Closing Bell Overtime: Snowflake CEO On New Tool For Improving Supply Chain; Breaking Down Ethereum’s Upgrade 4/13/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 13 April 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

The averages rallied today, led by tech with the Nasdaq finishing higher by 2%. RBC’s Amy Wu Silverman and Truist’s Keith Lerner break down what the move means heading into earnings season. Snowflake CEO Frank Slootman details the company’s new tool for companies to improve their supply chain management and the current state of enterprise spending. Meanwhile, Twitter and eToro announced a partnership; eToro CEO Lule Demmissie joins to discuss what’s next. We’re getting earnings from the banks soon and Oppenheimer’s Chris Kotowski gives his top picks. Evercore’s Mark Mahaney discusses the big move in big tech stocks and Amazon’s AI ambitions. CFRA’s Cathy Seifert on why BlackRock’s earnings matter. Our Mackenzie Sigalos on why Ethereum is rallying.

Transcript

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0:00.0	Stocks rallying today with the NASDAQ leading the way. Best day in almost a month for that average.
0:08.0	That's the score car on Wall Street, but the action is just getting started.
0:11.0	Welcome to Closing Bell overtime, I'm Morgan Brennan with John Fort.
0:14.4	We are awaiting breaking news this hour when we get the latest release of the Fed Balance
0:18.6	sheet. We are going to bring you that as soon as it's out.
0:21.6	Plus manufacturing in the cloud. We've got an exclusive
0:24.2	interview with Snowflake CEO Frank Slootman on today's launch of a new
0:28.2	cloud product for manufacturers. Let's get straight to the rally with our market panel joining us now are Amy Wu
0:35.4	Silverman from RBC Capital Markets and Keith learner from truest good afternoon
0:39.7	to you both Keith I will start with you looking at the action in the markets today.
0:44.6	Is this the calm before the storm or is this a scene setter for more resilient earnings
0:50.3	than are currently expected?
0:51.5	Yeah well great to be with you.
0:53.7	And like you said, the market has been pretty resilient here.
0:57.0	But I will all view right now
0:58.8	is that the market is starting the price in a lot of good news
1:01.6	and there's little margin for error around 4150.
1:04.7	You know if I stress test some of our assumptions and let's just say I give this
1:08.5	market overall the highest PE outside the pandemic of the last decade. That's about 18.5. And let's just say earnings for the next 12 months are where the consensus estimates are today are right, which we think they're too high.
1:23.0	That brings you maybe slightly above 4200.
1:25.7	So in our view, the upside is likely, you know, capped
1:29.9	somewhere from about two or three percent a course position and can get you a little bit
	...

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