Cramer in the Gulf of Mexico, Tesla Soars, Exclusive: Southwest CEO on Board Changes 10/24/24

Squawk on the Street

CNBC

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4.1 • 567 Ratings

🗓️ 24 October 2024

⏱️ 49 minutes

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Summary

Carl Quintanilla, Jim Cramer and David Faber led off the show with a unique focus on energy, featuring Jim in the Gulf of Mexico on Chevron's "Anchor" platform. The company's CEO Mike Wirth made a cameo appearance ahead of Cramer's interview with him Thursday night on "Mad Money." The anchors engaged in a wide-ranging discussion about Tesla shares surging on Q3 results and CEO Elon Musk's vehicle sales forecast. Southwest Airlines CEO Bob Jordan joined the program exclusively. He discussed the company's agreement with activist investor Elliott to add six directors to the carrier's board. Also in focus: Boeing's machinists union votes to reject the jet maker's latest contract offer, earnings winners and losers. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:05.8	Some aerial pictures from a Chevron oil rig in the Gulf of Mexico today. It's a vital region when it comes to American energy production, especially with prices at the pump at the lowest levels since February today.
0:18.8	Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Keentenna with David
0:21.7	Faber at post-9 of the New York Stock Exchange. Kramer is on Chevron's anchor offshore oil rig in the
0:27.6	Gulf. A lot more from Jim in just a moment. In the meantime, futures bounce, at least on the
0:31.9	S&P after the worst session in a couple of weeks yesterday as yields retreat. Some 40 S&P
0:37.4	companies report earnings today.
0:39.3	A roadmap begins with Tesla, though, the biggest gainer on S&P pre-market following those
0:43.6	stronger than expected Q3 results. Musk with some bullish comments on the call last night.
0:48.4	Plus, Boeing shares are extending low losses from yesterday, this after the machinists of the company rejected the new
0:55.5	labor contract proposal. And that adds, of course, to a strike that is already five weeks long.
1:02.0	Southwest and Elliott reaches settlement deal. The company will add six directors, five proposed by
1:08.2	Elliott to its board. We're going to break it down with Southwest CEO Bob Jordan.
1:11.6	That's going to be a bit later this hour.
1:14.6	We began though with Jim in the Gulf, as we said yesterday, trying to set you up, Jim, with that history of you going to rigs.
1:20.6	This is not the first time.
1:22.6	No, it's not.
1:24.6	And I have been in the Gulf before. Of course, I've been in the Bakken.
1:28.9	And I will tell you, this is an engineering marble. We're about 140 miles out. This is all new technology. It's very exciting.
1:37.7	But David, I do want to say, as great as this is, Elon Musk took a shot very early on in the combustible engine. It was very effective.
1:45.9	He called what's happening here niche, niche. And it doesn't feel niche, David, because you've
1:52.0	been on one of these. But when you listen to Elon Musk, he did have a lot of authority on that
	...

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