Closing Bell: Wild Trading Week, Wells Fargo CFO & Shopping For A Deal 10/14/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 14 October 2022

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Another day, another market reversal. Stocks giving up early gains to close sharply lower as the wild trading week wraps up. The big banks reporting earnings and Wells Fargo was one of the winners after beating Wall Street's expectations thanks to rising interest rates. Wells Fargo CFO Mike Santomassimo breaks down the results and the outlook for consumer loans in this uncertain environment. Kroger CEO Rodney McMullen discusses his company's $24.6B deal to acquire rival grocery company Albertson's and whether he thinks the acquisition will be approved by regulators. A lot of market volatility in the U.S. has been from the political drama in the U.K. Former JPMorgan Chase International Chairman Jacob Frenkel weighs in on how that could impact the Fed. 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	Yep, another big intraday reversal this time to the downside.
0:04.0	Stocks are pulling back as we wrap up this wild week on Wall Street.
0:08.0	We are sitting at Session Lowe's right now.
0:09.6	This is the make or break hour for your money.
0:12.1	Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:14.0	Take a look at where we stand right now,
0:16.0	down 350 or so on the Dow,
0:18.0	started the day higher, as you can see.
0:20.0	It's been dropping ever since.
0:22.0	The S&P 500 is now down 2%, which means we are weaker overall for the week.
0:27.0	Just giving you the week to date right now, down 1.17%.
0:32.0	Nasdaq's down 2.5% right now,
0:33.7	also weaker overall for the week.
0:36.0	The small caps down 2.
0:37.8	A quarter percent as well.
0:39.2	Check out the bank stocks.
0:40.4	Some mixed action today after reports from JP Morgan
0:43.4	stanly and Wells Fargo Morgan Stanley is the loser today down 5%
0:48.4	Wells Fargo one of the winners up 3% we're going to talk to the CFO of that bank in a first on
0:53.2	CMBC interview in just a moment from now. Also ahead this hour the man at the
0:58.8	center of the big deal news. Proger CEO Rodney McMen, joins us exclusively to talk about his 24.6 billion dollar
1:06.3	agreement to buy rival Albertsons.
	...

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.