文字起こし　Clorox CEO, GXO Logistics CEO & Revolve CEOs 5/4/22

ジムクレイマーのMAD MONEYの文字起こしになります。米国株を英語学習を通じて投資したい方に向けて作りました。皆さんの反応を見て改善点や英語解説などい追加して行けたらと思います。とても有益な番組なのにジムの英語が難しくて悩んたのをきっかけにこのノートを作成しました。 聞き取れない部分もあるのでご了承ください。是非Podcastを聴きながら合わせてこのnoteをみれば、様々なアメリカ英語を聞くことでリスニング力を鍛えることが出来ると同時に、タイムリーな米国株投資情報を得ることができます。イイネ！と思った方は投げ銭いただけると嬉しいです。


Hey, I'm Cramer. Welcome to Mad Money. Welcome to crime America. A good one my friends. I'm just trying to make you some money. My job is not just to entertain but to educate context. Call me one 800 743 CNBC, or tweet me at Jim Cramer. Prepare for the worst. expect the worst. Hey, that's been the market's attitude for weeks now, as the Fed methodically continues raising interest rates to cool down the economy. I know that sounds crazy to deal with the average is only spiked into close Dow surging 933.9 30 points. So it'd be restoring three point 2.99% And get this NASDAQ rocking 3.19%. But there's always a sigh of relief from the Fed does exactly what we expect them to do, even if it's the largest rate hike in 20 years. And it can be even more than a sigh of relief it could be outright buying when something unexpectedly positive occurs. And we got that today when our own Steve leasman asked if the Fed is thinking of going 75 basis points at the next meeting. Talk about prepare for the worst expect the worst. Then with the market teetering and reading for itself for another plunge. And you all saw it about to happen. Jay Powell took the 75 basis points off the table off to the races including those who know is in paid to be sure at every turn. 2:10 It was amazing. He really was as watching us think it is gonna go down gonna go down what Ken said what's gonna save it. The shorts are coming in to sell and the futures bow. Close Case Closed. No 75 me wait to Delhi today is put behind us and said five basis point hike is no longer ahead of us. I had to go back to earning season mode. Even if we've already got to set Non Farm Payroll report giving games about food Friday. And from my observations until 75 basis point potential hike was removed from the game plan. I can tell that we weren't getting the kind of pin action that I hoped for when I go bowling as I did just last week. What does that mean? Well, you can't get it to seven, or even a 310. In this outfit. Even if like me you have your own ball and shoes, or put it together another way before the 75 basis points would take you off the table, you're gonna go boy hit the AMT pin and it would just fall like a dud without hitting the NVIDIA pin as if the two in the same business didn't share the same joy have strong borders as they do. But we found out the j would be measured something I've been telling you all along then if they didn't pops almost 15 I don't know are both right on the 75. Basically look at the queue. Look at the time queue. It's incredible. Just when that happened suddenly invidious worth 15 more points. It's nuts. But it's how much the market cares about rates versus facts. And it's hard to believe, because it's just so stupid. Once they shut up by 930. Tomorrow, we will forget what Powell said entirely about the next beat. And we'll start focusing instead on some other thing that is equally as irrelevant. Why is this simple, because people are unsure of what a 50 basis point rate hike will actually do to the economy. So starting tomorrow, we'll once again prepare for the worst expect the worst. And people talk about how people will buy fewer homes or fewer cars, whatever, because that's what people do. And as long as money managers are unsure which they are, they'll keep selling things that they should. Today's late afternoon Valley notwithstanding Wall Street's bias here remains very negative. Now I've seen this kind of moment many times in my career, so you know exactly what's going on to the heads the big trigger posts. So I am going to just tell you, I am going to give you a deep dive into their cranial structure and tell you not as stupid they are. But how they think if you think they're stupid, good, like first. First there are people who feel that this whole situation has gotten out of Jay pals hands. They watched him talked about how inflation should flatten out today then even want to bother to listen. See because they've made up their minds that Powell is out of touch that he's lost it that he is a stooge, a lackey, like Paul Tudor Jones. Great Good billionaire philanthropist who said yesterday that the lackey students Fed chief should resign. These people are sellers of everything. After the Fed meeting, they were mostly grateful. So it's so many others were willing to take Powell seriously, give me a chance to be able to ring the register at higher levels. These guys see policy a little bit lightweight, who's so far behind the curve that he's made himself irrelevant, because it's so late. They think we're in for a period of the late 70s. They keep talking about early 80s. I was alive I traded then it's very different. When the Fed would take rates the low teens and rec economy get inflation under control. I bet some of these billionaires who think pals, the total stooge and lackey have some gigantic short positions here, although they won't want to talk about them. So can't number one is Jay Powell says stooge. Okay. Then there's the second group. They think pals are relevant for different reason. Between the lockdowns in China and the war in Ukraine, the global supply chain is so messed up that there's not much that they can do to get inflation under control. They don't blame pal. They see this as a total force base your situation. Now these guys are wild. These are wild sellers. Now I'm gonna let you into some but a little whispers I don't want it to I don't want everybody and I just want you and me to know okay, and