December and the "New Market", Musk and Tesla Go Cybertruckin', Pfizer's Weight-Loss Drug Setback 12/1/23

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 1 December 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the first trading day of December, Jim Cramer and David Faber explored what's ahead for stocks, including Jim's ideas for capitalizing on what he calls the "New Market" -- sparked by a bullish November. The anchors also discussed Elon Musk and Tesla's Cybertruck delivery event -- and what the vehicle could mean for the company and its stock. Also in focus: Pfizer shares slide on news surrounding its twice-daily obesity drug candidate, Disney brings back its dividend, Apple and Paramount reportedly discussed bundling their streaming services, Ulta surges. Squawk on the Street Disclaimer

Transcript

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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.
0:21.9	Don't miss a minute of the action. Good Friday morning. Welcome to Squawk on the Street. I'm David Faber. He is Jim Kramer. And we are live from post nine at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures as we wrap up trading for this week. And, of course, start a month. And you can see, perhaps on a bit of a lower note, particularly for the NASDAQ. Our roadmap does start with that
0:27.9	big market surge we saw in November. Global stocks were courted the best month in three years.
0:34.8	What is ahead, of course, as we begin December. Plus, shares of Pfizer are falling rather
0:41.0	sharply this morning. The company halted trials of an obesity drug. It's an oral obesity
0:46.1	drug, but the side effects, a bit of a problem, we'll discuss. And Elon Musk says here he's back
0:53.3	in the spotlight, but really is he ever out of the spotlight?
0:56.0	He's, of course, hyping Tesla's new cyber truck.
0:59.0	Shares though down once again, at least in the pre-market, we'll talk a bit of Tesla.
1:05.0	Let's start with the markets though as we kick off, of course, the month of December.
1:09.0	Happy December 1st, my friend. I cannot believe another year is wrapping up. I know. But let's not dwell on that. No, don't. Let's dwell on the Russell 1000 and people saying the Magnificent 7, done. Okay. Let's dwell on that. That's the right. Buy the Russell 1,000 and get out of the Magnetres of 7? I like the Russell 1000 here.
1:28.7	You do.
1:29.2	Yes, very much.
1:30.2	Why?
1:30.7	Because percentage gains are what we want.
1:34.0	And it's very hard to get a big percentage gain from any of the Mag 7.
1:38.1	But you can find stocks like a firm, data dogs.
1:43.2	These are what you want to be in.
1:46.0	So I'm curious, though, is that your belief that the upside for the Magnificent
1:52.5	Seven, which of course powered the S&P, forget that, powered the S&P over the course of
1:57.6	the last 11 months, is sort of going to lag a bit? Right now, yeah.
2:02.7	And I think that there's going to be a broadening out, which I like, David, I like a
	...

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