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Squawk on the Street

Dow Heavyweights Miss, Softbank's Massive WeWork Bailout & ServiceNow's Incoming CEO Exclusive

Squawk on the Street

CNBC

News, Investing, Business

4.1567 Ratings

🗓️ 23 October 2019

⏱️ 46 minutes

🧾️ Download transcript

Summary

Here's the description: Carl Quintanilla, David Faber & Jim Cramer discuss Boeing & Caterpillar results, big misses for 2 big Dow heavyweights. The latest on Softbank's bailout of WeWork, sources say the company was on the verge of running out of money next week. And executive shake-ups at Nike and ServiceNow: an exclusive interview with incoming ServiceNow CEO & former SAP chief Bill McDermott.

Transcript

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0:00.0

Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kintania, on the opening bell hour of CNBC Squawk on the Street.

0:11.0

Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer, David Faber at the New York Stock Exchange.

0:16.0

Pre-market largely looking past these weak results from Kat and Boeing. Shares of both have

0:21.3

rebounded from early morning lows. Big day with Zuckerberg back on the hill. Meantime, the future

0:26.5

of Brexit remains cloudy. We might have an election before year-end. That seems more likely.

0:31.1

Yields have come in on growth concerns 10-year now back below 174. Our roadmap begins with

0:36.2

Kat and Boeing. Big earnings misses for two Dow heavyweights.

0:40.1

Cat cuts its earnings out. Look, Boeing sticking to its timeline for the return of the 737 max.

0:45.4

Plus, SoftBanks massive rework bailout, the latest deal details, and the Golden Parachute for founder

0:51.2

Adam Newman. Plus, as we said, Mark Zuckerberg goes to Washington.

0:54.5

The Facebook CEO set for a grilling by House lawmakers later this morning.

0:59.1

We're going to start, though, with that pair of doubt components.

1:01.7

Boeing erasing some earlier losses despite a big earnings miss.

1:05.3

Revenue slightly above consensus.

1:06.9

Company still sees the 737 max getting back to service in Q4.

1:11.6

And then there's Caterpillar, missing with its quarterly results,

1:14.0

cutting full-year guide hurt by weaker demand in China.

1:17.3

It's the first decline in quarterly profit since 2016,

1:22.1

as they had sales down in every region, which you just talked about.

1:25.8

Yeah, look, my Chavit Trust owns it.

1:44.9

Does that mean that I'm an idiot? No. I think it does mean that you have to take pause and say, you know what, they continue to buy back stock, because they said it would no longer be episodic. They were in there buying. Cash flow remains really good. I didn't think they could make this much money with this decline in revenues. However, all that said, so what? I've got like 400 other companies in the S&P 500. They're doing better than Kat.

1:49.0

And Kat has a lot to do with the fact that the world is slowing.

...

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