'Mad Money w/ Jim Cramer 11/7/24
44:19 Share

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Hey, I cramer. Welcome money. Welcome the crayon with friends. I'm just trying to make your money. My job is not is thirteen with the educate to explain how we can keep going up with this.

So call me one one hundred and seven, four, three symptoms twy music where I ask, where are the sellers? Where do they go for years every time we had a month? Reality is only in return this when you offer higher Prices.

So step up and they drill the beans, slim the buyers, take the profits. But all year and especially days like you said today, we just keep writing and ready and with the door dropping this one P P point ts four percent and the next dec, oh, I just can't quit over. They're just another one point five percent today, partly added by the fifth quarter point.

Wake up and don't top of yeah giant. really. This is incredible. People who can tell you about this. For starters, may the commentators to common air talk about IT. They don't receive, understand how unusual this bargainers they have the right way about socks garden to dangerous levels that they are ridiculous, expensive, that look out it's gonna.

Well, some truth that yet no matter what levels S P, I order receives, the rest we kiss, meet the fighting large sellers, they should be coming out of what work. That's the reality. People extraordinary across the board, but scene that i've never seen an entire forty two years of investing.

So what is driving the bowl? What is this markets baLance? How about we step on the cord to find out first about the trading? I talking about institutional.

Imagine here if you want to buy a stock and your trade won't move the Price, you cut what IT is unless sure a trading this pretty million of dollars to work in a fast quip. Let's say you are poor for. Imagine going to start with a small water frick and you want to buy two thousand and two thousand shares of home people.

That's a three and nine dollars stock IT close up eleven. Today, the great building supply company has nine hundred and ninety three million shares outstanding, down from one point one billion shares that some buy back. Maybe you want to buy what we call the gas point because you are confident that the federal serve will keep cutting rates, right? We got IT.

Normally you pick up the phone, tell you broadly, you want to buy two and fifty thousand shares of home deeper with a stocker. Three or ninety one dollars were open already up route three box for the day before you might say, you know extreme you three or forty two top, that means you pay up the three or ninety two for the month. For company with almost a billion shares outstaying a quarter million shares doesn't see like much does IT, but not this market.

And this market, which is so devoid of sellers, IT is a lot that's incredible in itself. The matter you are determined at all your stock in all once before others move IT higher with their buy, you went IT in because you know the depots of winter when the fan is slice right broker than as the sales people in this firm. Whether anyone has a client and wants to sell to and fifty thousand and shares at a premium Price or some of the time to says that they're client, that guy got more to buy or least once to buy IT at a higher currently trading.

Now Normally, that announcement of a big buyer, what a listed a chain react brokers who heard the trader say he had a client look for stock would make their calls. And there may be a lot of interest because while that there may be no cell's at one two, that a Better Prices as but not in this market, though in this market that's only a Normally higher Price, might not beyond anyone who wants to sell. People are almost afraid, scared to sell.

They are scared they don't want to miss what's a bathroom car in this park. Once people hear there's a seller, people about where was yesterday, oh, they get scared. Even worse, they want four point time. Yeah, they want to make him more mind. Now, the old days, in the old days, he wasn't like this.

In the old days, if there were no sellers close to the Price that the bars the broker would actually short the stock to, the customer might sell fifty thousand home deep, both short one fifty to customer's order to get the water that's up one dollar to thousand twenty two. And you know what? Then with the stock up of a dollar, maybe the sellers were emerged hoping they could get, say, three hundred and ninety to fifty.

Anyway, I would make IT to the broken retaining order. But in this tape, that book fifty premium tends not to bring out any sellers of size. That's amazing. Are people being greedy? Know the sales are often not existed these days, basing out the election, settle the trade, of course, is now in the hook, having shorter, fifty thousand years, three, ninety two.

If sellers don't appear and IT gets out somehow that a trade shopper bone there is just a bit of buy, then they forced the trader to go cover the shirt of fifty cents or a dollar, really burning his firm. This says it's way too dangerous for a trader or brokers from the short stock. Another reason why stocks go up being like that.

So it's more like the trader will need to sweep the street to find the shares. And this is where IT gets really interesting. Think of the set up.

