Closing Bell: Wild Day On Wall Street, Retail Wreck and Kohl's Activist Investor Speaks Out 5/20/22

Closing Bell

CNBC

Business, News

4.4 • 139 Ratings

🗓️ 20 May 2022

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks storming back in the final hour of trading. The Dow was down 617 points at session lows, but ended the day in positive territory, although it did fall for the 8th straight week, the longest losing streak since the 1920s. Truist's Keith Lerner and JMP Securities' Mark Lehmann discuss whether the recent sell off is a tremendous buying opportunity for long-term investors. Doug Ostrover, the CEO of alternative asset manager Blue Owl, reveals where he sees opportunities in this volatile market. Fast Money trader Dan Nathan says he is buying the QQQ ETF to gain exposure to beaten down big tech stocks. Retail getting wrecked this week following disappointing earnings from Walmart & Target. Fmr. Macy’s CEO Terry Lundgren explains why the current retail environment is one of the hardest he has ever seen in his career. And Kohl's activist investor Jonathan Duskin reacts to the retailer's disappointing earnings and explains why he is accusing the board of withholding material information from shareholders at its recent annual meeting. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

Click on a timestamp to play from that location

0:00.0	Stocks giving up an early rally attempt with the down now heading for its
0:03.4	longest weekly losing streak since the 1920s and the S&P 500 on pace to close in
0:08.9	bare market territory. The most important hour of trading starts now.
0:12.2	Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:15.0	Take a look at where we stand in the market.
0:17.0	We are off the lows, got as low as down 600 or more than that on the Dow,
0:20.0	down about 350 or so right now,
0:22.0	but that early rally attempt just did not
0:24.7	hold. S&P down 1.5 percent we're now down more than 4 percent for the
0:28.8	week. Two sectors green right now real estate in health care so defensive plays everybody else is
0:33.5	lower consumer discretionary again at the bottom of the pack the Nasdaq down 2
0:38.0	and a quarter percent it is down more than 5 percent on the week and check out
0:42.0	some of the biggest losers on the week in the
0:43.5	S&P 500. Some shocking moves it tells the story though of what went wrong this
0:48.2	week retail earnings causing all sorts of concerns about broader health of corporate America
0:54.0	and the concerns about what inflation is doing to profits and concerns about the consumer.
0:59.3	Look at Target, losing 30% this week.
1:01.2	Bath and Body Works, raw stores will hit.
1:03.3	It's the latest of the big retailers
1:04.9	to basically have a disastrous post earnings move.
1:07.6	Coming up on today's show, we will talk to the CEO
1:10.2	a Blue Owl, which has more than $100 billion under management about the latest
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.