August Trading Begins, Caterpillar CEO Exclusive, Uber's First Operating Profit 8/1/23

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 1 August 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the first trading day of August, Jim Cramer and David Faber explored the road ahead for stocks and what investors should make of a busy earnings Tuesday. Caterpillar CEO Jim Umpleby joined the program exclusively to discuss everything from his company's better-than-expected quarterly results – to doing business in China.The anchors also reacted to Uber posting its first-ever quarterly operating profit. Also in focus: Winners and losers from the earnings barrage, Ford restarts production of its F-150 Lightning electric truck, CVS reportedly set to cut 5,000 jobs, Tupperware as the new meme stock -- up more than 500% since the beginning of July. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis.
0:01.8	You're listening to the opening bell of CNBC, Squawk on the Street. Good Tuesday morning, everybody. Welcome to Squawk on the Street. I'm David Faber with Jim Kramer. We're live from Post 9 right here at the New York Stock Exchange. Carl has the morning off. Let's give you a look at Futures. You just heard from Becky, of course. We are looking for a lower open this morning. I don't know.
0:22.5	We'll see, as we always do. But July ended yesterday, and so our roadmap does start with a new
0:28.3	month for stocks. Yes, a new month, Wall Street coming off what was a strong July. And the
0:34.5	NASDAQ and S&P posting five-month winning streak so far, of course it has been a good year for stocks if you're just tuning in. Plus it is the busiest week of earnings season with more than 160 S&P 500 constituents reporting. Merck, Pfizer, Uber, JetBlue, Marriott, Caterpillar.
0:57.5	We got a lot of different earnings reports to get to this morning.
0:59.0	I mentioned Caterpillar.
1:00.3	It did top estimates.
1:05.2	Also warned, though, of lower sales and potentially tighter margins in the third quarter.
1:08.8	Company CEO will join us later this hour. You know, that is just the bearish, okay, you want this the bearish wrap on it? Yeah, sure. Come on, I mean, they had a great number. We're going to talk about how the fact that they don't even have enough product. And the bears like to get to it very early. This has done, it's routine. They did it before. They took the stock down from 230 all the way down to 206.
1:28.3	Then Jim Mubububbley spoke at an investment firm here in town and said, listen, the bears didn't know what they're doing.
1:33.8	Then the stock went straight up to the $265.
1:35.7	So I am absolutely happy to deal right at the front, right in the center.
1:39.7	22% top line revenue growth.
1:43.2	22%. Yeah, okay. That's called good called good. I'm not... I didn't mean to get right into the... I'm not disputing that it's good. It is good. But the only question is whether or not the stock has already accounted for that, as we all know. Well, they see further weakness in China. Okay, there. You want that? Who doesn't?
2:02.0	Who doesn't see further weakness in China?
2:04.9	Not sure.
2:05.5	It's a going to...
2:06.2	It's an oft-asked question.
2:08.5	Starbucks will certainly want to know, right?
2:10.8	Well, Yum China.
2:11.7	I actually read last night and I didn't think it was really as bad.
	...

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