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Squawk on the Street

Amazon Rejoins 4-Comma Club, IBM Shake-up & Virus Fears Weigh on Stocks

Squawk on the Street

CNBC

News, Business, Investing

4.1567 Ratings

🗓️ 31 January 2020

⏱️ 43 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, David Faber & Jim Cramer discuss Amazon’s big quarter, shares rallying after delivering a strong earnings beat, rejoining the $1T market cap club. Plus, executive shake-up at IBM, CEO Ginni Rometty set to step down in April after 8 years at the help. And coronavirus fears continuing to weigh on stocks as Goldman Sachs warns of economic headwinds from the outbreak.

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. Don't miss a minute of the action.

0:10.3

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintanier with Jim Kramer and David Faber at the New York Stock Exchange.

0:15.7

Final day of January. Futures are weak as the number of coronavirus cases now nears 10,000, and the State Department

0:21.7

warns Americans not to travel to China. Amazon blowout quarter, but Caterpillar and Honeywell

0:26.2

guide week. Europe is read. Brexit is official today, 10-year-155. Our roadmap begins with

0:32.1

the next trillion-dollar company. Amazon shares are surging ahead of the open after a big earnings

0:37.3

beat, set to

0:38.2

rejoin Apple Alphabet at Microsoft in the four-coma market cap club. Plus, there's a shakeup at the top

0:43.6

of IBM. After eight years at the helm, CEO Jenny Remedy will step down this spring.

0:48.6

And virus fears continue to keep investors on edge. Goldman says the outbreak will weigh on growth this

0:53.2

quarter. Stocks are set for a lower open.

0:56.3

Amazon, though, is the story of the morning up in the pre-market set to open with the market cap once again above a trillion dollars.

1:01.9

Quarterly results beat the street, helped by a robust holiday season, along with strength in advertising and the cloud.

1:08.4

And at 34% Jim, minimal deceleration from the prior 35.

1:12.6

Perfect. It's perfect.

1:15.6

I know there's these analysts have to put out these things as a bull case, bare case.

1:20.6

There was not.

1:21.6

The one thing that really shocked me was that when, if you saw Saudi and Adela talk about how Azure's doing, 60% growth for cloud,

1:29.4

these guys crushed it in cloud.

1:31.1

Right.

1:31.6

Plus, they talk about the love they have for same day.

1:34.7

$150 million, prime, how that happened overnight.

...

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