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Closing Bell

Closing Bell Overtime: Apple Reports Stronger-Than-Expected iPhone Sales; Exclusive Interview with DoorDash CEO Tony Xu 05/04/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 4 May 2023

⏱️ 47 minutes

🧾️ Download transcript

Summary

Fourth straight day of losses for the major averages as regional bank worries continued to spook investors although stocks closed well off worst levels. Apple reported earnings. We have you covered from every angle with Evercore’s Amit Daryanani, Fortt Pitt’s Daniel Eye and Patrick Moorhead of Moor Insights and Strategy. Bespoke’s Paul Hickey joined us to break down the market action from a busy Overtime of earnings, including: Block, Coinbase, Booking Holdings, Expedia and Lyft. DoorDash shares popped after a strong quarter; CEO joined Jon Fortt in an exclusive interview to talk the quarter. Randal Quarles, former Fed Vice Chair for Supervision, discussed the continued weakness in regional banks and what happens if there is another sale.

Transcript

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0:00.0

Apple ahead and a lot to go before that. That is a scorecard on Wall Street, but when you stay late,

0:05.7

welcome to closing about overtime. I'm John Ford with Morgan Brennan and get ready for one of the busiest hours of earnings season.

0:13.5

We are counting down to results due out in 30 minutes.

0:16.3

We're...

0:17.3

We're going to have expert analysis and shareholder reaction to those numbers.

0:22.6

Plus, Star Reporters are standing by to bring you earnings from

0:25.0

Lift, Coinbased Block, booking holdings, Expedia, and more.

0:28.6

And we're going to bring you an interview with the CEO of DoordashDash after his company reports numbers.

0:35.0

And as we wait for all those results, let's get straight to it with the market action.

0:39.0

Joining us now, Paul Hickey from bespoke investment, Paul, how much do Apple earnings matter to this market,

0:48.7

if at all, given that we've got jobs number tomorrow and we just had all of this bank turmoil

0:56.5

post the Fed rate hike.

0:58.3

No, John, I mean I think when you look at it's the largest company in the world or in the US so it is a very important earnings report

1:06.2

You know we were very concerned about all you know the market overall was concerned about the other mega caps coming into earning season.

1:12.8

They all held up, you know, very well, better than expectations.

1:18.2

Apple, the biggest knock against it coming into this earnings season

1:21.7

is its valuation, trading at about 27 times

1:24.2

earnings but the thing is it trades right in line with the consumer these

1:28.0

consumer staple stocks like a proctor and gamble mondolese coke or Pepsi and apples growing faster than them and its products are just as sticky as

1:37.2

as them so I think in that respect when you position it that way it's more of a

1:41.7

consumer staples it's a quasi

1:43.6

consumer staples stock and its correlation to the sector is near record

...

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