 Good morning everyone it is Wednesday and we are on the floor of the New York Stock Exchange with Jim Kramer. Jim stocks slightly up. What do you make of the temperature of the markets right now? Warren Buffett's birthday today. Warren Buffett we speak with Becky Quick. Warren Buffett has been known to turn around the futures to the point where people regret that they had a short going on, whether it be an Apple, whether it be in the rails, because whether it be in USG, USGip, which is registered trademark, Gipson board registered trademark USG, probably the most in-demand in a situation where you have water damage. This is a man who does substantial amount of demolition in New Jersey, a man by the name who runs a company called Suburban Michael Haley, who has dealt with mold from Sandy. The big impact will be mold. Now remember because there was no there was no wind. Wind is the way you get the private insurers. Flooding is going to be the federal government. Let's stay close to that. It could be as much as 100 billion in flooding. Now in real money Jim you talk about how you expect a faster, more robust rebuild than Sandy. Yes and I think that fast because this is Texas. I think that it's a Republican administration. Even the Republicans who are against spend I think will cave because Texas is a state that gets its way. So if it's a faster rebuild does that mean it's less of a distraction for tax reform? No I think that what happens to during the 12 days of September the debates will be about repeal and replace because I think that Paul Ryan has no no desire to do what the president wants. Could be about repatriation which is the only thing I think could have a possibility. But repeal and replace will be back on the agenda because they can't help themselves and that's when I speak of real news of course I favor the president's economic agenda. When I speak of fake news I suggest that perhaps it won't be so easy to get through because you have to have a budget resolution and you have to have a debt ceiling. Debt ceiling regardless fake news by the president but I have to point it out. These days I want to say fake and real because I'd like to be on the real side of the president but I also have to report some of the fake news too. You are on the real side. And Jim you mentioned repatriation with that we should watch shares of Cisco. Yes Cisco is not down after a very disappointing quarter. Seattle will report very good data center numbers according to some research that I've read which means that that's a that's almost zero some these days with Cisco. I remain concerned that Cisco's tremendous turnaround is is a three or five year process. All right. Speaking of the broader economy GDP growth for the second quarter revised up to three percent. Why isn't the 10 year reacting more to this. Well I think the 10 year also reacts to there's a lot of fear. There's a lot of huddling that we could have a North Korean event. I think that the 10 year is stalled because there won't be any repeal there won't be repeal replace and there won't be any change in the tax code. So there's no big spend. Now I think the 10 years wrong. I think you can go up a little bit because I think the government is going to have to find a way to pay for this rebuild. I think it's not only agenda enough because it's still happening but there when you when the fourth largest city is flooded. Remember New Orleans is not that big. Fourth largest city is flooded and it's not a disenfranchised group. Having been down the New Orleans where the people who are really hurt the most were very disenfranchised in this country. Texas is different. Texas has tremendous pull in the country. So the rebuild will be real and the budget will come under pressure because of the rebuild. We talked about the 10 year obviously big implications for the banks. We talked about Warren Buffett earlier. The banks can lead a rally here. If Becky Quick says what do you think of back of America. I don't know what Buffett is going to say about the board of Wells Fargo. Given the fact that they let a lot of this go on. It's questionable. And you guys own City for Action Learners plus remind us. City is the only one that is trading a book value. So the more they buy the higher the earnings. And that's what I love about city. All right. Moving on. United technology is close to a deal to buy Rockwell. Rather amazing here is that let's get this deal done. Greg Hayes has got a deal done. I think United Technology stock has been trading up in anticipation of the end. I think the most salient fact that I've seen and I mentioned this a little bit in my real money piece. But you guilty add is up 10 percent since they bought kite. What does that say about acquisitions. It says game on. There'll be many acquisitions when we come back after labor. The floodgates are opening. But Jim what does this deal potentially mean for Honeywell. I don't know. Rockwell Collins Honeywell. No. No OK. Also Amazon's Alexa and Microsoft's Cortana are teaming up. What did you think. Well I think that what matters is that Best Buy is endorsed Google. And because Best Buy doesn't want to help Amazon. The long lives are out for Amazon wherever I look. Target switching on Amazon Web Services. Now Amazon Web Services is the cheapest. And people don't want to do it. I have Viva systems on last night which is a lot of different verticals for the cloud and the natural place for people to do business in the cloud is Amazon Web Services. Cheapest most efficient. But be aware that because the Amazon's overstepping into the retail business with Whole Foods there are a lot of companies that are pulling back and reassessing working with Amazon Web Services. Yeah. So do you think Walmart is watching this and they're not too happy that they're linking up Microsoft. Well no Walmart isn't happy. They're already telling people don't you really want to do business with us. Don't do business on Amazon Web Services. Totally. All right. Meanwhile Jim on Stop Trading on Squawk on the Street you talked about Universal Display. Yeah. OLED. This Deutsche Bank piece basically says that they've got Samsung they've got the Chinese and perhaps they have Apple. There's a heavily shorted stock. People when I mentioned positive people hate me for but that's because they're short and because Twitter you don't have to identify that you're short. It just looks like they say well Kramer doesn't know what he's talking about. Deutsche Bank is the people you're arguing with you're not Kramer. You also talked about Kevin Durant some incredibly