2-Year Low Inflation, Debt Showdown, Airbnb Tumbles, Exclusive With Endeavor CEO Ari Emanuel 5/10/23

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 10 May 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla Jim Cramer and David Faber led off the show with market reaction to the April CPI report, which shows consumer inflation at a two-year low on an annual basis. The anchors also discussed the debt ceiling impasse, after Tuesday's meeting between President Biden and congressional leaders failed to remove the threat of a potential default as early as June. On the earnings front, Airbnb shares tumbled as the company's guidance overshadowed a quarterly beat, while Rivian shares surged on a narrower-than- expected quarterly loss. Endeavor CEO Ari Emanuel joined the program to discuss everything from earnings to the UFC-WWE merger. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.
0:04.7	Don't miss a minute of the action.
0:07.8	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanao with Jim Kramer, David
0:11.4	Faber, post-9 of the New York Stock Exchange. The market does appreciate CPI today in line,
0:16.6	and the first crack below 5% in two years. The June rate hike odds fall to about 10% amid this flurry of corporate results, both today and tonight.
0:26.1	A roadmap begins with the macro picture. CPI better than feared, notching, as we said, lowest read since 2021 and no DC deal yet as a debt default looms.
0:35.3	Plus Airbnb's cautious outlook, shares are slumping as the company forecast fewer bookings
0:39.9	and lower prices in the second quarter.
0:42.5	And we are keeping a close eye on the EVs.
0:45.5	Rivian's losses shrink, Tesla's Texas output hits $5,000 a week, and B.D cutting prices
0:51.6	on its top selling sedans.
0:54.0	Let's begin with that market reaction to CPI. As we said, a 499-year-on-year-on-year-end headline 5-5 on Core, Jim. Use cars actually up for the first time in several months, up four? Yeah, I've been struggling over that. New cars actually are in both in abundance and're getting much better credit terms.
1:15.4	And so I don't really, I mean, if you wanted to look at what I think May would be, that's going to be down.
1:20.7	I also think that I've begun to take a lot of issue with the compilation of these things.
1:23.7	For instance, I do a lot of work on apparel.
1:28.5	It's going back to MacB. Boss on this from J.B. Morgan, but apparel's up in price,
1:35.1	and yet there is no, there is no single piece of clothing that's up in price. So how did they get that?
1:42.6	Fuel. Fuel is barely down, and yet gasoline is down more than a buck and a quarter from a year ago. So even the areas that are, with the exception of rent, that are up, are, I think, poorly tabulated.
1:51.2	And honestly, you can say that they're just wrong all the time, so what?
1:57.1	But I just think that this is a very, very positive number for the Fed and what they're doing.
2:02.0	Kind of flies in the face of what Mr. Williams said yesterday.
2:06.0	This is David, the beginning of what I find to be an almost universal categorical decline
	...

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