 Good Monday morning. It is the final trading session of July and we are on the floor of the New York Stock Exchange with Jim Kramer to break it all down. Jim, Dow reaching a record high but as you write in real money you become bearish on Washington. Yes, on Washington. That's really important because there are a lot of people like Grover Norquist, a whole friend of mine from college came and said, don't worry about it, the tax reform will be on. In Congress, September 28th, I just don't see that happening. And I had to pull back a little just because I thought that at least repatriation would happen when I was interviewing Mick Mulvaney the OMB. They're talking about it has to be all one big package and that was the mistake of Obama and the mistake of the Republic. Any time you're one big package you can't get it through and it was so dispiriting for a hater like Obamacare, the idea that the Republicans weren't even together enough after something that they said for seven years they were going to do. I just question if they were going to do that and wanted to do that for seven years. What are they going to do with an agenda that is forced on them that they don't really seem to have any interest in? And when you killed the cross-border tax, what that did was kill most of tax reform because they have to do it revenue neutral. They can certainly say, listen, it's temporary. That's not been the Republican style. I think people are misreading. The Republicans do not want anything that would make it so there's more borrowing. So I think things are going to be very, very tough in Washington. Don't look for help from that. Stay focused on the companies. But it certainly still, I think most people still think something's good going to happen in Washington. I know what you're doing. Wow. All right. And we also have a merger on this Monday, Discovery and Scripps. Right. And there's one that I think shows you that there's still value to programming that's evergreen. One of the reasons why I think a lot of us kind of felt that Discovery might have going after Scripps is because they are these slivers, these niches, but the niches turn out to be very broad. So it's not really a niche because Scripps has a very powerful hold on food, very powerful hold on do-it-yourself, a big woman audience. But what I think is amazing here is here you've got two companies getting together with evergreen content and yet there's Disney struggling with ESPN, which is active content. And we always hear that what people really want is live programming. There's really nothing live when it comes to either Discovery or these various networks of Scripps. And yet they want Scripps because they want to be part of a relevant bundle and be able to put something together. I do think that this is a lot of synergies, a really good deal for Discovery, which had become irrelevant. All right. We'll watch how that plays out. So Dow Chemical CEO Andrew Livers is facing an activist investor battle. Yeah. I mean, I think that there's a... This is really rather odd. I think that Ed Breen, who runs Dupont, is going to bring out as much value as possible. Go check out what he did at Tyco. And a lot of these activists, I think, are really just against Livers, which surprises me. It wasn't like Livers was not confident. He created a lot of value at Dow. But I think they want Breen to just carry the ball and to get Livers out of there. I think it's the wrong focus. I think that they should just be sticking by Breen and watch him create great value. Well, and you just spoke to Andrew Livers recently on... Yeah, I spoke to him last week. I mean, well, he gave me the heisman on this. He was not about to talk about breaking into more companies, even though his company has six different divisions, which is where I came up with the question of like, could there be six different companies? If he has six different divisions and Dupont has a similar number of divisions, it's hard to imagine that there are only going to be three companies. Alright, meanwhile, charter communications is not interested in buying Sprint. Jim, what did you think? Yeah, the whole thing is very convoluted, but it does feel like that there's going to be some sort of deal in cable. I have to defer entirely to David Faber because he has been breaking these stories left and right. He's been accurate. He says there will be no deal, but at the same time he recognizes where there's smoke through the fire. So we want to stay tuned. And Jim, that reminds me of Verizon's rally. I mean, I know you just went over the conference call yet again. Verizon, yeah, I had to because I'm trying to figure out how much of Verizon gaining share it has to do with the fact of the unlimited plan. Those of us who have Verizon, I think there is, for me at least, a decline in the actual service. But when they went unlimited, I think so many people joined that they were somewhat overwhelmed. I think they themselves were definitely positively surprised by the number of customers they got. All right, here's a topic Jim, you've talked about a lot, the snap lockup period expiring today. Yeah, I mean, look, I wanted snap to be able, I wanted management to come out and say, look, we've talked to the large holders and we don't expect any stock to come for sale. We didn't get that. Snap has been like blue apron, very, very disappointing. It is surprising to me that it is the stocks doing that poorly. But then again, the first earnings period out of the shoot was bad and that's quite shocking. All right, now millennials are taking selfies on snap and with that, you need to look good and that's where Ulta Beauty comes into play. Sharers are getting hit today. Right, well, Ulta, L'Oreal is very affiliated with Ulta, their number one partner. And L'Oreal had a remarkable conference call last week that people didn't focus on enough, which said, look, there's been a slowdown in this area, this mass market, which is Ulta. And Ulta's stock has been going down, down, down. And what's clear is that all this does is verify why the stock's been going down. So I think someone will try to make a stand in it. But what was, I'd say, quizzical was L'Oreal had no real answer about what's going on. Now what we've heard is that a lot of department stores have gotten a lot of price cutting on cosmetics to get people in. But it's very clear from the L'Oreal conference call that there's no way Ulta can be doing as well as it is or that we thought it might be given L'Oreal's comments because they made sure that people understood they affiliated with Ulta. That's mass market. Estee Lauder is upmarket. I'm not so sure Estee Lauder has been saying good things, but Estee Lauder's also partnered with Ulta. So Ulta's really kind of the center of all things. All right. And then on your stop trading segment, Jim, you talked about Costco. Well, I just think that I'm watching the nature, I'm using Costco as a bit of an analog. If you look at all the retailers, the bricks and mortar retailers, post the Amazon conference call, you do see that they're coming back. Coles has had a big move. Now, Dillard's, congratulations, Doug Cass for catching that Dillard move. It was really incredible. It was his pick. But I think that what's happened is people are saying, wait a second, Amazon didn't kill everybody. Now, they certainly intend to, and when you get involved, Amazon could come out with a press release and really come after a lot of different companies and maybe we would reconfigure and bet against these brick and mortar retailers again. But they're moving up and Costco's moving up. Costco, I think, has made a bottom. Remember, Costco has membership fees. That's how they make their money. It is true that when Whole Foods opens up and when the two German companies really blow out their supermarkets, I think Costco will be under pressure again. But right now, the whole group's lifting. And I think it's because the Amazon call did not inspire you to think that Amazon's winning on every single front. All right. Jim, we'll end, as we always do, with earnings to watch. A big one on Tuesday, Apple. Yeah. I mean, I want people just to go to our bulletins from Action Alert and you can see what we're saying at this very moment about Apple. All right. Jim, are you going to buy the iPhone 8? Yeah, I will. I will get it for my kids. They're still using the 6 and the 5. All right. And then, Jim, I also know it was a big weekend for your garden. Yeah. I had to put up a trellis to be able to handle cucumbers. They were about to literally attack one of my favorite trees. And I had to put a stop to it by putting trellises up. These things, they have tendrils you wouldn't believe. There's a very interesting picture I posted. I put in a trellis and within a couple hours, the cucumbers' tendrils had already wrapped around it. Send me your time-lapse photography. It's really incredible. We love when you post your garden pics. Thank you very much. And, Jim, before we go, we also just want to mention our trading strategies roundtable tomorrow. Oh, very good. 11 a.m. We'll be talking about what's hot in August. All right, Bob. We look forward to seeing you. Thank you. We're going to have a great time. And, Jim Cramer, thank you so much as always. Thank you. All right, for more information on the stocks Jim mentioned, please head back to TheStreet.com.