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tv   Mad Money  CNBC  August 1, 2012 11:00pm-12:00am EDT

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siness. find out how it can work for yours at i'm jim cramer and welcome to my world. >> you need to get in the game. >> they are nuts. they know nothing. >> i always like to say there is a bull market somewhere. >> "mad money." you can't afford to miss it. i'm cramer. welcome to "mad money." other people want to make friends my job is to teach and coach you. call me. fed to home gamers, don't drop dead. do buy stocks with high dividen dividends. in a day where we are down 33 points nasdaq up .6%.
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i have the heavy burden to explain what the fed did in plain english so you can plan how you want to invest for the future. let me say that i hate days when the federal reserve meets. i hate, hate, hate those days. these days are real drags. you have to stay to the tv, cnbc of course. and then you have to watch how the market stupidly reacts while the release is being read. people trading have no idea what the heck they are doing and don't understand what the feds say. who in their right mind trades before it can be digested or finished being read? no wonder the reaction is steep fall? the jokers who like the stock futures as though they are electronic arts video game if
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not dare a zynga contest. >> the house of pain. >> they make me laugh. it is like they are playing stocks with friends but losing real coins. after the first wave of clowns trade with each other, moe and larry and curly and then shimp. they have this at the banks. they take the market right back up and then some after it got crushed. i say crazy joe as their actions make no sense at all just like the ridiculous characters. these moves are especially senseless at home. now that we have my dripping with contempt pronouncement out of the way let me tell you what this means for you.
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i know fed speak can sound daunting as it is full of complicated jargon to make a brain surgeon feel like an idiot which is why i want to translate it to the language i use. today i'm walking on pine street and right next to the t.j. max. they have t shirts i like to buy. it is important to wear a t shirt underneath. the first and perhaps most valuable lesson i learned when i went to work at goldman sachs. a big fan stops me. everybody is your biggest fan. if they don't say that i will talk to somebody else. then it is the holdings. a vicious battleground stock that asues other companies. it is good business, people.
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i get asked about this one a lot. it is a binary stock. it is either going to go up huge -- >> house of pleasure. >> or hounded on news. >> house of pain. >> as we parted ways i muttered to myself why didn't i talk to him about dividends because the fed was sure to say buy stocks with dividends. they speak in real dialect that is no doubt meant to confuse as many people as possible. i can translate in an espn, cnbc kind of way. the economy is not doing jack. housing not really cooking. gasoline down a bit but not a lot of hiring. my translation continues. we are going to figure something out eventually that might help if things get worse but we'll do
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nothing if things get better. finally the fed gives you a punch line. we don't need to raise rates because there is not a lot of economic activity and inflation is okay. we probably won't raise them until late 2014. it is only because i want to sound authoritative. it is the only thing that matters because bernanke is taking away any alternative for saving money. think about it. he is saying you are not going to get much return if you invest in bonds since he is telling you that rates are going to say flat. burn nank bernanke is telling you if you invest in these companies you will do better than if you own bonds and keep your money in a money market fund or a certificate of deposit which you know i don't think gives any return at all.
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bernanke is just in charge of the federal reserve. tomorrow the central bank will speak but i think it will play out well over there because the europeans have to state the obvious. there is not much business happening there and they can't do much about it other than make positive comments. all we want to do with europe is get through it just like we wanted to get through the fed today because markets tend to rally in the wake of big bad events. yet the wisdom works there as well as here with the added advantage that we don't know if the bonds pay off. there is no irony here. our stock market is up almost 10% and led by the book that bernanke is telling you to buy, companies with high yields. you know i always close my show with a line that there is always a bull market somewhere. i have to sweat over it. it takes a lot of work.
