More Market Records, Tesla Aims For a "Perfect 10," How Low Can Nike Go? 7/9/24

Jim Cramer (0:00)

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

Carl Quintanilla (0:07)

Good Tuesday morning, welcome to Squawk on the Street. I'm Carl Quintanilla, Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Future's pretty steady as the SMP comes off the 35th record close of the year, takes aim at a 36th busy day on the hill with both Powell and Yellen in testimony, Powell's last appearance before lawmakers ahead of the election. Our roadmap begins with the SMP's longest winning streak since January. Big tech continues to rally and eyes more gains at the open.

David Faber (0:32)

Plus Tesla's nine day win streak. The shares have surged 27% this month alone and Nike's not so good, very bad year. Shares have tumbled more than 30% year to date. So what about a turnaround?

Carl Quintanilla (0:46)

Let's begin with the markets though, aiming for more milestones as we await the Fed shares Capitol Hill testimony after new record closes for the SMP Nasdaq, as well as all time highs for Apple, Amazon, Meta. What else was there yesterday, Jim? Royal Caribbean, TJX, Costco?

Jim Cramer (1:01)

Yes, by the way, Costco, there's a couple of notes we've been seeing.

There's just have-have knots developing in so many different industries. When you look at food and staples, well, it's Costco, it's Walmart, and yes, it's Amazon. And then when you look at David, at streaming, well, there it is again, it's Amazon and Alphabet. When you look at the next iteration of the iPhone, I mean, people are talking about very big numbers for Apple. This group, David, has a hard time not getting analysts to love them. Some of the parts break up by Brent Thill on Amazon, gives you some number that's absurd.

But hey, you know what, I call the last night and say, are they gonna break it up?

I demand that Lincoln break up.

David Faber (1:41)

Yeah. Well, they are still.

Jim Cramer (1:43)

I want to take her up.

David Faber (1:44)

They're still embroiled in antitrust litigation that I suppose could, if it had came to it, result in some sort of a breakup, which to your point, many people who put some of the parts out there say that it's worth a lot more.

Jim Cramer (1:58)

Right.

David Faber (1:59)

I don't think they have any intention, though, from a strategic standpoint of doing that.

Jim Cramer (2:03)

It's a fantastic company. But, David?

David Faber (2:07)

Yes?

Jim Cramer (2:07)

Standard Oil was a great company.

David Faber (2:09)

It was. It was.

Jim Cramer (2:11)

It broke up.

David Faber (2:12)

Yes, it did, Jim.

Jim Cramer (2:13)

When we were doing the show together, weren't you doing SOTP, Standard Oil?

David Faber (2:18)

When we were doing the show back then?

Jim Cramer (2:19)

Yeah, back then.

David Faber (2:19)

Yeah, I was. I had some of the parts on that.

Jim Cramer (2:21)

It was good then. What did you say? Chevron, you said it was good.

David Faber (2:23)

It was so calmy. I did, I liked that one. I liked that one in particular.

Jim Cramer (2:26)

Well, that was-

David Faber (2:27)

And I thought John D was gonna do okay.

Jim Cramer (2:30)

Oh, he did?

David Faber (2:31)

Yeah.

Jim Cramer (2:31)

He did. Okay, so the wife does the modern.

David Faber (2:35)

Yes, the wife founded the modern.

Jim Cramer (2:36)

And he didn't like it.

David Faber (2:37)

The modern music of art, yeah.

Carl Quintanilla (2:39)

Speaking of oil, we got BP with this impairment charge, Jim. That follows Exxon's update yesterday. Shell last week.

These weaker refining margins, are they gonna bite?

Jim Cramer (2:50)

And yet today, we got a guy cuts Valero by about 10 cents. I mean, come on. The golden age of refining has ended. That was just over.

The golden age.

David Faber (3:03)

When was the golden age?

Jim Cramer (3:05)

Jeez, Valero's been up forever. I mean, this is the stock that people wanted to own.

And I just think that when you look at these companies, you know, commodity company, refiner. I mean, they all kind of make gasoline. But you know, this is a stock that went from 120 to 180 in a couple of months.

Valero, yeah, but all these guys are in this business. By the way, BP has done a lot to try to figure out how to, let's say, make batteries. They've been trying to do a little alternative energy stuff.

Carl Quintanilla (3:32)

Yeah.

Jim Cramer (3:33)

No working.