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tv   Mad Money  NBC  October 21, 2015 3:00am-4:00am CDT

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tuesday, everybody. >> bring it, hoda. >> whatever. [ laughter ] >> i don't know why i like that, but i do.do. my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, i promise to help you find it. mad money starts now. hey, i'm cramer. welcome to mad money. welcome to cramerica. my job is not just to entertain you, but to teach you. tweet me @jimcramer. oh, boy, the rotation is back, and it's crazier than ever. for days now this market has been loving -- buy buy buy buy buy.
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relentless. money flows into clorox, procter & gamble, along with the fastest growers like amazon. but that whole move ended today. the dow dipping 13 points. the s&p climbing 1.4%. the nasdaq did not tell the story of how bad some stocks were today. how come growth is suddenly going out of style? it's just plain fickle. many of the industrials got beaten down the point where they spotted -- juicy dividends, far greater than you would get from treasury bonds. take eaten, here's a conglomerate you're familiar with if you watch this show. that's been a very poor performer over time. stock traded up to the high 70s
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this spring, some sort of acquisition that could take advantage of eaten's domicile. got that really good tax advantage situation. didn't matter, the company consist enthely missed wall street's estimates. the stock drifted down to $51 this morning. where it had a 4.25% yield. there's a giant shortfall at work. $240 million worth of revenues vaporized. among many other faults, the company has too much oil and gas exposure. i've been disheartened by this downward spiral. i don't their things were all this bad. especially since eaten's ceo came on the show and told a pretty good story. it fell on deaf ears, though, and now we know why. eaten didn't have the horses to meet the estimates. this morning i talked about it on mad dash.
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another big down day. no. after dropping about 50 cents, etn's stock jumped higher, closing up 1.10. how is that possible? for starters they've been caught in a horrendous bear market. this bear market met its nemesis. the stock bounced off the level you would expect it to take out in wake of the really bad news. that's the fuel behind this bounce, a stock with an accidentally high dividend yield. something that caused many industrials to stop going down during the great recession. including etn. etn's dividend has been set at a safe level. the stock i'd say that level, seems to have hit a bottom. how about dover, dov. another we don't talk about,
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gas. a stock that's been a total dog lately. maybe that comparison is unfair to the animals of the canine persuasion. dover's been hammered relentlessly thanks again to the fact that there's some oil fueled explosion. they've been mauled by the bear sliding down to $55. when many industrials rebounded. the company reported this morning and it was hideous. [ baby crying ] >> dover delivered a big revenue buy down. minus 10 to 11%. lower than earnings slashing. it was a tremendous set back for those who thought maybe -- it is hard to imagine a worst statement from the ceo than what robert livingston said this
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thanks for nothing. what happened to dover's stock? instead of plummeting, it roared higher. faulting nearly $4 and just 6%. dover simply going down too much. throw in a 2.89% dividend yield, and you get the recipe for rebound. and the same goes for utex. the formerly fantastic congress glomer ate that seems to have lost its way. they make otis elevators. it didn't help that delta airlines reported, talked about a wide body aircraft, glut, never good news for united technologies. the u.s. government doesn't seem inclined to boost the defense budget. it's no wonder that the company just reported an $800 million revenue shortfall this week. the stock had already traded down from 124 this past february to $85.
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that was three weeks ago. part of the reason why after today's revenue shortfall, united technologies on that horrible buydown soared. some people say it wasn't much of a die down at all. the stock was also helped by a newly announced $12 billion buy back. as greg hayes could buy back stock, because he thinks the stock's cheap itself. i'm tempted to agree with minimum. these are breathtaking moves. unlike these other companies, ppg reported an in-line number. what do these companies have in common? why can't they snap back. how about a belief that china can't get much worse. how about something that says europe's getting much better. maybe the fed is on hold, whatever, it's working.