don't tell anybody else. These are people who fear that Russia is going to drop a tactical nuke on Keith. Okay. These are people who fear that China is gonna invade Taiwan. These are people who think that our country's weak and the Russians are strong and China's strong. They'll never say this stuff out loud because it makes them sound like they're crazy. But this just remember this just between them. But this camp is secretly very afraid. They wake up afraid they go to bed afraid they think millions are about to die from the madman and the Kremlin nonetheless, he's killed World War Three is here. They also don't care what Jay Powell says because they don't chase not talking about how everybody's going to die. Now look, other than Billy in the predator that everybody's gonna die think doesn't wash with me. Can we have all those horrible things? every horrible thing? Anything horrible can happen. But these people are sellers because of China and Ukraine. And this day, are they changed the numbers will be swiped. Look around. Where's my scared? All right, well, it's in here so they're scared 7:13 to do a little cinema Veritate and pretend that I know where the button is right? But they're scared. They just don't want to tell you because they're afraid to even tell you the truth. But they're scared Alright, then there's a third use that people think that pal must crashed yet economic planning because it's to the economy is too hot. As they see it. They've got 1.5 million job openings, and only 6 million job seekers. So while Powell can talking again about a soft landing, they just don't believe he can break inflation unless he aggressively jacks up interest rates. They wanted the 75 they wanted the 175 They looked into 75 this third camp wants to sell everything in the springs. Because when they hear kill inflation now they take it to me kill the economy. Now they want 1000 basis points. And they wouldn't take one anything. They are pulling for a crash landing. Got students fed, scared to death camp. Pro crash landing. All right, there you go. And then then there's my kid. I don't know. How about this, um, the constructive kid. I think the consumer is strong. jobs are plentiful. I think Powell can raise rates, reasonably decent timeframe, do a great job. I think prices will then come down. Findings for autos get expensive. Funding froze expensive so that we won't have a car shortage. We'll have too many used cars as some of the used car dealers go wonder if you want to borrow money to start a business and his reckless, you might not get the money. There'll be less buying of stocks on margin. There'll be plenty of people who leave the stock market because they need the cash. But I think leaving the market is a mistake because Powell happens to be an incredibly thoughtful, good public servant, who's doing amazingly, for example, he did take off the possibilities 75 basis point triple rate, I go off the table right? In my in my camp. We respect his judgment and his knowledge of history. So we take the students off the table in my camp Brusha backs down because we send Ukrainians better weapons than they have. And China decides to stop starving its own people in my camp, there can be no necessary crash leaning because he doesn't want one. During this period, we have to watch how individual stocks behave. We can't trust prices, because we never know when someone else might be drawn to one of these three other camps. That gets us the overheated economy thesis. They probably sold the rally today. They'll sell again tomorrow because this is who they are. But if you're in my camp, you're drawn to owning stocks here because there are plenty of companies that could do well. Even if the more bearish cams turned out to be right. If you think Powell is a doofus and a stooge and a lackey, and we're in for Jimmy Carter your inflation you can buy the high yielding oil stocks like the ones I talked about tomorrow at noon or invest thinkable numbers only if you think Russia and China are driving us toward a much more dangerous world go by the defense stocks and cybersecurity plays everyone's shell today think AeroVironment Lockheed Martin Palo Alto Networks. If you think we're heading for a Fed mandated recession, you buy the food and stocks it Food and Drug stocks have Oh, my cat. Well, if you're my camp be buying good companies, like AMD, like Nvidia. You buy the banks, they're going to make a lot more money off you. You'll get the 310 Spare, hey, you might even hit the strike. This is what happens. Good things, good things can and do happen. The member banks can instantly be more profitable when the Fed raises the short rates. Okay, but keep in the banks continue to pay you pennies. HIPAA let us buy Tech because tech stocks tend to do well once inflation peaks, but only profitable tech stocks, please because the money losers aren't going to make it to the Promised Land. Here's the bottom line. Let the people who think piles in over his head. Let the people who are scared to death every single morning and let the people who think that he's a fool and have some crash land. Get out and let it leave all the good stocks to us. Richard in California, Richard. Rich. 11:16 Good. Good. Afternoon, Jim. I'm calling from Palm Desert. My question is Qualcomm, you had the CEO on a few months ago. I got in a little bit high. I know today was a good day for it as the rest of the market was. But what do you feel about the future? 