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Closing Bell

Closing Bell Overtime: Wes Edens On Brightline Opening Its Miami-Orlando Final Leg; Super Micro CEO On The AI Gold Rush 9/22/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 22 September 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Another down day to finish a down week for the major averages. Wells Fargo’s Darrell Cronk and Newton Investment Management’s John Porter break down the market action. Our Phil LeBeau is live from the UAW picket line and brings you the latest on the strikes. RBC’s Helima Croft on the surge in oil prices and if a return to $100 oil is near. Jon sat down with Super Micro CEO Charlies Liang, one of the shovel builders in the AI gold rush, to talk how much longer the rush can go on. Morgan interviewed Wes Edens on the day his Brightline project opened up its Orlando-Miami leg. Plus, Lockheed CFO on the impact a government shutdown would have and Oppenheimer’s Brian Nagel on Nike’s bad week.

Transcript

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0:00.0

Not a great close, a great week for the Bulls, that's a scorecard on Wall Street, but the winners stay late.

0:06.2

Welcome to Closing Bell overtime. I'm John Fort with Morgan Brennan and coming up this hour could crude be heading to $150 per barrel.

0:15.5

That's what J.P. Morgan says in a new call.

0:18.2

We'll ask RBC's energy expert Heli McCroft, if she agrees.

0:21.8

Plus, we'll talk to the CFO of 100 billion dollar defense giant Lockheed Martin

0:26.7

about how government shutdown would impact the airspace and defense sector.

0:30.8

But first, let's get to our market panel as we wrap up a rough week on

0:34.5

Wall Street for the Bulls. The NASDAQ composite down more than 3.5% for the

0:38.8

week. The S&P down 3, the Russell's down 3, 2, the Dow faring a little bit better, slipping about 2%.

0:46.2

Joining us now is Darrell Kronk of Wells Fargo and John Porter of Newton Investment Management.

0:53.0

Guys, welcome, happy Friday.

0:55.0

Darryl, so consumer services, retail, financials all not fairing well today.

1:00.0

We got another week of trade before a potential government shutdown.

1:03.7

Buying opportunity? No.

1:07.0

Probably not yet, John. We don't see the risk reward dynamics terribly favorable here.

1:11.7

To your point earlier on the week, I mean this will go down as the

1:14.6

toughest week we've had since March. So I think you've got a real battle line

1:19.2

being drawn right now between Goldilocks and the soft landing long positions and those that have to

1:26.2

wrestle with kind of the three bears, right? Oil being too hot, earnings being too

1:30.9

cold and maybe interest rates being just right for trying to find an equilibrium in here somewhere

1:35.9

Either way one of those factions are going to win certainly the three bears won this week, but we'll see how it goes forward here.

1:42.8

That's a whole different fairy tale if you got to wrestle with those bears for sure.

...

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