Closing Bell: Streaming Wars, We've Got Spirits & Bed, Bath & Beyond Takes A Bath 8/18/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 18 August 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

It was a volatile day on Wall Street as stocks staged a late-session comeback. JPMorgan Asset Management's Phil Camporeale says we're currently in "the most supportive environment for investing we have seen all year". Former TikTok CEO & Former Disney executive Kevin Mayer discusses the winners and losers in the streaming wars and why he thinks Netflix's upcoming ad-supported tier will be a success. Plus, he discusses investor Dan Loeb's new push for Disney to spin off its ESPN business and Amazon testing a TikTok-like feature. Suntory CEO Takeshi Niinami discusses whether he is seeing customers trade down to cheaper whiskeys and other spirits in this economy as well as how his company is competing in the red hot tequila market. And B. Riley Securities Susan Anderson reacts to investor Ryan Cohen's intent to sell his stake in meme stock darling Bed, Bath & Beyond just days after she downgraded the stock to sell with a $5 price target. 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	Stocks are stuck in a range today as earnings data and the Fed remain in focus.
0:04.4	The most important hour of trading starts now.
0:06.4	Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:09.1	Take a look at where we stand in the market.
0:10.8	Dow is the only one that's down and really it's unchanged.
0:14.0	The S&B 500 up. It's a turnaround from where we started this morning.
0:18.0	Higher now about 2 tenths of 1% energy technology and utilities are your best performing sector.
0:23.4	The ones that aren't doing so hot today,
0:25.0	the defensive groups like real estate and health care
0:27.3	financials are also in the red and so is consumer discretionary.
0:30.1	Nas decks up a quarter of one percentage point. The chip stocks are doing well,
0:35.1	Cisco also strong off the back of earnings, but here's our chart of the day.
0:39.3	It's Bed Bath and Beyond pulling back sharply from its meme-driven rally after influential investor
0:45.2	Ryan Cohen revealing his intention to sell his steak.
0:49.8	Much more discussion about that in just a moment.
0:52.1	Also ahead on the show today,
0:53.2	former Disney executive and former Tik-Toc CEO Kevin Mayer will join us in
0:57.4	what has been a very busy week of news surrounding streaming. We'll get his
1:01.0	thoughts on strategies from Disney, Netflix, Amazon, and others.
1:05.0	Plus, we'll talk to the CEO of Santori, the parent company of Jim Beam and Maker's Mark,
1:10.0	many other favorite brands.
1:12.0	For his read on the high-end consumer consumer that stock is up 5% this year easily outperforming the broader market
	...

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