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Squawk on the Street

Big Earnings Week, Alphabet Shares Get Bing-ed, Merck's $10.8B Deal 4/17/23

Squawk on the Street

CNBC

News, Business, Investing

4.1567 Ratings

🗓️ 17 April 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber kicked off a new market week with what to expect from a busy earnings calendar, featuring Tesla, Netflix and various banks. Shares of Alphabet under pressure on a report stating Samsung may switch from Google to Microsoft's Bing for search. The anchors also reacted comments made by Google CEO Sundar Pichai about AI in a televised interview. Also in focus: Merck agrees to acquire Prometheus Biosciences for $10.8 billion in cash, Apple’s India expansion, Elon Musk's SpaceX scrubs its inaugural test launch of "Starship" -- the world’s most powerful rocket. Squawk on the Street Disclaimer

Transcript

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0:00.0

Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

0:05.9

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Cantona with Jim Kramer, David Faber,

0:09.8

post-9 of the New York Stock Exchange. Watching SpaceX this morning set for the maiden test launch of its new starship,

0:16.1

the most powerful rocket ever built. We're going to stay on top of those developments.

0:20.5

Meantime future is pretty steady as the earnings picture heats up. 62 S&P companies this week, including some financials today. Our roadmap's going to begin with a big week for corporate results. Tesla, Netflix, as we said, a bunch of S&Pers, Dow Components, Schwab and M&T crossing the tape this morning. Plus we going to have Google's CEO, or at least we're not going to have him, but he is saying that AI, well, there's a warning there.

0:44.3

Society isn't ready for its rapid advancement and that, quote, it can cause a lot of harm.

0:49.1

And as Carl mentioned, it is SpaceX's most powerful rocket launch ever.

0:53.8

We're going to bring you Starships Maiden Boyce.

0:55.7

That's going to be a little bit later, live this hour.

0:59.3

Let's begin a new week for the markets and a busy earnings calendar, Jim.

1:02.4

We've had 30 S&P years so far.

1:05.1

The beat rate's 90%.

1:06.7

Best week one in a decade.

1:08.8

Look, we came in with the lowest expectations.

1:11.9

Last time I was reading back over at J.P. Morgan.

1:15.6

This may have been the best J.P. Morgan quarter over.

1:18.7

I mean, not a lot of loan losses, a huge amount of business.

1:23.3

Obviously, they took in a lot of money in the second half.

1:26.6

They made a lot of money because people have not really pulled out of the low yielding to going to the high yielding yet.

1:33.5

David, throughout the ones that we saw this week, people just aren't that savvy.

1:37.4

And they're perfectly willing to keep their money in the bank and not move to something higher yielding as fast as you would have thought.

1:43.7

So there was more money made as there was a lag, more of a question on the how smart the deposit basis.

...

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