August Trading Begins, Caterpillar CEO Exclusive, Uber's First Operating Profit 8/1/23

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David Faber (0:26)

Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Good Tuesday morning, everybody. Welcome to Squawk on the Street. I'm David Faber with Jim Cramer. We're live from Post 9 right here at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures.

You just heard from Becky, of course. We are looking for a lower open this morning.

We'll see, as we always do.

But July ended yesterday. And so our roadmap does start with a new month for stocks. Yes, a new month, Wall Street. Coming off what was a strong July. And the Nasdaq and S&P posting five month winning streak so far. Of course, it has been a good year for stocks if you're just tuning in. Plus it is the busiest week of earnings season with more than 160 S&P 500 constituents reporting. Merck, Pfizer, Uber, JetBlue, Marriott, Caterpillar. We got a lot of different earnings reports to get to this morning. I mentioned Caterpillar. It did top estimates. Also warned of lower sales and potentially tighter margins in the third quarter. Company CEO will join us later this hour.

Jim Cramer (1:35)

That is just the bearish. Okay, you want this bearish rap on it?

Come on, they had a great number. We're gonna talk about how the fact that they don't even have enough product.

And the bears like to get to it very early. This is done, it's routine. They did it before. They took the stock down from 230 all the way down to 206 Then Jim Umpleby spoke at an investment firm here in town and said, listen, the bears didn't know what they're doing. Then the stock went straight up to 265 So I am absolutely happy to deal right at the front, right in the center.

David Faber (2:06)

22% top line revenue growth.

Phil LeBeau (2:09)

22%.

Jim Cramer (2:11)

Yeah, okay, that's called good. I didn't mean to get right into the...

David Faber (2:15)

I'm not disputing that it's good.

Jim Cramer (2:17)

It is good.

David Faber (2:18)

But the only question is whether or not the stock has already accounted for that as we all know.

Jim Cramer (2:22)

Well, they see further weakness in China. Okay, there, you want that?

Who doesn't?

David Faber (2:28)

Who doesn't see further weakness in China?

Not sure. It's an oft asked question. Starbucks will certainly want to know, right?

Jim Cramer (2:37)

Well, Yum China, I actually read last night, and I didn't think it was really as bad, everybody hated it. I think we started off in the wrong foot, David.

David Faber (2:44)

Good morning, how are you? I'm fine, thank you.

Jim Cramer (2:46)

Good, and how is Tupperware doing?

David Faber (2:49)

Tupperware's doing great. My sales are, how are your sales going at Tupperware?

Jim Cramer (2:53)

My sales are very good because I've got a huge garage.

You can keep them longer. I like your line.

David Faber (2:59)

We'll get to this little me thing in a bit.

Jim Cramer (3:00)

I think you started off with something really interesting, which you said that it could be up, could be down. What do you like, JP Morgan? Stocks fluctuate?

Where was Shaffer Morgan when he said that?

David Faber (3:09)

I do not know, on his boat.

Jim Cramer (3:11)

23 Bro, right there. No, on Corsair 3?

David Faber (3:14)

No.

Jim Cramer (3:15)

Anyway, here's what I think, David. I think that good riddance to the month of July, because in the second half, we had a recapturing of what happened in 2022, which is the memes took over.

I don't care for them, because what they do is- Memes took over? Well, really? They started buying-

David Faber (3:32)

It's the first I've kind of heard about it.

Jim Cramer (3:35)

I think Tupperware's gonna have to file bankruptcy, and yet, people are buying it like crazy. Now, why are they buying it?

David Faber (3:41)

Well, AMC and GME were not exactly paragons of balance sheet stability.

Jim Cramer (3:47)

Many stocks that moved up in the last three weeks that were heavily shorted, and that that was the one month from the day new mall of 2022 is when this happened. So I think it's our job, and we do have a job, to try to get people to focus again on real companies, and not on the companies that they're taking up right now just because they're short positions.