 Good morning, everyone. It is a busy day on this Wednesday. We're on the floor of the New York Stock Exchange with Jim Kramer to break everything down. Jim, I want to start with your interview with Elizabeth Warren last night on Mad Money. She says Equifax executives, they're going to get away with this. Here they are. Senator Warren is one of a hundred, but the Republicans have the majority and there seems to be no impetus other than Senator Warren to really look into what this hack, which could be 140 million people with the most private information imaginable, exactly your worst nightmare. You see the stock headed up. I know a lot of fund managers are buying the stock saying it's way overblown and it's going to come right back up. And that's the way Wall Street works. They don't really care about this. They feel like the stock's come down a tremendous amount and that Equifax will get through it fine. And I agree with Senator Warren. This is not a political issue. This is an issue of how can this man keep his job? How can the board of directors stay on? One of the members of the board is the former CEO of Citrix. We had an excellent corporate governor's conference for the street and we had another CEO, former CEO of Citrix, who was presenting his company as the ultimate cybersecurity company. So you've got a former CEO of the ultimate cybersecurity company on the board. This is not an uninformed board. They did many things that are the exact opposite of what Federal Express did, which has come out and tell everyone, even though Federal Express was a hack that involved their own earnings and not customers. And look, I think that Senator Warren's shameless, right, they're shameless, but that's what you do. Corporate America, keep your head down. And unless you have a different administration, you keep your head down. It's a very smart strategy. Get away with it. And one thing I wanted to highlight from your interview, she said that the hackers can sit on this data and then use it against us years from now. I think that I have worked with my assistant to try to figure out how to change your social security number. I now check my balance every single day. And I do that because I think that those who don't will be surprised about what happens here. There's just too much information out there. And those of us who have applied for loan in this period, we should presume that we're hacked. Now, you and Senator Warren also talked about Wells Fargo. She brought up your interview with John Stumpf from last year. Yeah, that was a very nice reference. But what she was saying was that not enough heads have fallen. Now, she's reacting. The CFSB gave them a slap on the wrist. I did say it could have been $10 billion, but they ended up settling on a much lower number. That report came out yesterday from the House of Financial Services. What I think is most important here is that once again, boards of directors, there's no real big shake up there. There's no auto committee change of any magnitude. There's someone they did bring analysts to do, and that's good that they brought in a new person. But what matters with Wells Fargo is that will there be continual liability? And the answer is that there will be liability, but all it will do is shrink the price earnings multiple of Wells Fargo, not really impact their business other than the fact that you will not get that tremendous double-digit cross-selling that had made people so excited. What I thought was really smart about what Senator Warren said was that the cross-selling is what inflated the stock price. And that's totally true. The reason why people like the stock of Wells Fargo is if you open one account, you open many accounts, and they were getting much more out of their customers than everyone else. And what she was saying was, listen, everyone else should be envious and was envious, because in truth, they all were having the same business model that Wells will have now. And so therefore, I think it will depress the earnings a bit, and it's got the same price earnings multiple as some of the others. At Action Alerts, we like Citi. We still think Citi's cheap, and we like Key. We think Key is cheap. The premium multiple stock in the group is PNC. They had a fantastic quarter. But what matters to me is that Warren's right about that they're going to get away with it, too, even though we're talking about millions, millions of bogus accounts. And it's just incredible to me that they get away with it. If you read the Sherman and Sterling report, more than 90 pages investigation, it's not a whitewash. It basically says that there was a culture that allowed this to go on, and it really does put too much emphasis on Carrie Tolstead, I think, who was fired, but does say that their community bank division was running them up. And so the investigation comes out and nothing happens. And some of it is because we have Democrats that are in the minority and they would be the ones that would be calling for something. And I just say that, look, this is the new world. Regulation is out of the norm now, and we are in a period where there is not going to be a lot of regulatory reaction to negatives. And, Jim, while we're talking about banks, how should we be watching the financial sector with the Fed meeting today? Well, look, I mean, I think that, first of all, I think that when you think that there's going to be a win-win, then in other words, if they raise rates or say they're going to raise rates in December, that should be a win for the banks. If they say they're going to sell bonds, that should be a win for the banks. So therefore, what they're going to do is they're going to send the banks down. I mean, that's exactly what they're doing. Now, why? Because the banks have been going up for the last few days. So, I mean, it's going to be a counter-intuitive trading day. Don't take the first bite. Don't do it 201. Today's a press conference. Janet Yellen has often had substantive press conferences. I hope someone asks her what Elizabeth Warren is asking, which is, will she move on the board of