Closing Bell: Overtime: Abercrombie, Five Below CEOs On Holiday Sales; What’s Next For Boeing 01/08/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 8 January 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

The averages rallied today with the Nasdaq climbing over 2% and the Dow shrugging off a major drag from Boeing. Barclays Head of US Equity Strategy Venu Krishna breaks down his top ways to play this market. Morgan interviews Abercrombie & Fitch CEO Fran Horowitz and Five Below CEO Joel Anderson from ICR Conference in Orlando; they discuss holiday sales, the state of the consumer and more. HSBC’s Joe Rasco, Global Private Banking & Wealth Chief Investment Officer, Americas, on where his clients are putting money to work. RBC analyst Ken Herbert on the investment implications from this weekend’s Boeing incident; former FAA Administrator Michael Huerta on how the company needs to approach its next few months.

Transcript

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0:00.0	Well, your score card on Wall Street has a lot of green. Winter's day late.
0:07.6	Certainly a winning day for most of the market.
0:10.0	All the major averages higher, even the Dow being dragged down by Boeing.
0:15.2	Welcome to close about overtime. I'm John Ford and Morgan Brennan is at the ICR
0:19.8	conference in Orlando coming up. She's going to be discussing the outlook for
0:23.2	consumer spending with the CEOs of Abercrombie and Fitch and five below.
0:28.3	Now Boeing had been a high flyer recently as I mentioned it's one of the few big losers on Wall Street today after a door plug on a 737 Maxine jet blew out during an Alaska Airlines flight.
0:41.0	We're going to get both some updates on that Phil LaBoe just bringing some of
0:45.4	those regarding United and updates from an analyst who recently upgraded that
0:49.8	stock to a buy but first let's break down today's market action. Joining us now is
0:55.4	Barclay's head of US Equity Strategy Venu Krishna and as always CMBC's
1:00.0	senior markets commentator Mike Santoli.
1:03.0	Gentlemen, good to see both of you.
1:06.0	Mike, I just want to set the stage with you a bit on what happened today.
1:11.8	Equities did get stronger during the day. We mentioned
1:14.1	the Dow being dragged down a bit, but we're still kind of in a bit of this
1:19.7	47, down 2% after 9 straight up weeks.
1:33.0	It seems like maybe it was a little more of a stutter step
1:35.7	than a true stumble.
1:37.2	The big stocks like Apple down 10%.
1:39.8	You had a little bit of a chance to get in there.
1:42.0	And there is always kind of new January money
	...

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