11:38 cristiana mine just won the VW contract probably the biggest in the world for electrifying he's also got the GM deal. The stock is selling 11 times earnings it's going to be a good Gangbuster quarter. They have a own 5g. He's one of the smartest people I've ever met and I think that stock belongs at 170 that 145 Which is why why what the heck out of it for the Investing Club. Remember, remember remember Okay, let the people who think PAL is this dude get out. Okay. The ones who are scared to death get out and the ones who think it's going to crash get out. You and me. Let's take constructive money tonight. G XO logistics XPO spin off reported first quarter results after the bell breaking down the numbers of the CEO then revolve plummeted today. I don't think that made any sense. I'm an influencer. I'm learning more from the company's top brass. Okay, and then finally, Clorox. Hey, you know what? Don't drink it. Just buy it. Stick with Kramer. 12:39 Don't miss a second of Mad Money. Follow at Jim Cramer on Twitter. Have a question. Tweet, Cramer hashtag mad tweets, send Jim an email to Mad money@cnbc.com Or give us a call at one 807 43 CNBC miss something head to Mad money.cnbc.com CNBC workforce Executive Council is a premier group of C suite Human Resources executives from leading companies across the country. It offers a members only portal and chat plus exclusive industry content. With access to breaking news combs and digital networking experiences. The network and resources HR leaders need now applied to the workforce executive council at CNBC councils.com/wec. 13:41 We ever company after company complain about higher supply chain costs came up today with the Fed yet the logistics stocks have been awful performers this year can cancel logistics and supply chain logistics outsourcing business spun off by XPO logistics last year, stock started trading 60 bucks last August jumped 105 The dip ever since then it's round trip back to the low 60s. Even as nothing's really changed with the underlying story tonight yet. GSO in reported yet another impressive set of results. Eight cent earnings beat 51 cent basis on top of inline sales. Even better management raised their full year organic sales growth substantially from 11 to 15%. Now give it to stock sales for just 22 times earnings. Could this be enough for GFO to get his group back? Let's check in with Malcolm Wilson the CEO of GSO logistics to get better read on the quarter and where his company's headed Mr. Wilson, welcome back to Mad Money. 14:32 Thanks for having me back on the show, Jim. 14:34 Okay, so once again now Cummins drive me crazy. I think your stock had absolutely nothing to do with your business. I mean, the when it went up made sense because you're solving a lot of logistics problems when it went down didn't make sense, but that's because the market hates stocks. I know that sounds odd, but that's what's happening. The GX thesis of UBS be able to help company with their logistics is totally intact after this quarter. Correct? 14:59 Absolutely. lately? Absolutely, Jim, you know, in the quarter, what we've seen is, consumers are confident that spending online, they're backing brick and mortar, that's great news, people have gone back into the shopping malls and for GX, or we're seeing that a stellar level of organic growth 19% as a record for our business, lots of new customer wins, contract wins lots of new operational implementations, it's really been an outstanding quarter for us. And that's the very reason we've raised our top line guidance for the full year. 15:34 Alright, so let's say I'm a company that's got you, I hear I complain, my supply chain is bad. I can't get this to hear that. And my shipping guy says, You know what, go see G XL. What would you xo say? 15:48 We'd be delighted, because that's what's happening with so many customers, you know, that trend that we've been seeing for the past few years, exactly what you just outlined, Jim, more and more big organizations are seeking to outsource their logistics, they're seeking to take the benefit of organizations like GX or where we bring innovation, we bring technology, we enable the workplace, we enable the work warehousing space. And that's bringing efficiency, high levels of quality, and more safer environment for the workers who are in the warehouses. It's a win win environment. And in the end, the consumer is benefiting. 16:26 Now, do you take? Do you say sometimes look, this is it we better do truck then train? It'd be better to ship than truck? I mean, do you try to tell people look, maybe you're not doing it exactly. Right? This is the cheapest and fastest? 16:42 Yeah, absolutely. Our customers come to us. Normally, with a huge amount of data, and knowledge and experience of the business. We take all of that information, we analyze it in great detail. We use all the experience in our company, all our team members, we put together a solution. Invariably nowadays that involves a lot of automation, over 30% of our warehousing stop over 900 locations globally, are highly automated, we redesign the supply chain for them the warehouse environment. And that's what brings all that efficiency, high level of service to the customers. And that's really important today. 17:23 All right now Amazon came out on their conference call and said basically, they had over hire, they had too much infrastructure, maybe even too many warehouses, I don't know, is that an opportunity for now for like GE X to figure out what to do with the excess? 17:35 Well, listen, warehousing space is still at a premium, you know, manufacturing, development is not yet caught up with demand. So I don't think there'll be any hardship in filling up those warehousing spaces. For us. We're a big user, one of the largest real estate, users of warehousing space on a global basis. And so we're consuming lots of warehousing space will certainly assist. 