Stocks wrapped up a brutal week and losses accelerated after this morning's weak jobs report. Michael Kantrowitz, CFA, chief investment strategist at Piper Sandler, joined the show to discuss his market outlook and his sector pick to play lower interest rates.
CNBC Overtime
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The sharpest analysis of markets and companies from experts who know the data. Closing Bell: Overtime with Jon Fortt and Morgan Brennan airs at 4pm ET on CNBC.
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Many tech names were hit in today's sell-off. The Nasdaq closed more than 10 percent off its recent all-time highs. Meanwhile, Amazon fell nearly 9 percent after weak third quarter revenue guidance in yesterday's earnings report. Eric Sheridan, Goldman Sachs tech analyst, kept his buy rating on Amazon but lowered his price target. He remains confident Amazon is a name to own.
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CNBC Anchor + Fortt Knox Host + On the Other Hand + Time Out + The Black Experience in America: The Course
I speak with Pat Gelsinger, CEO of Intel Corporation, as the Q2 2024 earnings report sees the stock tumble on a bottom-line miss, weak guide and restructuring.
Intel CEO Pat Gelsinger on a rough Q2 2024, layoffs and product launches
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DoorDash shares popped 13 percent in extended trading after beating Wall Street expectations. The company's revenue increased 23 percent to $2.63 billion. CFO @Ravi Inukonda told CNBC Overtime the company is seeing order frequency at an “all-time high” and “more than 20 percent of our users are ordering grocery.”
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Apple sales rose 5 percent in Q3. The number topped estimates as iPad and Services revenues jumped. Our CNBC Overtime panel weighed in on the report “I think the expectations were pretty muted here,” said Scott Kessler of Third Bridge. “The flattening out of the declines related to China - that’s something people are going to be watching closely.” “Anytime you have an iPhone beat, a China beat, even though we’re still down, and a services beat, a slight services beat, that’s good, that buys them time,” added Stephanie Link of Hightower. “If there’s any dip on this, I would buy the dip,” said Victoria Greene, CFA, G Squared Private Wealth CIO.
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Shares of Amazon fell after it missed estimates for second quarter revenue. Additionally, the company issued a weaker-than-expected forecast for its current period and its advertising numbers came up short. “Personally, when you look at the entire report, I think a pullback is a buying opportunity,” said Wedbush Securities analyst Scott Devitt about Amazon’s results. “I think the strength in AWS overwhelms the advertising. But if I’m being transparent about it, the advertising is not a good number relative to expectations.”
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CNBC Overtime reposted this
CNBC Anchor + Fortt Knox Host + On the Other Hand + Time Out + The Black Experience in America: The Course
I speak with Lightspeed Commerce CEO Dax Dasilva about the company's latest results.
Dax Dasilva, Lightspeed CEO: Fortt Knox Earnings
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ARM and Qualcomm shares moving in opposite directions after the chipmakers reported earnings, despite both names beating on the top and bottom lines. Ben Bajarin of Creative Strategies, Inc. - Consumer Tech Research joined CNBC Overtime to break down the reports.
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Shares of Meta rallied after reporting a beat on earnings and revenue for its second quarter results. The company issued a better-than-expected forecast for the third quarter. “People came away from this thinking ‘yeah, Meta is in a very good place in terms of being able to generate premium ad revenue growth for the foreseeable future,’” said Evercore ISI Head of Internet Research Mark Mahaney. “The growth rate for Meta relative to its peers out there they’re kind of really nicely outpacing those of its peers,” said CFRA Research senior equity analyst Angelo Zino.