Closing Bell Overtime: Exclusive Interview With Eli Lilly CEO After Weight Loss Drug Gets FDA Approval; Oakmark’s Bill Nygren Gives Top Value Picks 11/9/23

Closing Bell

CNBC

Business, News

4.4 • 141 Ratings

🗓️ 9 November 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The Nasdaq and S&P 500 snapped their winning streaks after comments from Fed Chair Jay Powell and a weak 30-year auction. Barclays Head of US Equity Strategy Venu Krishna breaks down the market action. Eli Lilly CEO David Ricks joins in an exclusive interview to discuss the company’s weight-loss drug getting FDA approval. CFRA analyst Zach Warring breaks down Wynn’s earnings. Oakmark’s Bill Nygren on his top value picks heading into the year end. Plus, NBER Director John Lipsky on the path forward on inflation.

Transcript

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0:00.0	Stocks finishing lower the S&P 500 in the red snapping its eight day winning streak
0:07.0	4347 as it settles there that's the scorecard on Wall Street but the action
0:11.3	is just getting started.
0:12.6	Welcome to Closing Bell overtime.
0:14.2	I'm Morgan Brennan.
0:15.0	John Port is off.
0:16.0	We have a big show coming your way.
0:18.6	In just a moment, an exclusive interview you do not want to miss
0:22.2	with Eli Lilly CEO Dave Rick's
0:24.7	following FDA approval of the company's weight loss drug. Plus noted value investor
0:29.7	Bill Nygren joins me here on set with his year-end playbook and the stocks he's
0:34.3	watching right now and we're also awaiting earnings this hour from Win, Unity,
0:39.3	Capri and more but we begin with the market and the end of that winning streak.
0:44.1	A poor midday Treasury auction, also comments from Chair Powell from the Fed that he's not
0:49.8	confident enough, that enough has been done to bring down inflation.
0:53.4	All of that putting pressure on stocks.
0:55.9	CNBC's senior markets commentator Mike Santoli joins us from the New York Stock Exchange.
1:01.2	Mike do want to get your thoughts on this because very much so today. Stocks took their Stock going on the rate front. That decline in Treasury yields that we got last week
1:14.0	when pretty much everything broke the right way to get yields moving down was
1:19.0	tested today. So you have a little bit of an uptick, it's not necessarily off to the races and what
1:23.3	Powell had to say was mostly a reiteration of the current stance or not going to
1:27.9	declare victory on inflation but a reminder that the Fed is doesn't want to endorse the market's expectation that the next move is a cut that might be coming,
	...

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