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Squawk on the Street

Earnings Parade Fuels Stocks: Coke, Verizon, 3M and GE Beat, RTX CEO Exclusive 10/24/23

Squawk on the Street

CNBC

Investing, Business, News

4.1567 Ratings

🗓️ 24 October 2023

⏱️ 47 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber discussed the markets rallying on a barrage of Q3 earnings reports: Coca-Cola, Verizon, 3M and General Electric among the companies exceeding estimates.Raytheon parent RTX surged after beating the street and announcing a $10 billion stock buyback program.RTX CEO Greg Hayes joined the program to discuss that news, along with developments surrounding the Israel-Hamas War and what they could mean for the defense contractor. Also in focus: General Motors beats but withdraws guidance due to the auto strike, what to expect from Microsoft and Alphabet when they report quarterly results after Tuesday's close of trading. Squawk on the Street Disclaimer

Transcript

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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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