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Squawk on the Street
44 minutes | Oct 18, 2021
Oil Hits 7-Year High, Milken Global Conference Returns, Disney Gets Downgraded
Carl Quintanilla, Jim Cramer and David Faber began the show with a look at the market action, with stocks coming off their best week in three months. Oil also resumed its rally, hitting its highest level since Oct. 2014 with some traders expecting to see $100/barrel by the end of the year. Staying with energy, David Faber interviewed Chevron CEO, Mike Wirth live from the Milken Global Conference out in Los Angeles, California. Also in focus: Disney got downgraded to ‘equal-weight’ at Barclays, with the firm saying “Disney+ growth has slowed significantly.” And, Zillow shares tanked on a new report that the company has temporarily stopped its home-buying service due to overwhelming demand.
44 minutes | Oct 15, 2021
Goldman Crushes Estimates, Retail Sales Unexpectedly Rise, FDA Panel Backs Moderna Boosters
Carl Quintanilla, Jim Cramer and David Faber began the show with a look at the last of the big banks reporting results, as Goldman Sachs crushed analysts’ estimates on strong investment banking and trading results. The firm produced $3.7 billion in investment banking revenue, an 88% increase from a year earlier. The anchors also hit retail sales increasing by 0.7% for the month of September compared to an estimated 0.2% decline. The increase came during a month when the government ended the enhanced benefits it had been providing during the Covid-19 pandemic and against forecasts that growth would slow in the third quarter due to the delta variant spread and a perceived pullback. Also in focus: An FDA Panel unanimously recommended Moderna Covid booster shots for at-risks adults.
51 minutes | Oct 14, 2021
Stocks Rally, Morgan Stanley Chairman & CEO James Gorman and the Bank Earnings Parade, Inflation Watch and Pres. Biden's Supply Chain Challenges, and $1.5M-winning "Jeopardy!" Champion Matt Amodio.
Carl Quintanilla, Jim Cramer and David Faber covered all of the bases on Wall Street's rally: Stocks getting a boost from tamer-than-expected wholesale inflation data, weekly jobless claims coming in below 300,000 for the first time since the pandemic began, and earnings from Bank of America, Wells Fargo, Citigroup and Morgan Stanley beating street expectations. Morgan Stanley Chairman & CEO James Gorman appeared on the program and said his company is seeing the fruits of its long-term strategy. the anchors also asked him about his take on Robinhood's trading platform, getting employees back into the office and the state of cryptocurrency. The anchors also took a closer look at the White House's strategy for tackling supply chain bottlenecks -- and President Biden urging the private sector to "step up" and help solve the crisis. Cramer sounded off about what he sees as the lack of urgency in dealing with gridlock at the ports. Also in focus: Walgreen Boots Alliance's earnings beat on stronger demand for COVID-19 vaccines, what Apple joining the rally means about the road ahead for investors, and a why it has been a rough October for shares of AT&T and its rivals. Long-time "Jeopardy" champion Matt Amodio joined the program just days after his 38-show winning streak came to an end. What's he going to do with his $1.5-million in prize money?
