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Closing Bell

Closing Bell Overtime: Where Retail Is Investing; What Today’s Ruling Against The FTC Means For Microsoft, Activision Billzard 7/11/23

Closing Bell

CNBC

Business, News

4.8118 Ratings

🗓️ 11 July 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Back-to-back positive sessions for the major averages. Canaccord Chief Market Strategist Tony Dwyer breaks down the market action. Jefferies analyst Andrew Uerkwitz on the FTC losing its bid for a judge to temporarily halt the Microsoft acquisition of Activision Blizzard. eToro US CEO Lule Demmissie on where retail investors are putting money to work. Goldman’s Salveen Richter on top picks in the biotech sector. Wyze CEO Yun Zhang on why the reward is worth the risk of putting his products on Amazon’s website. KBW Analyst Michael Brown on why he is upgrading BlackRock.

Transcript

Click on a timestamp to play from that location

0:00.0

Well the major average is closing really close to the day's highs and the year's highs for all three.

0:05.7

That's a scorecard on Wall Street.

0:07.1

Winter's stay late.

0:08.1

Welcome to closing bell overtime.

0:09.1

I'm John Fort with Morgan Brennan and coming up this hour the US head of online broker E

0:14.1

Toro is going to join us to talk about last week's spike in retail investor

0:18.0

trading the names her customers are buying right now.

0:21.0

Plus an active day for Activision.

0:23.4

The stock jumping on news that the game makers deal with Microsoft could be a step closer to the

0:27.6

finish line.

0:28.6

We'll talk to an analyst about today's developments.

0:31.6

Back-to-back positive sessions for the major averages

0:34.2

closing near session highs as I said the Dow posting its best day since

0:38.2

June 30th the S&P 500 and NASDAQ having their best days since July 3rd.

0:43.8

Joining us now is Ken Accord chief market strategist Tony Dwyer.

0:48.0

Tony good to have you so this market thus far in 23 has caught you by surprise how good it is

0:54.1

You're saying to keep some cash waiting for a recessionary pullback

0:58.9

But for those playing at home how much extra, and how long are you going to wait?

1:05.0

Well, so, so it's a great question and I think it's important to differentiate the market.

1:10.0

I think Mike had a great comment, John, a little bit earlier about the real bull story here is you take a little bit of profit out of the mega cap names and throw them into the smaller and equal weighted indices and it doesn't take a lot.

1:21.0

If Apple is as big as the entire market cap by the Russell 2000, it doesn't

1:25.2

take a lot to move those smaller cap names and you're getting the money flow there to do it.

...

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