Bracing for Mega-Cap Tech Earnings, Meta Tops Tesla's Market Valuation 4/21/23

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 21 April 2023

⏱️ 44 minutes

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Summary

Carl Quintanilla, Jim Cramer and David Faber discussed the road ahead for mega-cap tech stocks, ahead of earnings due out next week from Alphabet, Microsoft, Meta and Amazon. Meta surpassed Tesla in terms of market valuation for the first time in 16 months. After Tesla's Thursday sell-off, the company raised U.S. prices on the heels of its sixth cut of the year. Also in focus, Procter & Gamble and CSX among the earnings winners, The "AT&T effect" on certain stocks, Cleveland Fed President Mester's inflation view and Cramer on "the most under-covered brilliant company on earth." Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kintania, on the opening bell hour of CNBC Squawk on the Street.
0:08.9	Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer, David Faber at Post 9 of the New York Stock Exchange.
0:14.9	Pretty steady pre-market coming off the S&P's worst day in several weeks.
0:19.2	Plenty to work with today from P&G's quarter to some decent flash PMIs in Europe, an 11-month
0:24.2	high on their composite, and we'll get our own this hour as well.
0:27.3	A roadmap begins with rate expectations, a slew of FedSpeak crossing the tape, pointing to maybe
0:32.6	another hike in May, but a pause may be now in view.
0:36.7	Plus Ford's CEO saying that Tesla's price cuts could start a pricing war and turn
0:40.8	EVs into commodities.
0:43.7	And meta, topping Tesla in market battle.
0:48.6	Let's begin with the markets.
0:49.8	We mentioned Jim, some softness yesterday.
0:52.0	I mean, worst day in about a month on the S&P?
1:11.6	Yeah, but I mean, remember one time midday, this market is trading very schizophrenic, because midday the market looked great, and I thought it was going to maybe finish strong. And what we're lacking is just some sort of two or three day up tech. So, I mean, Apple has two-day-up, and then it just gives up the ghost.
1:12.7	I mean, today I will have Amazon.
1:31.3	There's some positive chatter from JPMorgan. Amazon bullcase. Well, maybe Amazon is able to, after the, I think they let a couple of people go from Whole Foods. Still trying to figure out, you know, they spend a lot of my own Whole Foods. Now, I think that they actually love it every time I say they need to fire 100,000 bucks. They say, yeah, that's so great. But the fact is, is that Amazon is trying to rationalize. And if they rationalize and they figure out
1:36.9	how to get something out of the $8 billion Alexa, could be something. Isn't it really just all
1:42.8	about AWS for that company, though, at this point?
1:45.0	I mean, you know, I know how enormous the marketplace business is, the retail business,
1:49.9	but it doesn't really seem to move the needle on profitability.
1:52.6	Well, they just talked endlessly about football and then Alexa.
1:55.5	Alexa doesn't have any mileage.
	...

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