46 minutes | Oct 13, 2021
JPMorgan Chase and Delta Kick Off Earnings Season, Bezos' Blue Origin Sets a Space Mission for "Captain Kirk" William Shatner, The White House vs. Supply Chain Bottlenecks -- and Where Apple Fits Into the Chip Shortage Picture
Carl Quintanilla, Jim Cramer and David Faber began the program with a look at the beginning of earnings season. JPMorgan Chase out with better-than-expected quarterly results, with CEO Jamie Dimon saying results were strong despite what he called "the dampening effect of the Delta variant and supply chain disruptions." Cramer highlighted the history of how JPM shares trade on days the bank releases earnings. Delta Air Lines also beat the street, including a quarterly profit for the first time since the pandemic began -- but it also forecasts a loss for the current quarter due to rising fuel costs. The anchors also reacted to what Delta CEO Ed Bastian told CNBC about vaccine mandates and his company's approach to COVID and employees. Nearly three months after Jeff Bezos soared into space, his company Blue Origin sending the original Captain Kirk on a mission: 90-year old William Shatner, two astronauts and a Blue Origin executive set for a launch aboard the company's "New Shepard" rocket. Morgan Brennan joined Carl, Jim and David -- they covered all of the bases ahead of liftoff. The White House expected to announce plans aimed at solving supply chain bottlenecks ahead of the holiday season, including a commitment from the Port of Los Angeles to operate around the clock. Also, a published report says Apple is likely to slash its projected iPhone production targets for 2021 due to the chip shortage. The comes amid Apple's announcement of its October 18 "Unleashed" event, in which the company is expected to unveil products including new MacBooks. Also in focus: What's next for tech stocks, from Apple and other FAANG names to players in the semiconductor sector, consumer inflation hits a 13-year high, and a look back at the life and career of long-time Hasbro CEO Brian Goldner, who died at the age of 58.
43 minutes | Oct 12, 2021
Southwest Chairman & CEO Gary Kelly on Flight Cancellations, Labor Shortages and Vaccine Mandates. Plus, Worker Returns to the Office Hit a Pandemic High, Oil After $80 and Market Impact, and Jamie Dimon Says "Bitcoin Is Worthless"
Carl Quintanilla, Jim Cramer and David Faber explored the challenges facing Southwest Airlines: More than 2,000 flights canceled since the beginning of the past weekend, staff shortages and air traffic control issues in the mix, along with Texas Governor Greg Abbott announcing a ban on COVID vaccine mandates in his state -- though Southwest disputes the idea that cancellations are due to employees protesting such a mandate. Southwest Chairman & CEO Gary Kelly appeared on the program and faced tough questions from the anchors on these issues. Carl, Jim and David also discussed new data which show that the return of workers to the office has reached a pandemic high of just over 36%. Also in focus: Markets and inflation - oil prices above $80 and why Cramer thinks the natural gas rally has peaked, the Netflix stock run-up amid buzz surrounding the drama series "Squid Game" and JPMorgan Chase CEO Jamie Dimon telling a finance group event that "bitcoin is worthless" and weighing in on supply chain problems.
43 minutes | Oct 11, 2021
A New Market Week, Oil Prices Hit a Seven-Year High, Goldman Cuts U.S. Growth Forecast, Southwest Flight Cancellations, Merck Asks FDA to Approve COVID Pill for Emergency Use, CEO Changes at KKR and a $56M "Bond" Debut at the Box office
Jim Cramer and David Faber led off the show with a look at what investors should do in wake of the recent rally in energy prices: WTI crude surging to a seven-year high and natural gas up 50% over the past three months. The anchors highlighted Goldman Sachs lowering its U.S. growth forecasts for 2021 and 2022 as the firm expects a "delayed recovery in consumer spending" and no improvement in the global chip supply until next year. Jim and David also discussed a rough start for Southwest: Shares under pressure after the airline announced hundreds of additional flight cancellations on top of the 1,800 that took place over the weekend, citing bad weather, air traffic control issues and staff shortages. Southwest also disputes speculation that its high level of cancellations compared to other airlines were due to employee protests of a COVID-19 vaccine mandate. Speaking of the pandemic, Merck and Ridgeback Biotherapeutics announced submission of an emergency use authorization application to the FDA for their oral COVID-19 treatment. The anchors reacted to what former FDA Commissioner Dr. Scott Gottlieb told CNBC about when he believes Merck's COVID pill will hit the markets. Changes at the top of KKR: Co-founders Henry Kravis and George Roberts stepped down as Co-CEOs of the private equity firm. The anchors explored what this means for KKR and the world of P.E. Also in focus: Big banks kicking off earnings season later this week, Chinese stocks continue to rebound, Emerson Electric's $11-billion merger deal with Aspen Technology, and as movie theaters look to rebound from the pandemic -- the new James Bond film "No Time To Die" debuts by grossing $56-million at the box office domestically. It was the weekend’s top performer but just shy of consensus estimates.