harsh comments for under armor. You know just people don't wear under armor even insinuates that University of Maryland which is a Plank's home based on wear under armor. This is the kind of interesting war that tells me that the expensive sneaker is going the way of the small screen TV. People don't like it. Any implications for Coles which of course carries under armor. No Coles is doing pretty well. I thought that was good. Under armor being in Coles is her finished line and footlocker. Totally. All right Jim let's also talk about earnings to watch we have Lululemon. Obviously we're hoping it's not like a footlocker. I think Lululemon could have good quarter. I think Lululemon's fashion. The fashion plays have done pretty well. I think that they've managed to make a accelerate fashion which is what you have to do. That's what Ralph Laurence will work on. Everyone's working about how to get the fashion right and if it's wrong just quickly changed. I think Lululemon could be okay. I think Lululemon could be okay. Now what happens with Lululemon is it's often forced down by bears and then people come out and say listen you know let's look through this thing. Maybe it's not as bad. So Lululemon is what I call football stock. It's often influenced by shorts and then the real story comes out. So don't make the first move Lululemon. All right. And the last earnings to watch on my list was Campbell's soup. They're reported. Yeah. I mean Campbell's soup. I know Dougie Cass has got some really things about real money pro about Campbell's soup. The Durant family seems to be reluctant to sell. You know Campbell's is one of those situations like a lot of these companies. If Kraft Heinz doesn't buy them they're overvalued given the fact that my daughter did an extensive price check for me. Whole Foods vs. Kings yesterday. I just said listen I went prices checked out and Whole Foods came in dramatically under. Wow. Yeah. Dramatically under. All right Jim before we let you go forget the stock market tonight it's a big night for fantasy football. Yeah you know these tonight the slump and dick a leg is open for business and everyone knows who's followed our videos over the years that I am the ski daddy skis and the ski that the ski daddy strip fifth obviously I can't say on this who I would pick because then that would the slump and dick a leg watches all my videos but if we're on the ESPN app it is an incredibly important night. A lot of people feel it's most exciting out of the year. I've got a desk that I will do a selfie and show on Twitter that is really a war room. I am praying that my friend Adam Schefter can weigh in with me. In the meantime I've been watching Adam Schefter's daughter do some unbelievable interviewing of the new England Patriots. She's a star. Adam I hope you listen to that so that maybe you'll help me when we get to the middle rounds because I have done a video with Adam on ESPN which is about the notion I favor drafting quarterbacks higher and defenses higher that is considered to be sacrilege for the people who really know Matthew Murray has also said that same thing these are people you must if you're in fantasy Matthew Murray Adam Schefter don't forget Roto world okay Evan Silva and don't forget John Hansen fantasy guru who is great up-to-date stuff fantasy guru being an amazing publication. All right Jim we're going to follow this journey along with you. I mean look fantasy I know a lot of people who are interested in stocks follow fantasy and the draft is I've used many times to be a kind of a simulated stock draft that you do the same thing let's not forget apple breaking out here it does matter tremendously Nvidia if you listen to the best buy call the switch is the hottest product that's powered by Nvidia that's an action alerts plus dot com name don't forget if you think that apples good then in the launch is good then Broadcom is the company that is the most intellectual property and they're also the one that has a best 5g understand the program has been heavily under assault by both shorts and longs the longs feeling that perhaps the lack of a guide up by hawk tan signals the end of the broadcom run I think hawk tan is smarter than that but no one's better than Jensen Wong who is an Nvidia and don't forget my dog answers to the name and video and Chevron 2 for your other dog that's the other dog I pictured both of them Chevron was very forlorn out because I do feel that West Texas intermediate is going to trade down to 42 Carly Garner new price target maybe even as low as 38 I have up to date information on all of Katrina so let's get here this is as of this morning the Eagleford corpus course it was basically shut down by flooding in excess water crewed has been off the market it does need to be sold or stored unknown how long that situation will be Permian Chris rusty Brazil really help me Permian crewed has continued to flow that is being there's no place to put that stuff which is one of the reasons why WTI is coming down refiners we back online earlier than people think corpus refineries apparently suffered little damage even though there was tremendous rain exports of crude are totally shut off again that's why WTI is going to come down what is receding in Houston so we don't really know the impact of Harvey now I also have up to date information on the insurers as of about eight o'clock the reinsurers are not even coming into play because there was no wins so the all states and travelers that have come down you want to buy them back the federal government is the only hope for for people who have bad flooding because the insurers are simply saying this is not a windstorm we can't help you so that's up to date on the reinsurers up to date on the insurers up to date on the refineries and up to date on the oil and all that is a scoop for those of us who those of you who are watching this video well it's great information and you heard it right here everyone one last thing on the futures the morning futures once again I have to chide these people as being idiots it's okay it's there's nothing wrong with calling to out the people of the idiots and the reason I say that is if you read confessions of a street addict you'll see something idiotic that I did before market so if I'm wanted to say an admit and confessions of a street addict something idiotic I can certainly call these people out of city on this is how we all learn yes exactly Jim Cramer thank you so much as always great information alright for more information on the stocks Jim mentioned please head back to the street.com