9AM HOUR: SpaceX Tops Microsoft & Amazon, G7 Meeting Continues, Robinhood Announces Job Cuts 6/16/26

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Carl Quintanilla (0:45)

Good Tuesday 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. Coming off that record high for the Dow and the Russell, S&P is going to try to join them. 7609 is the closing level to watch. As the Fed meeting begins, G7 is live. Japan finally hikes rates and SpaceX approaches Amazon's market cap. Oil is down to 77 The president says the Strait will open on Friday. Meantime, SPR inventory is now the lowest since Reagan. Roadmap begins with the SpaceX rally. Shares on pace for its third straight day of gains following that historic debut.

David Faber (1:18)

Plus, the Fed is kicking off its two-day meeting today. It's the first under new Chairman Kevin Wurst. We'll get you ready for that. And Robinhood is the latest company to announce job cuts. It's laying off 10% of its workforce.

Its CEO Vlad Tenev emphasizing the need for a quote, lean hyper-focused team.

Carl Quintanilla (1:37)

Let's begin with SpaceX, though, this morning. Rallying again a day after jumping 20% in its first full day of trading, set to potentially surpass Amazon by market cap at today's Open Gym. We're watching 25, 26 trillion. You called it a mean stock this morning.

Jim Cramer (1:52)

Well, I had to. And they were looking for they, whoever is handling some of the books, or we're looking for sellers last night.

As late as 9, 10, and they were paying to 200 Between 247 and 4 o'clock was something I haven't seen a long time. This stock made a run at 211, 212 Then when Morgan comes on, it's at 213, and they throw it back to 210 And then David, they brought it all the way back to 201

Meme stocks are moved up in the middle of the night, the dark of the night, the wee hours of the night. And then sometimes sellers come in, then sometimes sellers get exhausted. David, this was a remarkable run based on nothing. And there are sellers, but not big ones.

David Faber (2:40)

Well, it is certainly an excellent aftermarket performance.

I mean, day one where it settled at 160 roughly, kind of perfection in many ways, exactly how the underwriters might have hoped it would be. And then you've seen what's happened since then. We do have a large lockup coming. Really, we're going to start counting down pretty soon. I mean, it's not till the second week of August. I want to get ahead of ourselves. But we're talking about as much as 900 million shares, to put it in perspective, even with the green shoe that didn't sell that many shares, although they did raise $85.7 billion with this raise, outstripping just by a bit what Google raised in the public markets only a couple of weeks back as well. Of course, when it did that shocking equity raise of its own. But Jim, I don't know, we ever going to really talk about multiples here to revenues and earnings, because it's a must company. And so it's going to trade on the future.

Jim Cramer (3:36)

It's going to trade on what he tweeted this weekend.

David Faber (3:39)

Right, he tweeted that they're going to have, yeah, over a trillion dollars in revenue, potentially as soon as 2030

That was yesterday, or at least it was starting. That was part of the narrative around it yesterday.

Jim Cramer (3:52)

Well, but don't you think when you see that triple what Morgan Stanley is looking for, and you're a Musk believer, don't you think you just have to buy some?

David Faber (4:00)

I guess that's what's happening. I do, you know, we're going to end up talking about that lockup. But there's other, listen, this morning I got people talking to me about Echo Star, you know, that company?

Jim Cramer (4:10)

Right, right.

David Faber (4:11)

The spectrum that they sold, now we know 261 million shares. You can do the math and take a look at the market cap there, and people are like, well, why isn't that higher? What's going on there with Charlie Ergen? By the way, if you're out there, Charlie, you're probably still sleeping.