43 minutes | Oct 8, 2021
A September Jobs Miss - Pres. Biden's Commerce Secretary Reacts, Tesla Moving Its HQ From California to Texas, Elon Musk’s Message on Production and the Chip Shortage, Apple's Supply Chain and the China Factor, and AMC's CEO Slams "Naysayers" Ahead of the New James Bond Film's Debut In Theaters.
Carl Quintanilla, Jim Cramer and David Faber led off the show with the big news of the morning: The much-anticipated employment report shows 194,000 non-farm jobs were created in September, well below the 500,000 that economists had been expecting. The unemployment rate fell to 4.8%, but the labor participation rate also declined amid concerns about the COVID-19 Delta variant outbreak. The anchors explored what it all means for investors and the Fed, and whether it means Fed Chair Powell and his fellow policymakers should push back their timeline for tapering. Commerce Secretary Gina Raimondo appeared on the program to discuss the Biden Administration's reaction to the jobs data. She also weighed in on COVID vaccine mandates and the supply chain challenges facing the nation's businesses. The anchors also discussed Tesla's decision to move its headquarters from California and Texas, plus what Elon Musk told investors about Tesla's manufacturing expansion plans and how the electric vehicle maker is navigating the global chip shortage. As movie theaters gear up for the debut of the new James Bond film "No Time to Die," AMC Theatres Chairman & CEO Adam Aron had a message for his critics in a Thursday night tweet: "It feels more like AMC is playing 3-dimensional chess. To the naysayers, I say it loud: #ChokeOnThat." The anchors discussed the road ahead for AMC -- one of the earliest "meme stocks." China also in focus: A strong week for shares of Alibaba -- and Morgan Stanley's Katy Huberty out with a note assessing Apple's supply chain and what it could mean for the new iPhone 13.
44 minutes | Oct 7, 2021
Stocks Rally on Debt Ceiling Deal Hopes, Commodity Price Surge Impact, Facebook's "Reputational Reviews" and Pfizer Asks the FDA to Authorize Its COVID Vaccine for Kids Ages 5 to 11
Carl Quintanilla, Jim Cramer and David Faber took an in-depth look at Thursday's market rally: Wall Street hoping that Senate Republicans and Democrats are on the verge of a deal to lift the debt ceiling and stave off a default. The anchors reacted to comments from JPMorgan Chase CEO Jamie Dimon: At yesterday's meeting with President Biden and other CEOs, Dimon warned that failure to increase the debt limit would result in economic "catastrophe." Carl, Jim and David explored the impact of rising energy and commodity prices compared to a year ago and how the markets and companies are handling them. The anchors also reacted to what Levi Strauss CEO Chip Bergh told CNBC about raw materials and navigating cotton pricing. On the pandemic front: Pfizer announced it is asking the FDA to authorize its COVID-19 vaccine for emergency use in children ages 5 to 11. In wake of Facebook whistleblower Frances Haugen's Capitol Hill testimony on Tuesday, the anchors discussed a report from The Wall Street Journal which says Facebook is delaying work on new and existing products while conducting "reputational reviews." Cramer explains why it's time to "give (Mark) Zuckerberg a chance.": Also in focus: Why Moffett Nathanson is upgrading AT&T to "neutral," General Motors' aggressive targets for 2030, signs travel is making a comeback, and Trian's Ed Garden on management teams spending money on ESG.
