Closing Bell Overtime: Teamsters President On Negotiations With UPS; GTCR Co-CEO On Largest Debt Financing Deal Since Twitter

Closing Bell

CNBC

Business, News

4.8 • 118 Ratings

🗓️ 10 July 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Averages close near session highs and snap a three-day losing streak. Wilmington Trust’s Meghan Shue and Barclays’ Venu Krishna break down the market action. Teamsters President Sean O’Brien gives an update on negotiations with UPS. Collin Roche, GTCR Co-CEO, discusses his firm’s purchase of a majority stake in Worldpay from Fidelity National. Plus, KranseShares CIO Brendan Ahern on the rally in Chinese stocks and MOffettNathanson’s Lisa Ellis on her new call on Visa and Mastercard.

Transcript

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0:00.0	All right, well, games for the major averages of the Russell 2000 outperforming.
0:06.2	That is the scorecard on Wall Street.
0:08.0	The action is just getting started, though.
0:09.4	Welcome to Closing Bell overtime.
0:10.8	I'm Morgan Brennan with John Fort. Coming up on today's show we will
0:14.2	talk to the president of the Teamsters, Sean O'Brien, as his union inches
0:18.4	closer perhaps to a deadline with UPS to come up with a deal and avoid a strike that would have
0:24.3	wide-ranging impacts on the economy.
0:26.7	Plus, are China stocks on the verge of a rebound.
0:29.8	We're going to talk to the CIO of Crane Chairs, which runs the K-Web E.T.
0:33.7	About investing in China following Secretary Yellen's trip to Beijing.
0:38.0	But first let's get straight to the market.
0:39.5	The major averages snapping three session losing streaks although still
0:43.0	negative on the month after last week's drawdown.
0:45.4	Joining us now is Wilmington Trust E. Veev. Megan Schu and Barclay's head of
0:49.2	U.S. Equity Strategy Venue, Krishna.
0:51.1	Welcome to you both Venue. I want to start with you because you made a new call today.
0:55.6	You actually raised your price target for 2023 for the S&P 500 from 3725 to 4150, but we did close for the S&P at 4409 so that still represents downside.
1:07.8	Walk me through it.
1:08.8	Yeah, so we did increase the price target and that was driven essentially by us increasing our earnings estimate from around 200 to $118.
1:21.0	But unfortunately, despite sort of using a different approach,
1:24.8	some of the parts kind of an approach where we look at the world as tech
	...

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