Closing Bell Overtime: Fundstrat’s Tom Lee Is Still Bullish; CAVA Shares Double On First Day Of Trading 6/15/23

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 15 June 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks were in rally mode the day after the Fed announced its pause. Fundstrat’s Tom Lee, a longtime bull, and Edward Jones’ Mona Mahajan break down the market action. Adobe shares have been on a tear; Q2 earnings from the tech company sending the stock even higher. Barclays analyst Saket Kalia makes his case for the stock. Evercore ISI Chairman Ed Hyman joins to talk the Fed’s path forward. AdvisorShares CEO Noah Hamman discusses CAVA’s strong first day of trading and what it would take for him to buy shares. Former Wells Fargo CEO Dick Kovacevich talks what’s going on in bank stocks and what he expects from the Fed. After CAVA shares nearly doubled on its first day of trading, NYSE President Lynn Martin talks the IPO pipeline and if the freeze on new offerings is over.

Transcript

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0:00.0	Well, there's your scorecard on Wall Street, and it's a high score, but winners stay late.
0:05.0	Welcome to Closing Bell overtime.
0:06.0	I'm John Ford with Morgan Brennan.
0:08.0	And coming up this hour, breaking earnings results from Adobe,
0:12.0	the $225 billion software giant that has climbed 40% in the past month on AI optimism
0:18.6	Among other reasons we're going to bring you the numbers and expert analysis
0:22.3	Plus we'll get the latest read on the Fed's balance sheet this hour following yesterday's
0:26.5	rate decision and we're awaiting lift shareholder meeting as that stock has struggled all year long.
0:33.0	Markets rallying broadly the day after the Fed pause,
0:36.0	all sectors finishing in the green today.
0:38.0	And joining us now,
0:40.0	Longtime Market Bull,
0:41.0	Tom Lee, Fundstrack Global Advisors, co-founder, and Mona Mahajan,
0:45.1	Edward Jones, senior investment strategist.
0:48.2	Guys, welcome Tom.
0:50.3	Hey, people like to call you a permable. I made my joke about them replacing the Wall Street bull statue with a Tom Lee statue, but I asked the overtime team for receipts
1:02.0	February 22nd you said investors should expect payback.
1:05.0	We have one of the best January's.
1:07.0	March 3rd, you said you see a strong rally in the next two months as softer inflation
1:12.0	data hits. Then on the 7th of March you said
1:14.3	inflation could be easing much faster than expected. Feng is set to grow. You
1:18.6	weren't just directionally right. You were pretty specifically right. So, all right, give you credit where credits do. What do you say now? What's coming next?
	...

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