CEO at Post 9 on IPO Market's Big Thursday, Banks' Stress Test Rally, Micron Beats 6/29/23

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 29 June 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, David Faber and Mike Santoli highlighted a big Thursday for the IPO Market. Thrift shop operator Savers Value Village, Kodiak Gas Services and Fidelis Insurance all going public with listings on the NYSE. The CEO of Savers joined the program at Post 9 to discuss his company's debut. The anchors discussed the rally in the financial sector after 23 banks passed the Fed's stress test. Also in focus: Micron posts a quarterly beat and rides the AI boom, Apple's march toward a $3 trillion valuation, Disney gets downgraded, FTC vs. Microsoft-Activision update. 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.
0:05.7	Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with David Faber, Mike Santoli,
0:10.1	at the New York Stock Exchange. Kramer has the morning off. Got some news flow on this Thursday.
0:13.8	Big revisions higher to Q1 GDP, microns moving some chips, banks pass the stress test,
0:20.1	and a important day for IPOs.
0:22.2	A roadmap begins with the return of the IPO, three new listings set to debut here at the
0:26.7	NYSC. We're going to be joined by the CEOs of two of them.
0:29.2	Plus shares of Micron are rallying in the pre-market.
0:31.9	The chipmaker delivered a bullish forecast, signaled an end to its supply glut, but does warn
0:37.0	the full impact of a China chip ban.
0:39.7	Well, that remains unknown. Disney got a downgrade over at Key Bank due to, quote,
0:44.0	meaningful uncertainty around that media giant. We'll talk a bit about that. NBA rights,
0:48.9	ESPN, you know, what else, call it? Let's begin the big Thursday for the IPO market.
0:53.5	Thrift shop operator Savers Value Village,
0:56.1	Codiac gas services, Fidelis insurance, all going public here at the big board. The three IPOs combined,
1:02.0	failed to hit the $1 billion mark, with Savers being the only one to exceed its projected price range.
1:08.4	As we said, don't miss our interviews with the CEOs of Savers and Kodiak coming after
1:12.3	the opening bell. Yes, some discussion this morning, Mike, about how the pricing hasn't been
1:16.1	a bullion. Yeah, buyers pretty discerning about it, not necessarily feeling as if they have to be
1:21.3	too aggressive on the bid side. It's some ways textbook the way the IPO market reopens after
1:27.2	being dormant for a long time,
1:28.8	six or eight months after a market low, you got some stability in interest rates.
	...

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