All the big traders Operate with prety much the same. They know that when the fed cuts is good for housing. So what do you do if is good for housing, what you buy the stock of home.

Yesterday, the stock was done because negative action in the bomb. But reach your lower today is a natural buy. You reach for hd.

And this scenario, showers have the upper hand because when we all know that something like home deeper is the right stuff for the moment, coffee, they get a higher Price. With these with those hundreds of millions of shares outstanding, you expect someone be willing to sell them. But the problem is there's not just one buyer.

There's multiple bars. Everybody has the same playbook. You might have thirty buyers building for the same quarter, shares of the desperate and everyone who panicked into selling when the stock down yesterday already sold.

There are no natural cellars, and that goes double now to feed ratified the housing boom market. Meanwhile, there are two other forces that are competing with you by stay. There is the company itself, which has been a regularly purchase of one style three years.

And then there are the index funds, which now are in a data with cash that's got to be put to work the moments for seed and they have to put them to work at any Price. Byblus s in index funds are one way players. It's like they're selling anything here.

So you have three bars, the natural bars, the index funds and the company itself, and they are in buying at once. In this point, and that's not up to push, any stock card till sells are fine. We found sure there are plenty of times when sellers do emerge, but not sellers the size these days.

If there were sellers sized, thought the home deeper couldn't have shut up, eleven boxed, that's because there were no cells. It's a totally asia metrical moment. We have bars went in because they're excited about a second trump term after the election.

There are buyers who went in because when the fed rate cuts rates historically, that means homework was a big winner. And when we have traders who need to buy, because theyve gotten orders from index funds that don't care what Price they pay, well, you know, they're onna moste matter what. Now the cell's know there, they got zero motivation to sell, so the stock ends up levitating is there are truly ARM more buyers than sellers at lower Prices.

Now these battles do go on every single day. But what's different this time is that there's never been such a dirt of cellars. Why we don't have a lot of people selling home.

People because we don't have they don't need to raise money, say to buy ipos. We don't have any ipos. We have a dramatic production is outstanding because so many companies have been agreement bian backstop.

We have almost no comply selling shares to raise money because the baLances are so suburb and there's endless index buying, which automatically includes homework in the mark with so few sellers and so many bars, those buyers need pay up if they want to get their hands on some shares. That's how the stock is up eleven, but they're wing to pay up because they was so worried tomorrow about the bit more than them today. But the mind and is an incredible moment.

People is not being talked about enough or celebrated. The sellers afraid to sell. The buyers are incredibly eager to buy.

And that's how the stock of the box rally eleven box today or no real news aside from a widely is a bit of rate cut. But who knows what will happen tomorrow like IT all mike, hi jam. How are your day? Have a good day.

I have of you. I'm great. I'm looking to add a chip stack I have in video and ARM.

Should I go at broadcast? A A, M, D? Oh, you know what? I'm going to suggested you go to the emd because it's the most beaten up and hasn't major nearly as much.

I saw IT finally quite a bit today. I think this issues to win a great job. A M D is the lager.

I see one sixty comment. I just feel IT, Steven, and perhaps Steven j. Steven, thank you very much for all the help you been given me lately.

I just can you to explain. Thank you. Thank you.

Thank you. Meeting to O, O. That's what I hear. Remember up, jeff, going back board today about so many different stocks is so exciting.

The ten, twenty broadcasts is worth the Price of emission. How can help? Well, my question is, this is a company that manufactures things like a radar of patric missile and so on.

I which might be in demand, even the current situation places in the world. And what I don't understand is why the dip um R T X, I just can't get my hand around right? Let's okay, let's gore this.

This has been one of the greatest. This looks up was up forty five percent this year. This is a big cap stock. IT was down a lot because that some sort of a problem with with their engines, which was totally incorrectly.

And I think that what you couldn't stay instead of saying, why is IT down? I think you say, hey, you know what the let's do so by incredible moving, I was so. And so I can give jump eleven.

The bars keeps step in in because they were, they might have to pay even more. Tomorrow, everybody tonight, drift kings is on the move after across tape of comply stop, press me to break down the quote and how betting was affected by the ballot box and the winning part lays. And should you be buying a new toys against a backup p of data center growth?

