Earnings Parade: Beats for GM and Coke, UPS Misses, "Mag 7" On Deck 7/23/24

David Faber (0:00)

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

Carl Quintanilla (0:05)

Good Tuesday morning. Welcome back to Squawk on the Street. I'm Carl Quintanilla, David Faber's back at Post 9 of the New York Stock Exchange. Pre-market is steady as we're coming off the best day for S&P NASDAQ since June 5th.

Back in the thick of it on earnings, a number of high profile names raising guidance like GM, GE, Coke and Lockheed. Our roadmap begins with stocks looking to build on yesterday's rally. As we said, S&P coming off the best session in six weeks.

David Faber (0:28)

Plus, we have a lot of earnings reports to monitor this morning. UPS, Comcast, our parent company, GM, as Carl just mentioned, Spotify, also a big mover in the pre-market to the upside. Another firm downgrading CrowdStrike this morning following, of course, the global IT outage of late last week. This is a house committee calls on CEO George Kurtz to testify on Capitol Hill.

Carl Quintanilla (0:51)

Let's start with the markets and earnings after stocks did finish yesterday's session with their best day since early June. Jim, I know you've taken note of some names like we mentioned GE and GM, but Danaher as well.

Jim Cramer (1:01)

Danaher, with Chopper Trust, it's been a huge slog.

I have to say Danaher was one of the, I'd say, top five growth stocks. And then it kind of lost its way. A lot of it was China.

I think that that's kind of in the past. They really just came up with a kind of a Danaher statement. A Danaher statement means we're back to growth. Things are going to be good.

This is all health care, this terrific quarter. I mean, David, one of the things that we have, we have some companies that are really well run that had been hurt by China. Danaher is the first company that came back and says, listen, stop worrying about China. It's really not a role. I mean, you know, obviously Nike, very important. Starbucks, very important. We have these companies that are hostage, not Danaher.

David Faber (1:45)

You know, you and I talked about Danaher in terms of what had been for so many years, one of the great growth stories and great performing stocks, only to sort of hit a hit a buzzsaw, so to speak, for years. So is this now a new chapter?

Jim Cramer (2:02)

Yes, I'm just going to proclaim it that it's like the old days when Danaher has all this good medical technology. It's separated from the Sartorius, which has been an up down company. I believe, by the way, that we're going to see some good numbers from Thermo Scientific.

David Faber (2:16)

I just picked up, tapped in TMO, and that is looking up this morning as well. Just on this, I guess, right?

Jim Cramer (2:23)

Yeah, on this. So I think that this one's back. GE, this is without any real orders because remember, Airbus can't make enough.

And Boeing is, well, I don't know if you have to even talk about Boeing. But the service revenue is so great and Larry Culp is so great. He's been spending a lot of time in the field, working with suppliers, getting things right. Suppliers, 15 suppliers, still a lot of problems, but he's solving them one by one. So we've got growth where we used to have growth. We have growth. Airlines, good growth.

Medical diagnosis, good growth. And then, David, I've got to go to you. I mean, I'm not sure that the cable industry is providing the growth I was hoping for.

David Faber (3:03)

No, we're going to get to that in the next. We're going to do a little tease here. We'll get to that in the next block of programming.

Jim Cramer (3:09)

You want to talk about Lockheed Martin?

David Faber (3:10)

Well, or UPS. We've got so many different names to go through this morning. UPS and the cable business? UPS is not. No, they're not. I thought they were in the cable business. I'm not sure they'd want to be in that business either, but the business they're in is not going that well.

Jim Cramer (3:23)

It'd be a step up for them.

David Faber (3:24)

It's not going that well.

Carl Quintanilla (3:25)

They did return to positive US volume, first time in nine quarters, although US domestic revenue was still down because of pricing.

Jim Cramer (3:33)

Yeah, it's just there's just a lot of things not to like about UPS. I keep hoping that this will be the quarter. This will be the quarter. And it's not. And when it never came over, the revenue was good. I was really hopeful. But they, you know, this is empty calorie revenue.