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getting an examination. take harley-davidson, a company that has a stellar track record. in the meantime, inventories are too high. harley was down $3 from its that's not enough in a bear market. unlike dover, eaten or united technologies, consumer exposure, and that's not something to bank on right now. hog finished down $7.80. almost 14%. then there's ibm. what can i say about ibm. not enough acceleration. the stock got slammed down for $8. even though it had already fallen $27 for the highs. my conclusion, ibm is not industrial. it's a tech stock. we shouldn't try to shoe horn it into another sector. more on ibm later. how about lockheed martin, they delivered a nice earnings beat,
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they didn't raise their forecast for 2016 enough. at one point it was down 4. my take, lockheed was never in a bear market to begin with, it doesn't share the characteristics of today's bull in a beaten down stocks. lockheed martin's a buy. of course, as usual, the industrials are going to rally, the money has to come from somewhere. today it came from the biotechs which got murdered and tesla, amazon, google, as well as chipotle. take valiant the political heavens remain too much for valiant it's cascading money. it's up ending its business model now to spend more money on new drugs. that potentially slowing growth that will cause that spilled over and everything -- most definitely what people think is
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has been annihilated. we just can't seem to put together a decent streak where we are bear free, even for a single day. here's the bottom line, it's clear to me some industrials went down too much. it came roaring back on negative, not positive news. let's go, when the disgusted holders have already sold, leaving behind a hardened shareholder base, that seems to be able to tolerate -- >> the house of pain. >> -- endless pain. >> booyah, how are you? >> home of the world champion new england patriots. take down the jets this week. >> we have some jets fans in the room. >> merck, biotechs are getting killed. buy, sell? >> no, merck is very tampa bay
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leer, i don't want to touch it. i'm surprised, the yield is not helping it, we have a lot of the drug stocks. a reordering in the drug stocks, the one i like, it has both diabetes and anti-alzheimer's is lilly, lilly got hit really bad today. let's go to curtis in north carolina. curtis? >> caller: yes, hey, jim, thanks to you and the mad money team for taking my call. i can't wait to see you on the debate feel. >> that will be fantastic. >> caller: raytheon, what are your thoughts. >> i think ray thighen is real good, i happen to like lockheed martin now more, because they were down today, but raytheon is terrific. all these countries need defense these days because of all the troubles worldwide, that means you need missiles. and you need to be able to shoot them down. how about key in florida? >> caller: kramer, looking at
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market cap, looking at 41.71. looking for your long term investment. >> this is a position owned by the chapel trust. wewehink it's bottoming here. it's been a terrible performer, i think you should wait until it goes lower if you want to pull the trigger. the rotation is back and it's relentless. and people got too negative on the industrials. and now they're having their day in the sun. on mad money tonight. ibm hit a five-year low. i'm heading off the charts to find out if big blues blues could continue. how do you solve a problem like slowing growth? when it comes into this market, to each its own. when opportunity knocks? carrizo answers. i have the latest with the ceo to see if the move can help the company fend off lower oil
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stick with cramer. >> don't miss a second of "mad money." follow @jimcramer on twitter, tweet cramer, send jim an e-mail to madmoney@cnbc.com or call us at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. i asked my dentist if an electric toothbrush was going to clean better than a manual? he said sure. but don't get just any one. get one inspired by dentists. with a round brush head. go pro with oral-b. oral-b's rounded brush head cups your teeth to break up plaque and rotates to sweep it away. and oral-b delivers a clinically proven superior clean versus sonicare diamondclean. my mouth feels super clean. oral-b know you're getting a superior clean.
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ibm got taken to the
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plunging to a five-year low. they cult their full year earnings forecast. it looks like big blue has got the blues. ibm's newer faster data. we know the company is trying to turn itself around. the sentiment is overwhelmingly negative many that could be a positive. after the quarter seems pretty clear that ibm deserves galore. when the share price gets obliterated every time earnings season comes around. what's the point of owning it. the question is how low can ibm go before it finds a bottom. at what point have they been punished enough. he's a charter market technician, who's a professor as
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realmoney.com. get a sense of where ibm may be headed after this quarter. i devour bruce's stuff, very thoughtful. for starters, let's zoom out to this long term charter, going all the way back to 2006. they think this picture provides you with some excellent context for the move. we know that ibm had a lengthy four-year rally starting in 2009 as the global economy bounced back from the recession. in 2012 and 2013, ibm stock topped out. this chart tells us ibm remains stuck in a multiyear down trend. why don't we zoom in on ibm's daily chart. you can really see the impact of that downward sloping channel. ibm is well below its decline ing daily average. perhaps the worst part of this picture is what's known as the
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the bottom of the chart. this is a momentum indicator. whether money is flowing into or out of the stock. in in the case of ibm, the on balance volume peeked along with the stock price back in may. see, there's -- it's up there, okay. you can see that this thing is kind of -- confirms. and lately has plunged to incredibly low levels. adjusted to many of ibm's major shareholders are continuing to liquidate its positions. i saw that, i said, we're clearly not done. the big boys have been bailing for months now. but today's brutal selloff, really ago selling rated that process. in the wake of last night's disappointing results, the average daily volume for ibm is a little more than 5.3 million
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shares many did you know that the first 45 minutes, more than 4.2 million shares had changed already. the stock made that new 52 week low. now, i have heard some people argue that given ibm's two recent previous declines, the stock might be making a triple bottom today. that's what i hear, okay. right? cambridge thinks it's way too premature to be called a triple bottom. for that really to be the case, the stock would need to rally sharply from these levels. back do 152 to confirm a triple bottom. that doesn't seem likely. the discouraging conference. it's highly unlikely it's going to trade where it did after that call. if ibm is not bottoming at these levels, how low does cambridge think it can go?
