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Closing Bell

Closing Bell Overtime: Trust the Rally? 06/21/22

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 21 June 2022

⏱️ 44 minutes

🧾️ Download transcript

Summary

Stocks started the shortened trading week in the green but heightened fears of a recession is still casting doubt over whether this rally can really be trusted. Trivariate’s Adam Parker gives his take. Plus, Requisite Capital’s Bryn Talkington breaks down the crypto chaos. And, our most valuable pick. Bank of America is bullish on a beaten down software name that’s lost more than 50% this year. The analyst behind that call makes his case. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0

Welcome to all the time. Thank you, Sarah. I'm Mike Santoli in for Scott Wopner. You just heard the bells, but we are just getting started.

0:08.0

Coming up, our most valuable pick by one analyst is betting on a stock that's down more than 50% this year.

0:14.8

So far we'll reveal that name later in the hour.

0:17.8

But first we begin with our talk of the tape.

0:20.0

A big bounce on Wall Street stocks kicking off the short and trading week with a rebound

0:23.9

from the worst week of the bear market but heightened fears of recession casting doubt

0:28.0

over whether the rally can be trusted. Let's ask Trivari, it's Adam Parker. He joins me here at post-9 about all this.

0:34.0

Adam, good to see it.

0:35.0

Good to see you.

0:36.0

You know, I've been out with Scott a lot recently

0:38.0

in the worst days of the market.

0:40.0

He was blaming me for the synergy.

0:42.0

He's gone. I'm with you and we got a great day so now we know

0:46.8

Sample size of one who would know

0:48.8

Parker-Hecks. We're in good shape. I guess the question is maybe we'll have you back tomorrow to test it now

0:54.0

Yeah, exactly. We obviously we're due for something like this. Everybody would agree just tactically down 11% almost in the S&P in two weeks.

1:03.0

We get this bounce.

1:04.0

Clearly, the market has been working to price in a huge series of things.

1:09.0

We know what the Fed's doing.

1:10.0

Valuations have come in a lot.

1:12.0

And the big question is what has been priced in terms of the corporate earnings outlook in terms of whether we're in a recession what's your best guess?

1:20.0

You know if you're just looking at the economic news it's clearly worse now than it

...

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