it. >> honeywell is going to close the gap from when they preannounced. >> not nearly as much as i appreciate it, guy. >> liar. >> chief. >> all right, i'm scott wapner. "fast money" 5:00 p.m. tomorrow. "mad money" with . . . my mission is simple, to make you money. i'm here to level the playing field for all investors. there is always a bull market squr. i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. i am just trying to make you money. my job is not just entertainment but to educate. call me at 1-800-743-cnbc.
>> the dow gains 67 points, closing over 19,000 for the first time ever. the s&p advancing .22 and the nasdaq climbing .33. we always hear about beats but what do they really mean? what's a great one? what really impacts the stock? what moves it. take out a pen and paper and let's do some learning. the best kind of beat, the quarter we got today from burlington stores. here is a discount clothing chain that has a track record of blowing the numbers and raising its forecast with the analysts aggressively following along. these kind of situations can be dangerous. after a while, the analysts want to get ahead of the up side surprises to make sure the company isn't manufacturing the goodness, the expectations. when burling reported this morning, it was astonishing. wall street was expecting them
to earn 33 cents. they earned 51 cents. they had a fan it is tick same store sales number. the ceo said our consistent performance continues to demonstrate the on going success of our initiatives to elevate our off-price model. our focus to p provide our customers with compelling assortments leads to another quarter of increased store traffic. we believe we are well positioned. what does that mean? first, burlington made money every way possible with the right inventory and prices. they had cheap inventory they could mark up and people lapped it. they are getting more customers into their stores and making more money off their customers. third and most important, they are coming into the holiday season with the perfect amount of inventory. this level consistency puts
burlington in the price along with t.j. x and ross stores. both delivered great numbers. this was picture perfect in every way included the concept that wall street still somehow doubts this company. the old burlington coat factory. it went private and then public. the old one, how hit or miss. consider it similar to ulta salon. you see ulta starting to sneak up. don't bet against it. with burlington, the analysts haven't caught on yet. the stock jumped $12 today. the only other that exceeds this is children's place. this mall-based children's clothing store was at 72 at the beginning of the month but burlington take close to children's place. the next is in tech, analogue
devices, adi. for the longest time, wall street thought of them as a communications chip makers. there are so many, who the heck wants one more? this isn't the same old an log devices. over the last few years, they transformed themselves into a much more play to the internet, connected car, cybersecure and factory and they create better fuel efficiency and enable censor to cloud security which can stop hijackers from hijacking your data, maybe your car. now that they are buying linear tech, they will be one of the top two makers for industrial, automotive and communications. vincent rose, the ceo, told us, ours is a customer value creation journey, 51 years in the making. we have the intellectual capital and a talented passionate and engaged team at adi to help serve our customers needs today and well into the future.
when the linear deal closes, it will be a free cash flow unmatched in the industry. last week, we inaugurated matt clemmer into the "mad money" wall of fame because he diversified his offerings and sold to qualcomm. we saw the ceo of the old company when they bought broadcom. now, analogue devices are on the same course and the analog companies have to catch up much the stock has more room to run even after today's 4.4% rally. the rally that comes from taking estimates down only to beat them the next time. this is the second tier of such surprise. both dollar tree and cracker barrel disappointed the last time out. back in august, when dollar tree realized it was in a battle for market share not with dollar general but walmart. it plummeted from 95 to 85.
we saw it cascade to 73 at the beginning of the month as the depth of the competition sunk in until this morning when they reported an earnings beat. the stock poured more than 8% on this news. the truth is, there was a time when dollar tree would have been pull varized by a number that low. the fact that it missed the revenue estimates but didn't blow up, because management had already curved wall street's enthusiasm. that's a different kind of upset surprise, a lowered expectations beat, not as high quality. the same thing from cracker barrel today. back in september, the company disappointed with some sluggish numbers. people expected this highway based restaurant chain would benefit from low gasoline. it has been swinging since june, 168 to 131 before the election. the analysts are a little more bullish but not so much to raise the bar. when cracker barrel reported today it missed its same store
numbers by a country mile, it didn't do anything to astonish earningwise. it gave great guidance and propelled it up $9, almost back to where it was when it began. another upset surprise that lowered upset surprise. one final upset surprise signet. they reported negative sales. they said, we expected challenging market conditions to result in a sales decline. however, our continuing ability to execute in a difficult environment led to results somewhat better than our expectations. normally, a sales decline would produce a real hammering. the signet stock had already been hammered but went in today at 89 doll. it is heavily shorted. jacking the stock up to $101.
