Closing Bell Overtime: GameStop Fires Its CEO; Wolfspeed CEO On Why His Company Is Positioned For The Silicon Carbide Boom 6/7/23

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 7 June 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

The S&P 500 and Nasdaq closed negative, near session lows. BofA Securities’ Jared Woodard and BD8 Capital’s Barbara Doran break down the market action as investors wait next week’s Fed decision. GameStop reported a Q1 loss and announced it was firing its CEO; Ryan Cohen was named executive chairman. Wolfspeed CEO Gregg Lowe discusses his company’s strong stock performance and why silicon carbide is key to its growth story. Affirm shares rallied on news of a partnership with Amazon Pay; MoffettNathanson analyst Eugene Simuni on why it doesn’t change the macro headwinds facing the industry. The WSJ reports Amazon is planning an ad tier for its Prime Video streaming service; the reporter behind the scoop Jessica Toonkel joins to discuss the broader implications for the streaming players. RBC Capital’s Helima Croft on the impact of the Saudi output cuts and where oil goes from here.

Transcript

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0:00.0	A mixed bag is a story on Wall Street, but we're here for what comes next.
0:05.4	Winter stay late.
0:06.1	Welcome to Closing Bell overtime.
0:07.6	I'm John Ford.
0:08.4	Morgan Brennan is off today.
0:10.0	Coming up this hour, we're going to talk to the CEO of Chipmaker Wolf Speed, getting a healthy
0:14.2	boost today, making up some ground after underperforming this year.
0:18.2	Plus we're going to break down the energy trade with RBC's Heli McCroft as oil gets a lift, energy stocks outperform,
0:25.0	and we are awaiting earnings results this hour from Meme Favorite GameStop and Dev Ops
0:30.4	Software Company, Hashi Corp. We're going to bring you those as soon as they cross.
0:34.2	Now let's begin with today's market action.
0:36.4	Joining us now, Jared Woodard, B of A securities
0:39.5	investment and ETS strategist and Barbara Duran, B. D8 Capital Partners, CIO.
0:46.2	Guys, welcome, Jared.
0:48.0	This has been sort of a hated rally that we've been experiencing all year, seems to me it's been uneven benefiting the
0:56.4	largest technology stocks so what do you do at this point with the Fed probably pausing but even if not probably at
1:06.4	about the end of its hike cycle. Yeah John I think it's it's true that this has
1:11.7	been a hated rally this year and our advice this year has
1:14.9	been that investors should use rallies in tech and and other kind of mega cap growth assets to take profits and to invest in other parts of
1:26.4	the market where there's better valuation opportunities. I think that the
1:29.8	top priority for investors this year has to be to capture yield where they can
1:34.1	to protect against deflation and the recession we think is coming
	...

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