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Closing Bell

Closing Bell Overtime: Netflix Gives A Peak At Viewership Metrics; Meritage Homes CEO On Housing Market 12/12/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 12 December 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Major averages notched their fourth consecutive positive session as investors await tomorrow’s Fed decision on rates. Truist’s Keith Lerner and Crossmark’s Bob Doll break down the market action. Former Army Secretary Eric Fanning on the outlook for defense as Congress wrestles with the budget. Meritage Homes CEO Phillippe Lord on rates impact on the housing market and the company’s strong performance. Netflix released a new engagement report showing some of its top shows and how long users are streaming; Wedbush’s Alicia Reese on the key takeaways for investors.

Transcript

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0:00.0

We are up again. That's the scorecard on Wall Street, but winners stay late. Welcome to

0:05.2

the closing down overtime. I am John Fort with Morgan Brennan.

0:08.0

Coming up on today's show, we're going to talk to the CEO of Home Builder Maritage Homes.

0:12.1

It's up 70% this year,

0:14.4

with rates in sharp focus ahead of tomorrow's Fed decision.

0:17.1

And we are awaiting breaking news this hour

0:19.1

from the White House,

0:20.0

as President

0:23.5

Boudemir Zelenski, we will take you there live when it starts.

0:27.0

We begin with the market, though, and another day in the green

0:29.3

with fresh 52 week highs for all the major averages following this morning's inflation report

0:34.5

which came in, we'll say warmer than expected on the headline print but in line

0:39.4

on the core number meantime oil pulling back sharply pushing W.T. I below 70

0:44.5

bucks per barrel. Let's bring in Mike Santoli at the New York Stock Exchange.

0:47.8

Mike, your thoughts on this as investors sit on their hands and await a Fed decision tomorrow.

0:55.0

Yeah, Morgan, another data point that came in so close to expectations and so consistent

1:00.8

with the assumed trend of, you know, we're getting disinflation, running

1:04.2

through the economy. The economy itself is weathering higher rates, okay for now.

1:09.7

It looks like fourth quarter and first quarter corporate earnings are more or less

1:14.6

underwritten by these conditions at least roughly speaking and we have this sort of

1:18.4

seasonal lack of of sellers in this upside bias. So all that stuff feeding together,

1:23.2

you're getting this upward drift in the indexes.

...

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