it had a pullback to 90 dol$90 change. it is an upset surprise. there is a degree of down side to their ability. you could say what does the heck of the great palo alto networks, high quality cybersecurity blasted down 21 points to 33%. palo alto talked about how their quarter was lighter than they would have liked. all it took was the final words, quote, our q-1 results were not as robust as we ex pthed because of delay in purchasing improvements. how about the 8% decline in medtronic, the ultrareliable medical device company. the ceo said the quarter did not meet expectations. it is important to remember that the magnitude and number of up side surprises versus down side can determine the direction of the day. that's what happened today. the complex in the complexity of
the wording and numbers determine how things go in a given session. once again, it was a positive one. dan, in texas, dan? >> hi, jim. i have been watching you for over 16 years. i want to thank you very, very much for everything you do. >> my pleasure. thank you for watching. >> i own at&t in my ira account at $42 a share. do you think the stock can go back to the same $42 level or above with or without the approval of the time warner deal? >> it is going to be a little tough. interest rates are going higher. it yields 5%. i would hold on to it but i would not get excited about it. that deal is such a huge deal it will take so long. let's stick with texas. let's go to marcia in texas. >> well, bu yoo-yah, jim. >> i'm talking about deutsche bank, regarding long-term, say one year more and do i buy,
sell, or hold? do you see any earnings in the near term? >> if i were deutsche bank, i would be offering a huge number of shares to raise capital and deal with any of the ex genesees that are going on with the justice department in the united states. i'm a believer in europe and deutsche bank. i would say it is okay. i would love to citi an equity offering. that would be the best chance to buy. >> dave in massachusetts. >> ba, ba, ba boo-yah, jim. i recently retired out of general electric company and i have a wheelbarrow full of g.e. stock. i'm just kind of looking for direction right now, if you have any ideas where i could go with that wheelbarrow. >> i think the stock is breaking out. my travel trust, we put out a bulletin saying g.e. is about to break out and business is good.
i say hold on but, remember, we still love diversification on the shelf. it is the art of the surprise. that's what you saw drive the market to all-time highs today, whether it is the kind of incredible performance with burlington stores that astounds the analyst or stocks like medtronic or palo alto falling. i'll help you decode these signals to try it and see some coming. my sit-down with home depot's ceo on how she plans to keep ahead of the competition. plus, what does the market fear index tell us about how long this rally could last? track down the signs that offer an unemotional opinion of this stock market and of the trump valley and a biotech stock that's on a real roller-coaster ride. i will take you behind the reasons for the double digit moves. so, stay with cramer.
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there is one ceo who has always stood out, the legendary carol trumet. there is a cfo who is so inspirational and knowledgeable about trends and trajectories and the psyche of shoppers that we listen to their every word in the company's all-important conference calls. you are about to meet the best in the business, carol tume.
who has been the heart and soul of home depot. how does she do it? how does home depot keep thriving even when its chief rival is flailing? what are the plans? great to see you, carol. >> thank you. great to be here. >> carol, we know that home depot has a couple of black fridays, because those of us that are gardnerers know when it is really jammed. tell us how you are set up, what you are trying to accomplish, how you know what the shoppers really want? >> right. well, we have only been in the holiday business this time of year since 2006. >> isn't that incredible? >> we started because we sell more christmas trees than any other retailer. this year, we will sell 2.8 million live christmas trees. we thought, if we are selling christmas trees, shouldn't we sell something else, holiday lights, ornaments, all these lovely.set tas. we leaned to it in a big way.
