sites up and running, as well as working with the state officials to accomplish that as well. Okay, today an Analyst Meeting samestore sales and it does seem that the combination of what you guys do for a living, plus your excellent caremark division for largest operations in the world which i use this is kind of, look, no one is a profiteer but your combination of the samestore sales and aetna must be producing something thats pretty good for cvs. Jim, we certainly in our Retail Business have seen a very large demand across a wide range of items and categories that no surprise cleaning supplies, sanitizers, people restocking their medicine cabinets and were in daily contact with our suppliers, and looking at creative ways to fill that demand, as we respond to orders. Theres going to be some spot shortages of product but were doing everything that we can to get that product to the shelf as quick as we can, and you move over, jim, to our aetna business, taken probably five important steps when you think about the combination of cvs and aetna. First of all we waived charges for Home Delivery that enable individuals to receive their needed medications and products while remaining in the comfort of their home. Weve waived outofpocket costs for all diagnostic testing related to covid19 for the members, offering zero copay telemedicine visits for aetna members, not just specific to covid19 but with the goal of limiting potential exposure in physician offices. Weve waived early refill limits on maintenance medications, offering 90day maintenance refills for insured and medicare members and finally we have a program that we call aetnas feeling Better Program and members who are diagnosed with the virus will receive a care package containing otc medications to relieve symptoms with cleaning supplies to keep others in the home protected from exposure. There is a lot of activities going on no question again seeing a list in retail traffic and incurring additional costs with the initiatives waiving copays or eliminating outofpocket costs. Larry, are we able to feel somewhat confident about the supply chain for our drugs given our reliance on china . Jim, great question we have not experienced any disruption to date and we have been in close contact with our suppliers. They actually tend to carry on average a three to sixmonth supply jim, you think about the fact today that about 90 of all prescriptions dispensed across the country are generics we have the size and scale for our partnership with card until health, created the red oaks sourcing model and as a result weve been able to diversify our generic supply chain so were not dependent on any one manufacturer for a particular product. That is great news because a lot of us are quite concerned about that finally, are you happy about where things are thats the wrong word do you think things are okay between the Public Private and private partnership with the government and with your company and others well, you know what, jim, as i mentioned earlier, this isnt about competition. Its about Companies Working together against a common cause, looking for a solution weve been in constant communication with government officials. I think its clear that all parties are focused on solutions, and i think its also clear, jim, that the Public Private partnerships continue to be a powerful force in times of need, and thats certainly what were experiencing with the virus. So glad you said that, larry. The cynicism is so deep. I think business is the greatest source of social change in this country, Companies Like what youre doing that are great. Larry merlo, president and ceo of cvs health, symbol cvs. Great to see yousior t, r alk to you at least mad money is back after the break. Do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. In a market this ugly, you know i think its tempting to start picking at some of the stocks, especially the ones i call ahys, accidentally high yielders if you buy dividend stocks on the way down theres one important caveat you got to make sure its a dividend money good because if its not safe, then you can get clobbered which brings me to the new dow inc. , the commodity chemical maker, part of the dow dupont merger bleakup. The past month the stock has lost more than half of its value because the commodity is cyclical, sensitive to changes in the economy thanks to the selloff eyepopping 12. 7 dividend yield, wowza at these levels you got to wonder if the stock is too cheap to ignore. We need to make sure the dividend is safe before we can consider owning Something Like this into the teeth what have looks to be a big global recession. Jim fitterley is the ceo of dow inc. To get a better read on how his company is weathering a tough environment. Welcome back to mad money. Thanks for having me, jim, nice to talk to you. Always good to talk to you, jim. The market is saying that your dividend is not sustainable because dow is related to the price of oil because dow is related to giant cyclical portions of the economy and because the coronavirus is going to make it so you will have much less business. Youre a worldwide company, already seen what happens in china, familiar with whats going on in europe why is the market perhaps wrong about that judgment . Well, our demand is good right now, jim, and in fact the last two weeks weve seen our demand in china bounce back and so i think when you consider that that coronavirus incident started in really february for them and weve already started to see a recovery from that, i think that tells us that we can see the same thing wash through the economy here when it gets to the dividend, i think people need to remember that we took a lot of actions in 2019 as we came out as the new dow, we paid down 3 billion worth of debt. We also just recently tapped the euro bond market for 2. 