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here cambridge points outthe stocks 40 week average has already been in a downtrend for the last 12 months and has the stocks on balance volume. both of these indicators are getting uglier, not better. suggesting ibm isn't finished going lower. we have to ask, how much lower. cambridge thinks it's worth checking out. a longer term chart going back to 2001 in order to define ibm's down side. this chart shows you the key resistance levels. in 2012 and 2013 ibm peaked after it failed to break out above the 210 level. it's like a ceiling, okay, guys. let's go back a few years later to see where ibm peaked. they repeatedly ran up against the ceiling of resistance of 125. this is what technicians call prior resistance. once the stock breaks out above a past ceiling of resistance,
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wait a second, that's roughly $16 below where it's currently trading. 125, possible price target. he's not sure that the floor of 125 will hold. i'm telling you, this is one of the worst charts in the book. to really get a sense of potential downside. this is a picture that sort of looks like a complex game of tick tack toe. this is a point and figure chart. it's a way of plots the stock without the passage of time. measure significant price movements and filter out the insignificant ones. in the case of this chart, cambridge drew up for ibm, each box is worth $2. a column of xs indicate a rising share price. a column of o's indicates where the stock went lower. x o.
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from 2009 to 2013. then the peak followed by the subsequent decline. and based on the way ibm has been repealing its previous rally, they could take the stock all the way down do, are you holding your breath here, 116. that's because years ago, ibm rallied in a straight line from 116 to 148, which is roughly where the stock was before the company reported last night. cambridge wouldn't be surprised at all if we repeal that move and the stock tumbled 18% down to 116. even though i wouldn't go near ibm after what the company told us last night, i was disappointed. even though ibm sales are steadily shrinking, the company still pays a large and safe dividend. i think the negatives will get priced into the stock at a certain level. betting against ibm has been
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it wouldn't shock me if the grim forecast did come true. let me give you the sorry bottom line about ibm. the charge isn't governed -- even after today's brutal loss. i have to agree with him, i just have to. the stock is too worrisome to own. at least as we get some sort of stabilization. after these disappointments, doesn't seem all that certain to me. much more "mad money" ahead, four different stocks. four different paths to growth. which company could come out the leader. could corrizo continue to croll its destiny. how could a newborn help heal wounds? i'm getting a firsthand look at the technology at your request,
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just because your company's growth has been slowing doesn't mean you need to sit there and take it. although you wouldn't know it, based on how some ceos are responding to the challenge. four companies with slowing
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growth and for very different ways of handling the problem. here's ibm. slow growing old software technology business. the hope had been that the quick mover portion of the company would be able to accelerate to the point where you would stop fretting about ibm's losses. trying to eliminate losses on the legacy side. trying to provide a bountiful buy back. it doesn't seem to be working. as the good part of ibm's not growing fast enough. and the decline seems to be accelerating. the buy back and dividend aren't enough to support the stocks. ibm fell to an all time low today. second there's sandisk. they haven't been able to deliver strong numbers, it's
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sure trying, though. companies hit a wall. sandisk has decided to sell itself. maybe to western digital. that's an admiral way to reyard shareholders, the category of commodity flash has gotten too hard to reap big profits from. on that common sense approach to selling growth, what about walmart. this company's another retailer and formerly fabulous grower. cutting to the bone in order to keep his prices low. now it looks like they cut through the bone. the ceo has decided to throw money at the problem. raising the pay and the pride of the workforce. this gutsy move could end the death by 1,000 cuts. that's hurt the company so badly. >> the house of pain. i think it's necessary to preserve walmart's long term
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that's a very amazon like move, and the strategy appears to have the support of the walton family. extremely prodividend weren't the biggest shareholder at ibm, i wonder if ibm wouldn't be as bold as walmart. i wonder if they can pull off the transaction. the stock has yet to break out of its tailspin. off fractionally again today. there's young brands, the parent of kfc, taco bell. companies choosing to spin off china, which is the potential for accelerating growth, but has lately fallen on harder times. here's a strategy that could reward shareholders. the rest of the chinas, it's not so hot either. you know what? i'm not sure i want to have a piece of that chinese business of yum. and it's going to be a long road
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for the spin-off anyway, so after initially rallying three, the stock settled up only 1.32. that's important. let me give you the bottom line here, four companies all dealing with slowing growth. all with credible strategies. only one with a quick payoff. that's sandisk. the rest are only for the patient and perhaps the unrequited. in many ways it's better to go with the stocks of companies that never got to the place in the first place. they need to deliver better than expected results, which none of these four have been able to do. sara in california. >> caller: hi. >> sara, how are you? >> caller: love your show, love your book. >> thank you.
