Squawk Pod: “5 Things to Know Before the Opening Bell 11/24/2025”

Date: November 24, 2025
Hosts: Andrew Ross Sorkin, Joe Kernen

Episode Overview

This episode of “Squawk Pod” guides listeners through the top five stories you need to know before the U.S. market opens on November 24th, 2025. From historic Thanksgiving travel numbers and a shifting federal agency to major CEO news, a banking cybersecurity breach, and milestone moves in healthcare equities, hosts Andrew Ross Sorkin and Joe Kernen deliver concise insights and lively banter in trademark “Squawk Box” style.

Key Discussion Points & Insights

1. Thanksgiving 2025: Record-Breaking Air Travel

• (00:31) Airlines project an unprecedented 31 million passengers for the holiday period.

• The single busiest day: Sunday after Thanksgiving, with an estimated 3.4 million passengers.

• Andrew Sorkin frames the news as part of a rebound in both consumer confidence and travel activity post-pandemic era.

  “US airlines predicting a record-breaking Thanksgiving travel period with 31 million people taking to the skies. The busiest day expected to be the Sunday after Thanksgiving with 3.4 million passengers.”
  — Andrew Sorkin [00:31]

2. Disbanding the Department of Government Efficiency

• (00:48) The Department of Government Efficiency (DOGE) has been discontinued ahead of schedule.

• Originally intended to operate until July 2026, the initiative was ended by the Trump administration’s chief human resources officer.

• Future cost-cutting is now decentralized, with “individual agencies” responsible.

  “It was supposed to be in operation until July of next year, but the Trump administration's chief human resources officer now saying the initiative has come to an end.”
  — Andrew Sorkin [00:49]

• Joe Kernen quips on bureaucratic reform efforts:

  “Government 1, Doge 0. Looks like you know, it's impossible. Many have tried and all basically have failed.”
  — Joe Kernen [01:46]

3. Kohl’s CEO: Interim Leader Gets the Permanent Job

• (01:02) Kohl’s set to appoint Michael Bender as its permanent CEO after serving as interim since spring and board member since 2019.

• The decision follows a thorough candidate search.

  “Kohl's will name its interim CEO Michael Bender as its permanent CEO. This after interviewing several candidates for that role.”
  — Andrew Sorkin [01:02]

4. Cybersecurity Breach: Citus AMC

• (01:17) The FBI is investigating a hack targeting Citus AMC, a tech vendor critical for real estate lending.

• Clients affected: JP Morgan, Citigroup, Morgan Stanley.

• Firms were alerted to the breach on November 12th, with authorities now reporting the attack as contained.

  “The agency is saying that the firms learned of that breach on November 12th and it is now they're saying contained.”
  — Andrew Sorkin [01:27]

5. Eli Lilly Hits $1 Trillion Market Cap—And Immediate Pullback

• (01:37) Pharmaceutical giant Eli Lilly becomes the first health care company (and only the second non-tech company outside Berkshire Hathaway) to reach the $1 trillion valuation mark.

• Stock is pulling back in the morning after rival Novo Nordisk’s Alzheimer’s drug results failed to meet expectations.

  “Eli Lilly reaching a market valuation of $1 trillion. That’s with a T... But it's pulling back this morning after rival Novo Nordisk said its semaglutide trial did not reduce Alzheimer’s progression—which is a disappointment for a lot of folks who've been looking at that drug, hoping that some of those expectations might be met.”
  — Andrew Sorkin [01:37]

Notable Quotes & Memorable Moments

• Government reform skepticism:

  “Government 1, Doge 0. Looks like you know, it's impossible. Many have tried and all basically have failed.”
  — Joe Kernen [01:46]

• Industry milestone:

  “Eli Lilly reaching a market valuation of $1 trillion. That’s with a T...”
  — Andrew Sorkin [01:37]

Timestamps Guide

• 00:31 – Historic Thanksgiving travel predictions and statistics
• 00:48 – Department of Government Efficiency discontinued
• 01:02 – Michael Bender named permanent CEO of Kohl’s
• 01:17 – FBI cyberattack investigation: Citus AMC
• 01:37 – Eli Lilly’s $1T valuation and sell-off

Episode Takeaway

This “Squawk Pod” edition delivers a brisk but thorough update for market watchers ahead of Thanksgiving 2025. Major storylines include a holiday travel resurgence, shifting political priorities, executive leadership at a retail giant, heightened cyber-risk in finance, and pharmaceutical innovation’s Wall Street impact. As always, the analysis features a blend of data, perspective, and pithy commentary characteristic of “Squawk Box.”