Closing Bell: Late-day comeback for stocks, Buffett’s big stake in HP, and Levi’s CEO on consumer demand 4/7/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 7 April 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks staging a rally in the final hour of trading to snap a two-day losing streak. Allianz Chief Economic Advisor Mohamed El-Erian weighs in on the recent market volatility and whether stocks or bonds are more attractive right now. Levi Strauss CEO Chip Bergh says the denim maker has more price increases in the works and explains why he sees no signs of a consumer spending slowdown in the U.S. Bank of America Securities’ Wamsi Mohan explains why Warren Buffett’s big new stake in HP isn’t a game changer for the stock. And PIMCO portfolio manager Erin Brown lists the three sectors she thinks will outperform during earnings season. 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	We are in session highs after a big afternoon upturn here in the market.
0:03.6	Most important hour of trading starts now. Welcome everyone to Closing Bell.
0:07.8	I'm Sarah Eis and here's where we stand in the market.
0:09.6	Very different picture than where we stood this morning.
0:12.0	We're up half a percent on the S&P 500.
0:14.1	The NASDAQ has gone positive as well.
0:16.0	It was lagging all day.
0:17.0	It's up a quarter of a percent.
0:18.6	The Dow is up 133 points.
0:21.2	We were down 300 earlier today. Small caps are lagging still in the red but boy what
0:26.2	a turnaround just in the last hour or so what's taking us higher? It's defensive still health care
0:30.8	staples but you've also got financials just popping into the
0:33.2	green industrial's two and consumer discretionary all doing well right now
0:37.3	here my top takeaways on some big stories today Berkshire Hathaway becoming the
0:41.1	largest shareholder of HP with a 4.2 billion dollar stake in the PC and printer maker
0:46.0	reflecting some Buffett style attributes.
0:48.5	Deep value trades at 8 to 9 times projected earnings yield 3 percent and
0:52.3	one thing to note,
0:53.9	Buffett's own steady value portfolio
0:55.9	has been performing well.
0:57.4	Berkshire's up 15% this year,
0:59.0	with the market down 6%.
	...

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