Earnings Deluge: Lilly Tumbles, Alphabet Surges, AMD CEO Exclusive 10/30/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 30 October 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber discussed what investors should make of a slew of earnings reports: Eli Lilly shares tumbled on Q3 results that missed expectations, as sales of the company's popular diabetes and weight-loss drugs disappointed Wall Street. Alphabet up sharply on a blowout quarter, thanks to the cloud and AI. AMD CEO Lisa Su joined the program to discuss the company's Q3 results, guidance and AI strategy. Also in focus: The reason behind the 30% plunge in Super Micro shares, Caterpillar misses, Reddit soars to a record high after swinging to a surprise profit, a preview of after-the-bell earnings from Microsoft and Meta. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street.
0:15.1	Good Wednesday morning. Welcome to Squawk in the Street. I'm Carl Cantonia with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.
0:37.7	Futures are split this morning as Q3 GDP and ADP employment, both come in strong, actually now red. It's Caterpillars miss that's going to weigh on the Dow. We'll get to Lilly, Reddit, Google, AMD, and more on the way tonight. Our roadmap begins with this disappointing weight loss drug sale weighing at Lilly. Shares are getting crushed ahead of the open.
0:40.4	Plus Caterpillar cutting its annual sales forecast on slowing demand.
0:45.0	And Google Parent Alphabet, it sees double-digit growth as AI bets boost that cloud business in a big way.
0:52.2	And speaking of the AI boom, AMD's Lisa Sue, she's going to be
0:56.2	joining us exclusively. That's just a few minutes from now. Let's start with Lilly, down sharply
1:01.4	in the pre-market. The company does post a quarterly miss lowers the high end of the full
1:05.9	year guidance, sales of the popular diabetes and obesity drugs, which of course have powered the
1:10.3	company into the top 10 list of U.S.
1:12.5	Mega Cap coming in below consensus, Jim. We had Ricks on Squawk in the last hour.
1:17.8	Yeah, look, I'm a big fan of Lily. I own it. So a lot at 960 on this thing, thank heavens.
1:24.9	That just better be lucky than be good, frankly. It was just disciplined.
1:27.6	But here's what I'm thinking.
1:29.8	The explanations were not sufficient, but not in a negative way, because the actual
1:36.0	estimate cut is not very big.
1:37.7	You're talking about a half billion.
1:38.7	I know that sounds like a lot of money, but the stock is going to be down giganticly.
1:42.8	Yeah.
1:43.0	David, here's what happened, I think. They could
1:46.0	not meet the demand.
1:48.5	So they didn't want to stoke
	...

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