we are going to have a knockout black friday. >> poinsettias are an odd plant. they don't just appear. you have to grow them under different circumstances. do you hire growers? >> we do. we have growers across the country. this year, we will sell 8 million.set tas. 45% will be sold on black friday alone. >> one of the things i love about you is that you correctly try to figure out capital allocation and behind trying to figure out inventory. >> how the heck do you know how ma many poinsettias do you need? >> we look at what we sold and what's happening with the population. we buy up for if. retailers have to comp a comp. >> a little english. you are a little bit inside baseball. retailers have to figure out what? >> how they are going to grow their sales year over year. we call it comp a comp. oftentimes we are asked by people, last year in the fourth quarter, you had same store
sales of almost 9%. how will you grow again? we plan for it. we buy up for it. >> you have a couple of things here that i would like to know whether they are the chains. you seem to be emphasizing wreaths, electronics different from the old days. >> we love what's going on with lights. our lights are led lights, more energy efficient. jim, i don't know if you put up lights or not. it is a pain in the you know what. >> gotcha. >> we will sell enough lights to circle the globe 6 1/2 times. people are really into decorating. it is awesome. we want to be there for them with great quality and great prices. >> for indoors we have used the artificial for in. how do you gauge artificial versus the real deal? >> it is all about talking to the consumers and asking them what do they want and making sure we are bringing to them what they want. we offer a variety of real trees and artificial trees, artificial
trees that come in all shapes and sizes. >> you do not put up a lot of new stores. the last one was the dakota store, the only one that you ever mentioned that didn't perform. you put some places up in mexico, great growth business for you. it's rather incredible that you grow sales with the same number of stores, organic growth is something that's hard to come by. why does home depot have it so often? i went back to your conference calls in 2010, 2011, you still had organic growth. >> it is all about understanding what drives your economic engine. in the early days of our company, our economic engine was driven by new square footage growth. trust me. it was build a store and they will come. at one point werks were opening a store every 48 hours. that's no longer the case. where we operate, we are stored. we don't need more square footage growth. we want to drive sales in our existing real estate and drive productivity. we do that by bringing in new product at great prices with great service by our associates.
>> you also talk about share and donors. explain that. >> if we think about our appliance business as an example, we have a very large appliance business. it is very growthy. it is growing faster than our core business. it contributed 50 basis points of our overall growth in the quarter. the appliance industry isn't that growthy. we are taking share from other retailers and there is a large share donor in the midwest an we are taking share from that company. >> now, you mentioned the midwest. a lot of people know sears isn't doing that well. you talk a lot about how you can be bullish. in the midwest, homes still not back to where they were. >> we have seen great appreciation in certain parts of the country. boston has fully recovered. if you look at the middle part of the country, not so much. prices in chicago still down double digit. prices in florida and
california, still down double digit. as home prices appreciate, something happens with the investor, they think of their home as an investment and not an expense and they spend differently. >> i use that term many times. craig watched it and frank before him. fabulous executives. to say what that means, i want you to put that in a kind of a way that people can understand when their house is moving up in value, they feel like if they feel like if they make it nicer, they feel better inside. >> for most of us, the house is the largest incompetevestment w. if you feel like it is worth more, you want to invest it. during the crisis when you felt like your house was an expense. it was a mortgage payment and values were dropping. people didn't spend much money. they would maintain a broken toilet or a leaky faucet but they wouldn't invest into it. now, they say, wow, it is worth more than it was last year or
the year before and so on and so fo forth, i'm willing to put a new kitchen in and replace my bathroom. >> this is not a political show. trump's win has ad agencies rethink how they collect data. you always seem to have an idea of what the consumer wants. i know you affiliate with salesforce.com. they told us many times. does this win have any impact on you or are you so close tower customer that you kind of never really got it wrong? >> first and foremost, we think we need to be right next door to the customer, understand what he or she are doing. we have customer focus groups. we have a belly to belly relationship with our customers. >> when you come into the store, we are right next to you, talking to you, understanding what your needs are, understanding what you want to spend your money on and helping you solve your problem. >> you find out that people like more wreaths. >> if you think about holiday decor, customers say i am looking for more of a natural
look rather rather than a red wreath. we bring that into our assortment, listening to our customers. >> and the poinsettias, what happens with them that you don't sell p by the 26th, the day after christmas? what do you do? >> well, we sell them. we sell out. we sell out. >> there is a place for everything, for every poinsettia. >> i want to talk about your job, your life and how you got where you are. we are going to do a special segment back after the break. coming up, the conversation continues. >> we need to invest in the customer experience and we can grow sales. >> cramer and the cfo of home depot dig deeper on retail next.
stores are struggling and others doing really well. retailers with less than stellar result have seen their stocks rally, more discretionary spending once the upcoming trump administration cuts taxes. you need to hear from a retailer that managed to do well before the election. that's why i am so enthralled by home depot which reported a great quarter last week and why i want to spend more time with carol tome, the company's terrific cfo, to find out more about what they are doing and how they are doing it. your history is an interesting one, a gardener, a user of home depot and the numbers person. explain your efl lation with the company. >> i have been with the company for 21 years, hired for a number of reasons including the fact that i love to do it. my husband and i have torn houses down and built them up, i love, love, love to do it.