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jabeel circus, do you think their stock would go up in the next year? >> i would rather own apple. i like the consistency of apple, it's inexpensive, i want people to own it, not trade it, it's rarely been treading water, that's okay too. not every stock has to go up, it's okay. >> stewart, how are you? >> how are you? >> i'm great. >> about three years ago when i retired, i took some of that retirement money and i bought sony stock, between 17 and $18 a share. i hung in there with it, and i think it's making a turnaround, and i'm wondering what your expert opinion is on sony's future. >> first of all, congratulations, that's the kind of story i love. a lot of the big managers were giving up on sony when you went in. that weak yen has been good for them.
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i like your call. how about raul in virginia, raul? >> my question today is about $3 d systems they dropped off significantly since 2014. >> i don't want to be there today. it will be buried by hp. i'm perfectly happy with you buying that, it's going to be a good splitup, even right now, it seems odd dead in the water. four companies and four solutions for the same problem, it seems like maybe a little too late for ibm, sandisk, walmart and yum? i don't know. i like sticking with better companies that never get to that point to begin with. much more "mad money" including my interview with the ceo of corrizo. is it worth eyeing a biotech player that's fallen 30% since its peak in july? it's a company called mymedics.
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lightning round just ahead. even with the price of crude pulling back to the mid-40s. you have to recognize that not all producers are challenged companies with overstretched balance sheets. there's still a number of high quality independent oil producers that are doing everything they can to take control of their own destiny. considering corrizo oil and gas. it's a $2 billion independent exploration company with lots of low cost assets. they've been aggressively cutting costs while doubling down on productive and cost effective wells. they've added a bunch of hedges, plus just last week they did a big secondary offering. a 6% discount to where the stock closed the day before. everyone who got in on the offering has made money. not much, the stocks trade around 39.
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corizzo did another share offering in march. and while it looked like a good deal at the time you're under water. at these levels carrizo has already rebounded $10 from its late september lows. once the third quarter ended, the stock took off, i wouldn't be surprised if there was a little more room to run. let's not forget carrizo has rallied -- let's hear more about his company, where it's headed, what it's doing. welcome back to mad money. >> thank you, jim, glad to be here. >> you raise the money because you're a prudent man. you also talked about in a conference call, you have a pretty strong balance sheet. we're trying to take advantage of opportunities to expand. it hasn't worked as well as we had hoped.