43 minutes | Oct 6, 2021
Erasing Tuesday's Rally, Why the "Putin Effect" on Natural Gas Matters, Zuckerberg Fires Back At the Facebook Whistleblower, Talking Biotech At the Active-Passive Investor Summit, Dow CEO's Strategy on "Investor Day"
The morning after Tuesday's rally, Carl Quintanilla, Jim Cramer and David Faber explored a big pullback in the markets amid action in bond yields -- despite much stronger-than-expected ADP September jobs data. Volatility in natural gas prices as Russian President Vladimir Putin says his country is ready to increase gas shipments Europe. The anchors explain what the action in the energy markets means for investors. Facebook and its stock remain in the spotlight: CEO Mark Zuckerberg strikes back after whistleblower Frances Haugen's Capitol Hill Testimony on Tuesday. In a blog post, Zuckerberg denied that Facebook prioritizes profit over safety and well-being, and added that the "argument that we deliberately push content that makes people angry for profit is deeply illogical." At the Active-Passive Investor Summit in New York, David interviewed activist investor Alex Denner about his strategy when it comes to the biotech sector. Dow Inc. Chairman & CEO Jim Fitterling also joined the program on his company's "Investor Day" to discuss his investment plans to boost core earnings by $3-billion annually over the next decade, "with a clear path to zero-carbon emissions." Also in focus: Tech under pressure and betting on the cloud, a look at the auto sector ahead of General Motors' investor event, what's sparking the surge in bitcoin, plus the debt ceiling standoff.
43 minutes | Oct 5, 2021
Morning After the Tech Sell-off and Facebook's Rough Day, Facebook Whistleblower Heads to Capitol Hill, J&J's Booster Push, Southwest's COVID Vaccine Mandate, and the CEO of MGM Resorts Talks Vegas, Gaming and the Recovery
One day after the tech sell-off dragged Nasdaq to its lowest levels since June, Carl Quintanilla, Jim Cramer and David Faber led off the show with an in-depth look at Facebook: The stock tumbled Monday after Facebook, Instagram and WhatsApp experienced outages for hours -- which followed allegations from Facebook whistleblower Frances Haugen, who accuses the social media giant of allowing the spread of misinformation and putting profits ahead of the public good. The anchors discussed what to expect from Haugen's Tuesday testimony before a Senate subcommittee, what's at stake for CEO Mark Zuckerberg and Facebook stock, a survey indicating Instagram is losing popularity among teens, and Twitter CEO Jack Dorsey appearing to take a shot at Facebook in a one-number tweet. On the pandemic front: Johnson and Johnson officially asked the FDA to approve its COVID vaccine booster shot for emergency use -- and Southwest joined the list of airlines requiring employees to be vaccinated. MGM Resorts CEO Bill Hornbuckle joined the program from the Global Gaming Expo in Las Vegas. Contessa Brewer and the anchors interviewed him about everything from the state of gaming in Vegas and Macau to DraftKings' bid to acquire Entain of the U.K. Also in focus: Cramer's take on buying the dip, what teens are saying about Netflix in a survey, Nike and the China effect, supply chain concerns, PepisCo rises on earnings, and a look at the energy stocks helping to lead the S&P 500 higher.
44 minutes | Oct 4, 2021
Facebook Whistleblower Sends a Message -- and the Company Responds. Plus: A New Record for Tesla, Ford Sales Slump in September, and the COVID Pill Effect: Merck Extends Rally While Moderna Continues to Decline.
Carl Quintanilla, Jim Cramer and David Faber began the show with a look at Facebook under scrutiny: The company's former product manager Frances Haugen revealed her identity as the whistleblower who released a trove of internal Facebook research. She accuses the social media giant of allowing the spread of misinformation and putting profits ahead of the public good. Along with exploring what this all means for Facebook and its stock, the anchors reacted to what Haugen said about the company in a "60 Minutes" interview, as well as the response from Facebook itself. Carl, Jim and David also discussed news out of the auto sector: Shares of Tesla rise after Elon Musk’s company announced it delivered more than 241-thousand vehicles during the third quarter, marking a quarterly record for the automaker. Ford posted a U.S. vehicle sales drop of 17.7% in September from a year ago, but added that reservations for its F-150 Lightning electric pickup truck have surpassed the 150,000 mark. Also in focus: Hedge fund Engine No. 1 announced its support for General Motors’ goal to have a 100% electric car portfolio by 2035 -- as well as an investment in the automaker, Merck shares extend gains on news surrounding the experimental COVID pill it developed with partner Ridgeback Biotherapeutics -- while vaccine makers such as Moderna add to recent stock losses, what's sparking the latest jump in oil and natural gas prices, Qualcomm and an investment firm team up to buy a Swedish automotive tech company in a $4.5-billion deal, plus Jamie Dimon's take on bitcoin and regulating cryptocurrency.