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bernanke doesn't have to find it. he doesn't look for it. with his weapons and pronouncements he has created one. he has created a bull market in high yielding big stocks. heed my version of what he is saying. my interpretation of uncle ben has given you almost double the gain in 2012 and just told you he is extended the stock until 2014. what more can you ask for than that clarity? bernanke is making it so easee. even crazy joe can understand it if they weren't so busy trading they could bother to listen to the guy. let's go to ty in mississippi. >> is it signaling good things for wendy's? >> a lot of the burger king is because it is so bad that it is
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getting better. i am not a huge backer of burger king. wendy's other than the biggy fries, sell, sell, sell. >> william in indiana. >> enterprise products just declared a 63 cents dividend. what are the prospects? >> it was a monster quarter. i wish i could make enterprise products come alive. you can't make it alive. here it is. it is almost at a 52 week high. it has a 4.7% yield. it is terrific. i think that enterprise is probably one of the best in show. let's go to kirk in tennessee, please. >> how are you? >> real good. how are you? >> i want to compliment you on providing a program which has helped more people throughout the country than any program i have heard and i have been
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watching it for years. >> thank you very much. i appreciate it. >> i am a little older than you. i'm 91. >> holy cow. >> i have been in the brokerage business since befomy father wa it before the crash of '29. i am interested in copper and free port mcmoran. >> first of all, thank you for your kind comments and congratulations, 91, following the market. i got your approval and means a lot to me. i am going to give mr. acerson the approval for freeport. i don't like the situation in indonesia. the jjc at 42 you can't have that level taken out that will
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lower freeport. the fed was on our side today. he created a bull market in high yielding stocks. why are you on the sidelines? he is telling you to get in the pool. "mad money" will be right back.
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i know this market has had a remarkable run. you need to protect yourself and your portfolio. we have rallies off of talk and promises. the average is going to go much higher we need to see concrete solutions to the europeans woes. we play it safe. we stick with stocks that give
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us the holy trinity. stocks like dominion resources, utility that only nickels and dimes. this stock has been amazing. as it reported a minor earning one kent miss, weaker than expected guides, the weather. the underlying trends were stalled which is why it was up. dominion is one of the largest produces in the country. customers across virginia, west virginia, ohio and carolina. i adore the utilities in this environment. they are the epitome of consistency. excellent track record of raising for the last nine several years. they have the right philosophy. one way of putting it is these guys have probably taken the
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great line either get busy with it or get busy dying. back in the day the company made most of its money making oil and gas. it didn't make sense to make a slow and steady utility under the same roof as a gas producer. it sold off on a high to become a more produced company. they are much more real. now the company is working on a liquefied natural gas terminal but can be huge business given how profitable it can be to keep the gas sold to the rest of the world. don't take my word for it. let's talk to the man himself and talk about the quarter. >> it's great to be with you. >> these guys keep talking about
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the weather. to me the most salient line is you had a huge number of connects both business and homes are starting to pick up. i need you to talk about that because everybody is so gloomy. >> for us the new connect meaning new housing units and new businesses is up actually 20% year on year. for the first six months of this year we are 20% higher on new connects than 2011. in 2011 flat with the year before. we are pleased with that. the only thing going for us that is unique to our northern virginia part of our territory which is in the washington suburbs in particular is a data center growth, a lot of data centers are locating in northern virginia, about half of the internet traffic in the united states flows through our service territory. so that has been a big growth driver for us, as well. >> i think you are too humble. the reason they tell me is
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because you have the cheapest rates in the country. >> we have very low rates and a very reliable utility. >> there was also interesting discussion in the quarter about how you really address this cove project. this is the natural gas project. you have great tie ins to the marcellus shale in ohio. you are saying the department of energy could go with it. i see environmentalists fighting this project. what are the prospects that you can join in that kind of business? >> i don't want to get into too much detail for your listeners. we need a couple of permits, an environmental permit from the federal energy regulatory commission and an export permit. i am confident we will get both of those. we have an existing import facility there today. there is almost no additional impact on the environment.
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we have a particular issue with one environmental group over a restrictive covenant on the site. we took the initiative there and filed suit against the environmental group. we think that will be resolved this fall about the same time we expect to get the d.o.e. permit. that is more of an 18 month time frame. >> how many people put to work on that project? >> at its height 5,000 people on the site. there will be enough additional tax revenues coming out of this facility for the local county of maryland to fund over 600 teacher positions. it will be a great economic boom to the state of maryland, to the locality and it will help with a lot of jobs in pennsylvania, ohio upstream where the gas will be produced that will be exported through this facility.
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it will be i believe the only one built on the east coast of the united states. >> i picked up the new york times this morning. 600 million people no power in india. will that ever happen in our country? >> we have had blackouts. they are not sure what caused it. our system has a lot more rigor to it partly because we have a lot extra. we have reserve margins meaning we have more power stations than we need to run at any particular moment in time so that if a power station goes out there is a backup to help keep the grid stable. they don't have as much excess power in india. i think when they get to the root cause that was in there somewhere. >> i like to sleep at night. i tell people to buy your stock. i do worry general competition 28 nuclear. i think nuclear is fine. do people get worried? 33% coal.