18:02 Now what what happens when you send someone to XPO? Which is your I guess your partner but was your your you guys were together in a low time with anyone say, You know what, all you're doing is sending me toward Brad Jacobs, that's not right, I want to I want to get the best rate. 18:21 You know, listen, that you have that that's, that's part of our DNA, we come from that heritage. So we like that company, very much. You know, it's a good company, but people want to work in GX or they see that we've created a great place for people to work. You know, it's it's really important when you're trying to attract the best talent. And that's the name of our business for all of the high levels of automation that we deploy, we people are still the main asset that we use in our business or creating a great place for people to work is super important. And we work hard at doing that we listen to all of our team members. It's a constant effort for us. And we're very pleased to do that. It makes it helps us tremendously. 19:06 Now I know I'm not sure you can mention a specific way I was hoping I like I've got a raise your company, whatever. But just we're basically just where you get told, Look, we haven't direct consumer business, we're not sure how to handle it. And you say, Don't worry about it. G XL will take care of it. 19:24 Absolutely. And that's the hallmark of our business. That's why we're so busy as a company, you know, our sales pipelines. That's the business that we know is likely to be landing in our warehouses later in 2022, or 23, or even 24. There are consistently record highs for two quarters now over $2.5 billion of sales pipeline. That's amazing. And that's what's given us confidence of our forward trajectory. We're always pleased and delighted to help our customers. They like working with because they're giving us more and more of the business, but excitingly more and more organizations who've never outsourced in the past are coming to gx or and helping us to help them solve problems. And we're delighted to do that. 20:14 Well, as long as they keep building their supply chain problems, I want to start thinking, Well wait a second you think that there's nothing you can do? Well, why don't you just go but I g x. Oh, I want to thank you. Malcolm was the CEO of GE accelerate the fact that the stock round trip has nothing to do with the earnings, which is just nothing but go up. Great to see you, sir. 20:34 Thanks, Jim. Thanks for having me on the show. Once again, 20:37 people this is what I'm saying this stocks have divorced themselves from the company. You your supply chain problems. Here's the supply chain stock right now. You say well, wait a second. They had nothing to do each other. That does not last they eventually do. Come together. Talking about that tomorrow on the CNBC Investing Club. At 12 o'clock man monies back into 21:04 as the retailer revolve gone out of fashion on the Wall Street Fashion Show. Cramer's talking to the company after guidance sent the stock plunging. Next. Tomorrow don't miss the next CNBC Investing Club monthly meeting, navigating market volatility your questions answered and all the moves Jim is making for his charitable trust. Join Today scan the code or go to cnbc.com/investing club meeting. 21:38 Sometimes you see a stock plunging on seemingly strong quarter. And you gotta wonder what the heck was wrong with the sellers take revolve the online apparel retailers like a digital department store. Last night these guys reported excellent quarter, a clean top and bottom line beat with 58% sales growth expanding gross margins and strong operating metrics across the board. It today the stock got crushed down nearly 15%. Why? Well maximum pointed out that they've got some tough comparisons coming up, which means that the growth rate is going to slow versus the bears to which I say I mean that's the law of large numbers and the reality of year over year comparisons. In the first quarter of last year, people were still staying home to hide from the pandemic. So there was no reason to shop for nice close second quarters when people started going getting vaccinated on mass. Obviously revolvers growth won't look as strong by comparison. But thanks to today's monster decline in the overnight increase in the earnings estimates, the stock has become much cheaper could it be a buying opportunity? Let's take a closer look with revolved oops. braintrust, Mike, Kerrigan, Nicholas, and Michael mentor. They're the group and the co founders slash co CEOs. John, welcome back to Mad Money. 22:46 Thanks for having us. Here. 22:48 All right. So Mike, let me go to you first, because I am concerned that several times the CommScope people were saying, Listen, you just had an unbelievable quarter. Why would you possibly say that? That 30% For the next quarter is right. When the momentum you have is obviously so good. I want to get that off the table, because I think that's what drove the stock down and maybe drove again incorrectly? 23:10 Yeah, I think so in we had communicated to the street that cops were going to get much tougher in the second quarter and growth was going to go down on a comparative basis. But if you look at a three year comp perspective, we're doing fantastic. Almost all of our metrics are all time highs, whether it's new customer ads, whether it's our stickiness with customers in terms of orders per active customer. So we're feeling great. We think the customers feeling great. And yeah, it's just a very tricky comparison when you're comparing to a period where people were still in a pandemic mindset. And most of q1 to q2, where people were getting back out again. 