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CNBC's "Fast Money"

A Big Tech Earnings Extravaganza, and What’s Next for Meta Shares? 2/2/23

CNBC's "Fast Money"

CNBC

Business, Investing, News

4.31.2K Ratings

🗓️ 2 February 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Apple, Amazon, and Alphabet headlining the earnings action after the bell, with Starbucks, Ford and Qualcomm also reporting. We’re diving into all the numbers and dissecting the trades. Plus Meta putting in its best day since 2013 after last night’s earnings report. And the Chart Master has some thoughts on where it’s going next.

Transcript

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0:00.0

Right now and fast. Running out of steam. Markets had a major milestone today.

0:05.3

It is now decked now up 15% this year, but after hours, Amazon's down, Alphabet's down,

0:10.5

Apple's down. So it's a rally about to hit the wall. Plus, Meta's monster move, a 23%

0:15.7

surge higher on the back of yesterday's earnings is stocked now off an eye-popping 118% from

0:21.0

the November bottom. It's a time to take the money and run. We'll ask the chartmaster.

0:25.2

And later, one of our traders ready to say, I was wrong. The market may have culpa and

0:29.3

the portfolio path forward coming up. I'm Melissa Lee. This is Fast 20 Relive at the

0:33.4

Nasdaq Market site. I'm the desk Knight Steve Grasso, Karen Feinerman, Dan Nathan

0:36.9

and Guy Addami. We start off with a big night, very big night of earnings. Apple, Amazon,

0:41.7

Alphabet, Ford, Starbucks, all on the move. We've got full team coverage and all these

0:45.7

results. Deutre Buses dialed in on Amazon. And Alphabet, Philip Bose, revved up for four,

0:50.0

Pippa Stevens, Oliver, Starbucks. We start off with Steve Kovak, who's got the latest

0:53.8

results from Apple. Steve. Hey, there, Mel. Yeah, we already know about that

0:58.6

miss on the top and bottom line. So I want to talk about these separate product categories

1:03.3

at Apple because I think it really gives us a read into consumer demand, which I'm expecting

1:08.6

Tim Cook and Luca Mastery to talk more about on the call, which just kicked off. So

1:13.0

let's go down by the categories. It was a miss across the board, say for iPad and services.

1:19.2

First of all, iPhone down 8% at 64.78 billion. That's a miss of 68.29 billion services.

1:26.2

This is a new record, by the way. It's actually up 6% and slight beat of estimates at $20.77

1:31.6

billion. Mac revenue is huge downfall here down 29% to $7.74 billion in sales. Same thing

1:40.1

we're seeing across the rest of the PC market there. But iPad revenue is a surprising

1:43.9

beat here, $9.4 billion versus $7.76 billion in sales. That's up 30%. Tim Cook, I talked to

...

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