Apple Warns of New Security Flaw, Ryan Cohen Dumps Bed Bath & Beyond Stake & The Bull Case for PayPal 8/19/22

TechCheck

CNBC

Technology, Business, Cnbc, Faang, Investing, Disruptors, Management, Tech

4.5 • 66 Ratings

🗓️ 19 August 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with BMO Wealth Management Chief Investment Strategist Yung-Yu Ma offering his take on the current market rally, and Wall Street Journal Senior Personal Technology Columnist Joanna Stern discusses a new Apple security flaw making headlines. Then, our team discusses the meme trade after GameStop Chair Ryan Cohen offloaded his entire stake in Bed Bath & Beyond, and Wedgewood Partners CIO David Rolfe shares his bull case for PayPal. Later, Wells Fargo analyst Aaron Rakers joins after downgrading HP to underweight, bracing for deteriorating PC demand. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm Deerreboza and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in. Good Friday morning, everyone. Welcome to Tech Check. I'm Deirdreboza. One Market NSF with Carl. Who's back at NIC. Welcome back, Carl. We missed you. John is back next week. Today, the NASDAQ on pace to break a four-week win streak as stocks take a tumble.
0:21.9	So is this the end of the bear market rally or our investors just headed out early on a
0:26.3	summer Friday? Then crypto is also down big. Ether and Bitcoin both crashing. We will
0:31.1	have more on that sell-off. And then Ryan Cohen officially out of bed bath and beyond the
0:36.3	stock. Now more than 60% off its 52-week high.
0:39.8	We'll dive into the meme trade as we have been all week, Carl. Yeah, what a week? It's Ben, man.
0:45.4	We're going to kick off today's feed with the markets, of course. Nasdaq may be up 18% over the last
0:50.4	couple of months, but it's still more than 20% off the record high. Was this just another bear market rally that is now coming to an end? Joining us this morning, BMO chief investment strategist, Young Yuma, joins us, talk about what the weeks to come may bring Young. It's great to have you. I wonder, we're going to get a lot of software names next week in terms of earnings. It does sound like that's one area where you think investors should stay focused. It is. We do like the software space. We think that plays into
1:16.6	the mega trends that are ongoing amid the macro risk that still remain as we're seeing play out
1:22.1	in the market today. So that is a space that does look more stable and is held up better than some
1:27.1	the other tech spaces.
1:29.2	Yeah, software, cyber, cloud.
1:32.3	Basically, your view is to stick with those areas.
1:34.4	They've done better than most so far this year, but be wary of the consumer.
1:38.2	Why?
1:39.4	Well, you want to stick with what's outperformed.
1:41.6	I think the market has been giving us a good signal.
1:43.8	The consumer's weak. It looks like going to continue to be weak in terms of tech spending
1:48.0	because there's just so much spending during the pandemic. But we're seeing the corporate
1:51.9	budgets are really holding up pretty well. Corporations are using technology spending more
1:57.4	as a strategic approach rather than a cyclical approach.
2:02.0	And that's really playing into those megatrends
	...

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