Closing Bell Overtime: Palmer Luckey Created Oculus. Next He Started A Top Defense Tech Company. Plus, The Impact Twitter’s New CEO Might Have On Ad Revenue 5/12/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 12 May 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Major averages closed lower to end the week, marking two straight negative weeks for the Dow and S&P 500. Crossmark’s Bob Doll and GenTrust’s Mimi Duff break down the week of action and look ahead to next. Anduril Industries ranked #7 in this year’s CNBC Disruptor 50; founder Palmer Luckey talks all things defense, including the role of AI in the industry. Our Julia Boorstin takes a look at the possible impact Twitter’s new CEO will have on its ad revenue. Perrigo CEO Murray Kessler on the FDA advisory panel voting to recommend the company’s OTC birth control. Plus, three key stocks picks for your portfolio from Bruderman & Co.’s James Bruderman.

Transcript

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0:00.0	Well another day in the red for the major averages with the S&P and the Dow finishing the week lower
0:06.2	That is the scorecard on Wall Street for the actions just getting started
0:09.7	Welcome to Closing Bell overtime. I'm Morgan Brennan John Ford has the day off coming up on
0:14.4	today's show we'll talk with Oculus founder Palmer Lucky who is also the
0:19.2	founder of Defense Tech Company Androll about AI's military uses and how the debt ceiling debate
0:26.3	could impact defense spending. Plus we'll talk to the CEO of Pharma
0:30.6	Company Parago after news this week that an FDA advisory panel recommended Parago's over-the-counter birth control pill.
0:38.0	Let's begin with the market action though, the Dow and the S&P 500 both closing lower for the second
0:44.2	straight week joining us now is Bob Dahl, CIO of Crossmark Global Investments and
0:49.0	Mimi Duff senior client advisor at Gen Trust.
0:53.0	Good afternoon to you both.
0:55.0	Bob, I'll start with you.
0:57.0	It's so many cross currents in terms of the push-pull
1:01.0	in this market between Bulls and Bears what's priced in here and is it
1:05.1	warranted?
1:06.1	Yeah great observation the market's always uncertain but it seems more uncertain
1:11.5	than usual look at the Fed.
1:13.3	Are they going to raise rates next?
1:14.8	Are they going to lower rates next?
1:16.3	They're difference of opinion there.
1:18.2	My view is what is not priced in is a recession
1:21.3	that we might get in earnings estimates coming somewhat lower.
	...

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