Wrapping Up September and Q3, China Rally Gets Hotter, DirecTV-Dish Deal 9/30/24

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 Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla. Jim Cramer's back. David Faber here, post nine of the New York Stock Exchange. Final trading day of September. And Q3, as we get set for a big week with the jobs number jolts, a VP debate, a potential port strike tonight. Futures are lower. Powell speaks at NAVE this afternoon. A roadmap begins with the China stock surge, notching the best day since 2008 on hopes for some further stimulus moves.

David Faber (0:30)

Plus it's a big merger. Satellite TV rivals, DirecTV, Dishpair and company, Echostar reach a deal that would create the largest pay TV provider in the US. CEO of Echostar will join me exclusively. That'll be in the next hour. And automakers are under pressure this morning. Stellantis shares plunging ahead of the open as it follows Volkswagen with a significant warning on profits. We'll be looking at the whole group.

Carl Quintanilla (0:56)

Let's begin with markets in this rally in China. Jim, welcome back.

Jim Cramer (0:59)

Thank you for having me.

Carl Quintanilla (1:00)

A lot happened in your absence.

Jim Cramer (1:02)

Okay, so I get up, I'm in Italy, and I get up on Tuesday to this bizarre, ba-ba black sheep meme. And I'm thinking, who is that from? And it's from Pepper. Now, of course, Dave Pepper. Now, of course, if I call him back, then it would be a divorce filing papers. And you know what, David, those are bummer. So don't even think about it. But it was Pepper just saying, look, you gotta go all in. So let's give him credit. He came on TV, but he had been in for a long time. He was in the 70s. He was in even when, I have to tell you, when it dropped to the 60s, he was there. So he has every right to crow. And I talked with him this morning, and he says, look, hope there's a pullback. That's all I can say. I hope there's a pullback so we can do some more buying.

Carl Quintanilla (1:47)

People are throwing in Tepper, obviously, the stimulus, but also Micron and Meta, the Meta event.

Jim Cramer (1:52)

Yeah. I mean, look, I think that there was a lot that was good. The only thing that was a little negative was, Friday evening, we found that Novellas, we hear that the H20, which is their kind of stripped-down chip, Chinese are saying no to it. But, you know, David, we have been faked out many times. But the one thing that Tepper said, and Tepper's a great money manager, and we know he wasn't as bullish, it's been since 2010 that he's wanted to come on. That was the Bank of America buy. And what he basically said was, look, it's very unusual for them to buy, then buy, then buy, and positive, and positive, and positive. I know that they were very worried about being downgraded from the MSCI index. I know that people felt that there was too much money being lost in the market, but these unlimited buybacks funded by the government, you know, we don't have those.

David Faber (2:40)

No, not right now. No, not right now.

Jim Cramer (2:42)

Not right now. Well, we had one in 2015-16.

David Faber (2:44)

We kind of did in COVID there. I think there was a period where the Fed was basically like, buy anything you want.

Jim Cramer (2:49)

Well, they did.

David Faber (2:49)

It was brief. I forget what that program was called.

Jim Cramer (2:52)

I think the Fed liked Starbucks.

David Faber (2:53)

But your point's a good one. We obviously talked a great deal last week in your absence about that incredible rally in Chinese shares. And by the way, the impact it was having, not just on Chinese stocks, but on companies that are closely related and or selling a lot of their goods there, whether it was Freed Fort Mac, Moran and Copper, whether it was the operators in Macau being Wynn and?

Jim Cramer (3:18)

Well, MGM, but yeah, I'll tell you what I mean.

No, Las Vegas Sands, which is no longer like Macau Sands. But I'll tell you what, MGM, this is what I think is what people are interpreting. They want to buy extraneous ones. Now, of course they want to buy Baidu and JD. But this Starbucks catches a bit every single day. And the problem there was China and others.

David Faber (3:40)

Well, they have a lot of problems. We didn't notice Starbucks moving nearly as much as so many of the other China related stocks. When I think about the big ones, they were... Right, Estee Lauder had a big move last week as you know.