Squawk on the Street

Scott Wapner and the investment committee debate if the 3-day sell-off has run is almost done, or if there is more downside ahead. Plus, what to do with the high-flying tech names. And, Al Michaels joins Halftime to talk about the kick-off to the new NFL season tonight. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carl Quintanilla and Jim Cramer start the morning with breaking news out of Citi, as CEO Michael Corbat announces he will be retiring in February. Citi is promoting Jane Fraser to become the first woman CEO of a megabank. Stocks on the rise for a second day, as tech continues its rebound from that massive selloff. And an update from AstraZeneca, as the drug maker said it should know before the end of the year whether its COVID-19 vaccine is effective, if it can resume its clinical trials soon. Plus, Carl & Jim discuss the big movers of the morning from Restoration Hardware parent RH, ZScaler, GameStop, Spotify and beyond.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carl Quintanilla, Jim Cramer and David Faber discuss the slight swing up for stocks after a brutal few days for the market. The Nasdaq marking its fastest 10% plunge in history, while the six biggest tech stocks have lost more than $1 trillion over the last three days alone. Shares of Tiffany getting clobbered after LVMH scraps its deal with the company. David reports that Tiffany is suing LVMH for pulling out of the $16.2 billion dollar deal. The French minister of foreign affairs had directed LVMH to defer the deal until after January 6th, 2021, due to a U.S. threat off taxes on French goods. Cowen and Goldman Sachs both raising their price targets on Peloton to a Street-high of $110 per share. The firms note strong demand during the pandemic and Tuesday’s announcement of new products and price cuts for Peloton’s existing bike.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carl Quintanilla, Jim Cramer and David Faber discuss the rough start to September. Tech plunging again, with the Nasdaq falling 3%. The Dow and S&P 500 both having their biggest 3-day loss in 3 months. Tesla tumbling after getting an S&P snub. The stock was not included in the index changes announced. Etsy, Teradyne, Catalent were added, while H&R Block, Coty and Kohl’s were removed from the S&P 500. Shares of Nikola surging as much as 53% after General Motors announces it’s taking an 11% stake in the electric truck maker. Under the partnership, GM will produce Nikola’s marquee hydrogen fuel cell electric pickup truck the Badger by the end of 2020.   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The “Squawk on the Street” team discusses today’s stock moves after the of better-than-expected U.S. unemployment data, Wall Street trying to recover some of Thursday’s steep losses. Plus the tech sector continuing to selloff after its biggest one-day drop since March. And First on CNBC, Vice President Mike Pence discusses today’s jobs report, the economic recovery and refutes a new report about alleged disparaging comments from President Trump.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The “Squawk on the Street” team discusses today’s pullback for stocks, dragged lower by big tech. Plus, the CEO of Rocket Companies on the company’s quarterly results and why he’s predicting strong demand for refinancing in the coming quarter. And the White House outlook on the economy, Acting Chair of the President’s Council of Economic Advisers, Tyler Goodspeed weighs in on today’s jobless claims report. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The “Squawk on the Street” team discusses the pop in stocks and the continuing strong start for the month of September. A bright spot in retail as Macy’s shares surge on stronger-than-expected online growth. The retailers second-quarter digital sales were up 53% from a year ago. Plus, Peloton on the move after being named a “top pick” at J.P. Morgan and increasing its price target to a street-high of $105 per share. Ford announces they’re trimming 1,400 salaried jobs and offering early retirement. Plus, David’s breaking news on a hostile bid as Altice and Rogers Communications go after Cogeco.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The “Squawk on the Street” team discusses the start to September. The S&P & Dow both notching their best August since the 1980s, as stocks post their biggest monthly gains since April. September has the worst track record for stocks and any pullback could be swift as investors keep a close eye on the election. White House Chief of Staff, Mark Meadows, joining the “Squawk on the Street” team to discuss the economy, COVID-19, and the 2020 election ahead. Tech shares jumping led higher by Apple and Tesla following their splits. Shares of Zoom soaring 40% after revenue more than quadrupled from last year. Plus, David’s continuing to add to the Tiffany, LVMH story as the deal continues to face hurdles. Sources telling him that LVMH, Tiffany received requests for additional items needed for EU antitrust approval and LVMH may file formal notification with the EU by early next week. And shares of Kodak surging, jumping 50% after D.E. Shaw discloses a 5.2% passive stake in the company.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The “Squawk on the Street” team discusses Wall Street’s best August in 30 years. The Dow kicking off the week with three new constituents, Salesforce, Amgen and Honeywell will be included, replacing longtime component Exxon Mobil, Pfizer and Raytheon Technologies. Plus two major stock splits taking effect this morning from Apple & Tesla. Plus, David’s exclusive reporting on Steve Cohen’s bid for the New York Mets. Sources telling David that Cohen and the Mets are expected to reach a definitive agreement in the coming days. News on the COVID-19 vaccine and treatment front, as the Commissioner of the FDA said in an interview with the Financial Times that he’s willing to consider granting emergency authorization for a vaccine before clinical trials have been completed. Plus, the FDA expanding its emergency us of Gilead’s Remdesivir. Plus, David’s reporting on AT&T, sources telling him the company is in talks with PE firms about purchasing DirecTV aiming for a deal to be signed by the end of the year.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carl Quintanilla, David Faber and Kelly Evans discuss the strong week for stocks as the Dow tries to erase its losses for 2020 & the S&P 500 eyes its best August since 1986. Plus Dell’s quarterly results top estimates amid continued cost controls and strong consumer PC demand, CEO Michael Dell forecasting that 50% or more could continue working remotely post COVID-19 pandemic. And David’s latest reporting on TikTok’s deal talks.   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.