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Closing Bell

Closing Bell Overtime: Qualcomm Sinks On Downgrade; Top Opportunities In Alternatives 8/12/24

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 12 August 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

Stocks slid into the final hour today ahead of a major week of data and consumer earnings reports. We get you set for the week ahead with Carson Group’s Ryan Detrick, Silvant Capital CIO Michael Sansoterra and RockCreek’s Afsaneh Beschloss break down the market action. Plus, Wolfe analyst Chris Caso on his QCOM downgrade that sent the stock lower and Deutsche Bank analyst James Shin on why Eli Lilly is his unicorn. Neuberger Berman’s Anthony Tutrone on top opportunities in alternatives and where private equity is getting active.

Transcript

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0:00.0

That's the end of regulation.

0:03.8

USA volleyball ringing the closing belt in New York Stock Exchange

0:06.8

Zomatry doing the honors at the NASDAQ.

0:09.4

Well, stocks trading in a very tight range out of retail earnings and inflation data with most

0:14.3

S&P sectors lower small caps pulling back as well. Looks like the S&P is

0:19.0

almost perfectly flat here. We'll see where it settles. That's the

0:22.1

scorecard on Wall Street,

0:23.2

but the action's just getting started. Welcome to Closing Bell overtime. I'm

0:26.7

Morgan Brennan. John Fort is off today. Well coming up this hour a major

0:30.2

price target hike for 800 billion dollar farm a giant Eli Lilly.

0:34.7

We will talk to the analyst who just upgraded the name to buy and

0:37.5

races outlet for the stock by $300 calling it a high-growth unicorn.

0:42.3

Plus, Invidia bouncing back in a major way today,

0:45.0

but fellow chipmaker Qualcomm is under pressure.

0:48.0

That's after Wolf dropped its outperform rating on the stock.

0:51.0

We will hear what's behind that downgrade just a moment. And Rock Creek

0:55.1

founder of Sonne Bischloss joins us with her read on market volatility and how the

1:00.0

2024 election is impacting her investment decisions.

1:04.3

But first, let's bring in our market panel to break down today's action.

1:07.4

Joining us now, Ryan Dietrich from Carson Group and Michael Sansiterra from Sylvan Capital Management.

1:13.2

Good afternoon to both of you, unchanged, Ryan.

1:18.0

On the S&P, I mean, man, what a difference a week makes

...

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