when you do what you love, finance people need to be business people first and finance people second. i think i am. >> you have melded your own individual and somewhat anecdotal interest in gardening with what's going on. you talked about the harvard center for housing studies. you seem to be interested in demographics and household formations. how do you stay current? >> i am blessed i have an amazing team. these are men and women that are so doggone smart. i have my thinkers out touching everybody. i talk to everyone in the industry, experts, and bring in their research to help us formulate a point of view. >> we know about this holiday season. let's talk about the real holiday season, the spring. those of us who are gardn garde we always look to home depot to see what you have. how do you know to have that
many great tomato? this year, more tomatoes and a lot more peppers. who is picking this? >> our merchants work closely with our growers and together they are picking the products. we listen to the customer. organic gardening is really hot. we have been bringing more in to take care of what our customers want. >> let's talk about the health of the consumer. there are people who are i try to be a political. it doesn't help people to be political. the consumer seems, i think, somewhat better after the election, whether because they think they are going to be tax cuts. maybe you have a handle on that. there seems to be a better feeling. you are a pure assist person and a what do you think? >> our customers feel good about their home and good about their prospects within their home. we came off of a terrific quarter, as you said, with sales growth of over 6%.
we have an outstanding 2016 and nothing has cost us to come off of that guidance following the election. >> whether carol tome, when she upped the buyback, was that her view that was better? nothing is done idly by home depot. >> we have bought back 65% of our shares and over 61% as an average price of just over $50. are we still creating value when we buy back the shares? we think we are. >> at the same time, you have had a terrific online presence. everyone has to worry about amazon. what do you think about what it can do to you? >> it is not just amazon. we look at every competitor and every morning we get up paranoid getting ready to fight that competitor. as it relates to pure play online retailer, we think there are a number of ways we can win.
we can win with the best delivery for home improvement products, including the products that are big and bulky, including lumber, cement and roofing. we can win with that. we can win with our knowledgeable associates. 400,000 people who can help you with your home improvement project. >> 400,000 people that have to deal with the reality of a new world where your phone can control your house. i met recently with tim cook, talking about apps that basically they are not easy to understand. you have to retrain people because of technology? >> of course we do. we invest into that learning for our associates. >> do you go to other stores quietly and see what they have? >> of course, absolutely. it is not just here in the united states. we go to stores outside of the united states to look fort best technology and bring back those ideas into our business. >> mexico, a great business but the pay so has collapsed. >> it is in bad shape but it doesn't change our point of view of mexico. our business there is good and
our investment has not complaininged. complaininged xhaenged. >> you have pulled back but you are a north american company. >> the market in the united states is $550 billion. our market share is less than 20%. why go any place else? when you have the riches right at your finger tips. we need to invest in the customer experience. we have to invest in that experience and we can grow sales. >> let's take an inner city home depot, new york home depot filled with boxes, versus mine in hampton bay, which is chock full of gardeners. how do you determine what goes into each home depot? >> we really balance the art and science of merchandising. >> explain that. >> the art of merchandising is bringing fabulous products you want. the science is asorting the store for the local needs of the
store. that differentiates us. >> now, i have to talk about the great things you do. there is a hurricane in your area. >> thank you. >> obviously, you can profit off that but you choose to do something else. >> we do. >> i think it is worth talking about. we are a value spaced business. we have eight core values, one of our core values is taking care of each other. when our areas are in time of need, we want to be a first responder. >> matthew, what did you do? >> we staffed our command center, we have a command center, with people experienced in making sure we can get product moved from parts of the country to the areas of need. we work closely with our ven tore partners, who are terrific to make sure we can get the product there dplchlt with this is an he can ample where you would argue you could make a lot more money. >> you could argue that. that's not in our values. we want to take care of the communities in which we serve. we know in the long-run, that will pay off. >> where are you in the supply
chain? let's say it is snowing some place. are you able to bring snow stuff from one area to the other? i saw it snowing in one region. you never seem to be out of the stuff. >> one of the great things we did under frank blake's leadership. we totally changed our supply change. we can move product around and make sure it is where it is suppose to be. >> you turned that stuff over and make money on the flow. >> we turn our inventory five times a year. >> it is a joy to have you. i have learned more from you than i have from any other executive ceo, cfo here. the cfo of home depot, hd, what a great stock, what a great cfo. thank you so much. >> thank you.
