Playing the Tech Rally, Disney vs. DeSantis, Should Apple Buy Disney? 3/30/23

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 Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at post nine of the New York Stock Exchange. David Faber has the morning off. Futures powering ahead here after that 90% up day, and that close above S&P 4K yields inch a little higher today, two year 416 Of course, it is opening day for baseball. Our roadmap begins with that tech rally. The sector on pace for its best quarter since 2020 Plus, should Apple buy Disney? One analyst sees a potential material upside if they do.

And don't mess with Bob Iger. A board appointed by the Florida governor claims that Disney has stripped it of its power.

Let's begin this morning with the surge in tech stocks. The NDX now up 20% from that December low, and the tech sector is on pace for its best quarter since Q2 of 2020 Susquehanna, great stat, Jim. If you put together Apple, NVIDIA, Amazon, Tesla, Microsoft, it's all of S&P gains here to date, and then some.

Jim Cramer (1:03)

Well, look, we're back.

When you have a slowdown, you're trying to analyze who's really being hurt by a credit crunch. You know that these companies aren't being hurt. David Costner comes out with a piece. He recommends high-margin stocks versus low-margin stocks.

I'm recommending better stocks versus worse stocks. I'm making a real breakthrough here. But, and I love David, yeah, but the fact is these companies are doing so well. I mean, there's a piece today about YouTube doing well. You know, an alphabet piece. There's a piece talking about their actual orders coming for NVIDIA, and then there's a piece that I think we're gonna have to talk about, about Apple and Disney. And I just find that, you know what?

It's the path of least resistance.

Phil LeBeau had a piece early this morning about orders and what could happen with higher rates. And I'm listening to him saying, wow. Okay, so you don't wanna get in the weeds here. You don't wanna say, you know what? This is the time to buy CarMax. You wanna say, this is the time to buy Alphabet, because it's cheap. It's not really doing much of anything. It's not hurting itself. Maybe YouTube's doing better. So we're in an extraordinary moment where in a lack of news, they went right back to these stocks, right back.

Carl Quintanilla (2:22)

Meanwhile, positioning is still fairly light in aggregate. We're going into the Dow's second best month of the year.

Jim Cramer (2:29)

It's not supposed to happen, Carl.

Carl Quintanilla (2:31)

Does it broaden out or can you live with this kind of narrow tech leadership?

Jim Cramer (2:36)

I think that everybody is shoot first, ask questions later, except for these guys, because we don't know. I mean, I had paychecks home last night. They had a remarkable quarter, and they do a small, medium-sized business.

They handle the payroll. And they were talking about how, if you have more than $250,000 in one bank, you can't keep all your eggs in one basket. Now, they do like smaller law firms, accounting firms, and you say, well, someone is being hurt by that. Like, who is being hurt by that money coming out from a bank? Well, I'll tell you who's not being hurt, Apple.

I mean, so by default, you go back, and the one that has just shined here is Nvidia. It's just over and over and over. You see, I'm watching Frank Holland this morning, and Nvidia's up 38 cents, and then it's up like 62 cents. Next thing you know, Nvidia's up like $1.80. Anyway, and what's happened during that period? Nothing!

I mean, although there it is, up 260 I mean, nothing's happening, people, nothing's happening in Nvidia today.

Carl Quintanilla (3:32)

Well, I mean, incrementally, let's take Intel, for example, yesterday.

Jim Cramer (3:36)

Oh, that's classic.

Carl Quintanilla (3:36)

Best day since November 10th. I mean, the webinar could have gone worse, right?

Jim Cramer (3:41)

Well, I mean, what were the notes about Intel? Okay, it's not as bad as it was. Maybe a little better than we thought.

Well, I mean, you know, and then AMD goes up because Intel is not as bad as it was. We are in, I was saying to Ben Studer, who works with me for Mad Money, I said, you know, in two weeks, we are going to have 35 companies we're looking at. We're trying to make a decision. Right now, we're looking at Cintas and a couple of layoffs at Warner Music. And we don't want to draw any huge conclusions for now, other than the fact that we know we're safe if we go into Microsoft.