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is that still the case during this most recent plunge? >> no, the bid ask has come in and we're trying to take advantage of that. the main reason we did the quitly offering, we have some deals in the works that we're trying to close. none are guaranteed, we think we're going to get some of those closed and maybe half the proceeds would go to closing those deals, some that have production with them. the rest of the capital could go to drilling on the deals next year, depending on what oil prices do. >> what's a typical break. what would the wells cost? >> there's a lot of wells at this 45, 46 that don't make money. >> that, in the eagle ford, for instance, we could drill wells for $4.8 million that would break even at 40 to $41, i think 80% of our inventory breaks even at $41 or less. the wells are more expensive, some of the ultimate recovery of these wells are higher than the eagle ford, we think the break
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even prices are probably going to be in the same area. that's why we're focused on that region. >> are you able to lay off some risk or bring in even more income by doing more hedging or selling calls to make it how you augment how much you get in? >> we have done that recently, with this rally in oil prices up to about 50, that brought the 12 month strip into the low 50s, we were able to hij some oil in 2016 for $60 a barrel, which is well above the numbers we've run in our models. to do that, though. obviously, we had to give up something, we gave up -- we wrote some calls for 17, 128, 19, 20. bedon't like giving up upside, prices are going to come back some day. we felt that was prudent to give up 10% of our production in order to lock in 2016 and be comfortable. >> what does it look like back there? i know a lot of guys have gone real bullish. are you looking at a universe where a lot of the publicly
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traded companies could end up being heard? or is it really just small operators we don't know? >> i think there's some big companies that might have stretched too far, you're right in may, we were under a lot of pressure to add rigs, oil was starting to peak above $60 a barrel. we didn't fall for that, we needed to see $65 per barrel for a long time and understand the fundamentals for it, we didn't do that, there are some big companies that are starting to get in trouble. the markets seem to be finds ways to get them other sources of debt or some sort of mezzanine debt that can bail them out. >> what is the fair price for oil, do you think?
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now. one thing that's happened, the risk premium we saw is gone. that's a little troubling, because they're not a lot of barrels left in the world that can come on, we know how many there are in iran, some of that could come on by year end. beyond that, opec doesn't have that many barrels left to add, with the world running at almost 97 million barrels a day, it wouldn't take that much that we could have a problem. the risk is to the upside. i don't think there's that much down side risk from supply and demand. goldman may be right, we could dip into the 30s if the chinese get the flu and all theory finers have maintenance, maybe that could happen. it seems to us that we're still in a trough, there's going to be a big upside gown the road. and we're trying to become a big call option to take advantage of that. >> is there something going on that we're not thinking about. the saudis are working on some new fracking technology so they could dramatically lower the cost of oil. maybe we're looking at we're not as near peak oil as we now the, and the saudis have a lot more they can mum snp.
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be surprised if iran co hasn't been looking into those techniques for some time. horizontal drilling and fracking has been around since about 2005. most of their reservoirs tend to not be shale. it's not as necessary to do that to get the oil out. it will come out without spending that kind of capital. >> i want to thank you so much chip johnson, president of carrizo oil. thank you. >> thank you, jim. these guys are not only going to survive, they're thriving, because they're prudent and conservative. supersize your lashes. advertise your eyes! supersize your lashes. hypnotize the guys! covergirl's super sizer mascara with the amazing lash styler brush. it loads on. combs through. for dramatic volume. corner to corner.
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it is time. it is time for the lightning round. when i play this sound, the lightning round is over. are you ready? we start with jude in california, jude? >> caller: hey, jim, the third time is the charm, i've been waiting to talk to you since friday. >> i'm glad you called thank you so much. >> caller: i was wondering what you think about aray? >> kray? aray? good spec. this is a -- when we get into these -- you get into companies that do this kind of machine for radiation therapy and -- just kind of radio surgery, i always think of isrg, which reported a really good number tonight. let's go to scott in utah.
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scott? >> boo-yah from utah. >> nice. >> caller: looking at pwr? >> keep looking, i didn't like that quarter. that was disappointing. phil in florida, please. >> caller: yes, boo-yah. we have cvrr. >> i know, that yield looks fine, it's a refiner, the refinery i like is down today, it's hfc, i think that has the most upside. shawn in california, please, shawn. >> caller: what's up, jim. this is shawn garrison. gas log, man, what do you think? >> no, there turned out to be too many carriers, there's a carrier glut for natural gas. that's important. i prefer nat, which is a shipping company for oil. let's go to michael in new york. michael? >> caller: how's it going, jim. >> all right, how about you, michael. >> caller: good.
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investor and i think i want too move my 401(k) money from my mutual fund which has been very well performing to my aig stock? >> i like aig, but i think secondary travelers, travelers had a big move today you can't go. let's go to webb in in north carolina, webb? >> caller: big boo-yah from the home of the undefeated carolina panthers. >> well, the eagles are coming to town, why don't we take a look at that. it's not looking good, are they a mess? or where are we at with it? >> no, no. this is a copy -- they have a lot of ipo's, the market's been week, it's going to come back. that's the conclusion of the lightning round. >> the lightning round is sponsored by td ameritrade. you get a cold. you can't breathe through your nose.