25 billion euros of 1 debt which we used to move our debt maturities out until the end of 2023 we started the year with 2. 4 billion of cash, our dividend is 2. 1 billion for the year, and we got tail winds this year of another billion, which we have lower transaction costs this year versus last, and another billion of nonoperating cash impact items so i think what people are looking at, the markets full of fear, uncertainty, and doubt, and they may project that onto the dividend, but as you said, its an artificially high dividend yield were in a much, much different financial position than weve been and we did it deliberately to be ready to go into a down cycle after about a 10 to 11year bull run in this market. Can you explain to people the relationship with oil and also have you oil tested your dividend so to speak if oil were to drop to 25, 23, would it still be okay to pay that size dividend we did. We stress tested our operating ebitda as we went in to the new dow and we spun out, and we tested that dividend we tested it as low as a 6 billion ebitda, and today if it went to 5 billion, we stress tested it and be able to protect it at that level weve got very clear prioritie for cash, as we go into the year our first is the dividend. Our second is obviously were going to maintain and operate the asset, so thats 800 million to 1 billion to operate safely and reliably and obviously we would like to pay down another 500 million to 1 billion of debt with cash were going to cover delusion and share buybacks and then well look at what weve got available as we move from here and the other thing i would say is capex is one of the things, we started the year with a 1. 5 billion capex program. Thats down from last year 2 billion. I would also tell you were really physically going to have a hard time to spend 1. 5 mainly because the limitations on people moving around, contractors, engineers, and the people that we need to execute those projects i think its going to be a real limitation for us for the year. As far as oil price, you know, the other thing that i think has been overdone a little bit here is that oil price dropping 30 a barrel in this environment i dont think the current pricing that were at is sustainable. The replacement values are much higher than that, and what we see happening in the futures market is people are starting to move in, and rent very large crude carriers to store that oil because they think this is going to turn around you obviously are putting your money where your mouth is, as are two directors you and jeff fettiy in whirlpool, bush wesley all bought stock talk about the size thaw bought because its pretty impressive well, i bought friday morning after seeing thursdays move i went in friday morning and told the office that i wanted to buy some stock and was i cleared to be able to do that, and i bought 20,000 shares. You know, look, i think this thing has been overdone. I happen the market feels like 1987 to me. I was a sales rep. For dow in 1987 and i saw this same reaction in the financial markets, and at the time, i just took whatever free cash i had and i bought dow stock at 24, and it felt very much like it to me that this had been overdone, and i understand when people get afraid and theres a lot of uncertainty, that they want to pull back but i also understand when we get below some very good intrinsic values and ive seen how the markets can rebound. These oil markets can shift back weve seen moves like this before, you go down 30 a barrel and in some cases by the end of the year, you could be back right where you were at the beginning of the year. One last question obviously, were all concerned about health and safety you have a lot of plants plant in spain, plant in the united states. What are you doing to make sure, can you run plants safely with, do you send people home . How do you handle it we can run safely, so anybody that can work from home is able to work from home, and we encourage them to do that. When youre in the plant operating environment, we have several operators who will be in control rooms or out in the field. It is not a very dense environment, so they have plenty of social distancing, and weve amped up the hygiene within those spaces for them. Were also making sure that our dow medical facilities monitor health and checking temperatures and doing those kinds of things. So were following all the protocols that everybody else in the industry is following. Were teleconferencing whenever we can i might come into the office to use the video conference, but most of my day is spent on the phone, and that can be done from home as well jim, i appreciate you coming on most people are running for cover and you came right toward us, and told us a very good story. Thank you so much, Jim Fitterling, dow inc. Ceo good to he so yous aalways, sir. Thank you, jim. Take care. All through america this is whats happening, and i cant tell you that things are great obviously. I can give you the facts, and thats what Jim Fitterling just did. Mad money is back after the break. How were spending, saving, and investing, we can look out for one another and bank on ourselves. