Disney "Streams" Higher, John Malone Interview, Charter CEO Exclusive 11/14/24

David Faber (0:00)

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

Carl Quintanilla (0:06)

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. Faber's at Liberty Media Investor Day in New York. A lot to come from David this morning. Future's pretty steady, but off of the highs, as the 10 year pops to close to four and a half. Highest since July. Core PPI runs a 10th hot. Jobless claims lowest since mid May. Powell speaks this afternoon. A roadmap begins with streaming strength. Disney's streaming business swings to a profit on the quarter, along with a huge gain in subs. Shares are rallying ahead of the open.

David Faber (0:39)

Plus media continues to be in focus. I'm going to be joined in the next couple of hours by John Malone, Chris Winfrey, Greg Maffei, and Jerry Brockheimer, all from Liberty's Investor Day right here in New York this morning. And calling it quits, Capri and Tapestry. No surprise here, although the market is reacting. They are abandoning any plans to merge. Of course, the deal had been blocked by a federal judge.

Jim Cramer (1:05)

Carl?

Carl Quintanilla (1:06)

Guys, let's get to Disney first, up sharply in the pre-market. After that quarterly beat, the company benefits from profitability in its streaming business, as well as box office successes from films like Inside Out 2 and Deadpool Wolverine. Also, this long-term upbeat guidance, Jim, this is going to be the best reaction to earnings in a couple decades.

Jim Cramer (1:24)

Well, I'm used to very short-term guidance. I'm used to hearing that the OK numbers when it comes to streaming. I'm not used to hearing good numbers when it comes to movies. I'm used to hearing quantity over quality would be the analyst comments. I'll just use it. I'm used to a couple of woke movies thrown in there that people just say, well, that ruins things. I don't know and I'm not that woke, so I don't know. I don't go to those. But I will say this, Hugh Johnston is making a different thing. This is the kind of thing that you hear from a Pepsi-Cola review was, I feel really good about it. My travel trust is on it. We have a meeting at 12 This was going to be one of those where I thought I had to defend my life. I now, I don't have to defend my life. A lot of people who are in this thing, David, no longer have to defend their life. You know that was the position when it came back to the 80s after the Pelts, let's just say defeat.

David Faber (2:22)

Yeah, this could be a real turning point in terms of sentiment, Jim. I don't want to put words in your mouth. Obviously, I know you've been more positive on the name recently, and it seems as though that may have been the correct posture. Yes, I do, and I intend to continue to. I will make fun of you every day on whatever I can find to do so for the rest of your life, probably. Even when we're no longer doing this, I'm gonna call you every morning just to make fun of you. So you have that to look forward to.

Jim Cramer (2:48)

I have to tell you, I heard Andrew Ross Sorkin be you, and he's programmed to say good things about me.

David Faber (2:56)

But Jim, in terms of good things, you're talking now about a $6 a share number in earnings for fiscal year 26 And so you tell me what the multiple on that should be, and we get a sense for a stock price that could be sort of recalibrating, so to speak, for more growth than had been anticipated. And obviously Carl mentioned direct to consumer. That number was a strong one, a $253 million in EBIT for the quarter. That was better than anticipated. We all know the studio had a very good summer. Of course, we talked about Deadpool and Wolverine and Inside Out 2 But even linear, while weaker, of course, may not have been quite as weak as some had imagined it would be. It continues to suffer, though, no doubt about that. But this is putting it on the right trajectory. And I guess, Jim, when you come back to it, you know, Parks continues to be a key question. Can that regain its mojo?

Jim Cramer (3:58)

I think Parks can. And they obviously talk about how the Paris Olympics threw things off there. I think that there's far more to do with the weather that people don't talk about when it comes to Florida. I think that Bob Iger would tell you, lay off the theme parks that are a gem.