Earnings Extravaganza: Reaction to Big Tech Results from Apple, Microsoft and Alphabet -- and Interviews With the CEOs of Boeing, AMD and Starbucks

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 28 July 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber took an in-depth look at a big morning full of earnings news, leading off with the numbers out of big tech: Apple shares fall as its warning about how the global chip shortage is impacting the company overshadowed a better-than-expected quarter. Two names saw their stocks rise: Google parent Alphabet beats the street, getting a lift from a surge in online ad spending, while Microsoft's better-than expected results were driven by growth in its cloud business. Three CEOs appeared on the program: Boeing CEO David Calhoun spoke about his company's surprise quarterly profit, a surge in commercial aircraft deliveries, resolving its jet issues and dealing with the COVID resurgence. AMD CEO Lisa Su discussed her company's stronger-than-expected results and how the chipmaker is navigating the global semiconductor shortage. Starbucks CEO Kevin Johnson outlined his company's earnings beat and sales that outpaced pre-pandemic levels -- though that news wasn't enough to prevent the stock from falling. He spoke about the outlook for Starbucks' business in China, the Delta variant and consumer trends which show cold drinks driving beverage sales. Also in focus: Earnings movers including McDonald's and Spotify, plus a countdown to the Fed's post-meeting statement -- what will policymakers say about inflation? 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	Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street.
0:12.0	Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Kintanilla with Jim Kramer, David Faber at the New York Stock Exchange.
0:21.2	Futures are steady amid this earnings deluge today. Apple, Alphabet, Microsoft, McDonald's, Pfizer, Visa.
0:27.4	We got the CEOs of Boeing, AMD, and Starbucks this hour. And we're going to get to all of that ahead of the Fed decision this afternoon.
0:35.2	Let's kick off with Apple, though, down in the pre-market,
0:39.5	a warning about the global chip shortage and how that might impact future operations.
0:43.1	Jim, along with this notion from Cook
0:44.9	that COVID recovery, at least globally,
0:47.4	is going to be an uneven path.
0:48.8	Well, I think that to not say that would be irresponsible
0:52.0	when the CDC has made me feel like,
0:54.0	I look, this N95, I'm nowhere fool around with be irresponsible when the CDC has made me feel like, I look, let's say, N95, I'm no way to fool around with anything else, because the CDC and Mike Roman from 3M are telling you the N95. So what is he going to do? What's he supposed to do? He doesn't have everyone back to the office. It's uneven. As far as the chip shortage, not all fabs are equal.
1:15.1	There'll be some fabs that don't want to lose Apple's business in the same way that Skyworks isn't going to be able to, isn't going to suddenly say, hey, listen to Apple, you're out.
1:19.1	So I'm not as bearish on the chip shortage as many others in the industry because guys are
1:24.5	working around the clock to be able to create what's known
1:28.2	as the full, the full-feature chip.
1:31.1	It's no longer the dumb chip.
1:32.5	Again, it's full feature.
1:33.8	So, David, I think that when you listen to AMD, Lisa Sue.
1:38.0	Yes, which we'll have on short.
1:39.8	Exactly.
1:41.6	There are...
	...

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