Closing Bell Overtime: Huge Day Of Earnings; Freshworks CEO On Delivering A Great Quarter; King Street Capital’s Brian Higgins On Best Bets In A Topsy-Turvy Market 8/1/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 1 August 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

The S&P 500 and Nasdaq finished lower to start August but Caterpillar powered the Dow to a positive close. Vital Knowledge’s Adam Crisafulli breaks down the market action, including earnings from EA, Cesar’s, Pinterest, Starbucks, AMD, Devon Energy, Virgin Galactic, and Match Group. Wedbush analyst Matt Bryson breaks down the quarter and what’s ahead. King Street Capital Founder Brian Higgins joins in his first ever TV interview to talk credit opportunities in this unique market. Freshworks reported a strong quarter; CEO Girish Mathrubootham joins to talk how the company did it, how its winning more large customers and what it sees ahead.

Transcript

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0:00.0	Well, the Dow hitting the highest level in 18 months even as the S&P and NASDAQ finished the day lower.
0:08.0	That is the scorecard on Wall Street.
0:10.0	The action is just getting started.
0:11.0	Welcome to Closing Bell overtime.
0:12.0	I'm Worgenbrennan with John Fort. The action is just getting started. Welcome to Closing Bell overtime.
0:12.6	I'm Wernan with John Fort.
0:14.7	Get ready for one of the busiest hours of earning season.
0:17.9	We'll get numbers in the next few minutes from AMD, EA, Starbucks, Virgin Galactic,
0:23.2	Match Group, Pinterest, and so many more.
0:26.0	Also, we're going to look for opportunities
0:27.9	in the credit market when we're joined
0:29.8	in a rare interview by Brian Higgins,
0:32.2	a founder of Credit Focused Hedge Fund, King Street,
0:35.2	which manages around $23 billion in assets.
0:38.3	As we await those earnings, though, let's bring in vital knowledge founder, Adam,
0:41.6	Chrisophoulli. Adam, great to have you on the S&P.
0:44.8	It looks like finishing the day here at 4579 down about 2 tenths of 1%.
0:50.2	It keeps rejecting that 4600 level you surprised
0:56.0	yeah i think there's definitely evaluation issue in the market right now both on an
0:59.3	absolute basis you know it's looking at peace on an absolute basis, but especially on a day like
1:06.1	today where you saw yields really jump.
1:08.2	So, you know, in my mind, I think valuation is really the only major obstacle in the near term to this market. But
	...

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