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Closing Bell

Closing Bell Overtime: Stocks Give Up Midday Gains, Close Negative; Lumen CEO On What’s Driving Stock Surge 8/7/24

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 7 August 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

Stocks couldn’t hold their early gains and averages closed at session lows. Lumen stock has surged over 500% in a month; CEO Kate Johnson on AI demand and its recent deals. Masimo CEO on the stock’s best day in 10 years. Earnings from Warner Bros Discovery, Robinhood, Dutch Bros, Bumble, Zillow, AppLovin and more. Mizuho’s Dan Dolev breaks down Robinhood’s numbers.

Transcript

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0:00.0

Well, that's the intentional one marks the end of regulation.

0:03.2

Janesco, ringing and closing about the New York Stock Exchange, twice.

0:07.0

Viper Energy doing the honors at the NASDAQ.

0:09.2

A big intraday downturn erasing an early rally the netestack was up 2% with the highs the

0:16.2

Dow was up nearly 500 points before ending the day firmly in the red

0:20.6

S&P closes just about at the lows that's a scorecard on

0:23.6

Wall Street but winter stay late welcome to closing bell overtime I'm

0:26.4

giant fort with Morgan Brennan well we've got more reads on the health of

0:29.6

corporate America those are coming this hour with Warner Brothers Discovery, Robin Hood, Dutch

0:34.0

bros, Marathon Oil, and Zillow reporting results. Those numbers are coming in just a

0:38.9

few moments. Plus it is the stock story of the week. Shares of Lumen Technologies is more than doubling since Mondays open

0:45.5

after announcing big corporate deals

0:47.9

and after a blow out free cash flow guidance

0:50.2

in last night's earnings report,

0:51.5

that stock is now up more than 500% in a month.

0:54.9

CEO Kate Johnson will join us for a first on see and we see interview with her

0:58.3

reaction to the massive rally and how AI is changing her business.

1:02.1

And now as we await earnings,

1:04.3

let's bring in BD8 Capital Partners CEO,

1:06.6

Barbara Duran, what about this market?

1:09.5

I mean, given how the market closed yesterday in the last hour plus of trade and then how it fizzled

1:16.2

today after the first 90 minutes the end of this rotation into small caps I got

...

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