directors' wells? Now, I don't think she will, again, because we are in a period of regulation light. In another era, perhaps they would remove these directors. Jim, you mentioned FedEx's hack earlier. Let's talk about their earnings. You were struck by the e-commerce on steroids. Yeah. Fred Smith said that at the end. It was a very, very bullish conference call. And people say, well, wait a second. The stock was down four. Why didn't it go down lower? And the answer is this was the most telegraphed hack. And they reiterated their guidance if it weren't for the hacks. So this was a very special call, a very positive call. And it must be read, because what it says, first of all, is how terrible the hacks can be. This was cyber-terrorism from state-sponsored. But more important is that the growth of e-commerce is so powerful and the growth of the world's economies are so powerful that you've got a lot to like. What also must be read is your real-money column on FedEx. You put FedEx on the same level as Boeing and Caterpillar. What did you mean by that? Yeah, well, because I think that people are always looking for a way to play worldwide growth. Boeing's up 16%. Caterpillar's up 30%. FedEx is up half of Caterpillar interesting opportunity. Go to realmoney.com for more on that. Also, Adobe reporting earning some investors worried about their guidance. Well, I mean, Adobe, you never, you haven't heard in a long time that I can think of the words disappointing and the words that basically said that they weren't happy with one of their businesses. Now, it happens to be a big business. The experience cloud encompasses their most important fast-growing cloud. But Shantanu Narayan very quickly said, listen, it's not competitive. It's not like there's numbers being driven down by competition. They're going to catch up. It's longer sale cycle because of bigger deals. We sold the stock for action alerts. I am actively looking at this thing goes back down to where below we sold it. I think we may have to come right back to the stocks. Club members, stay tuned. That's big news. Okay, we'll watch for that. Another earnings report, Bed, Beth and Beyond, terrible quarter all around. I mean, there's a report where they're completely out of touch with their own company. I mean, they own the total one point about excellent execution. Then they admit there's too much couponing, that the expense structure is not good. They should have talked about the fact that the same-store sales were disappointing again. A huge slashing guidance. The company, the stock, if you read, get rich carefully. We talk about that the stock, they were buying back stock, buying back stock, they bought back stock all the way down. It is a bad buyback in retrospect. It was a huge waste to their money. And I think that I would like maybe do a piece focusing on how what a waste of money this buyback was. The company is being Amazon writ large. Almost everything that you can buy at a Harmon or buy at a Bed, Beth can be bought on Amazon. They have an e-commerce business. There's nothing there. One King's Lane is a good business, but that's too small. And I've got to tell you, this was an embarrassing obstacle in the part of Bed, Beth and Beyond. Can I just say the only reason I go to Bed, Beth and Beyond is for my Soda Stream refill. Do you ever go there? Yes, I do. I actually like Bed, Beth, because it's right down the block for me. So if I go and get towels and stuff like that, but I like Harmon, it's right down the block for me. But my wife just orders all this stuff online. Totally. All right, Jim. Moving on, Toshiba reportedly selecting a group led by Bain. Well, this is amazing, because Western Digital has been over and over again. You can't buy this. They're the partner via their Sandus acquisition. And there's just no way that this deal is going to be able to be done. Bain comes out and says, hey, listen, we don't care. We don't care that Western Digital says this. We are going to do this deal. And it's a remarkable thing. One of the reasons why we sold Western Digital for Action Awards at a really big profit, and we said it was going to be a trade, is this precisely what we feared, it's precisely what happened, and we're glad we got out. And because of the decline in DRAM and up in disk drive prices, we cannot get back in it. Their flash business is still up. There was a good note today from Deutsche Bank about how flash and DRAM prices are holding up. But remember, Western Digital is flash and disk drive, and disk drive prices are not holding up. Jim, we talked about your interview with Senator Warren, but you had another big one yesterday, Nelson Peltz. Do you think he's going to win? I've got to tell you, I think that some of the things about Nelson at Proctor are not as exactly as I would put them if I calculated the numbers too early to tell. But Nelson Peltz also said that millennials don't want these legacy brands, but David Teller told you that his brands are doing well with millennials. Again, disputed facts, and not enough information. I do believe that if you look at what Unilevers are doing with smaller brands, they're having better luck. But it may not be luck, it may be skill. Proctor's up. Some of it is because of Nelson Peltz. Some of it is because of the fire that he's holding underneath their feet. But I am not sure. I do believe that Nelson Peltz, his record was distorted by the Proctor people. His record is better than they said it is. I really enjoy the interview. Staying with these consumer stocks, Johnson and Johnson downgraded a gold man. Very questionable downgrade. It was Jamie Rubin just saying listen, the valuation is stretched and the consumer business is not that good. This has been the same rap for 20 points. Johnson and Johnson did a very good acquisition. It's run by Alex Skorsky. You can sell it. Then you got to get back in at 127. I can't advise people to do that. Alright, Jim Cramer, a busy day. We'll leave it there. Thank you so much as always for more information on the stocks. Jim mentioned please head back to TheStreet.com.