23:42 All right, good. And then Michael, I want to talk about your model, because I love your model. I've tried to actually, my wife is doing your business. That's very much like your model. When it comes to Mezcal. We're looking for influencers, we're looking for people who love it. The people who talk people who basically think that revolve is a great thing, not unlike my daughter, by the way. And I wanted to know whether the model still works in a post pandemic era. 24:09 Oh, the model works incredibly well. And I know our game has evolved. I think one thing that we've seen is that influencers are broader and more important than ever, we've always historically been strong with Instagram influencers. And now with the emergence of Tik Tok, that opens a whole new avenue for us to connect to our consumers and, you know, by all metrics, you know, of recent with robot festival where, you know, tick tock didn't exist, you know, in a meaningful way. The last time we had a vault festival, it was leaning into that has been an incredibly you know, valuable for us to reach our consumers and really effective ways and really emotional ways and really cost effective ways as well. 24:43 Well, I have to tell you, I want to know why we don't have one che in East Hampton in the summer why there isn't one in Miami. I mean, these are big events and people want to go to them but they're in the West and the peace people in the East I know are just begging to go to one of your Vegetables. 25:02 That is something that is at a definite very much a possibility, you know, the festival was just just a magical experience at the time of my life. I think everyone there had the time of their lives, it was a real special moment, especially after so many years of you know, not having these experiences I think everyone really like never before. So more to come for us for sure. And we'll definitely be on the east coast in the back half of the this year. 25:23 You know, my my wife has just been down about, as I have been adamant that people have to buying stocks of companies that are profitable, even new or old, they're profitable, that have a feeling that it's important to grow, but also make money. Your free cash flow is extraordinary. It's nearly four times in three years, why do people don't understand that you're not just some another money losing company in the power business that came public during this period? 25:51 Yeah, I mean, I think our longtime investors do understand that and are big supporters of us. And I think it's just a matter of getting the word out to more and more investors out there. You know, certainly there's some traders that are going to push the stock up, push the stock down reacting to small trends in monthly momentum. But you know, if you look at our track record, 20 years of profitable growth, growing nearly every single year, profits every year, but 2008, I think we're very different from most of the other companies out there, 26:18 these companies might fit there online, then suddenly, I feel that that they put stores up. And to me, what that says is, they have no faith in their model, they'll tell you no, gotta return. We want the presence on the street isn't the truth, that if you're doing what you're doing with these two great brands, you had a lot of other ideas, that it's an anathema to have brick and mortar. 26:41 100%. I mean, we think long term, certainly there can be opportunity there. But we have so much going on in our core business 58% growth, in the first quarter alone, record new customer heads, we doubled our increase, or we nearly doubled our increase in active customers from a previous record, we can set a couple of quarters ago. So you know, we have so much going on in the core business, there's no need to get into other avenues. And yeah, long term might be a possibility, but certainly not for us now. 27:05 Excellent. Now, Michael, you mentioned Tiktok I watch reels to what I'm seeing done with my 13 Pro looks a lot better than what I see on my TV a lot online, doesn't that just make it so that you're the resolution and the visibility about what you have Michael is even stronger now than ever. 27:24 More than ever, for sure the resolution, the quality, the app makes, you know, production of video so much easier than things are times past and not just you know, quality but also just the intimacy you have with you know, the influencer with the Tick Tock or there's just this connection that the consumer has that really, you know, communicates our message in strong ways that you know, I don't think other channels will really enable us to do so I think you know, our strength in you know, influencer marketing to strengthen production. And the strength of you know, the emotional message we're communicating is, is really getting across and it really shows in all of our incredible metrics. 27:55 Alright, so Michael, if you had the ability to have the money to build a department store on Fifth Avenue, or throw the whatever much that costs, throw parties that equal the cost of that building, what Michael would have a better return on investment. 28:14 Definitely throwing those parties just because, you know, as busy and as amazing as that data view is, you know, there's not billions of people walking down the street and I think what we're able to do is get billions of impressions through social media. So I think that's, that's already proven. That's already a really clear, what's the better way to go from my perspective. 