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this market just won't quit. it just keeps surging to record high after record high. stocks have been so strong it feels like there must be a wave of new money coming into the asset class. something we haven't seen in quite a long time. it is worth asking, how long can this move last? when should we start worrying that the post election rally might be running out of steam? if i was that good, i would be living on a private island somewhere. i do know the market gives us hints here and there as long as you know where to look. we are going off the charts with the help of mark sebastian, a brilliant technician, founder of optionpit.com as well as my colleague at real money.com. he is an expert, the
relationship between the averages and the cboe volatile index or the vicks which measures the level of volatility the traders are expecting, uses proxy for how afraid we are. that's why the vix is sometimes called the fear cage. it helps take emotion out of the equation. let's take a look at these paired charts and the volatility index. sebastian points out from the end of september through right before the election, the s&p was very choppy. the vix steadily moved higher. that's pretty much about what you would expect. after trump's surprise victory, the s&p moved higher and the vix cratered. what sebastian really cares about is over the last few days, the vick has continued to fall as the market has climbed still
higher. to him, this is a clear sign that investors believe in this rally. it could be far from finished. we have seen this pattern over here. as long as the volatility index is falling, things tend to keep going well. check out the vix and the s&p 500, going back to the beginning of the year. we had a terrific sustained run through february, those lows, through june. during that period, the vix kept sinking aside from a brief, misguided selloff caused by rate hike fierce, the fear gauge kept going lower until it finally bottomed in august right when the market was peeking. from august through two weeks ago, it kept climbing. now, though, things have changed. they have changed again. it seems like the market has entered a new era of good feelings. as long as the vix index keeps declining, sebastian says this rally is worth believing. if the vix starts rising as stocks go higher, that would be a sign to start worrying.
when the fear gauge around the stock market move in the same direction, it means the market is about to change course. for now, that's not a concern. one more thing we need to consider here. this next pair of charts shows the volatility index and the vvix, as the regular vix measures the volatility of the stock index, the vvvix measures the volatility of the volatility. it is similar to taking the derivative of the vix. sebastian points out that after the election, the volatility index dropped faster than the vvix. that suggested some money masters weren't buying the money run. it has finally fallen off the cliff and it confirms the trump rally has staying power. when the vix is falling and the vvix is below 95.
it is in the low 80s. in short, everything is pretty peachy. bottom line, you need a nonemotional gut check in times of euphoria. the technicals say we could be in the early innings of this rally. when the vix starts to rally as long as the s&p 500, that's when you start worrying. for now, what do you say? how about we just enjoy the rally.
it is time for the lightning round. are you ready? the lightning round will start with ben in indiana. ben? >> hi, mr. cramer. your thoughts on gilead sciences? >> they have to do something, use some of their cash to buy somewhat because they have no growth. i cannot recommend that. it has no growth. how about we go to justin in massachusetts. justin?
>> boo-yah, jim. love the show. love the show. i want to know more of your thoughts on kra california resources? >> this is a spinoff. i prefer higher quality oil companies. i think the service company my charitable trust owns is a better bet now that the california resources move so much. i want to go to elijah in tennessee. >> good evening, jim. question on the frontier communications, is it a no-go or what? >> too risky for me. a red flag there. too risky. >> let's go to elvis in illinois. elvis? >> boo-yah, professor. i want to hear your thoughts on devin energy. >> devin energy is fine, not as good as some others but i like devon. i need to go to ver nita in washington. >> hi, jim. first, thank you very much for the invida tip. >> wasn't it a good one? >> yep. i love it.
i just bought dycom in time to drop? >> i have to find out whether that's an overreaction. i have to figure out whether you should snap it up. i have to do more work to dycom. >> steve in florida. >> gobble gobble and a big boo-yah for you, jimmy. love the excitement and the enthusiasm. my family and i watch the show all the time. got a question for you on cempra. what do you think? >> the stock is down. a few more shopping days. why don't we look at that stock in january? >> how about joe in louisiana. >> hey, jim, go greenwave. >> go kelly from the washington redskins on solid thursday sgchlt will my stock is wor? >> this is a metal bending company in the sweet spot for this rally.