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is it time to start circling back to some of the high flying speculative health care stocks that have been obliterated the last few months? at a certain point, some of these once loved well hated companies will subtract values. take mgs. they take donated human pla essential ta tissue and turns it
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body recover from all types of wounds. wounds heal 60% faster when doctors use their placenta based skin grafts. the medics have a number of products on the market. trading different kinds of surgeries and wounds. all together, they could have a $16 billion total adjustable market. it's enormous. however, after rocketing higher for multiple years, the stock peaked at 30% from july. up to $8.89 as of today. a lot of the weaknesses have been because of the whole high flying medical technology network. it just happened over the summer. when medics got hit with another leg down on tuesday of last week, after the company gave what many investors considered disappointing guide answer, 49% sales growth, the company has to
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to $40 million. has medics been punished enough? the company is profitable. it's not that expensive when you consider its explosive growth. let's dig deeper with pete. he's the chairman and ceo of my medics. welcome to mad money. have a seat, sir. >> so your first time on our show. we have a unique proposition. can you describe what the placenta is, what it looks like, where it's from and why it's working? >> first after all, it's not a very attractive looking organ, it's the afterbirth, over the decades it's been thrown away, the system has to pay for medical waste. we found a way some almost 10 years ago to take the placenta, strip the a.m. knee ottic membrane out of it, it comes out at the other end with something
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>> these are stem cells from placenta that women have agreed to give away? >> they're given away, through the hospital as a gift, you can't pay for placentas or donated organs. our staff is there to collect the organs and put them in a special fluid and bring them back. >> what do they look like? >> this is one of the larger grafts. it looks like a piece of wax paper, but it's -- >> this is it? >> that's it. life. >> this is actual tissue. >> that is human amniotic membrane run through a special process. when it comes out the other end, there are 200 plus proteins in here that are in the placenta before we process it. >> what would you be using before this? >> what people are still using that they don't know about? >> there was a couple products
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that were on the market for about 10 years we used in advanced wound care, bioengineered products, they were very expensive, one size. our product line comes in sizes from as small as your finger nail to larger sizes in terms of burns. our products are proven to be much more effective, they close wounds 2 or 3 times faster, they're cost effective because of size difference. >> military's been using it? >> military's been using it, it's a preferred product of va hospitals. around the country we've become the industry leader in advanced wound care. >> covered by insurance? >> 85% of insurance. >> i am told this can be used on many more marts of the body than it's currently being used. what's the rollout? >> that's correct. we have spent the last four
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place in terms of the dominant player in advanced wound care, the product over the last couple years has been finding its way into surgical procedures. for instance, procedures, plastic surgeons, most surgery on the face, cancer, scar tissue reduction is foremost in the key issue. a lot of plastic surgeons, a lot of general surgery, procedures that -- abdominal procedures where adherence to the abdominal wall is a key issue. that causes pain. spine surgeries. >> when the stock got hit, you announce the expanded buy back, you are earning money. good chance for your company to be picking stock up? >> we've done that, we have done that from time to time. we were talking strategic matters in terms of new products. >> right. >> they were focused on, well, tell us about fourth quarter. >> i hear you. >> we have 16 straight quarters of beating or exceeding revenue
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>> welcome to the new world of what's going to happen tomorrow, not the next 10 years. >> pete petit, chairman of mi medx group. it's the final countdown! the final countdown! if you're the band europe, you love a final countdown. it's what you do. if you want to save fifteen percent or more on car insurance, you switch to geico. it's what you do. hey buddy, let's get these dayquil liquid gels and go. but these liquid gels are new. mucinex fast max. it's the same difference. these are multi-symptom. well so are these. this one is max strength and fights mucus. that one doesn't. uh...think fast! you dropped something.
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oh...i'll put it back on the shelf... new from mucinex fast max. the only cold and flu liquid gel that's max-strength and fights mucus. start the relief. ditch the misery.
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after the close, chipotle reported some disappointing same store sales numbers, if you bought chipotle after the second day after disappointment, for a long time it's worked out. we're going to do more work on chipotle. ibm, i don't think it's done going down. it's a problematic situation. i thought it may be at some stabilization level. that turned out not to be the case. valiant cannot stabilize. until it does, most of the drug companies will continue to trade down, because it is regarded as the one that is it the hearth fund favorite. and they are bailing from brx
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