Closing Bell Overtime: Adobe CEO On AI In Photoshop, Ethical Worries; Yelp’s Activist Shareholder On Why It Needs To Sell Itself 5/23/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 23 May 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks drifted lower throughout the day as debt ceiling talks stalled. BD8’s Barbara Doran and Edward Jones’ Craig Fehr broke down the market action. Earnings from Palo Alto Networks and Toll Brothers. Adobe CEO Shantanu Narayen discussed his company’s major announcement on AI in Photoshop while also touching on the ethical implications of AI. Yelp stock soared after activist shareholder TCS Capital sent a letter to the board demanding it explore a sale. TCS President Eric Semler joined the show to talk why his plan makes the most sense for shareholders. Benefit Street Partners President Richard Byrne talks the current opportunities in credit markets. Plus, our Steve Kovach on Apple and Broadcom’s multibillion-dollar deal for US-made chips.

Transcript

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0:00.0	Well, stocks closing near the lows after a midday meltdown.
0:05.0	That's the scorecard on Wall Street.
0:06.4	But the action's just getting started.
0:08.2	Welcome to closing bell overtime.
0:09.3	I'm Morgan Brennan with John Fort.
0:11.1	Coming up this hour, reads on retail, housing, and more when we get quarterly reports from Toll Brothers, Urban Outfiters, and Palo Alto networks also into it.
0:20.8	Into it too, yeah, we've got an exclusive interview as well with
0:23.8	Adobe CEO, Shantou and Orion on the company's news today about integrating
0:29.1	generative AI into Photoshop. And let's get straight to the market action.
0:34.0	Stocks fading through the session today,
0:36.0	closing near worst levels.
0:37.0	Indices turned lower in midday,
0:39.0	as we just mentioned before after debt ceiling talks concluded without a deal.
0:43.0	Joining us now Barbara Duran,
0:44.3	CIO at B. D.8 Capital Partners and Craig Fair,
0:47.4	principal and investment strategist at Edward Jones.
0:50.3	Good afternoon to you both.
0:51.9	Barbara, I'll start with you.
0:53.8	The fact that the S&P did end the day down 1% and oh, by the way,
0:57.9	most Treasury yields also turned lower
1:00.8	in the second half of the session as well. I mean, what does that tell us about sentiment here?
1:04.4	Well, I think that there's been a lot of skepticism all along,
	...

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