Closing Bell Overtime: Norfolk Southern CEO On Winning Back Investor Trust; Costar CEO On Commercial Real Estate 7/28/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 28 July 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks bounced back after Thursday’s late afternoon swoon. 3Fourteen Research’s Warren Pies and Ariel’s Charlie Bobrinskoy break down the huge week of earnings, data and Fed news. Lux Capital’s Josh Wolfe talks investing in China and safeguards for doing business there. Former FDIC Chair Sheila Bair on banking regulations. Norfolk Southern CEO Alan Shaw on his company’s quarter and its new $416M charge related to the Ohio train derailment. Costar CEO Andrew Florance talks earnings and competition.

Transcript

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0:00.0	Well the NASDAQ leading the index is higher today. It's the best day for the tech heavy average since late May.
0:07.0	That is a scorecard on Wall Street. The action is just getting started.
0:10.0	Welcome to Closing Bell overtime. I'm Morgan Brennan with John Fort. Stocks bouncing back is the
0:15.1	Dow and the S&P 500 closed hire for a third straight week after a key report showed inflation,
0:21.2	keep seizing. Yeah, Intel, the stock story of the day after the chipmaker reported an unexpected
0:26.0	second quarter profit, issued a strong third quarter forecast.
0:29.8	Coming up, we're here from CEO Pat Galsinger on why investors might get important
0:33.9	information on the state of Intel's attempted turnaround sooner than you think.
0:37.8	All right, well let's get straight to the markets more broadly.
0:40.9	Joining the show is Warren Pies 314 research co-founder and
0:44.3	Charlie Brinsquay
0:45.4	aerial head of Investment Group welcome to both of you Charlie I'll start with you I mean
0:50.4	it really was the mega cap tech names that led the move higher here today with
0:56.0	the NASDAQ outperforming finishing up about 1.8 percent and we've been talking
1:00.6	about rotation in recent days we've been talking about a rotation in recent days.
1:03.0	We've been talking about a broadening of this rally.
1:06.8	Your thoughts on where we are right now.
1:09.7	It didn't happen today, but there's no doubt that when we look at stocks and what's
1:13.5	attractive and what's expensive it's very clear it's the tech stocks the defensive
1:18.6	stocks the non-cyclicals are very expensive and the more cyclical value names are what's attractive. So everybody's talking about how expensive the market is how it's been up so much.
1:28.6	A lot of our more value names are very reasonably priced at 10 times, 9 times earnings.
1:35.3	We didn't get that rotation today.
	...

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