Earnings Parade Fuels Stocks: Coke, Verizon, 3M and GE Beat, RTX CEO Exclusive 10/24/23
Squawk on the Street
CNBC
4.1 • 567 Ratings
🗓️ 24 October 2023
⏱️ 47 minutes
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| 0:00.0 | It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action. Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kintenea with Jim Kramer, David Faber, post nine of the New York Stock Exchange. Pre-markets green as the Bulls try to put an end to five straight days of S&P losses. Yields are stabilizing, which helps along with some solid earnings |
| 0:21.7 | and raise guidance from a bunch of old line industrials, 3M, Coke, Verizon, and GE. Our roadmap begins |
| 0:27.8 | with that slew of corporate results. In addition to that, GM, 3M, among the names crossing the |
| 0:32.7 | tape, Microsoft's an alphabet, of course, tonight. Plus, we're also watching Jamie Diamond. |
| 0:38.2 | He called out Central Bank saying they've been, quote, 100% dead wrong. |
| 0:44.5 | And we're keeping an eye on the chip stocks. |
| 0:46.5 | Invidia and AMD reportedly planning to launch an arm PC chip, perhaps as soon as |
| 0:52.1 | 2025. |
| 0:53.4 | That did pressure shares of Intel late in the day yesterday, Carl. |
| 0:57.2 | Let's begin with the markets, though, and the industrial earnings parade. |
| 1:00.3 | Jim, I was trying to think which one of these would interest you the most? |
| 1:04.0 | I'm guessing, GE. |
| 1:05.0 | Yeah, and it is because what happened is Larry Colp finished the wind and, let's say, power business, much better than I thought. |
| 1:14.5 | So therefore, the spin-off is going to look good. |
| 1:16.1 | There'd always been a concern that maybe that business was just going to be a dud, |
| 1:18.8 | that it was never, ever going to be a growth business. |
| 1:21.3 | Instead, it sounds like it's going to be the ESG business of choice for people. |
| 1:24.5 | And David, anyone who thought that the, let's say, the long on, money, |
| 1:32.5 | short on time, travel situation is over and thinks that there isn't great aircraft demand? |
| 1:38.0 | Wrong. GE and RTX proved that the demand for planes is probably about the greatest secular story out there. |
| 1:45.4 | Yeah. GEROSPACE now expects low 20% organic revenue growth. That's up from the high teens. |
| 1:51.3 | Free cash flow as well, they say it's going to trend, and this is the quote, even better year over year. |
... |
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