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obama gets reelected and e.p.a. says we are done with coal what does that do to you? >> all of our plants are in compliance with all of the e.p.a. regulations including all of the new ones except for a couple which we have already announced we will shut down and replace with a gas fire and power plant. our fleet is clean, up to date. it is modern technology. we just opened up a brand new facility in southwest virginia last week which may be one of the last built in the united states that is probably the cleanest plant in the united states. >> i think you have done a great job for people. congratulations. i know you came on in the height of the great recession. we are buying stock. everyone bought stock. it was terrific. you have done a fabulous job. thank you so much for coming on the show. >> jim, it was great to be here.
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>> what can i tell you? this is the kind of stock that when the market pulls back because of europe or whatever think about this one. it has been consistent the whole time and will remain consistent.
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. safety first. that has to be your motto. everybody it is a potential minefield. unless you think and put safety first i think you will get hammered next time something goes wrong. maybe the europeans will finally hold hands and politicians in
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washington will stop playing chicken with the fiscal cliff. maybe. until we see concrete solutions you need to stay cautious. think like kim which owns and operates the largest portfolio of shopping centers. home depot, target, tj max, toys r us and gives a hefty 3.8% yield. just last night it reported a stellar quarter, knocked it out of the park. companies funds from operation came in at 34%. revenues were higher than expected. more important kimco's occupancy ratio rose. the pace in leasing is much stronger than a year ago. no wonder it increased almost 22% for the year. this company is pretty much doing everything right. it has the finger on the pulse
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of just about every major retailer on the sun. which is why i am glad to have president and ceo here with us tonight. welcome back to "mad money." thank you so much for coming. >> very nice to be here. >> federal reserve said things are bad. they said things, nothing really cooking in this economy. things are going to be not so great for the next couple of years. i read your quarter and think what is the fed chairman talking about? how do we get this in your basic industry and what the fed chief said. >> we are in the neighborhood and community shopping center business. that has been getting easier. what our retailers sell is staples and necessities or discounted apparel. our stores like ross stores are doing very well and expanding their stoerp count. you couple the fact that there
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is virtually no new shopping center construction in the united states, population growth and still a positive gdp and national retailers are growing and the amount of quality space is shrinking. as a result landlords like us are able to increase rents and we are doing just fine even though the economy is soft. >> i know it is community and i know it's local and i know you are not tanger or simon. yesterday one of the great merchants of our time from coach said there is noticeable slow down in the factory stores. if coach is having a slow down shouldn't we be more worried than what you are saying? >> i think it is fair to use that bar bell anology. you have sacs and neiman marcus doing fine. >> no dollar stores in california. >> it is coming whether family dollar, dollar general or dollar
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tree. as we mentioned ross stores and marshals, t.j. max. >> and dollar stores like your shopper centers. they are pretty nice. >> absolutely. they have all upgraded a bit and still targeting the right customer. >> one of the things that has happened to stick with the fed theme for a second. a lot of people criticize the fed today. rates are so low and that allowed companies like you to refinance. >> it is terrific. we sold up the first stock offering last week that was a record low 5.5%. it is preferred bond. we are able to lock it very long term at the same time able to get good yields. >> starbucks says they started feeling it in the month of june and july. occupancies picked up noticebly from the prior quarter. that is not the read that starbucks is giving us.
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>> there is a fixed amount of good quality retail space in the u.s. today and there is no new supply coming on stream. so the guys that are growing are outweighing the guys that are shrinking or having difficulty. as a result it helps us landlords. >> why do you think that business people aren't going to banks saying we don't have enough walls and shopping centers. i want a loan to build one? what has happened to the bread and butter business of lending to developers? >> development is a very tough business. the old days of buying 100 acres of land and fighting the environmentalists and getting construction financing and equity financing, retailers don't want to wait four to five years to open up a store. they want something available today. >> that is why you have been buying properties and getting rid of other properties that aren't as filled as well. >> we want to own the highest quality retail. we are taking advantage of
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today's market place and selling the bottom of our portfolio. >> there was a moment on the conference call that i think took breath away where you said that the reduced threat from e-commerce is upon us. i hear people say how can you recommend that kimco i never used amazon. >> you go back a year ago people felt because internet sales were so fast it was going to wipe out the stores. most good national retailers have found a way to use internet to blend it with store operation. if you talk to macy's they will tell you they love it when somebody buys something online and returns it to the store so they have a new customer in the store. most retailers are using e-commerce to supplement and enhance their store operations. >> one last question.
