Microsoft Falls, ADP Jobs Surprise, Treasury Sec. Bessent on Tariffs 12/3/25

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Jim Cramer (1:00)

It's Jim Cramer here. You're listening to the opening bell of CNBC Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (1:08)

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. Faber has the morning off. Futures holding on to some gains as Bitcoin recovers a bit further. At the same time though, ADP does come in pretty ugly, down 32K. That's the worst in more than two years as some economists say, small business employment may be in recession. Yields are lower across the curve. Our roadmap begins with the mood of the markets as Bitcoin does bounce back at about a two week high. AI headlines fueling a number of big tech earnings. Nvidia's Jensen Wong goes to Washington to meet with some lawmakers on the Hill today. And it's a big day for ECOdata. We'll get this fresh read on jobs showing the labor market slowdown is, in fact, accelerating. Let's begin, though, with the markets as the major indices, Bitcoin and the tech sector, try to build on Tuesday's rebound. Jim, I did see your post this morning. Sell those that are financing or have some insider selling.

Jim Cramer (2:01)

Yeah, well, you know, where we are at this point is we're now in 2000 I mean, people don't think we're in 2000 They're wrong. It's just that we want 2000 to be contained. And what I want people to do is to recognize there are now two kinds of companies. In 2000, were the companies that took advantage of the fact that their stock went way up and they did convertible bonds, did shelf offerings, and they absolutely crushed their own stock. This company I rent, which is like, I don't know, let's just set, poor man's court, they offer, here's, this is just textbook, 39.7 million shares priced at 41.12 cents and a convertible bond deal that the people who buy the convertible probably short the common. People might say they can't, but they don't. And this is exactly the kind of deal that I saw in 2000 and I said, I couldn't sell my shares to the street.com because I was locked up, but I was able to short until the cows came home. Because you see, when you do these deals like this, what it says is, all right, we got a lot of hope. Hope per share, really a bad ratio. I press release, but in the end, I was saying in March 15th of 2000, I was saying it's vapor per share. And weird, no, I think, I rent a great company. No. Yeah. No.

Carl Quintanilla (3:21)

That's not a comment on the giants that we talk about all the time.

Jim Cramer (3:24)

Well, no. You see, one of the things that's different between 2000 and this is that there are real companies right now doing great things. Now, you can see I rent had an EBITDA positive. I don't know how the heck they did that because they had capital expenditures are incredible high, you know, enterprise value is very high. But what I'm looking at are companies. I want to contrast I rent versus Marvell. Marvell, Matt Murphy made a called Scott. He bought not one million, but two million dollars with a stock in the open market in the 70s. And I've got to tell you, that's what I'm looking for. I'm looking for people who say, you know what, you don't believe in me.

I'm a buyer of my own stock. And let me see. He bought, oh my God, he bought, he bought on 9.25, 25, he bought 13,600 shares. In 10, 14, 25, he bought 13,000 shares. $77 and $77.63. That's what I want. We didn't have anyone like that in 2000 No one. We had a lot of I rent. Now, I rent right now, I'd say 99% of the people in our universe don't know what I rent does. I mean, it could be Irene. Like my sister, Irene, which was a second rate player.