I've got A C E O to see if the stocks of light distance could be a chance get plus hangers on in the run after a beat race porter one a monster. I've got clusium with me. Which C E O fish f off of another big kind. So stay with clever.

Don't miss this second of mad money. Follow at im. Cramer on x, have a question.

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Cnbc has quick and easy to understand business news updates at the open midday and close every weekday, markets, money and more from wall street to main street. I, C N, B C, Jessica adding, go, follow and listen to C, C business news updates wherever you get your podcasts.

What to make these numbers from draft king, the via online sports, spoke, this was a very confusing quarter, could be reported basically in line sales and early with monthly unique paying customers coming in higher than unexpected fifty five percent year over year. Thanks in part to the addition of jack pocket to digital lottery ticket out, also because a jackpot that there are average revenue per custom came in light.

However, the real swing factor was the guide drifting had the trim's four year forecast for twenty twenty four, because in the month of october, we ve got too many customer friendly sports outcomes in too many heavily favorite football games. One, three football ball team won their games. And that's why the stock the hidden are treating.

You know why this is an opportunity because is not a long term problem. It's become very clear when you have going to have a super strong forecasts for twenty twenty five, putting the copy growth frighten very rarified 2 toy。 That's why i'm not sweet.

The fact there few more, Better, less coffee chairs drifting or more. mr. Robins.

welcome back the money. Good, good to talk against you. Thanks for everything.

And you're hear this and I see a high quality problem. Customers are winning too much. Is this that kind of the big variable that short term is not so good, but long term for next year just fantastic is IT.

And who knows, maybe this quarter. I mean, we're obviously uh, not forecasting anything of the neutral sport outcomes, but typically things you know swing back and forth and um you know really what we are excited about as we had a huge increase and handle in october, revenue is actually down twenty percent because customers are winning. The handle was up twenty percent. So really excited about that. And I think we're going to have a really strong finished the quarter and a really strong twenty twenty five.

you're using implication thirty one percent year over year growth at the midpoint. That would be an extraordinary .

deep yeah, we're looking forward to that. Um you rule of forty, always our goal, and next year we should be well above that.

I see only because I only have an enterprise software companies doing that level of growth with rule of forty. How are you able to do that even without the california, florida, texas being members of the driftings cloud next year?

Well, right now, we're still super early in the development of the industry and everything is growing. And most of our states are still two three years old. We are few.

They are older and some are even less. I mean, north CarOlina I just launched this year, uh, massachusets, ohio are still in only in their second really in their first full year this year. Um so it's still a toner growth.

And I think really excited about this is not factor and dark age that just happened, but really excited about missouri opening up to that the eighteen largest stage just past the ballot. That's about two percent of the population. So um you know lots of you're right, we don't have california, texas, florida, but um obviously still some upside if we get in any of those states.

Do you have to believe that one day they come on and when I talk to people about they're being and yet they are, they're shot, and that there's anyone in this country that doesn't have drift kings kinds of of of games? IT is kind of shocking. This din ages.

I think so. But have to remember, it's still new. I mean, the supreme court only overturned the federal ban a little over six years ago, and IT takes time for these things to go through all the state later process is take taxi as an example.

Taxi only meets every other year. Um so theyve only actually met twice since since the supreme court overturned IT. So really um you know I think a lot of opportunity to get more done and I think really uh california, florida taxes or are big ones, those collectively are twenty five is just under twenty five percent of the population, all very different. Um but you know, I think you're right that I would expect most states over the long term will have some former legal sports spending and hopefully we'll get those three all right.

So I want to ask about whether you're now in more of a retention mode than an acquisition mode, if it's only just missi in north CarOlina and you have to defend your turf with really interesting, exciting games.

I acquisition has been the big support. I mean, he continues to just be way up here. I mean, so IT comes back to you just talking about early as the industry, we only add one real big state launched this year in north CarOlina, and we had not a state but you know that launched july other than that, no news state launches.

And yet we're way up year over year on customer acquisition. It's no sign of slowing down. So I just think we're at a very important inflection point, the industry where national advertising in general awareness, tear point, I think most people assume that it's legal in most states now, not all.

