The opening hour of CNBC’s “Squawk on the Street” with Carl Quintanilla, Jim Cramer and David Faber is broadcast from the floor of the New York Stock Exchange, on site at the opening bell with the up-to-the-minute news investors need to know and interviews with the most influential Chief Executive Officers and greatest market minds.
Stocks Rebound, Twitter CEO Jack Dorsey Steps Down
52:08Carl Quintanilla, Jim Cramer and David Faber began by breaking down the bounce back in stocks following Friday’s massive sell-off, with scientists around the world scrambling for more data about the Omicron variant. Travel and energy stocks were among the top gainers on the S&P. David Faber also reported some breaking corporate news, with Twitter CEO Jack Dorsey stepping down, effective immediately. The company’s chief technology officer, Parag Agrawal, will take over the helm. Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders. At the time of the announcement, both shares of Twitter and Dorsey’s other company, Square, moved higher on the news.
Dow Plunges 1,000+ Points on New Covid Concerns
55:04David Faber, Morgan Brennan and Mike Santoli began the show with a look at stocks selling off on the shortened trading day, as a new Covid variant found in South Africa triggered a global shift away from risk assets. The Dow dropped more than 1,000 points, on pace for its worst day of the year. Jim Cramer also called-in to warn investors that today’s sell-off is not a buying opportunity, given the large amount of uncertainty still remaining. Airline and cruise stocks were among the biggest laggards on the S&P 500, but stay-at-home names like Peloton and Zoom Video surged, benefitting from the renewed Covid fears. Cryptocurrencies were also not able to avoid the carnage, with Bitcoin falling into bear market territory, trading below $55K.
The Tech Slump, Cathie Wood Talks Risks, Nordstrom and Gap Shares Plunge, and An Exclusive With the CEO of American Express and Lin-Manuel Miranda.
43:22Heading into the Thanksgiving holiday, Carl Quintanilla, David Faber and Mike Santoli discussed what's at stake for investors in wake of this week's tech slump. The anchors also reacted to Ark Invest CEO Cathie Wood's comments to CNBC on everything from long-term risks to why she bought Zoom Media on the dips. Shares of Nordstrom and Gap each plunged more than 20% after posting disappointing Q3 results -- impacted by supply chain issues and labor costs. In a CNBC exclusive, Sara Eisen interviewed American Express CEO Steve Squeri about the recent weakness in payments stocks -- and spoke to Lin-Manuel Miranda about the reopening of Broadway. Also in focus: The Q4 outlook for airlines as holiday travel surges, HP and Dell among the earnings winners, and a mea culpa from JPMorgan Chase CEO Jamie Dimon after he made a joke about the Chinese Communist Party.
Oil Stocks Jump Despite White House's Strategic Petroleum Reserve Plan, The Tech Slump for Zoom and Other One-Time High Fliers, Plus the COVID Effect: Travel Warnings and Medtronic's CEO
44:04Carl Quintanilla, Jim Cramer and David Faber led off the show with a look at President Biden's decision to tap the U.S. Strategic Petroleum Reserve in an effort to lower gasoline prices at the pump. Other countries have announced similar measures. So why are energy stocks and crude prices shrugging off that news? The anchors also focused on tech the morning after a late session sell-off for the sector, including Zoom Video tumbling despite a quarterly beat -- and why one-time high fliers such as Palantir and Chegg have lost more than half of their value this year. Also in focus: Retail earnings movers such as Best Buy ahead of "Black Friday", Activision's new "Workplace Responsibility Committee," the U.S. issues warnings not to travel to Germany and Denmark due to COVID outbreaks, and Medtronic CEO Geoffrey Martha joined the program with the stock under pressure after the company lowered guidance due to the COVID resurgence and staffing shortages. Cramer asked him why investors should buy the stock.
Pres. Biden to Renominate Fed Chair Powell: What a Second Term Could Mean for the Markets, the Economy and Investors
46:45Carl Quintanilla, Jim Cramer and David Faber began the week with breaking news out of Washington: President Biden will nominate Jerome Powell for a second term as Fed Chair and name Fed Governor Lael Brainard to serve as Fed Vice Chair. The anchors engaged in a wide-ranging discussion about a Powell second term and what it could mean for investors. The S&P 500 hit a new record high on the Powell news. Also in focus: Goldman Sachs' year-end 2022 S&P target of 5100, COVID news from lockdowns in Europe to vaccine booster shots in the U.S., what Nvidia CEO Jensen Huang told CNBC about the metaverse, Ford and Rivian scrap plans to jointly develop an electric vehicle, and Activision Blizzard CEO Bobby Kotick under fire: What he reportedly told senior managers about his future at the company.
