Eye of the Iger, Arm’s Blowout Quarter, Nearing S&P 5,000 2/8/24

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 8 February 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber began the hour by breaking down Disney’s magical quarter. The stock surged after the company beat quarterly earnings estimates and raised its guidance as it saw progress in efforts to cut costs. Disney also announced that it will take a $1.5 billion stake in Fortnite studio Epic Games and launch its flagship ESPN streaming service in fall 2025. The anchors then shifted to another earnings mover, Arm Holdings; shares of the chip designer surged after beating analyst estimates and providing a strong profit forecast, saying AI boosted sales for the company. Also in the mix: the desk discussed the market action as the S&P inched closer to 5,000. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:05.8	Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.
0:11.7	We remain on S&P 5K Watch after climbing within one point yesterday. Several solid reactions to earnings this morning from Arm, Disney, Ralph Lauren, Under Armour, and Win.
0:22.1	Our roadmap's going to begin with Disney, and that epic quarter quarterly beat, div-hike,
0:26.7	buyback plan, as well as guiding well ahead of expectations.
0:29.9	Plus, we're on 5,000 watch. The S&P is nearing a new record milestone. That's less than three
0:35.5	years after it crossed 4,000. And an AI-fueled boom,
0:40.9	arm shares. They're up nearly 30% ahead of the open. And the company CEO, Renee Haas,
0:47.5	he will be joining us this morning. Exclusively.
0:50.0	Exclusively. Thank you. Let's start with Disney, though, in that jam-packed earnings report
0:54.0	that did top
0:54.7	analyst expectations, raising the dividend by 50%, announcing a ton of major deals in upcoming events,
1:00.6	including this one and a half billion dollar stake in Epic Games, the maker of Fortnite. Bob
1:05.6	Eiger did talk about the company's streaming shifts with CNBC yesterday. All of these things are prepared for us to pivot as well as the world changes, as the world
1:16.2	is disrupted.
1:17.2	And by the way, I'd rather be a disruptor than to be disrupted.
1:20.7	The linear business is still a business that serves us well in that it's profitable for
1:25.3	us and we intend to continue to be in it.
1:29.2	Jim, the Needham upgrade today is titled The Magic's Back.
1:33.1	Yeah, well, I think, look, the dividend increase is very good.
1:37.9	Yes, absolutely you have to like the Euras album being on for you.
1:42.4	You'll start getting that in March but
	...

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