Boeing Slumps on 737 MAX-9 Grounding, Apple's Rotten Start to 2024, Rebound Week for "Magnificent 7"? 01/08/24

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 8 January 2024

⏱️ 43 minutes

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Summary

Carl Quintanilla, Jim Cramer and David Faber discussed Boeing shares dragging the Dow lower, after the Federal Aviation Administration ordered a temporary grounding of 171 of the company's 737 MAX-9 jets. The FAA’s call for inspections came after a blowout on an Alaska Airlines flight. Both the carrier and Spirit AeroSystems saw their shares take a hit on news of the grounding. The "Magnificent 7" in the spotlight: Apple looks to rebound after a 6% drop in the first week of 2024, while Nvidia erases last week's losses. Also in focus: The end of a 9-week win streak for the major averages, what to expect from this week's bank earnings, Cramer previews his CEO interviews from the J.P. Morgan Healthcare Conference in San Francisco. Squawk on the Street Disclaimer

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action. Good Monday morning. Welcome to Squawk on the street. I'm Carl Kington-A. and Post 9 of the New York Stock Exchange. Kramer's at the J.P. Morgan Healthcare Conference in San Francisco. David Favors back at HQ. Dow futures are being pinched by Boeing and the grounding of those max nines. Very busy week ahead.
0:22.0	J.P. Morgan Healthcare, CPI Thursday, bank earnings Friday, of course. Our roadmap's going to begin, though, with Boeing.
0:27.3	Shares are tumbling after the FAA grounds dozens of 737 max nines for urgent safety inspections.
0:33.6	Plus, futures are pointing to another lower open. Stock's already snapping a nine-week winning streak.
0:39.2	And we're keeping an iron shares of Apple perhaps set to bounce from what would be an eight-week low at the open call.
0:46.5	Guys, let's begin with Jim at the JPMorgan Healthcare Conference.
0:49.3	Jim, last week you said M&A would be a running theme in this conference.
0:53.2	We're already getting there.
0:55.3	Yeah, we have J&J buying a company, solid tumor cancer. We have Boston Scientific buying
1:00.8	Exxonics, $3.7 billion, overactive bladder incontinence.
1:05.5	Moderna, by the way, announcing a return to profitability, perhaps in 2026. But yes, this is
1:10.0	where the deals are made. And this is the most, looks like the most active perhaps in 2026. But yes, this is where the deals are made.
1:11.2	And this is the most, it looks like, the most active conference in many years.
1:15.1	And I think one of the reasons why is because we're post-COVID.
1:18.7	And so, David, post-COVID means that we are able to do deals in person.
1:25.2	And that certainly makes it easier.
1:27.7	And I'm post-COVID too, but I'm not allowed to be in person yet.
1:34.2	But I'm glad we're all back together, guys, at least virtually.
1:38.6	And, you know, Jim, interesting, of course, we always often do see a number of deal announcements prior to the big JPMorgan
1:46.6	Healthcare Conference. I'm glad you're there this year and looking forward to your coverage of it as
1:50.2	well. And no surprise this morning, perhaps that we did see a couple of these. Again, steals that are
1:55.5	similar in size and scope to what we've seen previously over the last few years, namely big pharma buying
	...

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