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when you have a retailer that is in trouble, a lot of people say you better ask this guy this. you are getting higher rates when people go under and new guys come in. >> you have a shrinking supply of space. we have guys that are growing and they need the space. stuff they passed oen a year ago are taking a second look. they are trying to open 200 stores and supply is shrinking. >> why the stock hit a 52 week high. thank you so much. that is david henry. president and ceo of kimco. stay with cramer.
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it is time, it's time for the lightning round. and then the lightning round is over. are you ready? it's time for the lightning round. we will start with david in california. >> from california. >> i have been doing a lot of research on timber because i think the housing market has bottomed. >> i agree. >> i know you have other favorites. i have been looking at ryn. >> welet's go to steve in
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tenness tennessee. >> my stock is clorox. >> reports real soon. has to deliver something better than the top line and i would love to see a little bit of restructuring. they have very little business in europe. nate in california. >> what is going on? >> you tell me. >> i'm wondering about i am curious if the large intended makes you nervous? >> the last quarter was okay. remember there wasn't -- let me give you the ultimate as being checking out. that is pay pal owned by ebay. check home depot. they prefer you to use pay pal.
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scott in georgia. >> boo yeah, jim. >> excellent. what is going on? >> monster fabrics? >> i am concerned. there is data coming out interpreted as negative. that has caused me to pull back. green mountain coffee forget about it. let's go to mark in california. >> boo yeah, jim. here is a question for you. the fundamentals seem like they are changing on o'reilly auto parts? >> you know i am going to go in the zone, auto zone. it has the big buy back going on at all times. let's go to denver in texas. denver in texas. >> jim, a texas long horn sized
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boo yeah to you. jim, my stock is target. i love target. i love dividends. at 60 cents a share is it on target? >> i think target is okay. the stock has had a big run. i get a little bit of pullback and pull the trigger. that is the conclusion of the lightning round! >> the lightning round is sponsored by td amertrade. ged investing tools of wall street and make them simple, intuitive, and available to all. distill all that data. make information instinctual, visual. introducing trade architect, td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.
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we like to take our cue from moby dick. instead of chasing after big white whales i'm hunting for bull markets. we got a red hot raging bulls. att barely. sprint sky rocket surged in the wake of better than expected wireless. sirs logic makes the chips for
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the iphone. we are witnessing a gigantic explosion in mobile data usage. don't forget about the companies that make it possible and the power stocks. the largest owner and operator of wireless towers on earth u.s., south america, india, mexico. the business model is among the greatest i have seen and makes me wish i owned towers. the economics of owning a bunch of towers is down right incredible. you see once american tower builds a tower they put up additional antenna on the same structure which allows multiple tenants. it is no wonder american tower is giving you a 40% return. the company just reported solid quarter this morning.
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revenues just shy of expectations of 16.8% year to year. a lot of currency problems there. not really a problem. on the domestic side up 11.4%. it was the international tower rental serves 31.4%. this was the first quarter where the international side of things generated more business. it looks like wireless secular trend is holding up fine. let's check in with the president and ceo of american tower. welcome back to "mad money." >> great to be with you, jim. >> you got to be the only guy who actually wants to grow internationally because you have a business that seems to transcend even the economic problems world wide. >> it does and frankly it is because the business that we are involved in which is tower leasing makes common sense. bh a wireless carrier owns a tower it is a nonproducing,
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nonperforming asset. when we can get ahold of the tower we can lease it to multiple carriers and turn the nonperforming asset into an asset and create a profit center out of it. it allows the carriers to deploy their high speed data naetworks. >> this is a business where i would have thought you were worried about political risks. you are going to brazil. india where they had a power outage for 600 million people and cell towers work and you are never afraid of being paid. do these customers pay? >> people love their cell phones around the world. they love their high speed data products now. the wireless carriers are making money and delivering voice and data services. that compels them to continue to invest in eir networks.
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outside the u.s. what we have tried to do is put a fabric together where we think the political economics are right for us and we weave a number of leaders that we have as our customers and counter parts. we have mtm in africa. joint ventures in two countries in africa. we have a number of acquisitions from telephone cu. these are global names in telecom. >> i have to ask you. india with the 600 million power outage your tower still worked? >> they do indeed because in india due to the weak power grid we have a generator backing up every tower in the country and those power the tower for a couple of days time.