46 minutes | Oct 1, 2021
First Trading Day of Q4, the New "CNBC Investing Club" With Jim Cramer, the Merck-Ridgeback Biotherapeutics COVID-19 Pill: An Interview With Ridgeback's Co-Founders. Plus, Zoom and Five9 Scrap Their $15B Deal.
Carl Quintanilla, Jim Cramer and David Faber kick off a new month and quarter by announcing details about Cramer launching the "CNBC Investing Club," which aims to help investors build long-term wealth. A big story out of Merck: The stock surging after the drug maker and its partner Ridgeback Biotherapeutics announced their experimental COVID-19 pill cut the risk of death and hospitalization by 50% in a late stage study. Both companies plan to file for emergency use authorization as soon as possible. Ridgeback Co-Founder Dr. Wayne Holman and Co-Founder and CEO Wendy Holman joined the program to discuss this big development in the war against the pandemic. Also in focus: Zoom Video and Five9 have terminated their nearly $15-billion deal by mutual consent, what to expect from the markets in the fourth quarter after a rough September, Exxon Mobil expects higher oil and gas prices to boost quarterly earnings by as much as $1.5-billion -- and Cathie Wood tweets about peak oil demand.
43 minutes | Sep 30, 2021
Last Trading Day of Q3, Supply Chain Effect on Markets, D.C. on Wall Street's Radar, Merck's $11.5B Deal, Powell and Yellen Part Two, and Facebook on the Capitol Hill Hot Seat.
Carl Quintanilla, David Faber and Mike Santoli take a closer look at the markets as the three major indices aim to end the third quarter in positive territory after a rough September. Supply chain issues in focus: Bed Bath and Beyond shares plummeted on quarterly results and weaker guidance, hurt by a steep drop-off in traffic and supply challenges. New data show China manufacturing activity contracted in September for the first time in 18 months -- when the country was hit hard by the pandemic. The anchors discussed a New York Times story about how retailers are being impacted by shutdowns at their Vietnamese suppliers. Carl harkened back to his reporting from Vietnam in 2019 about that country's manufacturing boom. Carl, David and Mike also reacted to Fed Chair Jerome Powell describing supply chain problems as “frustrating.” Also in focus: Merck's $11.5-billion deal to acquire drug maker Acceleron Pharma, highlights from CNBC's "Delivering Alpha" conference including Chamath Palihapitiya on the markets, the Senate deal to avoid a government shutdown as the House moves toward a vote on the bipartisan infrastructure bill, what to expect from Fed Chair Powell and Treasury Secretary Yellen during their testimony before a House panel -- and the Facebook global head of safety’s appearance at a Senate subcommittee hearing on social media and Instagram’s impact on teens' mental health.
44 minutes | Sep 29, 2021
Stocks After the Sell-off, Sen. Warren Slams Fed Chair Powell, Elon Musk Gets Revved Up At Code, United Airlines CEO on the Company's Vaccine Mandate, and Highlights from "Delivering Alpha."
