 All right there you have it the Dow Jones industrial average hitting 22,000 for the first time ever And we are on the floor of the New York Stock Exchange with Jim Kramer Jim another milestone for the markets underneath We have a sell-off today remember at a mystic Index Apple overweighted before that 40% was Boeing. There's a lot of stocks that are down There's not a lot of re-through to Apple I thought there would be for some of these places like the skywork solutions we own Broadcom for action alerts and of course we've owned Apple forever So we have to be careful today We got to get the basis of the sell-off because it's being masked very effectively right now by Apple But there are things underneath that I'm concerned about it does feel like that there's not a lot of re-through And that we've seen some turmoil and I'm trying to get a feel of it and as you said I'm mad money last night It's okay for people to take some cash. I said that look you got through the spin cycle That so many people came on and said look you've got a sell now I remember one they're not going to point out any particular names let others do that But people who came on air and just said look this is the most consequential sell-off and it's really time and What I'm saying now is she got through the sell-off So if you were one of these people who was spooked but didn't take action or you felt it You're going to panic next time you've got the market all the way back So this is when you want to take action if you do want to sell and President Trump tweeted yesterday About Dow 22,000 now that we're here. I mean how much credit should we give him? I think the deregulation stuff is serious And it does help the bank stocks. I think that's very real the number of regulations that were passed under Obama they're about 25 regulations for every law and The deregulation has meant a lot for the financials the other Hopes I think for tax reform. I know that they expect something this year. I don't But there is a notion I think of a more pro-capital. He's meeting with business people to almost every day There is a sense that you're a bit freed up from the notion of a president who felt I to some degree That stocks were the province of only the rich I do think that periodically when chump embraces the market He should embrace it more wholeheartedly from the point of view of individuals coming in and buying stocks I know that he's good if you should get a little more granular because I think that there is more of a sense of Hope even as there's now a sense of a bit of futility post the inability to repeal and replace And and so we want to stay focused on Trump But it's the deregulation is what he can do and that has helped Financials to some degree oils Although the oil companies obviously are now being challenged out of what we saw pioneer All right apple driving the Dow you alluded to that earlier. What did you make of apples quarter? Okay, apple is really a triumph of iPad and service service now double-digit service the size of a fortune 100 company Which means it comes in around 28, but the growth of service 22% growth We'll make it so that you could start putting numbers on that service stream. I've been waiting for that to happen It's accelerated even though it had Pokemon go last time Which was a very big user to talk about remember the talk about augmented reality That's also going to drive a lot of what I think is going to be service revenue If you play for iCloud backup as I do service revenue music service revenue 180 million people 20 million came in additional for service revenue just this quarter alone a Service revenue renewable stream where you just pay Apple endlessly is what's going to get at a higher-priced earnings multiple The iPad I think is directly related to the shift of time Architectonic shift of time toward Netflix not going to the movies. I have a piece this morning in real money about the AMC Versus the experiential Royal Caribbean versus the Netflix era and how much fang and there I am talking Facebook Apple Amazon Netflix Google really alphabet in there and focused on YouTube have become the time of how you spend You could make it fang and put Activision in there by the way. What did you make of AMC's results? Again AMC is a problem with a Buster cone has done unbelievable stuff for the street If you want to check the granularity of why movies are not moving this year now, there is Star Wars coming up So maybe there's a return, but I know that AMC basically Kind of added and added and it looks like that the EBITDA went down. Anyway, it should have gone up I do think that this 4% decline plus in American box offices a stunner And you have to take a look at that and say what are people doing with their time? And I think they're watching on an iPad They're watching on with the $200 model in particular which is blowout with double digit for iPad first time in a long time That's back and they're watching on the plus which is a form factor that a lot of people feel very comfortable with I've referenced there the ATT call and the need to have time Warner because HBO can be watched. That's my derivative. You know, you can watch the NFL You watch HBO on a plus format. It is working well I think that the notion of the 70 inch TV interesting enough rich Fane FAIN on the world Caribbean call talked about people not buying TVs Talked about people not buying cars people talking about people creating memories and moments Experiential on his cruises boy, the numbers are great there. Then they put that on Facebook This is my derivation and then once it's on in you know, Facebook Instagram then people then watch it was two billion People are doing this process. A lot of people watching YouTube Internet TV is taking over The actual TV. So Jim, when was the last time you went to a movie? I I had I can't recall I can't recall when I last went to the movies might have been hacksill rich, but I am a multi-watching Series I just started Ozark and put the bed out trying to put the bed house and cars at the same time Can't but I got to get these done before stranger things starts because I can't have some binge so much at once I've never thought that I want a rainy day on a weekend But it's my my chance to catch up with Reed Hastings whom I love again Buster Cohn with a fabulous article Finally gets Netflix to speak about what they're doing. I reference the street.com for sure Okay, Jim. Let's move on to Mandalay CEO Irene Rosenfeld stepping down You know I look a bit of a shock because I had Ms. Rosenfeld on mad money not that long ago And she just finished her five-year plan the gross margin She's created a monster there in terms of gross margins, which is why the company can make so much money on 1% organic growth That's all they have but believe it or not when you're when you're in the food business 1% is pretty good snacking category growing faster than others fastest growing snacking part is As PepsiCo and the and Frida lay there's a lot of takeaways here But one of the key takeaways is I think you need to see even more consolidation By the way, she did say that the daily Daily delivery to stores that so-called DSD Dave Faber asked her about is really a game winner for Mondays Which therefore it's a game loser for Kellogg which stopped that Now in the consolidation of food theory, I none of these companies wants to be acquired But we know that Amazon coming in big with Whole Foods It's going to change the dynamic of what these food companies can charge for those that are in the natural organic section Were you surprised by how much the cyber attacked impacted my analysis results? Yeah, and I came back and told David during the break I said this is the first time you really have other than the obviously the target and Home Depot This is the first time where they came in at the end of a quarter of destroyed a quarter I don't think you're gonna get that I know Irene said that you're gonna get some of those revenues back But I know from PepsiCo that July 4th is a gigantic snacking holiday and they were not able to get it for July 4th This was obviously a Financially vicious hack and I think that it's gonna once again cause board members to say what are we doing here? But the answer is is that the bad guys are always one step ahead of the posse Even as the good guys tell you that they haven't saw our gym moving on on your staff training segment You talked about FMC. FMC is all about lithium. It's a remarkable story. We know that lithium is used in Batteries for the next generation FMC has a huge amount of it. They're gonna spin off the lithium FMC got a fantastic Break from the government when Dal and DuPont were merging They had to get rid of some of DuPont's best seed properties. Those went to FMC. This is a hundred dollar stock All right, and then we'll end as we always do with earnings to watch we have young brands reporting You know yum is I think it's interesting Papa John's was good domestically and Domino's was good domestically I want to see if they if they really managed to fix pizza I think talk, you know talk Taco Bell is is the standout story there The recent incident again with Chipotle a setback for Chipotle. I Like yum. I'm not jumping up and down to buy it But but there again quicks QSR had a good quarter McDonald's had a good quarter Remember they had six points. It's worth worldwide and don't forget yum brands is everything but China Which makes it pretty fascinating to me. Obviously yum China. I think is a little more challenge But I think that this is a very well-run company the food that whole restaurant group's been under a little bit of pressure I'm going back in from Texas Roadhouse and circling and thinking that Darden could be a buy down here big All right Jim Cramer great analysis as always. Thank you so much for more information on the stocks Jim mentioned Please head back to the street calm