 Good morning everyone. It's Wednesday. We are on the floor of the New York Stock Exchange with Jim Kramer to talk about the markets and Jim Let's begin with politics. Gary Cohn expecting tax reform by Thanksgiving. Yeah, I think that's unrealistic I think that the president has sidetracked the agenda and I think that Congress is still trying to do repeal and replace So they always have been talking about that there'd be done by the end of summer There's been many different deadlines that are missed. I want to see a debt ceiling Lifted before I can even believe anything about tax reform We also had Trump this morning taking aim at Amazon on Twitter also that fiery press conference yesterday How do investors digest all these that fiery press conference is really about the 13th amendment Nazism and things that I know You know and who's fellow travelers to these issues and there's really no place in the American discourse about it So I think the president should know that But I do think that the Amazon tweet is interesting because Amazon is a destroyer of jobs at bricks and mortar It's a creator of low-paying jobs in assembly lines throughout the country So it is not it's not zero sum though it wipes out more than it creates However, it lowers the price of goods to 317 million people So if you're the Department of Justice antitrust division I have yet to find the case that you can make against Amazon given the fact that the just part of the antitrust division is historically looking for Companies that raise price colluding raise price Now they might be able to make a predatory pricing case saying that they are pricing below to wipe out But again, what they're doing is giving you a great discount. So I don't know the case as it could be made Okay, also Apple taking aim at Amazon investing a billion dollars in original programming It's really it taking aim at Netflix not Amazon and I think that what Apple can do since they brought in the People who did breaking bad and they've got a lot of firepower and Tim Cook is personally interested in series as they can attempt to try to replicate what Reed Hastings done the issue here is is that as Buster Cohen COEN wrote so eloquently in the street is that there are still blockbusters that will get people to go to the theaters and There and you need to be is incredibly creative as Netflix to get the directors worldwide that you need and that's actually a touch You need to have the touch of the people who are involved in the article that Buster talks about that's who Besides the breaking bad people that's who Tim Cook needs to get have you seen Planet of the apps? No, I've not seen Planet of the I don't go to the movies or and I watch TV only on Netflix really for the most part And of course sports Comcast. Yes. All right, Jim. Let's talk about retail Target following through on his you pod strategy. Yeah, you know, they under promised and they've over delivered But at the same time remember What you really want is real growth. They don't actually have it But I am excited to cat and jacks over two billion dollar business. That's a private label business Lucrative that the Nintendo switch was of course is powered by Nvidia chip has made hard goods better again That the cash flows good and that the food and drug business is no longer in free fall So, you know, look targets not my favorite TJX is by far my favorite there They didn't under promise. They just over delivered and I reiterate the TJX is by far the best in the So far in the retailers. I do think that both Gap and Walmart will be good All right, Jim. We're gonna do a little retail lightning round coach. Yeah, coach was a very big disappointment because Barry within the context Within the actual com school was a dramatic lowering of the gross margins that no one was looking for and that was a quite a surprise It was very disappointing call urban outfitters urban outfitters Again, you have to listen to the call and what that call was about was really a very granular call about the Progression of business in anthropology and urban outfitters throughout the quarter each month was better than the last They didn't necessarily call a trough and and the CEO had some terrific comments about the elephant in the room Which of course is Amazon, but you did see that the first month of the quarter was the worst And when we see that sequential game, we do want to buy. All right, what about Dick sporting goods? Dick's sporting goods com school was a disaster Because it talked about the need to be as promotional as possible to maintain share Fishing terrible hunting terrible Parallel not that bad, but it was a conference call that made you want to sell particularly because they bought back a ton of stock at 41 these buybacks are not working for some of these retailers and I cautioned some of these CEOs to recognize That their stocks aren't the buys that they think they are our two We also have Ali Baba reporting earnings tomorrow anything you're watching behind Ali Baba I didn't care about this quarter, but I'm not Ali Baba since delivering alpha Which is a CNBC product where I interviewed the people who run Ali Baba when the stock was in the 90s and came back and said It's for real. There are no accounting issues. They've got a great model I think that Ali Baba is terrific if you what one of the things to know about Ali Baba's It trades a radical in the day that it earned that it reports sometimes it spikes big and then comes in Sometimes it goes down at the opening So what you want to do is you want to buy half your position ahead and then see if it opens down and buy the rest Moving away from retail Bristol Meyer shares getting hit on a yeah I mean this really, you know, this is they've got two drugs up Tivo and Uravoy And they've been trying to combine them and work against different kinds of cancers This is renal cell very hard cancer to beat their trial does not meet the end points at the same time The drug stocks don't really come in for sale anymore because interest rates are so low All right, Jim on stop trading on stalking the street. You talked about Agilent technology Agilent's been one of my favorites. We profiled on mad money. They've got a very good testing measurement But they're in biopharma. They're an energy there They do instruments and instruments are a great business as we know from thermo Fisher And as we know from Dana her Dana her action alerts name if Dana her work to get out of dental That stock goes to 90. We are betting they're going to take action to get out of dental Which is why we continue to believe in Dana her otherwise you would be a seller of the stock Our team we want to end by letting everyone know that you have a big interview tonight on mad money valley and CEO Joe Papa Yes, uh, Joe is made certain promises when he was on mad money I question whether he could deliver them could be on the balance sheet and he has I look forward to speaking him Action alerts does not own the stock and that's because of the balance sheet By the way when you see balance sheet take a look at that TJX balance sheet, which is the stock that we own in retail It's really beautiful, but uh, I Like to give people their do when they come back and they make they make promises and they deliver on them And valiant is not necessarily a growth stock But it is not in the decline that it was before all right. We can't wait for that interview That's tonight 6 p.m. Eastern on mad money Jim Kramer. Thank you so much for more information on the stocks Jim mentioned Please head back to the street.com