And we're just seeing a lot of great growth. So yes, of course, retention is always the most important thing over the long term. That's why we always emphasize product because product is what retains people.

But I do think we're still very much in a heavy customer acquisition period to the industry. And if you look at kind of war, we are from a revenue standpoint or actually way ahead of where we thought we'd a only at our last invest day. So I just think that continues be the surprise. How much customer acquisition is, is on fire and just doesn't seem .

to be slowing down. What does IT matter at all that i'm a inner finished players. You know that I also have to help play dfs deal finance.

The reason is because it's just if the injuries turbo and I have so much I R, I don't feel like I fall behind and I don't want, say I need action, but it's so much more exciting to be doing daily fantasy. Then just having one thing your family go down does IT matter. Does IT matter that people realized, you know what, I thought, to have something else going on. My team does not have have the starters that IT did three months ago.

I love daily fancy for that reason, and for other reasons too. But I got the same problem. Jm, I have so many people on the I R. My season long teams right now. And you know, it's nice as I go play all the backup PS in daily thing and I pay enough attention to pick them up quickly enough. There's other people might lead doing that.

But I go play all the back ups and daily fantasy on draft king this weekend. And I was trying to tell us to listen one of things, what of them did not have an account? So I said, you call on tf kings right now.

There will be giving money away. They'll be all this so that you still all for some attractor propositions. But I think days where you have to give that money away, they seem be going I didn't see the first touched down by my homes kind of thing or or they will sake on score.

I don't see those anymore. Can you bring a back? You don't need to.

Now what brings up right now, we've actually been very M B, A focus with those types of promos because the season just started where about midway through nfl. But we can out that, jim, you ask for IT and .

make sure look what I mean. I play my kids as you know, and all my kids are addicted, and they are a dict. Don't mean that.

But would they like the wrong games? You know why they like the parties, and they somehow think that a partly is easy. Could you please tell people to have heart diners to win on a part?

Well, you don't win as much, but when you win, you win more. You know, that's kind of why people like IT, because you when they win, they get a big multiple on their money. We see the same thing in daily fantasy y people prefer those big games.

We have the huge Prices even if they know their being and a lot more people and have less of a shot of winning because when they do win, it's a big one. And I think a lot of people that know the people like parties. So that's what they're playing for. They want a big win. They don't mind if they lose you more often because know they're trying to get three, four, five combinations if they win five times as .

much when they went well, I head of a three hundred one two weeks go the hit, but then I got one was destroyed, the big anyway, look, I love having your, you know.

who's been on fire on those, by the way, your friend day port .

noise already here. Well, this year, I can't believe how good his money and he shares everything. The losses in the wind, you've got to give credit. He always mentioned when he has the losses.

I know he does, he serious everything, but I gentleman is like eagle on the biggest winning streak, your career right after we do our deal together and everything, I draque self well. But lots of people tail him, and he's been doing well.

No, that's absolutely true. And not only that, but he had present and trump, which told me that that he and socket burker get along that. So I knew to, I matter.

You can learn a lot from that guy, anyone, to thank you. Robert dripping, C. E, O graduates.

You can be used to talking. Thank you. They have to .

get the coming up. How will trust win impact the energy sector? Cramer talks the potential implications with the CEO of A E P. next.

Cnbc has quick and easy to understand business news updates at the open midday and close every weekday, markets, money and more from wall street to main street. I, cnbc, Jessica, adding a follow and listen to C, C, business news updates wherever you get your podcasts.

These tech types are pretty a new data center over the country. These things are energy globes and the other electricity like you couldn't believe that's why so many power users of active huge wins over the past few years like consulate energy vista. But there's an equally straight forward way to play this team go by the best regulated utilities, the ones that who actually sell powered in the data center customer.

Although the profit orders are regulated, more demand electricity translates to more vision for these guys and thus more revenue take a mark of the part of the club. Ohio based utalian is one of the nation's largest like Tracy producers mess transportation system of last, the country covering five point change cost last says be reported to work simple percent verso low with, but unfortunately they are freshly issued guidance for twenty twenty five earnings came in a little light, which wide the stocks sold, often in response. However, when you think deeper, ap talked about how they twenty percent commercial logo over the next three years, large because of all the data centers being built, ohio, texas, in in the end. So this stock with buying, we just slow check with new present CEO of my lic part, the firm to get a Better sense of where res company is firm, welcomed to make money.

