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Closing Bell

Closing Bell: Apple Ripe for More Gains? 5/3/24

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 3 May 2024

⏱️ 42 minutes

🧾️ Download transcript

Summary

Is this the week that Apple finally found its footing? Top analyst Erik Woodring from Morgan Stanley gives his forecast for that name. Plus, Cameron Dawson and Josh Brown discuss what they’re looking for from stocks in the week ahead. And, it was a tale of two travel stocks today with Expedia and Booking Holdings moving in opposite directions post-earnings. We tell you what’s behind those moves and what it might mean about the broader travel space.

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to Closing Bell. I'm Scott Wobner live from Post 9 here at the New York Stock Exchange on this Friday and this make-or-break hour begins with the rally in stocks and whether the Bulls got just what they needed this week.

0:10.0

A less hawkish than feared fed and a better than expected apple.

0:14.0

No doubt two key catalysts behind this late week surge.

0:17.0

We'll ask our experts over this final stretch, where we go from here.

0:21.0

In the meantime, take a look at the scorecard with 60 minutes to go in regulation.

0:25.5

Stocks getting an immediate boost today from that employment report, fewer jobs added,

0:29.6

plus a bump in the unemployment rate sending yields down the major averages higher and that is

0:34.1

where they have remained.

0:35.4

There is your rate picture today.

0:37.3

450 on the 10-year.

0:38.3

Well Apple has said obviously helping too.

0:40.6

That stock having its best week since December of 2021.

0:44.0

Results less bad than feared and the announcement of a massive buyback, the main catalyst there.

0:50.0

It takes us to our talk of the tape.

0:52.0

Is this the week that Apple finally found its footing?

0:55.0

Let's ask Eric Woodring. He is Morgan Stanley's Apple analyst. He is with us at

0:59.0

Post Nine for his first TV reaction to that report. Good to see you. Good to see you. Welcome back. So I look at your notes today.

1:05.0

You say, quote, it's hard to not be more bullish on Apple here. Why so?

1:09.5

Sure. So I think the risk ultimately coming into earnings was a fear of a guide down.

1:14.1

We actually got a guide up.

1:15.8

So we move past the June quarter guide now and we look at the developer conference upcoming,

1:21.0

the iPhone launch coming later in September.

...

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