Closing Bell: Stocks sink into the close, Elon Musk’s Twitter takeover offer, and Wells Fargo’s CFO on earnings 4/14/22

Closing Bell

CNBC

Business, News

4.4 • 141 Ratings

🗓️ 14 April 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks selling off into the close ahead of a 3-day holiday weekend with tech leading the decline. Twitter shares closing in the red despite initially popping following Elon Musk’s $54 per share takeover offer for the social media company. Box CEO Aaron Levie explains why he thinks that bid may be too cheap. Evercore ISI’s Mark Mahaney weighs in on where the stock will go from here. Wells Fargo one of the worst performing stocks in the S&P 500 because weaker than expected mortgage lending took a toll on quarterly revenue. CFO Mike Santomassimo discusses whether the bank’s mortgage business will continue to be hurt by rising interest rates and why he sees the consumer doing well despite inflation fears. 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	The Dow is slipping again and the NASDAQ is sinking to session lows on this final trading day of a shortened week.
0:06.7	The most important hour of trading starts now.
0:09.1	Welcome everyone. To Closing Bell, I'm Sarah Eisen. Here's where we stand in the market right now.
0:14.1	Pressure on big tech.
0:15.6	That's the story today.
0:16.6	Down 1.85% on the NASDAQ.
0:18.9	It's those rising rates.
0:19.7	We've got a bit of a reprieve on yields
0:21.9	in the last few days, that's reversed it's gone
0:24.0	the other way higher and that is pressuring big tech all the big mega cap names are
0:29.0	feeling it software chips you name it Tesla also not, it's lower on that Elon Musk bid for
0:34.3	Twitter. The SMB 500 down 1%, masking some strength in groups like utilities and
0:39.1	energy, staples, and industrials. Take a look at the names dragging most on the NASDAQ 100 right now.
0:44.8	Apple, Microsoft, Tesla, Amazon, and Invidia. That's what's pressuring the major average as well.
0:51.6	The S&P again, down. 0.9% coming up this hour we
0:54.4	will talk to the CFO of Wells Fargo among the worst performers right now in the
0:58.2	financials after the company posted a mixed quarter before the bell plus V Box CEO Aaron Levy on his stock's
1:04.2	strong performance of late plus details on a new hybrid work tool and of course his
1:09.2	first take on Elon Musk's a bid to buy Twitter. He is among the more active tweeting CEOs.
1:14.4	Let's get to the top story of the day and that is the big new chapter in the Musk
1:18.1	Twitter saga. Elon Musk officially making a bid to buy Twitter for 43 billion
1:22.2	dollars. The stock initially popped on the news
	...

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