Closing Bell: Overtime: Instacart IPO watch, the outlook for autos, Walter Isaacson on Musk relationship with Saudi Arabia 9/18/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 18 September 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks ended an up-and-down session near the flatline as investors await this week’s Fed decision and signals from the IPO market via Instacart. David Bahnsen from The Bahnsen Group explains why he “wouldn’t touch Instacart with a 10-foot pole.” Chris Harvey from Wells Fargo discusses opportunities in the market ahead of the Fed. Meantime the UAW strike dragged on to a fourth day, sending shares of Ford, GM, and Stellantis lower. Gabelli fund manager Brian Sponheimer discusses if there are any investable names in the auto space. Elon Musk biographer Walter Isaacson talks about new reports that Turkey and Saudi Arabia are angling for an EV factory. Plus the latest on Block, Norfolk Southern, and how art is performing as an asset class.

Transcript

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0:00.0	Call at the calm before the storm as stocks close essentially flat ahead of the
0:05.6	Fed this week that's the scorecard on Wall Street but the action is just
0:09.3	getting started. Welcome to Closing Bell overtime. I'm Morgan Brennan.
0:13.0	John Fort is on assignment.
0:14.0	Coming up on today's show, have auto stocks reached a breaking point.
0:18.0	The big three closing lower as the UAW's strike drags on.
0:22.0	We'll talk to a portfolio manager who says there as the UAW's strike drags on.
0:23.0	We'll talk to a portfolio manager who says there are still names to buy in the auto world.
0:28.0	Plus, we'll talk to the man behind the Musk book.
0:31.0	Walter Isaacson about reports today that Saudi Arabia and Turkey
0:34.6	are angling to host an EV factory.
0:37.7	We begin this hour though with breaking news on Instacarts.
0:40.8	The grocery delivery platform is expected to price its IPO at any moment.
0:44.8	Leslie Picker has the latest on this highly anticipated listing.
0:49.1	Leslie.
0:50.1	Hey Morgan, yeah, now that the market is closed, final pricing decisions are underway for Instacart's IPO.
0:56.3	It's been a long road for the Grocery Delivery Service, which files an S1 confidentially 16 months ago, but when the market took a turn amid higher interest
1:05.0	rates in a sell-off in tech stocks, Instacart put its deal on ice.
1:09.1	Ultimately, Instacart set terms that market its deal at a quarter of the valuation it received in a private round two years ago.
1:17.0	Investors feeling like they got a good deal put orders in and demand was strong enough that
1:21.4	Instacart raised its price range by $2 a share at the end of last week.
1:26.4	That means it will likely price at the high end of the new range or above it.
	...

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