Stocks' Record Run Without Apple, FedEx Surges, Nike and Lulu Slump, Trump SPAC Watch 3/22/24

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.

David Faber (0:08)

Good Friday morning, welcome to Squawk on the Street. I'm David Faber at Postline of the New York Stock Exchange. Jim Cramer is over at One Market in San Francisco. Wrapping up what has been an amazing week for Jim out west. Let's give you a look at futures as we get ready to begin trading for the final day of trading of the week. Do we have that?

Maybe not.

All right, well, if we don't, we'll get to our roadmap. It does start with that record run for stocks. Major indices seeing a four day win streak, the Dow nearing 40,000 for the first time, and the S&P, it has been holding above 5,200. FedEx shares also surging this morning, despite what was a revenue miss for the eighth straight quarter. The company saying it's seeing results from cost cutting efforts. And are there some warning signs in retail? Nike and Lululemon shares both moving lower. Nike is seeing slower growth in China. Lululemon, perhaps less optimistic about its business right here in North America.

Let's start with the markets and that record rally achieved, despite that pullback, by the way. Interestingly, we saw yesterday in Apple shares, and really throughout the course of this year so far, Apple shares have not participated, as we pointed out many times. Jim, in the overall rally.

Jim Cramer (1:28)

Look, people regard us as a no growth company, 2% max, people looking at the phone itself, and then Insult and Injury, Jonathan Kanner, on this morning, really basically calling him not a monopolist, but a company that is trying very hard to pressure other companies that are in their universe.

I think that there will be a bit of a hangover. There will be some analysts who actually took it very seriously. It is not the one known for AI, David. The other companies that are in The Magnificent Seven are AI companies, although Tesla cutting production in China is bringing that one down. So I would stay, I would of course stay long at, I don't think there was anything in Justice that was anything more than a mosaic of oddities that they chose to focus on with some pull quotes that I think you would say, Jim, I don't want you to bring that up because they're not substantive enough. I think you would say to me, Jim, when you, if you have something substantive, why don't we use it in the so-called A block?

And then you would say, look, let's just hold that back maybe to a mad dash. That's how I feel about the Justice Department's case. Well, too bad. Maybe mad dash, maybe not.

David Faber (2:34)

No, forget it, too bad. You don't get to decide. We're gonna, you started on Apple, so we'll just stay there for now. I would point out, by the way, on the AI, let's not forget this week began, I believe it was this week, with those stories about Alphabet and Apple and, in fact, helped the stock prices of both.

Jim Cramer (2:52)

Bloomberg's story still, no real confirmation of it. And by the way, just so we're sure, many people felt that Alphabet itself, the stock was going to falter badly during this spring. And if you take a look at it, it is one of the best performers. And David, as you know, it's got the fabled reverse head and shoulders chart that I often point out to you as being incredibly important because I know you're a fundamentalist.

David Faber (3:18)

Yeah, well, I'm a technical analyst, of course. That's what I spend most of my time doing, as you well know. That's reverse head and shoulders, right? Yeah, just wanted to make sure.

Jim Cramer (3:26)

I know. And that De Niro outfit has me so transfixed. It's very hard for me to focus.

David Faber (3:31)

As I'm sure it would. I'll see it at the disco later.

I hope. I hope as usual our Friday night. Oh yeah.

Jim Cramer (3:38)

I'm taking a red eye because I really have a hoarse sleep. I certainly proved that this week.

David Faber (3:42)

Well, you always do. You never sleep. All right, back to Apple.

You don't want to give the DOJ a lot of time, but listen, Jonathan Kenner was a guest earlier on Squawk Box talking about the case that they are bringing. As we made the point yesterday, Jim, it will be years in the making.

And so who knows? The stock did suffer yesterday though on the announcement. Take a listen to a little bit of what Mr. Kenner had to share earlier on Squawk Box.