The morning after one of the worst sessions of the year for the markets, Jim Cramer and David Faber led off the show with a look at stocks trying to rebound from the Tuesday sell-off. Jim and David reacted to Senator Elizabeth Warren telling Fed Chair Jay Powell she will oppose his re-nomination, calling him a "dangerous man" to lead the central bank. Cramer called her remarks during Tuesday's Senate Banking Committee hearing "incendiary" and weighed in on the state of the banks. The anchors also discussed the recent spike in natural prices as well as the chip shortage: Micron shares under pressure after the company's guidance disappointed Wall Street analysts. At the Code Conference in Los Angeles, Carl Quintanilla highlighted comments Tesla CEO Elon Musk made at the event on everything from his company's stock price to paying taxes. Speaking of CEOs, United Airlines' Scott Kirby joined "Squawk on the Street" -- Phil LeBeau, Jim and David interviewed him about firing nearly 600 workers who declined to comply with the carrier's vaccine mandate. They also discussed the state of travel demand in wake of the COVID-19 Delta variant outbreak. At CNBC's "Delivering Alpha" conference, J.P. Morgan Asset & Wealth Management CEO Mary Callahan Erdoes spoke about market froth and why she believes Chinese property giant Evergrande is not another Lehman Brothers. Also in focus: Eyewear maker Warby Parker goes public with a direct listing, shares of Dollar Tree jump on a share buyback increase, big tech's rough September, an update on the Zoom Video-Five9 deal, and Carl at Code with highlights of Salesforce CEO Marc Benioff's comments on remote work trends.
43 minutes | Sep 28, 2021
Tech Stock Sell-off, Carl at the Code Conference, Countdown to Powell and Yellen on the Hill, Ford's $11.4B bet on EVs, and the CEO of Robinhood Fires Back At Critics
Jim Cramer and David Faber led off with a rough start for the markets: Tech stocks in sell-off mode as the 10-year note yield hits a fresh three-month high. Jim and David focused on the mega-cap tech names and whether now is the time to buy. Speaking of tech: At the Code Conference in Los Angeles, Carl Quintanilla highlighted what AMD CEO Lisa Su said at the event about the chip shortage, Microsoft CEO Satya Nadella's remarks on the search market being a "complete monopoly" and Netflix Co-CEO Ted Sarandos’ comments on streaming, content and legacy movie studios. The anchors previewed testimony from Fed Chair Powell and Treasury Secretary Yellen ahead of their appearance before a Senate Banking Committee hearing on COVID-19 and the economy. Jim, David and Carl discussed Robinhood CEO Vlad Tenev's op-ed in The Wall Street Journal in which he defended his company's trading platform and its users -- and slammed critics who call its app "gamified." The anchors also reacted to what SEC Chair Gary Gensler told the Code Conference. Also in focus: Ford and Korean partner SK Innovation plan to invest $11.4-billion on electric vehicle factories.
43 minutes | Sep 27, 2021
Instagram Pushes Pause, Oil Prices Bounce, Supply Chain Woes Worsen
Carl Quintanilla, Jim Cramer and David Faber began the show with a look at the market action, with the S&P on pace for its worst month since Oct. 2020. The anchors also looked at the jump in energy prices, after Goldman Sachs raised its forecast on Brent crude oil saying it will hit $90 by year-end as supply tightens. Facebook making headlines this morning as well, announcing it is pausing work on ‘Instagram Kids’ after facing backlash. Despite saying this is a “very big change,” Jim Cramer said the news will have little to no impact on Facebook’s stock price. Also in focus: Jim Cramer highlighted Best Buy ($BBY) for ‘Stop Trading’ after Piper Sandler named the retailer as a “top idea.”
43 minutes | Sep 24, 2021
China’s Crypto Crackdown, Nike’s Supply Chain Challenges, Chip Shortage a “Short-Term” Problem?
Carl Quintanilla and Jim Cramer began with a breakdown of China’s crackdown on crypto with the country’s central bank saying all crypto-related activities are illegal. China’s comments sent prices of Bitcoin and Ethereum tumbling. The anchors stayed with China and got a live report from Eunice Yoon for the latest surrounding Evergrande’s crisis. Shifting to earnings, the anchors talked supply chain challenges that sent shares of Nike lower, despite the company posting an earnings beat. Jim Cramer says he is “worried about Nike.” Also in focus: Elon Musk says the chip shortage is a ‘short-term’ problem while Sec. Commerce Gina Raimondo says the “situation is not getting better, in some ways it is getting worse.”