Thank you. Jam is really nice to be here with you.

Throat, you're here. Uh, we have known american to powers, probably the most consistent company had as we started the show. Some people say, well, yesterday gym, you had to be careful. I had a short fall. I look at because given the fact that the next year, after next year are all good, that it's really kind of a rebasing, there was no shortfall at all american elective power earnings.

Well, really what what the issue here is, is that in a twenty twenty four, we sold off a number of our non core businesses, which really accounted for about twenty four cents per share. And so as we go into twenty twenty five, we still are looking at a decent years growth. But then beyond that, we're back up and actually increased our projected growth rate to six to eight percent as well as increased our capital budget significantly up to fifty four billion dollars over the next five years.

Now you are not here in the business. You work to burger half way. And now they have to mendous energy business. Are you shocked at the level of demand and the growth rate of a utility in this country?

Well, i've been in this business for forty three years or so now, and this is really, in my mind, once and generational opportunity for for load growth. We we saw that many, many years ago. And now with the data center growth as well as hyper scale as ae and rebasing a manufacturing back into this country, IT really is a significant time for for utilities and and the need for really robust transmission systems and new generation.

So all that money that you have to spend, where's IT come from? And what are you going to use? Are you going to use natural gas and try to use some solar? When what is the mosaic teacher going for?

Well, we're going to utilize a very diversity of assets to to show this load. We have a number of projects that or are inflate for us. Certainly, natural gas is going to play a key role in our our needs over the next few years, but we're also investigating small modular reactors. We've got a number of customers who are interested in that technology. And if we can come up with the right risk profile and we would look to pursue those as well.

But those are really according to g novo. And close to you're really talking about a ten year period between now when you might be able to use the power, if you ve been able to figure out a way to speed IT up.

Now right now, we're continuing to look at the various technologies, but that's where natural gas will certainly play a bridge role in this, and we'll look at renewables and storage as well. But for now, with the low that we have coming on to our system, it's really going to be a case for we're going to need really some spinning around to deserve this load.

absolutely. We've been dealing with some of these hyper scales that we called the google le of the world, and they seem to be so hungry for power they will to make direct deals with the actual facility. Have they come to you and say, look, we want to make we have you have a nuclear plant and we want to make a deal with that plan? Or is still just they have to go through, you get the deals?

We've been working with all of our large customers like the major data center providers. And really, what we want to do is serve the customer. And if they're coming on to our system and they have different ideas on how they want to have that loads served in what kind of approaches they want to take, we're certainly going to be talking with them and and be created to try to serve their needs.

Okay, now thinking, being creative, due energy came out with a statement talking about revisiting cold plans. If trump axis pollution rules, would you put you put your tilt in hormone, so to speak, from all the plans you made, the diverse by way from fossil, knowing that there is a president and actu doesn't have any problems with fossil.

Well, our focus is really on what our states want to have done. And of course, american living power has a significant col fully that we're still Operate, and we have all of the best available control technologies ARM those plans for emission control. And so will continue to work with our states and see where they want to go and ensure that whatever approach they want to take, we're going to work with them and try to achieve that. understood.

IT. Now I know that there was actors involvement. Carl, icon, reach agreement with your company to put on two members to your board.

We also had joy slowed on at a couple times. He represent the market power very well. I of deal with the activist because I was good job.

Well, that was a little bit before my time. But certainly with regards to the icon group, I have an excEllent relationship with them, and I work with them just as I work with any of our other board members. In my view, it's a perfect board and we've got a lot of diverse talent on the board. And I greatly appreciate the the advice and council we've been given me here in my first three months on the job.

Well, sounds good. I know IT remains to be one of the uses that we recommend. We have a double on IT now not a lot of socks of double during that period.

So congratulations to your team. And I want to thank you for me suppressing american actually power. Good to see. Are thank you.

great.

Thanks to absolutely no money. You back the .

break coming up. Retail rectangle is up more than seven hundred percent from its all time low in April twenty twenty, but could potential in for terra s slow down consumer spending and those ck crammer checks the health of the shopping center giant next?

