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Closing Bell

Closing Bell Overtime: Sequoia Capital Splits Into Three Firms; Should Apple Buy Disney? 6/6/23

Closing Bell

CNBC

News, Business

4.4140 Ratings

🗓️ 6 June 2023

⏱️ 45 minutes

🧾️ Download transcript

Summary

Major averages closed higher today after yesterday’s weakness. Wells Fargo’s Scott Wren breaks down the market action. Coinbase shares tumbled 12% today after the SEC unveiled a lawsuit against the company; former SEC Chairman Jay Clayton weighs in on the action this week from the SEC against Coinbase and Binance. Sequoia announced it is splitting its firm into three: China-focused, India-focused and the rest of the world. KraneShares CIO Brendan Ahern discusses the current landscape of investing in China. Magic Leap CEO Peggy Johnson discusses her companies headset and its enterprise customer base, plus competing with Apple Vision Pro. Needham’s Laura Martin makes the case for why Apple should buy Disney. Doximity CEO Jeff Tangney talks digital platforms for physicians.

Transcript

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0:00.0

Well you got your scorecard on Wall Street such as it is but winter stay late

0:04.1

welcome to the closing bell overtime I'm John Ford Morgan Brennan is off today

0:08.0

and we got a big show coming your way coming up we're going to talk to

0:11.5

Needham analyst Laura Martin who says Apple should buy Disney

0:16.4

following the launch of the new Vision Pro headset.

0:19.5

Plus we're going to talk to former SEC Chairman Jay Clayton about the state of crypto after today's news

0:24.1

that the SEC is suing coin-based over allegations that it was operating as an

0:29.0

unregistered broker and exchange. But now let's get into today's market action with our first guest.

0:34.6

Joining us now, Scott Wren from Wells Fargo Investment Institute.

0:38.0

Scott, welcome, this feels like a dangerous moment for investors in the market right now.

0:43.0

And there wasn't a ton of movement when the day was over.

0:46.4

The Dow was just about perfectly flat.

0:49.0

But there's the danger of standing still, right?

0:52.3

Because if you had sold out of the market earlier this year,

0:56.0

expecting things to go bad, you feel like a fool there.

0:59.0

And also the danger of acting too rashly at this point.

1:02.0

What should investors do based on what's got on so

1:04.8

far? Well John for us first let me say that you know we're not chasing this

1:09.0

rally and what we've done is we've moved some cash into short-term fixed

1:12.4

income you know whether you're looking at three is we've moved some cash into short-term fixed income.

1:13.0

You know, whether you're looking at three months, six-month,

1:16.0

12-month bills, you know, the yields over 5%.

...

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