Exclusive: Starbucks CEO on Quarterly Miss, Amazon and the Earnings Parade, Market Playbook for May 05/01/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 1 May 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the first trading day of May, Carl Quintanilla, Jim Cramer and David Faber explored what's ahead for stocks after the markets++ ended a tough April with a sell-off. The anchors also looked toward Wednesday's Fed decision on rates and Chair Jerome Powell's news conference. Starbucks CEO Laxman Narasimhan joined the program exclusively to discuss his company's weaker-than-expected quarterly results and guidance that caused its stock to plunge. Jim challenged the CEO on a number of fronts, including why investors should own Starbucks shares. More earnings in focus: Amazon gets a lift from AI, Pfizer rises, Pinterest soars -- but a rough day for the likes of CVS, AMD and Super Micro. 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.
0:11.6	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange. We kick off May with Futures Red, Fed Day, and some high-profile earnings misses are guide-down. Starbucks, CVS, SkyWorks, Yields are a bit lower as this Treasury refunding announcement was in line. A roadmap begins with the Monster Day for earnings movers. Pfizer, Kraft, DePont, just a few of the other names crossing the tape.
0:40.3	Plus Amazon shares, they are up ahead of the open.
0:42.9	Cloud sales growth accelerates.
0:44.5	The company also aims for spending more on what else AI.
0:48.2	Yeah.
0:48.9	Shares of Starbucks are under pressure.
0:50.7	They're down after a decline in the same store sales.
0:53.3	It also slashed its forecast. We're
0:55.4	going to be joined exclusively by Starbucks CEO. That's just a few minutes from that cross.
1:01.0	Let's begin this new month for markets after ending a rough April with that selloff. Jim,
1:05.7	worst day since January 31st, worst month since 23, September? Yeah. look, some of it was because there's a belief that, really, this happened in the last few hours yesterday,
1:17.7	that if the Fed chief has asked the question, do you think that the next move should be increasing rates or decreasing rates?
1:26.7	It puts him in a horrible bind.
1:29.1	What is he going to say?
1:30.3	Now, this was literally the narrative I heard yesterday as interest rates ticked up.
1:35.8	And David, you know that people are going to try to trap the chairman, but he's not easily
1:41.8	trapped.
1:42.4	No, he's not.
1:43.2	Although you're not necessarily in favor of the press conferences, as I recall. No, because these people are teenagers. I mean, I've ran a press conference. I've run press conferences, and I've been in press conferences, and I am not impressed with this Hollywood Square's group that they put together. That said, we are going to hear from him. He's not easily trapped, as you say. We can keep an eye on the bonds, of course. Not really that much movement at this point.
2:06.6	No. Despite Josh Frost.
2:08.6	Generally, Carl will not be much said that he didn't say what was in his last comments a week or two ago.
	...

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