Cisco’s Earnings Beat the Street, How to Play the Broader Market Turnaround & Finding Opportunities in Fintech 8/18/22

TechCheck

CNBC

Technology, Business, Cnbc, Faang, Investing, Disruptors, Management, Tech

4.5 • 66 Ratings

🗓️ 18 August 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show breaking down Cisco’s latest earnings beat with J.P. Morgan analyst Samik Chatterjee, and Fundstrat Global Advisors Managing Partner Tom Lee offers his perspective on the broader market turnaround. Then, Morgan Stanley analyst James Faucette shares his take on investment opportunities in fintech. Later, our Julia Boorstin and CNBC’s Steve Kovach cover the digital advertising landscape and Apple’s plans to expand ads within the App Store on iPhones. 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	I'm Deerreboza and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:10.3	Good Thursday morning. Welcome to Tech Tech. I'm Deerboza with David Favor who's going on Hour 3. Welcome, David. Carl and John are off today. Legacy Tech makes a comeback. You heard at Cisco shares popping on
0:21.9	better than expected results. We will break down the quarter what it signals for the overall
0:25.7	market and tech at large. Plus, soft bank struggles continue. Activists Elliott dumps its stake.
0:31.5	We will discuss what that means for how investors are thinking about a tech rebound and then
0:36.2	bed bath and be gone. Ryan Cohen, only picking up
0:39.5	items for a short term stay. Retail investors ditching the shares as well this morning. So is
0:44.7	the meme rally over? David, kick us off. Yeah, I don't know. I don't know. It's over for today at least.
0:55.2	All right, let's start with Cisco, though, this morning. That stock, as you see, and Sarah just told you as well, up about 6.7%. The company reported fiscal Q4 results that were a beat on both the top and the bottom lines, although revenue did decline slightly. Now, last quarter, Cisco stock actually was down sharply.
1:14.3	This after the company warned about the impact of the war, of course, between Russia and Ukraine.
1:18.8	And even more importantly, perhaps at the time, trouble it was having in the supply chain
1:22.8	due to those lockdowns in China because of COVID.
1:25.2	You can see the drop that took place.
1:27.3	They're sort of in the middle of that chart there in the middle of May. A very different tone this morning, though, when we spoke with CEO Chuck Robbins on squawk on the street. You know, we talked about, Deirdre, a lot of things, including when I asked them, well, what are you seeing from customers given we've talked so often lately about the possibility of recession.
1:44.9	And his answer was pretty simple.
1:46.5	Things are looking good.
1:47.4	And he made a point of saying not just in the U.S., but even surprisingly to him in Europe and Asia.
1:53.8	I heard that.
1:54.4	That was actually surprising because a lot of the people that do not like the current rally
1:58.5	we are in say that there is another demand
2:00.8	shoe to drop that we're going to see flow through this earnings season. David, what a difference
2:04.8	a quarter makes, right? Last time he was on, that was what about 90 days ago? Very different
	...

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