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com thats what happens in golf nothiand in life. Ily. Im very fortunate i can lean on people, and that for me is what teamwork is all about. You cant do everything yourself. You need someone to guide you and help you make those tough decisions, thats Morgan Stanley. Theyre industry leaders, but the most important thing is they want to do it the right way. Im really excited to be part of the Morgan Stanley team. Im justin rose. We are Morgan Stanley. Lightning round is sponsored by t. D. Ameritrade it is time for the lightning round. Buy buy buy sell sell sell the lightning round is then over are youed . Tom in new york. Tom. Caller jimbo. Yo, yo. Caller 25 years ago i saw you on the subway in manhattan i wanted to say hello, but you were buried in paperwork so im saying hello now that was our chance you never know what would happen anyway, hello right back at you. Caller care trust brie care trust reit the Health Care Reits are acting so badly, i might see you again on the subway, you might give me a hard time. Thank you, youre a good guy sharon in north carolina, sharon caller booyah, jim booyah, sharon caller allstate insurer a. L. L. Insurers are not my cup of tea. They react horribly. I do not want to own an insurer. Lets go to alex in new york alex caller jimbo yo. Caller talk to me about interactive corp. , iac here you have barry diller, a good example of a company where i think if you buy and you wait a little while its going to be fine but i dont know if it trades extra 125 100 i like to buy a company that barry diller runs, and this is the time when its in freefall, not when its shooting up like a moon this is the time lets go to ryan in wisconsin, ryan caller hey, cramer, big booyah from the badger state. My question is im Waste Management this stock has been getting killed, downgrade after downgrade, down five today jim fish does a great job. Got a ton of cash flow yields two. I say buy some but one quarter position on and let it come down Waste Managements come down from 126 to 99, that doesnt seem right to me i think it can stop soon buy small and then buy big as it goes down. Matt in tennessee, matt. Caller hey jim hey, matt caller with france in a shutdown can i take a chance with orange or wait with verizon . Orange you glad im not a banana i got verizon at 50 bucks. You got to go to france to lose money . I got ways to lose money here. Verizon will do it for you not just being a little facetious. Its been a long day i like verizon daniel in connecticut. Daniel caller hi, jim thank you for keeping the audience engaged in these challenging times. Doing my best, thank you. Caller my question is about innovia pharmaceuticals. These guys are from my hometown ive had them on, its a real spec. But its the kind of spec thats working im going to say yes im going to say yes can i go to kathleen in my home state of new jersey . Kathleen caller hey, jim, i love your show and i really love the way you think. Thank you caller february 27th you recommended ten stocks that you thought should do better and outperform if the coronavirus situation got worse. One was shopify. I like shopify. This is a 300 stock, 400 stock. Why do i like shopify . Because everybody wants to own it every Major Tech Company wants to own it. It is not necessarily going to bottom harley on before, i like the stock. I like it right here and a little bit more lower, and that is the conclusion of the lightning round [ buzzer sounds ] the lightning round is sponsored by t. D. Ameritrade so you can quickly check the markets . Yeah, actually im taking one last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. Should they downsize . Nesters now. Probably. Will they . Not as long as thanksgiving is a holiday. Planning for the future is about more than just money. Let equitable be your guide. phone ringing a phones offers big button,ecialized phones. And volumeenhanced phones. , get details on this state program. Call or visit and accessoriesphones for your mobile phone. Like this device to increase volume on your cell phone. phone ringing get details on this state program call or visit as we stumble through the wreckage of the second worst decline in history, point and say you know what . This period doesnt count. Our economy is going on a hiatus here should the stock market go on hiatus im loath to be contractate. Its vital to encoup the markets open lets take you through our markets used to be the place companies would raise capital. That was the point and not just new companies. Since the Great Recession many underwritings for public companies. Weve had ipos, last year way too many the ipo