28:31 All right, good, because that's why the stock should have been knocked down. Right. It's quite plain and simple. That's what should have happened. It didn't happen. That's Mike Karen Nicklaus, and that's Michael manti. Gentlemen, thank you for coming on. You're You're the new world. Okay. I don't care. I know this because I have my eyes open. Others seem to have their eyes closed. They have monies back after the break 28:58 Clorox his products have a place in your home. But after reporting clean quarter, doesn't stop deserve a place in your portfolio. Cramer is checking in next. 29:18 Sometimes better than feared is all you need. Exhibit A is Clorox the consumer packaged goods powerhouse that reported a decidedly mixed quarter on Monday night. And so it's beaten down stock make a tremendous and to me worthy comeback. Roaming, just playing the business cycle investors will be buying recession proof stocks like Clorox hand over fist, but these days we have a new problem. Most consumer product companies are being eaten alive by ramping costs inflation. So the stocks been an awful performer and there wasn't much optimism during the quarter and there are a lot of people were shorted. Then quarks report a set of numbers that well not great or even good we're we're certainly enough to turn the stock around. On the one hand, new gross margins were crushed down seven or 60 basis points year over year, and they shave 20 cents off their full Your earnings forecast. But on the other hand, the gross margins were better than they were expecting the previous quarter overall course delivered a 39 cent earnings beat off a nine using basis but higher than expected sales and they announced another round of price increases scheduled for July, which should help with the margin compression. The stock initially opened down a couple of bucks yesterday, but it reversed and finished up 3% Today tacked on another 1.4% I think that have a lot more room to run, especially if the Fed can quickly kill inflation. Don't take it from me. Let's dig deeper with Linda Rendell. She's the CEO of Clorox learn more about the quarter and her outlook was Randall, welcome back to Mad Money. 30:36 Great to be here, Jim. 30:38 Well, when it point blank, I mean, you would turn to growth. And I know a lot of people were saying, Well, you know, be careful. I like growth, and you've got organic growth. And there's no reason why your stock should have to bear the pain of a company that shrinking you're not anymore. Tell us about it. 30:54 Yeah, we're really encouraged Jim to see the continued strong demand from consumers across our portfolio. And that certainly translated into top line results this quarter. You know, for the first half of our fiscal year, we were lapping 27% sales growth in the year ago period. But this quarter, as we lapped a more normalized environment, we were able to put organic growth on in three out of four segments, the vast majority of our businesses, and three even grew in double digits. In addition to that, we were able to grow market share. So we feel terrific about the continued demand that consumers have for our portfolio and our opportunity to continue to grow in the future. 31:29 Now you do ascribe some of your growth to somewhat ethereal concerns. I'm going to lay them out and you tell me why these translate into dollars, bedrock companies, bedrock of leading brands, purposeful and targeted and participation strategy, discipline in the DNA, and believes in the link between its impact on the world and long term value creation for shareholders. How does this translate? And how do we know that that's what people are buying? 31:55 Yeah, Jim, the most important thing that we manage our brands, and they are incredibly strong with the consumer ran nine out of 10 US households, our brands are deemed superior by consumers. 75% of our portfolio is deemed superior by consumers, which is a record high for us what that means. These brands are household essentials that they need to run their everyday lives, and are really great value for them. So that enables us to invest in innovation, invest in our brands, through great marketing spend, in addition to taking the pricing actions, we need to to recover margins over time. 32:29 Alright, so the joy comes around you put through the price increases. Maybe the Fed tightens a little too much does consumer go and say, You know what? I don't need Glad bags or Renew Life, I can go with generic player bags. And I see these other guys that got some junk that it's probiotic. Does that happen? 32:51 You know, we have a long history of giving that superior value to consumers. And we would expect that to continue even in a period where the consumers under a lot of stress. We've seen that in times where we've experienced recession before. So in 2008, our categories were very resilient, and we grew the vast majority of our brands. So we feel confident in our ability to continue to attract consumers. Give them that innovation and superior value they crave and we believe they'll continue to choose US based off of our brands and brand superiority. 33:18 Alright, so I love cats. Why do I get fresh tips, step out stretch. 33:23 You better get fresh stuff out stretch, because it is one of the best litters on the market gym. And in addition to that, it's a sustainability win. So it's a concentrated litter, and it allows a consumer and you Jim to change your litter box less frequently, so it's more convenient. It's better for the environment. It's a great value. 33:39 Do they like it? 33:41 Uh, cats love it, and people love it. So what's that that's always important. We want our cat friends to love whatever we put in front of them. 33:47 Okay, so they're finicky. I got some finicky ones. All right. Now how about disinfecting Mitch, tell me about that. 33:54 Yeah, the disinfecting mist was part of our next journey of how we help people ensure that they have the environments around them that are cleaned and disinfected. We've had a long growth runway in our wipes business. And this is the next foray into another convenient form. It's off to a very strong start. And the wonderful part, it's not only a great disinfecting experience, it's also another sustainability win for the consumer as it's a refill model. And it's something that we can invest in for years and years to come. 34:20 And are your people who come up with sustainable ideas still getting the pay increases that we liked from Clorox? 