We talk about my favorite place to shop. Look at tank, you're run. This kind of real state investment trust owns dozens of outweighs centers where you get incredible deals.

Just had a no beef in race quarter last time after the closed in response to talk jumped almost five percent days, now of thirty two percent. We last on the show back in obvious. Plus the fed gifted us with twenty five basis point.

Ra today. Hi everybody. Read side tangle instead. Become more track. This is a three point one percent. Yes, IT is a gross story, I think is getting Better and Better still given how much talk is run. Of course, we have to say, should we wait for a pull back or maybe just come in and buy some right now? Let's think, of course, look with stealth.

He is the present CEO of tiger.

I think that there's a misperception. I think people been changing over time. But when we see these big name brands, the real spraying lads in their broken stuck, which that kate spade, which tory birch, we're thinking that maybe they're not giving us.

They're and we have to go to the real stores in the mall. But I think that's not the case. You're get the same thing. A lot of your balls like .

the strategy for a lot of the retailers in the outlet space. There's several, but one in particular is a great place to clear access inventory when you have too much inventory a in the store um and then you have have another season of goods that's coming in right behind IT. I got to move IT somewhere. So a lot of these sophistic ted outlet channels have a number different types products in their store. But the one that has a dedicated shopper that only six amounts, one that's looking for that the first quality merchandise value Price every no.

If they don't, could you mean they may have been a channel that a lot of people feel is not as signified as the brain and incorrect?

But I think what the retailers like about the outlet channel is that when you walk into a story mention a couple of branch ple, when you walk into a color refer and story mention IT, everything in the store is raw, learned. So if you're a fan of the brand, you can get the entire assortment at everyday value pricing. And I think that's what the consumers looking for.

It's not a rack of stuff that you have to fish through to find your size classification merchandizing that takes you. While the fine, which are looking for, but also what IT does from a retailer perspective, is IT puts a number of brands on the same rack that are competing for add space that are competing for your share of wallet. So IT makes a lot, at least for the consumer who is a fan, there is one single destination for them.

At the same time, we are at a weird moment. I find in retail, I think there are a lot of people who feel like they're been ripped off. A lot of people feel like Prices went up, up, up. And the way that they want to get back a revenge to that is to go to a danger.

I think there is A, A trade down mentality right now where consumer is looking to get the brands they want at the best possible Price that they can. But you know, what we're doing in addition to that is we're adding other things in our centers. So we want to bring in for the value what we want to keep you there, want to keep there with Better restaurants, want to keep you there Better entertainment. We want to keep their Better as we all have a loyalty program. So we want to keep you coming back far more frequently, shop longer when you come and obviously spend more money with.

But we at texas wrote out on this week, I guess you've .

added them to your stay. We did. They just opened up a store with us on a piece of peripheral land, which is in our center, invested in arizona .

all right now. You had a terrible, terrible hurricane that I really ravage the southeast, and we know when. So as I heard ash ful, I thought of you because I know that that is a destination that a lot of people like to go to tell me what you were out of life. I know you have ensure, but what's IT look like now?

Well, first of all, and you thank thank you for mentioning asha. And you know, obviously, please report that our people are safe and and everybody was fine. And in fact, we have a sportsman's warehouse that sits on the pad right there.

They never closed, really is the first great stores. And the first responders came and took over our our parking lots. So you had duke energy.

The limit were out all day. And at night they were parking in, actually camping out in our in our shopping centers. That was a lot of activity there.

Stores started to open a week later. We are probably a full run rate about two weeks later. And yet all stores are open. You know happy to say retailers or pain red, you know there was not a tremendous T A significant .

damage when you speak with retail to these tensions for tabs come up and they trying to figure out, you know.

I actually asked the question I was going to micky Jackson had that he had a big reunion about month of yeah and you know there were no from cap from .

all they're all sorts of different so here was whose .

who of the people the retail industry people had started their career gap and then gone elsewhere. And I made IT a point to speak to a lot of those retailers and ask him how they we're thinking about IT and how they were talking about holiday shopping, right? This was back in october, and the consensus was, and they did a lot of planning.

