China Shutdowns Spark More Supply Chain Concern and Musk’s Sourcing Struggles

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.9 • 1.3K Ratings

🗓️ 14 March 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

A new wave of COVID cases in China has caused major manufacturing centers to close down. What it means for the companies that source their products and do business in the country. Plus Elon Musk has vocally pledged his support to Ukraine in its war with Russia, but Tesla has been buying aluminum from Moscow for years. We dig into the difficult line companies have to toe in the region. 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	Live from the Nasdaq Market site overlooking New York City's Times Square, this is Fast
0:06.0	Money.
0:07.0	I'm Alyssa Lee.
0:08.0	Tonight's straighter lineup.
0:09.0	Guy Dami, Karen Fighterman, Jeff Mills, and Pete Najarian, the co-founder of MarketRebellion.com.
0:12.0	I head on fast.
0:13.0	No matter how you slice it, it's been a bad week, a bad month, a bad year to invest in China
0:20.0	from lockdowns to crackdowns to slowdowns.
0:23.0	Putting money to work in China has been a bad bet.
0:25.0	Is it finally time to bail on Beijing?
0:27.0	Plus, a long-strange trip to nowhere, the COVID darlings that are right back where they
0:31.2	started two years later.
0:32.2	We'll name the names and ask, what is next for these pandemic, well, high flyers.
0:36.7	And then, we'll show you why betting against Kathy Wood is proving to be more profitable
0:40.9	than betting with her.
0:43.0	When we started off with a shutdown heard round Wall Street, a spike in COVID cases
0:47.3	in China forcing the country to close down major manufacturing centers in Shenzhen and
0:52.1	Changcheng, 1,300 new cases were reported on the mainland yesterday, bringing the total
0:56.9	number this year to over 9,000 more than were recorded all of last year.
1:02.1	The shutdown prompting new concerns for companies that operate or source their products
1:06.3	in China.
1:07.3	Just look at the moves lower in names like Las Vegas Sands, Wynn, Starbucks, and Nike,
	...

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