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Squawk on the Street

3-Week Win Streak Watch, AMAT Slumps on Probe Report, Musk Backlash 11/17/23

Squawk on the Street

CNBC

Investing, Business, News

4.1567 Ratings

🗓️ 17 November 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber explored what's ahead for the markets, with major indices on track to achieve their first three-week win streak since summer. Shares of Applied Materials down sharply: The chip equipment maker said to be the subject of a U.S. criminal probe regarding its shipments to China. The anchors also reacted to the backlash against Elon Musk after his response to an antisemitic post on X -- and IBM pulls its ads from that platform. What's at stake for Tesla? Also in focus: Gap soars on earnings, Apple reportedly delays its modem chip for the iPhone, AI roundup including Google, how low can oil prices go? 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. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kington here with Jim Kramer, David Faber, post nine of the New York Stock Exchange. Pre-market is steady as the Bulls try to add a third week to this 10% move off the October lows. Bond yields are cooperating somewhat. Ten year drops below 4-4

0:21.2

earlier this morning. Lois since September 20. We'll watch the closes today. A roadmap begins

0:26.2

with stocks on pace for their third week of gains, longest streak since July. Plus Apple's chip

0:31.5

challenges, the company reportedly facing more issues in its effort to replace Qualcomm

0:36.1

chips in iPhones. Further pushing back what has already

0:39.0

been a delayed project. And Elon Musk is under fire this after endorsing an anti-Semitic post on

0:46.2

X. This was Wednesday, but the story continues to evolve IBM, the latest to suspend advertising

0:52.9

on the social media platform.

0:55.1

Let's begin with the market's on track for another positive week. A lot of chatter this morning,

0:58.7

Jim, about even the Bears B of A is a good example, getting noncommittal, saying maybe you fade

1:04.9

4550. Well, I think that one of the things that's happening is we do have the big broadening.

1:09.9

They've been looked for the longest time. Who was doing good, Walmart, everybody else to know. You wake up this morning, or if you got home last night and read the Gap stores. Gap was like a throwback. It was like the Mickey Jackson, I remember Gap would go up until it was like the best performing stock every year? This thing reminds me of, all right, get away from the beaten, you know, beaten path.

1:29.6

Get away from the beaten

1:28.7

path, get away from Magnoson 7. You're beginning to find stories that are monster good.

1:36.4

William Sonoma reports this quarter, they don't even care about the same store sales.

1:41.4

They're just talking about profitability. David, next to you know, you got

1:44.3

stock this up 10. It is, we are making money in stocks that we haven't looked at in ages.

1:51.3

All right. So like, well, William Sonoma has not been an underperformer. Macy's and Gap.

1:55.8

I mean, nobody's, you know, by the way, the market caps of these things are tiny. Gap was once a giant.

2:01.8

We actually really did care.

2:02.9

We really did care about Gap. Yeah, I mean, honestly, who cares? We go back to the 10-year plus seven show? Who cares about Gap? Mag 7? Who cares about Gap? Why do you care? Well, because you see, people can make money. They can go to the store. They can go to Old Navy. They can see the fresh look. They can check the comp store sales numbers.

...

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