Big Market Week Ahead, Paramount-Skydance Merger Deal, Boeing to Plead Guilty 7/8/24

Carl Quintanilla (0:00)

Market moving insight and analysis. Join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street.

Good Monday morning. Welcome to Squawk on the Street. The band is back. Carl Quintanilla, Jim Cramer, David Faber, together again at Post 9 of the New York Stock Exchange. Futures pretty steady. S&P coming off its best week since April, and that record closed Friday. Big week, Powell on the Hill, CPI, and the start of earnings season. A roadmap begins with the market's record run, helped buy five of the MAG-7, hitting all-time highs on Friday.

David Faber (0:30)

Also ahead, Paramount has reached a deal to merge with Skydance and everything else that goes along with that. And Boeing agrees to plead guilty to a criminal charge stemming from those deadly crashes involving its 737 MAX jets.

Carl Quintanilla (0:45)

Let's begin with this busy week for the street. S&P, NASDAQ at record highs, but Jim, it's nice to have all three of us here first time in a few weeks.

Jim Cramer (0:52)

And it's, I did a lot of work for the Investing Club on Friday.

And Friday was one of these days, I have to tell you, I can't recall, maybe in the 90s, maybe even in the 80s, where you have these stocks, like Meta was up $29.

You know, this rally in the close, Amazon $2.40, Google up $4.78, Microsoft up $6.79, Apple up $4.79. I mean, these are very, very big moves. And it tells me, David, welcome back to you. Where's the sellers? Why are the sellers not lower? Why are the sellers holding out for $20 and getting it? Holding for $25 and getting it? What is going on?

David Faber (1:34)

I mean, I'll come right back at you and ask you, Jim, because you may be in a better position to tell me. It is somewhat, I mean, people will start to make that connection have to to the 90s. Now, the question, of course, is, is it 95? Is it 98?

Where are we in this cycle in terms of a new, incredibly seminal, technological event, if you want to call it, and its development? And there are obviously the bulls are arguing very, very early.

Jim Cramer (2:03)

Right.

David Faber (2:03)

Or if you want to make the real analogy, 95, not 99

Jim Cramer (2:07)

Right. Well, I mean, Mr. Weeks was one, one of the Weeks was one.

Fabulous interview by Vice Quark Box, the CEO of Corning. We had recommended people by Corning two weeks ago. We said, we think that they could be very much involved in AI. Well, I mean, the numbers are so much better than expected. And I think the difference here is that, remember, Corning is not based in Silicon Valley. Corning is based in Corning, New York, which David, I'm sure you spent a lot of time with, like I have. And there's, you know, it's Cal Pastures and it's AI.

Well, I mean, they both have made...

David Faber (2:40)

He's been running that company for a long time.

Jim Cramer (2:42)

He sure has, hasn't he? It's just like Mr. Houghton.

David Faber (2:46)

You mentioned Corning. Look at that. Up 34% this year, right, to your point, it's getting a little AI.

We're going to talk about Larry Ellison in a bit, but take a look at, I mean, it's not just those names. Oracle's a $400 billion company. Why? Same reason.

Jim Cramer (2:59)

So, I don't know. We've got this... This is a proof of concept named Corning because...

Now, some will say, wait a second, Corning was one of the great performers of the year 2000 You know, that's not fair because a lot of the orders were from companies. They were laying fiber everywhere. This is like we're trying to meet demand. But the companies that need it are companies like NVIDIA.

And NVIDIA knowing... We have two people say today that the new iteration they announced at their conference, Blackwell, they can't meet demand. It's incredible.

Carl Quintanilla (3:30)

UBS takes NVIDIA to 150, prior 120

Jim, TSM, all time high. The Sox up every day last week.

Jim Cramer (3:38)

TSM was struggling in the 140s because people felt that it was one and done.

And then look at this run. I know that you could say, well, listen, that's NVIDIA is up 150 percent. But this is something because this is a foundry company that makes this stuff. And everyone had been worried about China and the possibility of some sort of invasion, had a discount. I don't think anything's changed to make people feel that China might do something, but the discount is rapidly closing.