Squawk on the Street

Carl Quintanilla, Jim Cramer and David Faber discuss the slump for stocks. Investors assessing earnings results and the latest economic data. Weekly jobless claims came in slightly worse than expected, while retail sales jumped 7.5% in June. Shares of Morgan Stanley higher after earnings and revenue beat the street. The bank also saw net revenue and net income rise to record levels, getting a boost by strong trading results. The CEO of Morgan Stanley, James Gorman, joining the “Squawk on the Street” team to discuss its latest results, the road ahead for the bank and how they’re planning to return to work in the age of Covid-19. Plus, the CEO of Lysol parent company, Reckitt Benckiser, on his EPA product approval and how they’re upping production. Shares of Twitter taking a hit after a massive, high-profile, hack.  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 surge in stocks. Markets getting a boost from blowout results from Goldman Sachs and Moderna’s vaccine news. Goldman Sachs crushing earnings estimates its biggest outperformance in nearly a decade. Revenue was more than $3.5 billion higher than the street was expecting, fueled by strong results in its trading and investment banking divisions. On the coronavirus front, shares of Moderna skyrocketing after saying its vaccine produced a “robust” immune response, or neutralizing antibodies, in all of its 45 patients in its early stage human trial. Other stocks tied to reopening, American Airlines, United, Royal Caribbean all popped on the news. And Apple getting a boost, as Needham increases its price target for the tech giant to $450, from $350. 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 results from the big banks, as JPMorgan Chase, Wells Fargo and Citigroup all report before-the-bell. JPMorgan shares jumping after record trading revenue drives stronger-than-expected second quarter profit. Wells Fargo reports $2.4 billion for the quarter, slashing its dividend to 10 cents. And Citi shares rising after reporting better-than-expected earnings on strong trading results. Elon Musk says “Wow” after Piper Sandler’s bullish Tesla report, raising its price target to a street high of $2,322. Airline stocks getting hammered after Delta reported a $5.7 billion dollar net loss for the second quarter, its biggest since 2008. The company also announcing it’s pulling back plans to expand flying in August. Amazon is rolling out grocery carts that are going to let shoppers skip checkout lines, bag their groceries and walk out. The “Dash Carts” will roll out at Amazon’s new Los Angeles-area grocery store slated to open in 2020.  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 a higher start to the week for stocks, as earnings season gets underway. Two experimental coronavirus vaccines being developed by BioNTech and Pfizer have received a ‘fast track’ designation from the FDA. Spikes of covid-19 continuing across the U.S. as Florida reports more than 15 thousand new cases, shattering its record. Amid the surge, Florida’s Walt Disney World opened to the public for the first time in four months. Critics began to pile on after the company’s official “Disney Parks Job” accounted posted a short video promoting the big event on Twitter and Instagram. The CEO of Analog Devices joining the “Squawk on the Street” team after announcing it would buy rival Maxim Integrated Products for about $21 billion in the largest U.S. deal this year.  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 discuss the market turn as stocks cut their losses. Gilead publishing new data on its antiviral drug remdesivir showing it reduced the risk of death for severely sick coronavirus patients by 62% compared with standard care alone. Goldman raises its Netflix target to the highest on the street, saying the stock could surge by more than 30% over the next year and is set to report a blowout second quarter. Plus, despite a surge in cases in Florida, Disney moves forward with its reopening plans. And the “Squawk on the Street” gang breaks down presumptive Democratic nominee Biden’s ‘Buy American’ economic plan, as President Trump calls it plagiarism.  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 mixed picture for stocks, but the Nasdaq continues its rise hitting a fresh record high. U.S. initial unemployment claims edging down in the latest week, better than expected at 1.3 million. More pain for retailers, as Bed Bath & Beyond announces it’s closing 200 stores over 2 years as its sales fall almost 50% during the pandemic. Plus, Sur La Table files for bankruptcy protection and Pier 1 is becoming a web-only business. A report says that TikTok is considering changes in order to distance itself from its Chinese roots. Senior executives are said to be discussing options such as creating a new management board or establishing a new headquarters for the app outside of China.  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 takes a look at the market, charging higher as investors ignore the latest Covid-19 data. The U.S. reporting a record daily spike of more than 60,000 coronavirus cases as the total number of confirmed cases tops 3 million. Pain for retailers, Brooks Brothers filing for bankruptcy as it seeks a buyer and closes dozens of stores. Plus, Harvard and MIT are suing the Trump Administration over an international-student policy that forbids those students from staying in the U.S. if the classes are taught entirely online. The President taking to Twitter, threatening to cut funding for schools, slamming the CDC reopening guidelines as too tough and expensive. 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 discuss the drop in stocks following Monday’s strong rally, as Covid-19 cases across the U.S. continue to surge. Atlanta Fed President Raphael Bostic telling the FT that the U.S. economic recovery will be “bumpier” as coronavirus cases continue to rise. Shares of Novavax skyrocketing, 45%, after winning a $1.6 billion dollar contract to develop a coronavirus vaccine. It’s the largest amount yet granted under the White House’s “Operation Warp Speed.” Uber CEO, Dara Khosrowshahi, joins the “Squawk on the Street” gang to discuss his acquisition of Postmates, its failed deal with Grubhub and future of the company. Plus, The Faber Report: David digs into Corelogic’s rejection of Cannae Holdings & Senator Investment Groups takeover bid.  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 digests the big swing for stocks as Wall Street looks to build on last week’s gains. Investors shrugging off record coronavirus cases in Florida & Texas. Goldman Sachs cutting its GDP outlook and says a pause in consumer activity in July & August should limit the expected Q3 growth rebound. Goldman’s forecast now implies a 4.6% GDP contraction in 2020 versus a 4.2% prior, on a full-year basis. Dealmaking boosting sentiment as Billionaire investor Warren Buffett’s Berkshire Hathaway buys the natural gas transmission and storage assets from Dominion Energy for about $10 billion including debt. Plus, shares of Uber surging after announcing its buying food-delivery app Postmates in an all-stock deal worth $2.65 billion. Plus, the “Squawk on the Street” team discuss Tesla’s Elon Musk mocking of short sellers, now selling actual silk shorts on his website for $69.420. JPM securities raising its price target for Tesla to a Street-high of $1500 per share from $1,050. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen to the final episode of CNBC's special report about the Coronavirus outbreak, the treatment and diagnosis of Covid-19 and the impact it’s having on the economy, business and your money. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.