Closing Bell Overtime: What Amazon’s Possible Entrance Into Mobile Services Means: Under The Radar Winners From Apple’s New Headset 6/2/23

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 2 June 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Major averages surged to end the week, leading all three to close positive for the week. 3Fourteen’s Warren Pies and UBS’ David Lefkowitz break down the rally and the markets are primed to hold this breakout. MongoDB surged 28% after posting strong numbers; CEO Dev Ittycheria joins to discuss the company’s quarter and its opportunity in AI. A report saying Amazon might enter the mobile service arena sent other provider stocks tumbling; former AT&T Mobility CEO Glenn Lurie joins to break down the future of the industry. Samsara CEO Sanjit Biswas talks what’s next for the Internet of Things company. Plus, 3M surging over 8% on reports of a possible PFAS settlement and Moor Insights & Strategy’s Patrick Moorhead on what suppliers might benefit from Apple’s new headset coming next week.

Transcript

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0:00.0	And what a market rally it was today with the Dow finishing up 2.1% and the
0:07.2	S&P up almost 1.5% the NASDAQ closing at it's a fresh 52 week high.
0:12.6	That is the scorecard on Wall Street.
0:14.0	The action is just getting started.
0:15.8	Welcome to Closing Bell overtime.
0:17.2	I'm Worgenbrennan with John Ford.
0:18.6	Coming up on today's show, two CEOs whose stocks are flying today on the back of earnings.
0:24.4	We'll speak with Mongo D.B. Chief about last night's better than expected results and
0:28.8	today's double-digit move to the upside.
0:31.4	Plus the CEO of Samsara, stock is up just shy of 28%
0:36.1	today. We're going to talk to him about his company's strong report.
0:40.4	Stock surging to end the week but off session highs.
0:43.0	Joining us now is Warren Pies 314 research co-founder and David Leffquitz,
0:48.0	UBS Wealth Management and Senior Equity Strategist.
0:50.0	Good afternoon to you both.
0:52.0	David, I'll start with you. You're saying 3,800 by the end of the
0:56.4	year but you think we could potentially go higher before we go lower. Break it down for me.
1:00.1	Yeah, sure.
1:03.0	I think, I think Morgan, what some of the issues that we're still worried about is that, you know,
1:08.8	look, the banks are tightening access to capital.
1:12.4	The yield curve is inverted, the Fed's probably not
1:14.9	going to be able to cut interest rates anytime soon.
	...

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