34:26 Absolutely, you know, sustainability is built into the DNA here, we've had a long belief that societal value is absolutely tied to how we deliver shareholder value. And our teammates feel incredibly passionately about the purpose of our brands and delivering on our ESG commitments as a company. 34:43 Now, do you have something that you're eyeing right now, that would be another group or maybe fit into one of your categories? Because what I what I always liked about Clorox is that you'll come on, and they'll be something that I really liked. It's now part of the Clorox family that you'll fix up make bed or are you always on the lookout because something be happening? You have the cash, 35:04 always looking gym? Absolutely. You know, the first place we always want to do is invest in our base business. And we have lots of places our brands that we already own can go. And we're proving that with innovation. But we are always open to looking across the environment and seeing are there other brands we can bring in and leverage our world class capabilities to grow 35:22 right when I fly united, I always see that it's cleaned by Clorox. And I always say to myself, well, I don't need that thing that they give you when you walk in the place clean, but Clorox, but I never saw it again anywhere else. I mean, I want my stadium clean by Clorox. Okay, I go to a stadium. So one of the dirtiest places I go, if I saw Clorox on and I knew they actually did it, I would feel better. I like to Clorox name post a post pandemic, why, why aren't more companies partner. 35:47 We got lots of partners and lots more interest. United's a great example of a partnership where their commitment to safety and our commitment to safety really matched up and we were able to deliver that consumer experience where you can be reassured Jim, when you get on a United Flight, I'll be reassured when I get on my flight tomorrow with United. And we're doing that and many more places where we're offering the consumer a better value. And we're offering businesses the opportunity to leverage the Clorox brand to ensure that space is clean and disinfected, and that consumers know it. So that that continues to go really well for us. And we see that as a strategic growth runway moving forward, 36:20 right, so my wife carries the disinfecting wipes the round bottle everywhere. And before she sits down on the plane, she just wipes it down herself, even if it is united. That was something that was a habit she did not have obviously before the pandemic, that's never going to change that is her new habit, how many other people like my wife, 36:38 lots of people like your wife, who have realized that they want to control the environment around them. And so we've launched a lot of packaging opportunities that allow consumers to do that more conveniently, not just in the canister, but in flat packs and smaller packs where they can put it in their bag and purse and control the environment around them. And we continue to see people even as we move into this endemic phase, continuing that increased cleaning and disinfecting behavior, and as a result, we have a much larger business and we did pre pandemic. 37:05 I mean, we had Brian Chesky on last night for free air b&b. And when we when we go into an air b&b, we always expect to see the web's now it's just a saw, it's the sign that they care. I wish the hotels did. But it's a sign that the people care you because you've got a great brand and everybody trusted and I'm so glad that you had this quarter. That is the breakout quarter for organic growth. And I think you're going to be many more Linda Randall, CEO of Clorox gratulations 37:29 thanks so much, Jim. Great to be here. 37:31 Absolutely. Okay guys. 3% got the growth back who know what they're doing best brands. Linda Rando Clorox been vice back after the break 37:44 just chill, 37:45 chill messaging to chill man is in the house. He's happy. The lightning 37:49 round is coming up when bad bunny returns. 38:02 Before we get to tonight's lightning round, I would invite you to join me tomorrow for a month Investing Club meeting. It's going to be real informal and punchy. We'll be doing it starting at noon this time. Do not miss it. I am promise you a show of shows we're going to dig into the wild market together make a plan for something that we can maybe be lasting. And now it is time is ever the lightning round. The lightning round is over. Are you ready? Ski dad never the letter to Bayern Oklahoma Byron 38:37 Gil, a longtime follower and invested in COVID. Member got a question for you. Bow Hill 38:44 bounce Hill. Getting ready to split. 38:47 We buy hold sell. 38:48 You got a Bible winning. We wanted to buy more today. We ran out of time this thing came put on sale. There are shorts taken all the way down. It is quite ridiculous. I wanted to be able to buy a huge slug of it today. So that's how I feel for the trust. I'll mention that tomorrow. Jeff in Arizona, Jeff booya. Jim, 39:08 I've been following you since your first book. 39:12 Whoa, I should read it another. 39:15 You should read another I think Oh, well. Anyway, my question is on ACN or Accenture that 39:21 they crushed that stock. The business has fantastic data. Great quarter. I'm saying to people. Now we're going to Jeff in Ohio. Jeff. 39:32 Yes, sir. I'm calling him up with stuck cellularity CLU, 39:36 it's right near where I live. And I got to tell you that's one of the higher risk stocks out there. The way I would look at is be prepared to lose everything but otherwise make a lot of money if it works out. Let's go to Gilbert in Tennessee Gilbert. 