Obviously, there's a lot of manufacturing and that's being done in other locations as well. They were thinking ahead about how they were going to get their supply chains activated so they can get the the inventory stocked because these retailers, you are trying to get the store stock stepped ready to go israelis november one for their holiday selling. And that's what we're seeing. You know, in fact, i've been walking more well last couple of days. The decor is out, the music is on and senate is in the house.

How about the fact that there are so called five, your selling days? What does that mean for retail?

Well, I think there they build that into their plan. Obviously with thanksgiving beings. Latest IT is this this year, black friday will fall in the latest possible day and condense that selling period.

One of things we're doing a taner is every day is black friday, the month of november. We are on sale every day, but we're party. We're working with participating retailers ers to give additional value not only to our loyalty club members, but to those who engage and come and chop the in the way.

Are you surprised there's whether you hate donal trumper like him? There was a sudden burst of euphoria and IT seem like both sides of both parties is do you think you just be maybe people are happy that the Donna election is over and contested.

You know, I just think there are when there's uncertainty, I think that makes people sort of hold on a little bit tired when there is certainty whether you like the decision or not. Um that's when I believe the shoppers can actually go out and feel good about spending, feel good about planning. And he gets the planning .

that I who is that now? And thing you do have a lot of leases up next year. There would be a time where I would say that a causing concern. When I look at the number of someone of the reasons I think the stock was up so much, I think people were realized way to second, the more leases, maybe the more money had IT shifted like that hasn't IT.

I think first all, there's not a lot of development that happening in the most the point. And because of that, you know when I said to our least team in our square, footage in our shopping centers is more valuable every day. And so you can know what's up to, to make sure that we're getting what we considered to be a market rent, a fair rent for each one of our for our space right now with the the economic meeting the tail and are pushing us.

As we've just seen with the rates drop coming into holiday shopping season, we've got retailers that are looking to expand their, their franchise. It's a great time for us to be in our business. More importantly, as we get space back or as retailers roll or brands that are perhaps less productive than they've been in years past, we get to pretend them with with really production brands that are coming in space. Hey, more right, right. But doing a lot more sales.

Well, that's why I take growth. You are a growth rate that I always felt that i've known. You know, I followed this copy for very for double.

Now that offers that bargain that everybody wants in a day. They need IT. Now given the fact there's been such inflation.

So I want to thank Steven in his president, CEO of taner. S K, T. Long, one of our favorites and not .

like to be coming up. Craver takes your calls and the sky's the limit is a fast fire lightening round next.

And then the lighting round is over. Are you ready? Skin you.

Hi, jim bra, two year. Take your show and my show really? You know, taking on that I really appreciated. Thank you. And yeah, thank you so much.

I want to take you to get your take on backing up the truck on on a biotech where Johnson and Johnson and sanative, the second and third largest shareholders, they got some manufacturing facilities and in a bus pipeline. And its kind of a novel gene regulation technology, the ticker is m gtx. You know what? This is A A curiosity.

People, because those couple would not be putting out much money as yet. IT hasn't done that well, but i'm never put this respect. I think you're speculate on IT just put away, put IT away, speculate to something great.

I'm specific. If not, you won't even know this and lets a big jim, thank you for taking my call. Can we get a blue.

Okay, jim, I can not tell you how much we love your show. And we've made some great money. We've made some great money in the stacks.

Jm, in millionaire that we're looking for. J, thought to an j bill, both long and short. J, bill is such a good comedy.

I look. I D old days there are a great and uh themselves series of remarkable course. I by jo, let's go to draw and come on you. Joe jie.

thanks for taking to my call.

Of course, first time remember and shut out to my boy nigel and detroit, I know is 99和议论 不要 奶 9 alright， thanks, thanks jim. Hi, first things touch your dad. Same as your dad.

Thanks for all the you and your team, those for us home gamers and the charity you support. I do thank you. If you saw the team, you would say that i'm just a pop.

I'm a mary net and my puppy minister right over there, regent gilgan. And right now he just take my ARM like, give me, give me my ARM back, right? I know you have a lot now I do you and jeff soto that you find po are a great american and a true I just tried.