44 minutes | Sep 23, 2021
Squawk on the Street
The opening hour of CNBC’s "Squawk on the Street" with Carl Quintanilla, Jim Cramer and David Faber is broadcast each weekday from the floor of the New York Stock Exchange, on site at the opening bell with the up-to-the-minute news investors need to know and interviews with the most influential CEOs and greatest market minds.
44 minutes | Sep 22, 2021
Fed Decision Day -- And Jamie Dimon Weighs In. Plus: Labor Pains for FedEx, A New Chapter in China's Evergrande Saga and What It Means for Stocks, An Update on DraftKings' $22.4B Takeover Offer, and Marc Benioff Blasts Facebook.
One day after a Wall Street rally fizzled, Carl Quintanilla, Jim Cramer and David Faber discussed the markets' attempt at another surge as fears surrounding Evergrande begin to ease: The Chinese property giant set to make its domestic bond payment on time. The anchors look at whether or not that development means now's a good time to buy into sectors such as materials. Cramer speaks out on why he believes China's President Xi has "overreached" when it comes to crackdowns in his country. Wall Street also bracing for Wednesday afternoon's Fed decision, policy statement and news conference with Chair Jerome Powell. The anchors reacted to JPMorgan Chase Chairman and CEO Jamie Dimon telling CNBC he believes the Fed could be forced into a sharp move next year. Shares of FedEx tumble after the company posted a big quarterly miss on the bottom line and cut guidance, citing the impact of labor shortages and rising costs. Media and streaming also in the spotlight: Brian Roberts, the Chairman and CEO of CNBC parent Comcast, told the Goldman Sachs Communacopia Conference the company is looking at new partnerships outside of the U.S. for its Peacock service. This comes after Disney CEO Bob Chapek told the conference why his company projects lower subscriber growth in its fiscal fourth quarter. Also in focus: More earnings movers including Adobe -- shares fall despite better-than-expected quarterly results, an update on DraftKings' $22.4-billion takeover offer for U.K.-based sports-betting company Entain, and Salesforce Chair and CEO Marc Benioff blasts Facebook for how it handles misinformation on the social network.
44 minutes | Sep 21, 2021
Morning After the Sell-off: Markets Rebound, China's Impact on Stocks, J&J's COVID Booster Shot Data, Uber Revs Up On Profit Outlook, and DraftKings Launches a $20B Takeover Bid
Carl Quintanilla, Jim Cramer and David Faber began the show with a look at a rebound for stocks one day after worries surrounding Chinese property giant Evergrande helped to spark the worst sell-off for the S&P 500 in four months. The anchors discussed whether now is the time to get in on stocks that took a hit due to China exposure. They also highlighted a note from Bank of America which says that Apple "has navigated the China relationship admirably" but added that a "resurgence of national sentiment" could impact iPhone sales. On the pandemic front, Johnson & Johnson out with data showing a booster shot of its COVID-19 vaccine -- given two months after the first dose -- provided 94% protection in the U.S. and 75% globally. Uber shares up sharply on the company's outlook. Carl, Jim and David reacted to Uber CEO Dara Khosrowshahi's comments to CNBC about why he believes his company is on the track to profitability. They also discussed Uber, Lyft, DoorDash and Airbnb -- all participating in the rebound rally -- and reacted to Airbnb CEO Brian Chesky talking to CNBC about how his company has adapted to travel changes in wake of the pandemic. David Faber reports that DraftKings has made a $20-billion stock and cash takeover offer for U.K.-based online sports betting company Entain. Also in focus: The two-day Fed meeting, plus what to expect from President Biden's first address to the United Nations General Assembly as President of the United States.
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