market collapsed last fall i dont see it coming back soon and that raises a question if the stock market isnt needed for companies to raise capital right now, why exactly are we keeping the darned thing open . All were really doing is making it easier for people to sell if they need to raise cash or worried about their Companies Going under. Thats fine. Im all in favor thats why i believe we shouldnt close the markets. You know what . Its certainly a possibility for some publicly traded companies but not the vast majority. They dont need the market many of these businesses like Drug Companies have almost no Economic Sensitivity others have no choice but to stay open. Some perform vital functions that help other businesses but the stocks are getting killed. What is gained by keeping the markets open as we crash lower china the outbreak went into a national crisis, they stopped trading january 23rd, didnt reopen until february 3rd. Gave the authorities breathing room to take some actions and created opportunity, if you bought the bottom when the market reopened, had a 10 gain in a few days. The markets were able to catch their breath, not ridiculous trading. Im talking about real breath, i do want to buy that stock, i do want to pick up om j j as covid19 becomes a full Scale National crisis our market remains open for trading and every day the coronavirus numbers go higher and the dr. Fauci comes out were in the early days and you can expect the averages get hammered punctured by huge rallies like on friday every time as i said at the top, we have opportunities but theyll be created by more bad overall news that drives the overall averages lower. If we put our market on hiatus like the economy is until the virus peaks i bet many stocks would be up by the time we reopen so nonessential companies in the travel and leisure space might note life support. Thats true whether or not the market closes. Something Like American Airlines might go to the Single Digits while they hope for the bailout. Once the bailout comes it will rebound dramatically if i have a plan if the federal government buys a stake in American Airlines and then blows it out when things get better we could skip the whole process with the hiatus. We arent going to get a closing but the exercise is illuminating thats why i told you be opportunistic. Theres no reason to ride down the industries in the blast zone but most stocks will eventually bounce back. Consider the worst Case Scenario say covid19 is the spanish flu all over again, started in august of 1918, peaked in october, 550,000 people died if you adjust for population growth thats 1. 7 million. That would be an absolute nightmare but even if spanish flu scenario the worst case it peaked after four months of course i doubt it will be as bad as the spanish flu, putting the worst case out there since we have so many great Companies Working on a cure and vaccine. Thats why you need to own Something Like the recessionproof stocks i recommended at the top some of the stayathome stocks i like keep cash on the sidelines, sell at a strength or please, please own something. And stick with cramer. Innovate. From uso to introducing products faster. To managing website inventory. And network bandwidth. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. I believe at tecovas,hould focus othats handcrafted, highquality western boots at a fair price. Because netsuite shows me all my financials in one place, we stay focused on what we do best. announcer with netsuite by oracle, you get a full picture of your business. Finance, inventory, hr, customers, and more. Its everything you need to grow, all in one place. Netsuite is the worlds number one Cloud Business system. Schedule your free product tour right now at netsuite. Com boots can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. How can we help you . I tried to be constructive this evening but want to be sure you understand my view, okay not only are we not out of the woods but man, if youre in travel, if youre in leisure, entertainment, restaurants, okay, hotels, aerospace, bad, all right, bad i dont have anything good to say. I havent had anything good to say since the super bowl and i redouble my not having anything good to say. I do like whats in the supermarket, if you can find anything in the supermarket by the way but i just have to tell you, theres lots of areas that are in the blast zone and maybe we get those after we pick at Everything Else but those are the last ones we want, and im just not going to tell to you buy them i like to say there is always a bull market somewhere and i promise ill find it here for you on mad money. Im jim cramer e seyou tomorrow our special markets in turmoil starts right now im scott wapner this is day 78 of the coronavirus pandemic the dow just had its worst day in history historic declines in the market today. Wall street shocker. This virus is going to dramatically slow this economy. The dow just suffered its worst point drop in history losing almost 3,000 points. We have an invisible enemy. The president promises to help beleaguered industries, but is it enough to stop the bleeding on wall street. This cnn special report, markets in turmoil begins right now