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i got to tell you j j to me should be up more i think j and j has some phenomenal growth in pharma and pharma in the end is what people want now they could have immediately that could have raised you could raise the buyback whatever i think they're trying to figure out what to do but it's a i think that you can get this thing 982 that they might do uh that's just a very inexpensive stock versus what i'm used to with j j so i like that one i like sales up 11.
i love pharma 13. holy cow people don't talk enough about what they've got going i mean you know when you get if you have the unfortunate prostate cancer you get j j's drug it used to be you had to go down to florida and get the nuclear radiation or put seeds in they've got first line and they're doing first line a lot of different cancers it's an undervalued so you're not buying the uh this morning's narrative that low tax bill is means a low quality quarter or low quality print no i get that kind of growth it's what i want i i just didn't see that growth of png i i saw similar growth in pepsi and pepsico really did stocked it quite well well it is a question this morning whether or not not cutting guidance is a victory here's what john muller told the guys on squawk this morning we overcame significant commodity and transportation costs with that strong top line and with our continued cost savings program to deliver earnings per share about equal to last year down one percent five billion dollars of cash returned to share owners all in a in a very uh difficult and volatile operating environment the results for the quarter the strength and the breadth then give us the confidence to confirm guidance for our fiscal year which ends in june top line bottom line cash so this is interesting because um you got dover under the same pressures they raise margins year on year you got goldman upping walmart to conviction by on the idea that profitability is going to be better in the years that was a great i look my travel trust you follow the investment club we have a giant position in walmart we've been waiting for a call like this because walmart's doing quite well but people are far excited about other things i mean they're more excited about albertsons when it came to grocery until today they're more excited about costco obviously because they've got some very good numbers target was downgraded from conviction by this new conviction but this is a strong call you know i got to tell you is that david david proctor and gamble did not raise we know that this quarter has become the beat and raised quarter so if you don't raise david we just decide we don't want you okay um i'll accept that i guess so you're saying how long is that going to be the case you know backing up for a minute jim a 370 basis point reduction as you were right to note immediately at the top in margins is pretty extraordinary um and obviously reflects all the pressures that we've been talking about every single day whether it's rising commodity costs and or supply chain and the additional cost coming from a result of that but if you can't all right you're not beating and raising you're you're but you're sticking with what you've got i don't know i could argue that that's actually pretty positive given this environment and then i'll come back to you as i always do with a question which is do we get any sense as to when this is going to start to abate i think that we look at the earnings estimates of packaging companies next year and they're all down and these estimates are not made island so if you get the kinds of declines that we're hearing in packaging uh plastics and i don't know how much higher diesel can go i think david you're going to see some earnings you can use a margin expansion next year but david no one cares right now about next year they're looking at this year and they're making a judgment that we don't want proctor we want pepsico and you may think that uh that proctor's such a great company that you should hold it now carl i'm of the opinion that if you're trading around proctor you just don't understand proctor proctor is a juggernaut and they're gonna solve what they what they're faced with they didn't solve it this quarter so people just say give me something else
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