Activist Attention, More Tech Layoffs, Semis Surge 1/23/23

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 23 January 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber began the hour by breaking down the markets, with the Dow and S&P aiming to bounce back from their first weekly losses of 2023. Salesforce was one of the key names to watch in early trading, as the stock received a boost on news that Elliott Management has a multi-billion dollar stake in the company. Staying with the tech sector, the anchors then shifted their attention to Spotify, the latest company to announce layoffs, cutting 6% of its global workforce. CEO Daniel Ek said he was “too ambitious in investing ahead of our revenue growth.” Also in the mix: Cramer broke down Barclays’ bullish call on the chip sector, which gave names like QCOM and AMD a lift. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

Click on a timestamp to play from that location

0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action. Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kinteneer with Jim Kramer and David Faber at Post 9 of the New York Stock Exchange. Futures are solid out for that 2% gain on Friday and setting up for a very busy week. A third of the S&P reports this week, including some big industrials,
0:22.0	mega-cap tech, and we'll get our first look at Q4 GDP. Our roadmap begins with Salesforce,
0:26.5	though. Elliot turning its attention there, taking a multi-billion dollar activist stake in the
0:31.1	company. We'll get details. Plus the layoffs in the technology sector continue to pick up
0:35.7	Steam. Spotify is the latest company to cut its staff.
0:40.7	And despite a Rupp 2002 for the broader markets and many funds, Citadel posted a $16 billion
0:46.4	profit for its investors last year. That's the biggest dollar gain by a hedge fund in history.
0:52.5	Let's begin with the markets today. The Dow is trying to bounce back from its worst weeks in September of 2022.
0:58.6	Jim, a lot of discussion about weaker dollar may be helping.
1:01.9	S&P tends to trade better after options expire.
1:05.2	Yeah, I think that's true, but there's also a very poignant piece by Mike Wilson
1:09.3	about how at the end of these bull market phases within bear markets, you get a lot of junk that goes up.
1:17.9	I don't regard the, let's say, second tier semiconductors as junk or the software companies, some of which were pushed today.
1:26.2	What I do say is that, yes,
1:28.4	there's been some speculative juices, and I'm not going to dismiss what's happened with crypto,
1:33.4	which is back. That's day since August. Yes. And I know that the medals, which are a late stage of
1:41.9	a rally, are back. And David, you could argue that underperforming companies
1:48.0	right now are under attack. And that's also the end, the ones that didn't participate in this rally.
1:54.9	And you're thinking of when you say that? I'm thinking of Salesforce. Yeah, we're going to,
1:59.5	we got a lot to talk about on that.
2:01.7	I don't want to jump to. No, and you've got obviously a lot of insight. I've got some reporting
2:05.5	to share as well, but you have been saying, however, stay away from your, what were your high
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.