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>> we had broad com ceo on saying we have 5 g coming. when you hear that isn't that more and more money for american tower? >> it will be over a very long term. the time frame between 2013 and 2015 will be when we think all four national carriers will have their first phase done. there will be a second and third phase to follow. then you will start to see the 5 g coming in on top of it. it is a very long run way of growth. our international markets we are earlier in the cycle. we are in 2 g in countries like gond uganda and india. >> will we ever had enough towers? >> there aren't that many towers being built a year in the united
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states for example. what the great benefit of the model that we operate which is a leasing model is we can colocate numerous transmission centers on the same tower. it is the lease up that drives the tower industry in the u.s. we will probably be adding a couple thousand towers a year but adding 12, 14, 15,000 new transmission locations convert to leases. >> i know in the papers there is talk about t mobile selling its towers. i know many people try to ask whether you were part of the deal or not. if someone has a lot of towers for sale you listen, right? >> absolutely listen. we are interested in quality assets not only in the u.s. but around the world. we also have the discipline to
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walk away if we don't think the price or conditions are right. >> you are making a huge amount of money and returning a huge amount of money to share holders. the only reason i am hesitant is that you are one of the great growth stocks of all time. does the modelal really work for an incredible double digit grower when typically i would expect that from, say, google or apple? >> in our case, jim, we are convinced it can work if we do three things which we have already accomplished. first of all is to establish an early position in international markets and set those up ooriginally as taxable subsid areas so you can continue to grow them outside the restructure. second important step is to generate significant cash flows and have growing cash flows over a long period of time. we are doing that in the united
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states right now and doing that in legacy markets that you mentioned already. we can continue to drive enough cash flow to pay the dividend requirement which is 30% of the cash flow we are generating. the other 70% is going to growth. on top of that the third piece is we have maintained a strong balance sheet and access to great credit markets that allows us to have a deep pool of capital when it is time. >> thank you for all the people who watch "mad money." a lot of people love your stock and have been in it. the chair and president ceo of american tower. thank you for being on the show. >> you're welcome, jim. you want to talk about teleco infrastructure you know att and verizon. you want growth and dividend american tower. stick with american tower. stick with cramer.
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sven's home securitycard gets the most rewards of any small business credit card! how does this thing work? oh, i like it! [ garth ] sven's small business earns 2% cash back on every purchase, every day! woo-hoo!!! so that's ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great businesses deserve the most rewards! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? here's your invoice. to drive a car filled with as much advanced technology as the world around it. with the available lexus enform app suite,
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you can use opentable to make restaurant reservations... search with bing... and listen to pandora. presenting the 2013 lexus gs, rx and the all-new es, the leading edge of the leading edge. during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection.
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if you are a fan of the stock market like i am and you probably wouldn't be watching if you weren't. you probably feel like you are watching a broken sport. today is one of the days i can barely contain myself. the outrage came when we got rumors that big deals were about to go down. two stocks that have been down on their luck lately. you hear about imminent gigantic
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bids backed up by research analysts. to me this one smells of the bag em, gun em, and liquid ate them. at the point where the stocks are refused they are selling them before we get denials. one would think if there is a leverage it is speculated. i hope we get an investigation on what happened here. i think we got this type of rumor going because the perpetrators are confident they will be able to get away with it. and then the most distressing, some software glitch that create ad huge number of bad prices. shows you how fragile the system is. knight lost 33% because of this. the situation is ironic when you
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think about. facebook crushes your confidence. the market doesn't work well enough to make it trust worthy and the sec never says we have to do something about pricing integrity. the sec appears to have total faith behind technology in the stock market but it breaks down far too often to give it that much credence. i say it is time for the sec to do its job and meet a panel of people who care about regular investors. i think you will find a lot of it is the untrust worthiness. whether it is the speed of the crash and the opening trades something has to be done in washington. it is funny. football season is about to begin. i think about the nfl commissioner policing every bit of the game and pricing being
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the process and the way it puts the sec to shame. let's face it. stock pricing is becoming a sham. the process a disgrace. i understand why you want to abandon stocks. it has been getting worse and not better. i'm not walking away. you shouldn't either. we are going to keep calling them out until we get change and see progress. including you sec. i'm not backing down. stay with cramer. whoa! don't want you spilling that hot latte
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are made with real ingredients you can see. like whole roasted nuts, chewy granola, and real fruit. nature valley trail mix bars. 100% natural. 100% delicious. something you're born with. and inspires the things you choose to do. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter. the man hunt is on. it is the world premiere "american greed." you have to tune in tonight to find out where they go on


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