I've try to stay, stay the mix like everybody else. Like, yes, how can I help you? All right?

For three years i've been in the house of pain with my family, plus nobody has made a time by panic. And you said the CEO he on said, so I aggressively average my cost space is down. And I finally escaped the H. O.

P. Would so fight tech. Oh, you know what? This is one. I mean, when. Anything you don't twenty five years, but but be so much to people question him.

Question is the ability questions in tega, I went come back for anyone who questioned if you notes, I be the first one in front of him and behind him, whatever. And note is delivering and so far is no longer a back into the technology company is always meant to be. And I think he is terrible and the stock is good.

And thank you. Mistaken with IT. And that let job is the inclusion of the lighting .

around the lightning row is sponsored by Charles swap coming up. Elf beauty is on the rise after earnings. Is that a sign consumers are breaking up with high end to make up cramer talks the trade down in the beauty business next?

You don't usually find me in the makeup BIOS, but only way I sure I found a suffered a jam. I need to buy makeup to be. Watch for the morning meeting at at ten minute broadcast.

Start for the same investing club at ten A M every day. The problem I was in florida a and I had replied to make up myself, so I went to target improves the older eyes. I could believe how much, just, of course, specially make up by S A laughter.

Their mac brain are particular right next to mac, side by side was make up from elf beauty. That was the third of the Price. I'm a cheap up the cheapest.

That was something you want to be. Kid me, they will exactly the same. So I put the elf and I slight on.

I asked me with hello. He said, terrific. Make IT was perfect.

I fear SHE detect that I wasn't use a mac because so that's what uses. No, SHE couldn't tell the difference. So I did look experiment.

I went into a cosmetic cabinet, her voluminous cosmetic cabinet, and put my remaining elf makeup in their label, facing SHE puts on on every diverse. I told what I doesn't SHE mind SHE is what? What was the catch? And I said else made china SHE struck her.

So said, well, that while there certainly a lot of snobs who wouldn't want to use off then be, oh, you just won't care, turns out he was dead, right? The customers are trading down like bed. And this one particular category of cosmetics, like so many other industries, the big and comments have been raising Prices.

And mostly that's going on now for years, babies because of cover where people learn to live without makeup, maybe is because the consumers just plain hated with higher Prices and has become a lot more value concious. But the S A waters the world are seeing their stocks rush dish correlation alist of my wife business words about expensive previs of expensive cosmetics. We want to take water for the travel trust and we have a onder because i've been a great performer and taught was time me by china, the ladder couldn't pit IT and reported terrible quarter, a terrible quarter until they finally cut their David and haven't forbid and recognized that the company just written alive.

No, they ever mention eve, but I think makeup is just one of many categories with the customers are sick and tired of the Price gouging and sa orders, frantically trying to protect the square SE margins and yet still offering something reasonable in Price, they are fAiling to do so. But it's not just to say what, although I like to pick up because of cost, trust so much money, cody and camping, which is this consumer spend of of J, J, both import of week or sells in cosmetics recently, I think all of these companies be judged that they could get, thought they could get away with this in a new year of Price. T, V, only beauty, those what needs to do?

I O trying, a man explained about his last night, else speakers advantages, the value proposition, as you put a quote, our mission is to make the best of beauty accessible to every eye, lip and face. The average Price point for elf is about six fifty today, as compared to nearly nine fifty for legacy mass cosmetic experience. And over twenty dollars proceed brands.

And quote, he points out that if you switch from prestige to elf for four his brands, you could say more than one hundred twenty hours as he puts IT. Quote, our customers don't have to compromise. We can taken hear from consumers that we delivered.

Quality is often Better then prestige and quo. When we look back at this year know what we're going to do. We're going to see that the consumers that they got fed off being red.

The jeff dave had IT, the companies that realize that walmart, costco and a big scale and out it's like elephant, a sport scale, they profit immensely. The biggest losers, the town of in comments who couldn't pill IT use, their worried about protecting their dog growth margins. They've been crushed for not cutting Prices using the end.

The customers always right, and the customers like my wife, but they don't know the difference in quality, but they sure do you know the difference in Price, alex said. There is a always able market somewhere. I problem. But just for you, are you my money after your grammar?

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