Finding Reasons for Near-Term Bullishness, Elon Musk Holds First Meeting with Twitter Staff & The State of Crypto in Latin America 6/17/22

TechCheck

CNBC

Tech, Cnbc, Disruptors, Business, Faang, Management, Technology, Investing

4.5 • 66 Ratings

🗓️ 17 June 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our anchors begin today’s show with CNBC’s Mike Santoli analyzing the Nasdaq 100 losing a third of its value amid the recent volatility, and NorthmanTrader Founder Sven Henrich offers some reasons for being bullish in the near term. Then, CNBC’s Steve Kovach recaps highlights from Elon Musk’s first meeting with Twitter’s staff, and Bank of America analyst Jessica Reif Ehrlich shares her outlook for media stocks. Next, March Capital Co-Founder and Managing Partner Sumant Mandal discusses where to find value following yesterday’s tech sell-off, and CNBC’s Kate Rooney reports on crypto investor sentiment in Miami. Later, Big Technology newsletter author Alex Kantrowitz joins after publishing a new piece on the state of digital currency in Latin America, and CNBC’s Frank Holland covers efforts being taken to increase minority representation in tech. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

Click on a timestamp to play from that location

0:00.0	I'm John Fort. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.2	Good Friday morning and welcome to Tech Check. I'm Deerboza with Carl Kintania and John Fort.
0:12.5	I'm coming to you live from the home of the World Champions Golden State Warriors in San Francisco.
0:17.9	Not on a winning streak, though. Technology stocks. The NASDAQ has fallen 6% this week,
0:22.6	losing steam today. We've got an argument for a near-term rally, perhaps some opportunity,
0:28.0	and then Adobe shares. They are sinking cracks in the cloud story. We will have more on what
0:32.5	that report means for the rest of technology. And speaking of storm clouds, some very specific
0:37.3	warnings about the ad market.
0:39.0	We will look at some media entertainment, internet stocks. First up, it is the broader market and tech's underperformance.
0:46.2	Let's get to Mike Santoli. He is looking at Dolevent. Mike.
0:50.3	Yeah, Dee, this is pretty dramatic and really pretty protracted at this point. Payback phase for the multi-year strength you had concentrated in growth stocks coming up to the peak in January, or actually November for the NASDAQ. Look at the forward valuation, the price earnings multiple for the NASDAQ 100 stocks. Of course, this is heavily, heavily skewed to the top five biggest,
1:11.6	most profitable firms. You see just complete kind of unwind of that huge surge in excitement
1:18.4	embedded in the valuations. We got up toward 30. So now just under 20, actually, at the last
1:24.1	reading, 19.9 or something like that. And it does really take you essentially
1:28.7	back to this range that prevailed or at least capped valuations from 2017 into 2019. It's worth
1:35.6	remembering that even before we got into kind of COVID pandemic style trading, people were saying
1:41.5	the market's too concentrated in fang-like stocks, 2019. It seemed like
1:45.5	all that was working. And that's basically the level where the valuations got up to. Now,
1:50.0	they were beating estimates from this period and earnings were growing fast. So clearly this is only
1:54.3	as reliable as the underlying earnings. But it shows you we're back in the range of something
2:00.0	like normal. This is a 10-year
2:01.3	chart. You see it was a lot cheaper back here. And a lot of that was Apple being a lot cheaper.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.