Market Reaction to COVID Lockdowns and Developments, a Record High for the Nasdaq, The EV Space’s Week for the Ages and the House Passes Pres. Biden's $1.7T Social Spending Package
45:32Carl Quintanilla, Jim Cramer and David Faber discussed market worries about COVID-19, with Austria announcing a nationwide lockdown while Germany tried to tamp down fears that it would follow suit. But in the U.S., FDA authorized use of Pfizer and Moderna's COVID vaccine booster shots for all adults. The anchors explored what investors should make of it all and which beaten-down stocks are worth buying. Carl, Jim and David also wrapped up an eventful week on the electric vehicles front -- including Ford's plans to boost EV production, a wild ride for shares of Rivian and Lucid, automakers' market cap battle, Elon Musk’s Tesla headlines and why Morgan Stanley says a potential Apple car is the "ultimate EV bear case" for some popular electric vehicle stocks. Also in focus: A new record high for the Nasdaq, what’s next for Macy's after Thursday's 21% stock surge with Black Friday one week away, President Biden's $1.7-trillion social spending and climate package heads to the Senate after being passed by the House, The Nike-Roblox partnership, Earnings movers including a double-digit surge for Intuit, and the pressure Activision's Bobby Kotick is facing to step down as CEO.
Exclusives With Billionaire Media Mogul John Malone and Charter CEO Tom Rutledge, Cisco and Alibaba Slump, But Will Nvidia Be The Next $1T Company?
46:08Carl Quintanilla, Jim Cramer and David Faber began the show with a look at the big tech earnings movers of day: Nvidia surging after beating Wall Street estimates, Cisco down sharply on weaker-than-expected revenue and guidance, and Alibaba slumping on a quarterly miss. Jim explained why he believes Nvidia will be the next trillion-dollar company. David spoke exclusively with Liberty Media Chairman and legendary media mogul John Malone on everything from the streaming wars and profitability to Netflix's valuation. David also interviewed Charter Communications CEO Tom Rutledge at Liberty Media's Investor Day. They discussed the future of broadband in light of the new bipartisan infrastructure law, as well as streaming and wireless growth. Also in focus: Macy's surges on an earnings beat, Ford partnering with GlobalFoundries to increase chip supplies, and a big detour for Rivian and Lucid's EV rally.
Target and Lowe's Lead the Retail Earnings Parade, Red-Hot EVs vs. GM & Ford in the Market Cap Battle, and Activision Blizzard Under Fire.
44:05Carl Quintanilla, Jim Cramer and David Faber began the show with a look at how investors should view a new batch of retail earnings amid inflation and supply chain worries. Target shares fell despite a quarterly beat, but shares of Lowe's and TJX -- the parent of T.J. Maxx -- among the S&P 500's top performers in reaction to better-than-expected results. On the electric vehicle front: Should you buy Lucid and Rivian? Lucid briefly jumped above General Motors and Ford in market cap during pre-market trading but proceeded to fall along with Rivian. David provided an update on Activision Blizzard one day after the stock tumbled on a Wall Street Journal report which said CEO Bobby Kotick knew for years about sexual misconduct allegations at the videogame giant. Also in focus: Roku gets slapped with a “sell” rating, plus Why Cramer says a buyback is not a reason to buy Apple stock.
Exclusive With Walmart CEO Doug McMillon, Big Retail Earnings Beats, Rivian and Lucid Power the EV Rally, Plus Market Reaction to Peloton's $1B Stock Offering
46:09Carl Quintanilla, Jim Cramer and David Faber focused on a big morning for retail: Government data show October retail sales exceeded forecasts, while Walmart and Home Depot posted better-than-expected quarterly earnings and revenue. Walmart CEO Doug McMillon joined the program exclusively to discuss his company's results, the holiday season outlook, inflation and how the retail giant is navigating supply chain issues and labor shortages. Electric vehicle stocks also in the spotlight: Rivian rallies once again and has doubled its IPO price since Wednesday's public debut, Lucid jumps after reporting an increase in orders and confirming 2022 production targets, and Elon Musk sold an additional $930-million in Tesla shares to meet tax obligations. Also in focus: Peloton files for a $1-billion stock offering despite recently saying it has no need for more cash, plus market cap comparisons: Rivian closes in on doubling Ford's valuation.
Cramer's Big Week on the West Coast, The "Metaverse Market", Elon Musk Trolls Sen. Sanders, Countdown to the Biden-Xi Virtual Summit, Dollar Tree's Activist Effect and the Retail Earnings Parade
43:30Carl Quintanilla, Jim Cramer and David Faber kicked of the show with a preview of Jim's big week in San Francisco, focusing on everything from tech to retail and how to capitalize on a "metaverse market" -- with the CEOs of Nvidia, Intel, Affirm, Cisco and Macy's set to appear on "Mad Money." The anchors also explored the action in electric vehicle stocks after Tesla's 15% drop last week and Rivian's post-IPO surge. They reacted to Elon Musk's responses to Sen. Bernie Sanders' tweet on taxing the rich, including Musk tweeting "I keep forgetting that you're alive." Carl, Jim and David previewed the virtual summit between President Biden and China's President Xi -- with Cramer explaining why "the headline is Boeing.” Also in focus: How long the inflation-supply chain double whammy will last, Dollar Tree jumps on activist pressure, what to expect from this week's big retail earnings, WeWork's quarterly results and the M&A deals of the day.