let me join you with newcore, it has been incredible. what a horse that is. it gets a five. i'm taking another one. john in virginia. john? >> hi, jim. my name is john from virginia. boo-yah. thank you for taking my call. i would like to ask for your opinion on waiver stocks. it beat the estimates last quarter. >> wayfair. an incredible battleground. i don't want that. williamson know ma did end okay they are doing will. a little troublesome. let's go to bernard in california. >> cramer, thanks for taking my call. i'm a first-time caller. i appreciate all the things you do in this market. you basically tell us what's going on every day with the ups and downs in an understandable way. >> i'm the color man for the tape. >> what do you think of psa? >> i'm not a big real investment buyer u don't get 4% for that
wub. public storage. i'm going to stay stay away. now, the lightning round! >> sponsored by -- dog-sized hor? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony. oh, so what about my motivational meerkat? in-app chat on thinkorswim. only at td ameritrade.
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some are a lot more speculative. take corpus pharmaceuticals, a development stage pharmaceutical company that has rallied more than 380% year to date. it is driven by an excitement of a new drug that treats chronic inflammatory and chronic diseases including system fibrosis. the last time, resanab was in phase 2 clinical trials treating systematic core roe sis that can cause serious organ damage. stocks spiked. corbus phrma. let's take a closer look with dr. u val cohen, the ceo of corbus pharmaceuticals. welcome back to "mad money." good to see you, sir. >> thanks for having me back. >> you are not a promotional man. i want people to understand
phase two is not phase three. you have shown against a placebo better numbers. >> normally, what we did as a first inpatient studies, those study rs typically small and short. what you are typically looking for is some sort of a safety and efficacy signal. what really surprised us, we got a much stronger signal than we thought we would from the study. we saw the chris score, that is used to measure benefit, improve dramatically. the longer patients were on the drug, the better it got. it is made of five sub components and surprisingly each one got better. the longer the patients were on the drug. the last thing that really surprised us was the following. you don't typically get statistical significance in a study. we got statistical significance
for the overall improvement as well as certain time points. that, to us, sends a very clear and exciting signal of clinical benefit. >> some of the people who were negative, say, wait a second. wasn't the placebo, the people that got it were not asik sick the people on the placebo? >> the two groups were very similar. the placebo group actually was handicapped against us. there were certain things about the placebo that made them people even better. we were actually handicapped. >> this systemic course not as big as others. cystic fibrosis, very, very big. indications for other diseases. >> the question is a read-through. we are looking at three autoimmune disease, systemic. that's 90,000 patients and the
mortality rate will be as high as 50%. we have another one called der matt toe my owe site it is and the other, largest of our programs is lupus. that is almost 500,000 patients and an uncommon disease. these are diseases that have a certain relationship to each other. there is a certain amount of read-through. it is hard to quantify but it is there. >> originally, this was not necessarily something -- you got this from somebody else. were they not doing it correctly? >> it is a classic study in phrma. this was invented at u-mass school developed as a class of drugs that was an analgesic. it is not a particularly good ann analgesic but it actually targets, rather than the brain for pain but the immune system for inflammation and fibrosis. it happens all the time. >> how did you realize it? >> a lot of preclinical data and animal data was showing
indications and we took it into the clinics. >> in your notes, it says, point blank, you have enough money to continue to do the trials. when the stock spikes, if i were a conservative cfo, i would go into dr. cohen and say, why don't we raise some more money? we do have so many different clinical trials going. that would be fine. listen, we may want to raise some money. you seem so certain you have enough money. no one has enough money. >> that's a fair statement. one of the advantages we have, of our four programs, three enjoy nondiluted financing. the cystic fibrosis foundation, we are the recipients of a $5 million award from them and two of our three autoimmune programs are paid for by the nih. we are delighted with that. >> they are not giving money to everybody. >> they are not. it is not based on our good looks. this is passbased on very solid scientific and medical due diligence. the data we have generated, looking at key opinion leaders
in the field, they are very excited about it. noing has ever shown a benefit in sclar roe determine ma. >> you say there are thought leaders. why is that not just smart people but people that determine things? >> autoimmune diseases are seen by rheumatologists. dr. robert spyra was the principle investigator. the study was done in nine hospitals. recently, he described the data as both breathtaking and unprecedented. he is not a man prone to exaggerate. >> he is a prominent claire roe determine ma physician, a principal investigator in the trial and also dr. barbara white, chief medical officer and former co-director of johns hopkins. >> barbara is a chief medical officer. she was at amgen and astro jen ka, a variety of big phrma. we are very conservative people. when you get a signal that's
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