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Squawk on the Street

Apple Slumps, Meta Soars, Amazon Surges, Jobs Blowout, Chevron CEO "First on CNBC" 2/2/24

Squawk on the Street

CNBC

Business, Investing, News

4.1567 Ratings

🗓️ 2 February 2024

⏱️ 49 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber highlighted big tech earnings and how to play Cramer's "super six pack." Apple shares fell despite better-than-expected Q1 results -- as a decline in China sales overshadowed strength in services and the iPhone. Jim shared what CEO Tim Cook told him at Apple's flagship store in New York about the Vision Pro, as the $3,500 headset went on sale. Meta soared on a Q4 beat, its first-ever dividend and revenue guidance exceeding estimates. Amazon surged on the strength of online holiday shopping and a 13% jump in AWS revenue. Also in focus: The January employment report shows job creation nearly doubled expectations, Chevron CEO Mike Wirth joined the program to discuss earnings, the oil giant's 8% dividend and what's at stake for energy markets in wake of Middle East turmoil. 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. Don't miss a minute of the action. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer, David Faber, post-9 of the New York Stock Exchange. Stock's weathering some cross-currents here as the jobs number has its hottest print in a year, 353K, upward revisions, even as wages rise above estimates.

0:22.4

Ten year is a little suspicious, just flirting with four.

0:25.5

Our roadmap begins with all of these super six-pack earnings now in.

0:28.7

We're going to break down results from Apple, Meta, and Amazon.

0:31.6

Plus, we got that latest job support, and it did show the U.S. economy added 353,000 jobs in January.

0:38.8

That was far higher than expected.

0:41.5

Later this hour, we're going to talk with Chevron's CEO, Mike Worth.

0:43.9

That'll be a first on CNBC interview.

0:46.0

Of course, the company reported earnings along with the other U.S. giant Exxon.

0:50.9

Let's get first to the big tech earnings, starting with Apple, moving lower now, despite

0:55.5

this quarterly beat, ending four straight quarters of revenue declines year on year.

0:59.9

China did miss.

1:00.9

That overshadows some growth in services in the iPhone.

1:03.9

And then Jim has been busy on this Vision Pro rollout today.

1:06.5

Well, I wanted very much to my little chance of the window I have with Tim Cook this morning when they unveiled the Vision Pro to talk to him what really matter.

1:17.1

And I said, look, all of this is really terrific.

1:18.7

But how about that first hour in China and April 1, what's that going to do?

1:23.2

I mean, like the juxtapist, David, you have to understand.

1:27.5

You're a cynical, older guy. I, on the other hand, welcome the wonderment. Naive and hopefulness. And so when I see something that's as excited as this, I don't say, oh, that's an asterisk, I'm going to sell 160,000. I say maybe my life is different, which I shared to Tim. I said, you know, what, Tim?

1:45.5

Because, of course, it's Tim.

1:46.0

Of course.

1:48.4

You know, in the same way that it's, I don't know, sure, right?

...

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