39:50 Blue y'all from Memphis gem manual. Great, but stop this man July. 39:56 I think they take on too much risk Manulife I'm not there. For the 5% I don't need it too much risk in the common stock. Let's get in Jeff in Florida Jeff. 40:07 Hi again. Hey, I own a quite a bit of Marvel. And I like to stock I want to keep buying more of 40:15 it. Well, you should. I mean, this company has two businesses high performance computing, and 5g. We know that goes in in two strongest areas. It has no PC business. It has no gaming. Marvell is a stock that we've been buying but I'm buying, buying buying for charitable trusts. And I think you should do so too. I want to go to Michael in South Carolina Michael. 40:38 Hello, Jim. Cole. One of my favorite dividend stocks just reported record sheet on earnings. Date positive guidance for the rest of 22 has a strong balance sheet A 4.5% dividend yield, can iron mountain climb much higher from current levels? 40:56 What was done Iron Mountain I liked Iron Man good, very consistent business. When that lady Yamazaki clusion of 41:09 the lightning round is sponsored by TD Ameritrade. Kramer's got a latte to say about the latest commentary from Starbucks top brass. He's brewing up his take next. Take control of your financial future with a new Mad money.cnbc.com craniums exclusive CEO interviews Full Episodes analysis, even your own sound board plus special access to Mad Money 101 with rules and techniques to break down the market for all investors 41:43 the red flag that makes me drop the stock immediately. It's 41:46 everything you need right when you need it. The new Mad money.cnbc.com 42:01 Let's say you Come give me a cup of tea. It's got my thought about Starbucks or toast pretty well run company. I'm addicted to my triple venti cappuccino with skim wet. good tasting. Always have a good time. Yesterday's coffee is quiet Listen, founder and attorney CEO Howard Schultz basically rebuked the previous management team by talking openly about how the company's fallen behind. Let me read it to you I don't want to just you know, kind of just conjecture, quote, looking ahead, try to imagine 1000s of vastly more productive and efficient Starbucks stores, reconfigured to align with today's customer behavior and build around technology that will deliver increased speed of service, improve labor management and reduce unit costs and elevated partner and customer experience and quote. Now if you haven't been following the Starbucks Sega, the previous CEO Kevin Johnson have been doing a pretty darn good job most of the years where the company operates. We just found out that 12% same store sales growth in the US a marvelous number that happened under Johnson not Schultz. Sure China was awful, but they got rolling lockdowns there, so it's Alexandria si, si, si. Oh, good dough. More importantly, Johnson was poured in from Juniper Networks. He had been on the border of, of Starbucks, but did you from Juniper, it's a tech company. For one thing, try to figure out how to make the stores work better automate the stores and maximum throughput. He did it brilliantly. Grand Dave had a couple of stores unionized in recent months, which knows if you ever wants to see. But that's not a Starbucks specific problem. We've got ultra low unemployment right now. And that's giving workers more leverage across the whole economy. Hence, the sudden resurgence to the labor movement such as Starbucks. Putting aside those nine companies specific issues. I think Kevin Johnson deserve better on the conference call. He did an excellent job. And while shelter merely put a stop to the enormous buyback, it's something shareholders did well, oh, maybe the coffee and service will get better with Schultz back at the helm. But I didn't realize it was better in first place. Maybe I should have been going to Dutch Bros all along. Now, I don't blame Schultz for being unhappy about the unionization drive. He's the CEO it's opposition leadership, the more entrenched you gets, the less control he has over the stores. Is this happening because Kevin Johnson was out of touch with the versus short seems thing so I beg to differ. So many competitors lost their way during COVID While Starbucks became one of the great winners. It's incredibly popular because in the afternoon, because one of out of nowhere and that's way beyond I think Johnson worships his purview. Out of nowhere, it can cold drinks became one of the most beloved offerings who could bring to that but who could have also thought that shift was going to be so hard I do think Kevin should have realized as the digital payment system mistakenly discouraged tipping, that was a blind spot that could have easily solved like, Uber handles tipping. You could argue that the aggressive buyback was too big for the balance sheet to handle once China went into shutdown mode, but not before them out of nowhere that we're being told that Starbucks was poorly run. I booked that. Putting everything else aside. No one can say Kevin In Johnson compromising the taste their coffee held up something I was worried about when a tech guy took the helm to me through this little more subtle, nuanced, complicated. Howard Schultz built his business and he's got every right to come in and try and make things better. But there's no need to be so dismissive of Johnson, who got dealt a tough hand with COVID Suddenly, the Bruce has had to work different hours. While some stores are hit hard by the virus they just shipped around all over the place. This prediction here that person near some stores close, I don't judge them juggle everything pretty darn well. Today, we saw his last quarter on the job and it was good enough to send the stock soaring nearly 10% So maybe the guy deserves a little more credit, if not about I like to say there's always a bull market summer and problems. Try to find it just for you right here on Mad Money. I'm Jim Cramer. See you tomorrow.