Haircuts in Tech, Activists at Salesforce, & Debt Ceiling Drama in DC 01/23/23

Squawk Pod

CNBC

News, Business News, Business, Investing

4.2 • 543 Ratings

🗓️ 23 January 2023

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Congress is working to find a bipartisan path to averting a debt default; the U.S. has hit its borrowing cap of $31.4T, and it’s up to lawmakers to raise the debt ceiling or find another solution before the Treasury Department’s “extraordinary measures” run out in the summer, and the United States cannot pay its bills. PIMCO Head of Public Policy Libby Cantrill discusses the standoff in Congress and compares today’s debt ceiling drama with the standoffs in previous years. Tech companies have announced layoffs en masse, and Gene Munster of Deepwater Asset Management (formerly Loup) says the workforce cuts are still underway. Plus, activist investors are reportedly taking stakes in Salesforce, which could signal big changes ahead for the tech company. In this episode: Gene Munster: @munster_gene Becky Quick @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:04.0	This is Squack Pod and I'm C and D.C. producer Cameron Costa.
0:08.0	On today's episode, Drama at the Debt Ceiling, awaiting a compromise in Congress so the U.S. can pay its bills.
0:17.0	Pimco's head of public policy, Libby Cantrell.
0:20.0	The majority of Republicans know that when push comes a shove they will have to raise
0:24.6	the dead ceiling somehow. Now of course they want to get some concessions
0:27.8	along the way. Activist investor Elliot management takes a stake in Salesforce and a big stake could
0:35.6	mean big changes are ahead. That's a big cut if you think that's what what
0:40.1	they're talking about here. So you think Elliot wants even more than the 10% they're already talking about?
0:44.2	Oh yeah!
0:45.2	Plus the Tech Sector's layoffs.
0:48.6	All players except one have announced major, major cuts.
0:53.1	Tech Watcher Gene Munster warns there are a lot more coming.
0:57.4	There's still another 15 to 20 percent of head count
1:01.2	reductions for these big tech companies in the next three to six months.
1:05.0	It is Monday, January 23, 2003.
1:10.0	The anchors are back home from the World Economic Forum in Davos, Switzerland.
1:14.4	You didn't ski over this year, did you?
1:16.7	Sadly, I never hit the skis.
1:18.6	They had a lot of meetings, but I never hit the skis.
1:20.9	And Squack Pod in New York begins right now.
1:25.0	Stand Becky by in three, two, one, queue please.
	...

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