In today's Daily Rundown, Jim discusses our decision to not be greedy and take our big gains in PayPal (PYPL) (see our Alert here), the February employment report, today's market action, why you have to be a skeptic sometimes about the negativity, and more! Plus, he answers a club member question about Viacom (VIAB) .
Katherine Ross: Hey, you all, I'm Katherine Ross with Action Alerts PLUS. I am here on the floor of the NYSE with Jim Cramer. Jim, let's chat about PayPal. You guys are exiting out of the position. Can you explain?
Jim Cramer: You know what? Bulls make money, bears make money, pigs get slaughtered. We've been being pigs. I mean, we bought it, we made a ton of money. You know, I just feel, I woke up in the middle of the night and said, "What am I doing? What am I doing? I like PayPal, but I am being a complete pig. And there are other stocks that have fallen that are so much more attractive."
Jim Cramer: So I just said, "We're being pigs, and we're not pigs, let's go."
Katherine Ross: Should members act on PayPal, too?
Jim Cramer: Yes.
Katherine Ross: What should they do?
Jim Cramer: Sell it.
Katherine Ross: Okay. All right, and then let's talk about this jobs report, which we talked about over on Facebook Live. But I'm wondering does this jobs report, which is so dismal, mean that there's a recession on the horizon?
Jim Cramer: No. This is a one-off. There were many different cross currents that were all negative, whether it be government shut down, Lunar New Year in China, stocking up and then realizing you don't need to stock anymore, because we didn't get the tariffs that we thought were going to happen. I've never heard Costco ever say that the weather's to blame for anything. Given the fact at how well Costco is, let's just take them for what they're worth, and they're worth more than what the Labor Department puts out.
Jim Cramer: These are companies now that are very sophisticated. They have all sorts of artificial intelligence. If they say that something nationally hurt, trust them. Don't trust the Labor Department. The Labor Department doesn't have any AI.
Katherine Ross: And what about the revision of the January numbers? Do you have any thoughts there?
Jim Cramer: Look, you know, average them. Average them. It's pretty good. Employment's good. I like the fact that more women are joining the work force. I like the fact that we're having minorities join the work force, and that's continuing unabated. It's really fabulous. And wages are up. I like that. You know, there is going to be a long time before the worker's going to catch up to the CEO.
Katherine Ross: Before I ask you any questions from the members, I'm wondering, do you have any thoughts on what's going on this week and going into next week?
Jim Cramer: Well, look, I mean I just think that it really doesn't matter what companies say, because we're caught in a global rout. So you have to wait and see who did well, mark it down mentally and say that ... And because I only want to deal with numbers that I've seen, because right now the numbers are so cross current beginning next week. Because we've had so much craziness, I want to rely on what I've seen. And I think the markets more Costco than it is Burlington. How about that?
Katherine Ross: I like that. All right, so I've got a member question for you. Bob is wondering, can you discuss your view on Viacom a little bit more?
Jim Cramer: Well, look, Viacom is a great entertainment company. And in an era where people think entertainment's dead, they've picked up share. I think they're going to merge with CBS and become one of the remaining powerhouses. Bob Bakish is doing a great job, they've really cut expenses. I'm very disappointed in the action, it should be higher, as should Disney. But you know what? It's time is going to come, and I'm patient.
Katherine Ross: And before I let you go, real quick, should members just hold their positions until next week or what should they do?
Jim Cramer: Well, you know look, when we see that we're pigs, I feel they were being a little pig in Palo Alto, they were being a little pig in Danaher. But when we're pigs, excoriate us. You know, one of the things you don't want to do in a global rout is get complacent. Now there's a lot of people who say we are complacent, everybody's complacent. That's nonsense. By sitting here and talking about a global rout and what's going to happen in Italy, that's not complacency. It may be over negativity, though.
Jim Cramer: I did a piece last night about pessimism and cynicism. And the cynicism regarding that new drug that J&J has, this ketamine drug, Spravato. Let's not be too cynical. Let's recognize that every global rout story has been a buying opportunity, but you have to time it correctly. And we're going to talk about timing of how to take advantage of a global rout, advantage of, in our conference call at 11:30 on Thursday.
Jim Cramer: I've got a lot of work to do this weekend that's just going to map out why we are not down 400 to 500 more points. And the answer is because we're not in a global rout here. We're just importing mentally our own global rout, thank you to my great friend Larry Kudlow, who worked with me at the morning show, to hash that out the way we always did when we were together for almost four years.
Jim Cramer: You know, this is a market where, you know, if we were really in trouble, Nike would be at $79. If we were really in trouble, Proctor would be at $90. If we were really in trouble, Walmart would be at $87. We're not in trouble. But we can import both mentally negativity and the oil number to look like recession, we can import negativity. And what I'm urging you to do is import skepticism on the negativity.
Jim Cramer: Skepticism on the negativity will be a major theme for our 11:30 conference call on Thursday.
Katherine Ross: All right. And members, just remember it's on Thursday-
Jim Cramer: Skepticism, negativity. One more patient, again, I want to leave you with this. I am formulating my goals, at the advice of my eldest daughter, CeCe, who is so amazing, purpose driven, sustainability, passion project, International Woman's Day.
Katherine Ross: All right, Jim. Thank you as always for joining me. We'll see you guys next week.