 Hey, good Thursday morning, everyone. We are on the floor of the New York Stock Exchange with Jim Cramer to talk about the markets. And Jim, of course, we have Trump disbanding his CEO counsel. What do you think the impact will be for some of his market-friendly policies? None. I think that, as Chuck Robbins, the CEO of Cisco, was just saying to us, it's well known what the business people want. Congress knows what would help to get more money back with Patriation, what would make it so that more jobs could be created. You don't need the counsel. And that the counsel may not even, for me, be effective after what occurred, because there would be too many CEOs who simply would not want to serve, given the fact that Trump defended a position that their stakeholders cannot abide by. You mentioned Chuck Robbins. That was a great interview. How do you now feel about the Cisco transition? See, you know, we sold the stock for shareholders. We had a good game. We sold it above your... Look at you, 3.75. They are making a transition. They're doing well in the transition, close margins holding up, cash flow really good. But the problem is the optics. You still see the revenue numbers down. Switching and routing are the biggest divisions still, and the switching and routing are not being as competitive as some others. I got that from Eric Johnson's amazing piece. If you really want to know about what Cisco is doing, you can read Eric Johnson. But I would say this, the deferred revenue is impressive. The software as a service model is happening. So it feels more like the way you have to measure these things is against the benchmark of Oracle. Oracle made a transition similar to what Cisco has. You didn't know when you had to buy Oracle, but then Oracle did flip. But I still prefer Oracle to Cisco if you want to have a lower risk technology company that is not a fang. All right, let's move on to retail. Walmart reporting a mixed court of the stock seems to be a victim of just being a retail name. Well, I think it's really a victim of having been the strongest of the retail names. And here, the Doug McMillan really showed his prowess in this call. They've got the support of the family, and the family is basically saying, hey, listen, you can spend as much money as you want to be competitive with Amazon. And that's the only company that can do that. I don't know if you've got a chance to read the report, but Amazon is really in their crosshairs. That's quite a difference from what we're used to. It's pretty incredible. Also, Alibaba e-commerce revenue up 58%. I interviewed them last year at the Delivering Alpha Conference for CNBC this once in September 12th this year. And I had questions about it. A former writer for the street heard Greenberg raised some really good inquiries about the way they handle their accounting. I felt much better after it. The stock was at 90, as I said, once CNBC, and then a tweet this morning at Adam Plotkin is a terrific, thoughtful Twitter, AAP member, that I got it wrong. When I heard it, I should have just bought it for the trust. And sometimes that's going to happen. You've got to own why. And when I go over in my mind about why we didn't pull the trigger, I keep coming back to that I was concerned about the China economy and not anything they were doing at Baba and not the accounting. And that turned out to be a suboptimal reason to not buy the, a new advised reason to not buy the stock. Speaking of the China economy, Jim, what did you think of Steve Bannon's comments that were in this economic war with China? Well, I think we are. I felt well before Bannon, well before this president, well before Obama that our trading partners have been quite negligent. Matt Horween is my writing partner in Iowa. We spent a lot of time trying to analyze the trade deal that the United States got the better side of and there are none. And I really don't like the attack just on China, although I do as a new core shareholder for my trust, suffering from, from China and from large in pressure. I'm going to buy some new core fraction alerts because it's a great American company and we're willing to own it for a long time. But China doesn't play fair in a lot of different industries. South Korea doesn't play fair. I think that the European Union doesn't play fair. I think that the Mexican currency, the currency is making so Mexico doesn't play fair. So the solo singling out of China, I think is not broad enough. And I think if you're going to be a fair trader, as I would like to be, you should be a little more aggressive than, than Bannon is in terms of going after the say South Korea, which we've always protected because of North Korea, but has been very bad on automobiles. I think that you should really analyze the Mexican situation, which is taking a lot of business away. I've got where I have a house in Mexico. They're building 500,000 cars a year. When I got to house, they weren't building any. So be a little more broad and recognize that it's our trading philosophy to have America lose. And that would be a more coherent schematic about what to go after. I often find that in this administration, they have a point of view that is articulated in a way that is fiery, but not as substantive as I would like. It's an important perspective. All right, Jim, shifting gears. I saw you mentioned micron technology in your stop trading. Yeah, I did that because Kelly Kramer, the terrific CFO of Cisco, addressed why the gross margins weren't even better. And the gross margins were quite good for Cisco. And a lot of that is component cost. And the component is DRAMS. And she predicted that DRAMS maybe don't come down in price. There are a lot of people betting against micron and also their derivative lamb research, betting that it's peak, that we are peak margins. And DRAMS is about to roll over. I felt more strongly outlaw what our fabulous Fibonacci queen, Callan Baroden, told us the other day that micron may be enough stock. All right, Jim, well, and as we always do with earnings to watch, we have three of them. We talked about retail earlier. What are you expecting from Foot Locker on Friday? Foot Locker mall-based. It's been completely trashed. I go over what Dick said. And Foot Locker was actually a standout with Dick's. Foot Locker is what I prefer to do is say, OK, listen, if you like Foot Locker, please go buy, the stock is down, TJX, and read our, I think, very authoritative analysis of why TJX is the best retailer to own right now. And that's on ActionAlertsPlus.com. We also have Estee Lauder. Estee Lauder, boy, Fabrizio Frey has done a remarkable job. Unfortunately, the stock has run up so much. It is indeed price for perfection. But remember, Estee Lauder is maybe the ultimate selfie stock. People are trying to play JCPenney because of Sephora, but there's so much else that JCPenney is not working. I would not buy Estee Lauder before the quarter because I don't know what he can possibly do to keep that price up. I'll allow Walmart, which has ran up so much. I didn't know what Doug McMillan could do to keep it up, which is why I said buy some before, buy some after I reiterate that I want to own Walmart right here. I reiterate that after Estee Lauder comes down, it's a good stock because it's been recommended since the 80s. All right. And then my last one is Deer. Yeah, look, the farm cycle is back. There was a downgrade of Deer earlier this week. I prefer Agco. I think Agco is cheaper. Martin Rieschenhagen is a frequent guest so may have money, but a ton of stock back at much lower levels. Deer's remarkable company. It has run, the stock itself has run a great deal. I feel a little more confident with Agco here. Well, you mentioned Mad Money, guys. How about that interview with Joe Papa? Unbelievable. There are two ways to look at Joe Papa. You look at the equity side, and Wells Fargo once again was the leader in saying that the stock's too high. Many of the analysts had to slash their revenue number, but that was because he sold certain divisions. I thought that was short-sighted. The bonds are trading up. The fixed income side was what I was most worried about. In a remarkably short period of time, Joe Papa has been able to pay down debt. He's been able to introduce some new drugs. He's been able to get some growth. So I have reevaluated, and I think that at these prices, which obviously is above nine, Valiant is a decent spec. We own Allergan. It's been horrendous performer of late. I think that Allergan is now therefore cheaper. It's probably the cheapest big-cap drug company in an environment where people hate Allergan because it owns a big stake in Teva and was unable to monetize it before Teva fell apart. I think Allergan is a better risk-award than Valiant. All right, Jim Cramer, we'll leave it there. Thank you so much. As always, for more information on the stocks in Jim's portfolio, head to actionalertsplus.com.