Closing Bell: Stocks Slump Again, Snap-Back & Pet Problems 8/31/22

Closing Bell

CNBC

Business, News

4.8 • 118 Ratings

🗓️ 31 August 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks falling again to close out the month of August on a 4-day losing streak. Shares of Snap staging a big rally after announcing a major restructuring, including cutting 20% of its workforce. MKM Partners' Rohit Kulkarni explains why he is bullish on this move, but EMJ Capital President Eric Jackson remains bearish on the stock and questions management's decisions. Shares of online pet retailer Chewy in the dog house after missing sales estimates and lowering its full year guidance. CEO Sumit Singh discusses how inflation is taking a toll on consumer spending. Designer Brands, which owns footwear retailer DSW, not seeing any signs of slowing consumer spending. CEO Roger Rawlins discusses what's behind better than expected earnings and how the back-to-school shopping season is impacting sales. UBS' Michael Lasser issuing a bearish note on Bed, Bath & Beyond. He explains why he is skeptical about the company's new turnaround plan. And BNY Mellon CEO Robin Vince discusses the bank's crypto strategy and how rising interest rates are impacting the financial industry.

Transcript

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0:00.0	Stocks mostly lower on this final trading day of the month and it has been a rough one for the bulls.
0:05.0	The most important hour of trading starts now.
0:07.2	Welcome everyone to Closing Bell. I'm Sarah Eis and take a look at where we stand right now in the market.
0:12.1	Lower across the board there's only one sector that's higher in the S&P right now.
0:15.3	That's Communication Services.
0:16.6	Thank you, Meta, Netflix, Comcast, Fox, perhaps moving higher off that SNAP news,
0:22.0	which we'll get to snap is a winner
0:23.2	today as well. Looks like everybody else is lowered though materials
0:26.9	consumer discretionary and industrials are the worst performing sectors. The
0:30.1	NASDAQ is down to 4 tenths of 1%.
0:33.0	It's just adding to the losses for the month of August.
0:35.0	Here's the scorecard as we look to close out the final hour of the month of trading.
0:40.0	Down 4% about on the S&P 500.
0:42.0	Even worse than that for the NASDAQ.
0:43.9	Remember we're coming off of a very strong July that big summer rally has given way to
0:48.4	selling especially just in the last week or so. We've got a big lineup of
0:51.9	CEOs coming your way. We're going to talk to the
0:53.8	head of Chui, which is sharply lower today as that company warns about a
0:57.7	slowdown in discretionary spending on pets. Plus the CEO of DSW Parent Designer Brands joining us after strong
1:05.3	earnings and raising its guidance. That stock up double digits on the year and
1:09.3	then later the incoming and outgoing CEOs of BNY Mellon, the Investment Bank with nearly the
1:13.7	investment bank with nearly two trillion dollars under management.
	...

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