Confidence in the stock market is hard to find in the face of Covid-19, Jim Cramer told his Mad Money viewers Wednesday. While the markets initially bounced on news out of Washington about the economic stimulus bill, confidence quickly faded. Cramer said we must all do our part if we're going to beat the coronavirus and get our economy re-opened in a timely fashion.
Cramer had faith in our Treasury Department to save the industries that need saving and to quickly get money into the hands of small businesses in need. He said the Treasury knows what needs to be done to help businesses survive the economic shutdown.
But to truly defeat the market's pessimism, we must first beat the virus. We need to follow the guidelines, stay at home and donate where we can to support our healthcare workers until we have the virus contained. Cramer urged businesses to follow the lead set by Starbucks (SBUX) - Get Report, Wynn Resorts (WYNN) - Get Report and others who have pledged "no layoffs" for at least 30 days.
If we all follow the rules and think big, we can get this done, Cramer concluded. No amount of help or kindness during the next few weeks will be too much.
Cramer and the AAP team are looking at everything from earnings and tariffs to the Federal Reserve. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts Plus.
Executive Decision: Western Digital
For his "Executive Decision" segment, Cramer spoke with David Goeckeler, CEO of Western Digital (WDC) - Get Report, the semiconductor maker that's seen its shares soar 50% from their lows. Shares currently yield 4.8%.
Goeckeler said that Western Digital is one of the raw materials that makes the digital economy possible, which is why they've been deemed an essential business in many of the countries they operate in. Business continues to be strong and according to plan, he said, and they see a lot of growth still ahead.
When asked about the possibility of oversupply as the world pauses for Covid-19, Goeckeler said he doesn't see any supply issues thus far and they remain committed to keeping the supply of chips flowing.
Turning to the topic of China, Goeckeler said all of their factories have reopened and retail demand has increased as China begins to recover. Western Digital is practicing social distancing in their factories and any employee that can work from home, is working from home.
Finally, Goeckeler said Western Digital has strong liquidity and is paying down more debt than originally planned.
Executive Decision: Lowe's
In his second "Executive Decision" segment, Cramer also checked in with Marvin Ellison, president and CEO of Lowe's (LOW) - Get Report, the home improvement retailer that saw its shares plunge from $126 a share in February to lows near $60 last week.
Ellison said Lowe's locations remain open throughout the country and they're happy to serve their communities with the essential products they need to weather this storm. He said business has been strong ahead of their peak spring planting season. And with so many people staying at home, plenty of needed home improvement projects are finally getting done, he added.
All Lowe's locations are receiving extra cleanings, Ellison said, and they remind customers to practice social distancing. Additionally, employees are encouraged to use telemedicine and to take as much sick leave as they need if caring for a child or family member that's affected by Covid-19. Lowe's is also donating N95 masks to healthcare systems.
Executive Decision: Paychex
Mucci explained that many businesses are waiting to learn what actions the government is taking to assist them before they make any labor decisions. In a recent survey, Paychex found 50% of customers are seeing minimal impacts thus far, with only 40% expecting some layoffs as a result of shutdowns. What businesses need is quick access to cash to help them recover quickly, Mucci said, and he hopes the stimulus program accomplishes that.
As for Paychex itself, Mucci reminded investors that 50% of their revenue stems from non-payroll services. The company is doing a lot with technology to support businesses remotely, including helping employees tap into their 401(k) savings plans to help bridge the income gap if needed.
Mucci encouraged viewers to do whatever they can to support local businesses and their communities during these difficult times.
Here's what Jim Cramer had to say about some of the stocks that callers offered up during the Mad Money Lightning Round Wednesday evening:
What Can Be Bought Now
In his "No-Huddle Offense" segment, Cramer started anew list of which stocks are working and which ones aren't. He said investors need to be looking for secular trends that are working now and will keep working once the economy returns to normal.
Zoom Video (ZM) - Get Report is one of those stocks, as are the cybersecurity stocks of Zscaler ZS and CrowdStrike CRWD. Cramer said Teladoc (TDOC) - Get Report is a logical choice, as are consumer staples like Johnson & Johnson (JNJ) - Get Report.
Eventually, when the economy recovers, stocks like Apple (AAPL) - Get Report and Nike (NKE) - Get Report will recover, but one sector that may never recover are the cruise lines. People aren't likely to want to set foot on a cruise ship for many months to come.
On Real Money, Cramer keys in on the companies and CEOs he knows best. Get more of his insights with a free trial subscription to Real Money.
Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener.
To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.
To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here.
At the time of publication, Cramer's Action Alerts PLUS had a position in SBUX, JNJ, AAPL, CLX.