3-Week Win Streak Watch, AMAT Slumps on Probe Report, Musk Backlash 11/17/23

SPEAKER_1 (0:00)

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Jim Cramer (0:31)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:38)

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Pre-market is steady as the bulls try to add a third week to this 10% move off the October lows. Bond yields are cooperating somewhat. 10 year drops below 4.4 earlier this morning. Lowest in September 20 We'll watch the closes today.

Rovat begins with stocks on pace for their third week of gains. Longest streak since July.

David Faber (1:01)

Plus Apple's chip challenges. The company reportedly facing more issues in its effort to replace Qualcomm chips in iPhones, further pushing back what has already been a delayed project.

And Elon Musk is under fire this after endorsing an anti-Semitic post on X. This was Wednesday, but the story continues to evolve. IBM, the latest to suspend advertising on the social media platform.

Carl Quintanilla (1:26)

Let's begin with the markets on track for another positive week. A lot of chatter this morning, Jim, about even the Bears, B of A is a good example, getting non-committal, saying maybe you fade 45 50

Jim Cramer (1:37)

Well, I think that one of the things that's happening is we do have the big broadening. Been looking for the longest time. Who was doing good? Maybe Walmart, everybody else, no. You wake up this morning, or if you got home last night and read the Gap stores, Gap was like a throwback. It was like the Mickey tracks were gone. Remember Gap would go up, it was like the best performing stock every year?

This thing reminds me of, all right, get away from the beaten path. Get away from Magnuson 7 You're beginning to find stories that are monster good.

William Sonoma reports this quarter, they don't even care about the same store sales.

SPEAKER_5 (2:12)

They're just talking about profitability.

Jim Cramer (2:14)

David, you gotta stock this up 10 It is, we are making money in stocks that we haven't looked at in ages.

David Faber (2:22)

All right, so like, well, William Sonoma has not been an underperformer. Macy's and Gap, I mean, nobody's, you know. By the way, the market caps of these things are tiny.

Gap was once a giant. We actually really did care. We really did care about Gap.

Jim Cramer (2:35)

Yeah, but you want, let's go back to the 10 year plus seven show?

David Faber (2:39)

Who cares about Gap?

Jim Cramer (2:39)

Mag seven?

David Faber (2:40)

Who cares about Gap? Why do you care?

Jim Cramer (2:43)

Look, you see, people can make money. They can go to the store, they can go to Old Navy, they can see the fresh look, they can check the comp store sales numbers. And David, on a percentage basis, this is every bit as good. That's what you're getting from NVIDIA in the last month.

David Faber (2:54)

You're absolutely right, there you go.

Carl Quintanilla (2:56)

Dollars are still green even if you're not making a cap.

Jim Cramer (2:58)

I like that. Yeah, David, they don't, you know, you go to the bank, you just, did you make this, make this in a small cap. Sorry, got a chemical bag, remember that?

David Faber (3:06)

All right, I'll give you a softball. Don't do too much with it, they're okay enough.

You're right.

Jim Cramer (3:11)

Thank you.

David Faber (3:12)

Money's money.

And the Gap gave you some opportunity to make money. I guess my only point was back to the 20, you know, years when we really cared about it, Mickey Drexler and they were at the, you know, well, of course, raw stores was good growth.

Jim Cramer (3:26)

Look, I gotta tell you, I'm seeing things that I haven't looked at in a long time. David, we are seeing things like Amazon selling cars.

So suddenly we've got, you know, whoever's Amazon going to team up with, I want to own lithium, lithium motors.

David Faber (3:40)

You know, lithium from Amazon selling cars.

Jim Cramer (3:42)

But you don't know lithium.

David Faber (3:44)

It is, is Bezos selling stock? I think he might be selling some stock.