HP Announces Layoffs, Diving into Apple’s Holiday Demand & Klarna CEO Sebastian Siemiatkowski Shares Black Friday Outlook 11/23/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 23 November 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Dom Chu breaking down the market impact of layoffs, guidance cuts and negative sentiment across tech. Then, Wall Street Journal Senior Personal Technology Columnist Joanna Stern discusses the potential for a consumer slowdown affecting PC sales, and CNBC’s Eunice Yoon reports on protests at one of electronics manufacturer Foxconn’s plants in China. Next, CNBC’s Eamon Javers shares headlines from the first day of FTX’s bankruptcy hearing in Delaware, and CNBC’s Jennifer Elias covers fears of mass job cuts at Google. Wedbush Securities Managing Director Dan Ives also offers his outlook for Apple’s holiday demand, and our Julia Boorstin takes a deep dive into a few social media alternatives to Twitter. Later, fintech firm Klarna Co-Founder and CEO Sebastian Siemiatkowski weighs in on what to expect from e-commerce and retail heading into the end of 2022.

Transcript

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0:00.0	I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern.
0:05.9	Listen in. Good, Wayne's Day morning. Welcome to Tech Check. I'm Carl Kintania with John Ford and Deerbosa.
0:11.0	Today, Black Friday is in focus as consumer fears mount. Who is most at risk? We're going to discuss that in just a moment.
0:17.6	Plus, the latest tech layoff says HP cuts thousands and rumors mount that even Google may be at risk.
0:23.9	Finally, a lot more on Apple as violent protests rock Foxcon's massive iPhone plant in China, John.
0:31.6	Yeah, and the health of the consumer, top of mind for investors looking ahead to Black Friday and the rest of two four with the
0:38.8	rolling tide of layoffs, guidance cuts, and negative sentiment from names ranging from Target to
0:43.9	Amazon. What is the impact on tech names here? Dom Chu joins us with a look. Dom?
0:50.6	All right. So, John, as we take a look at sentiment within technology, communication services, and of course
0:56.6	that all-important consumer discretionary sector around this holiday season, it turns around
1:01.3	into these three sectors being the real drivers, a lot of the sentiment and the downside
1:05.7	action that we've seen.
1:06.7	As you can see here, some of the outsized moves to the downside are in these three most
1:10.5	important sectors. So we wanted to take a look at some of the outsized moves to the downside are in these three most important
1:10.9	sectors. So we wanted to take a look at some of the names that might have more of a consumer
1:15.4	focus within those three sectors as the holiday shopping season and consumer spending takes
1:21.5	center stage. So we ran a screen on S&P 500 companies within those three sectors, tech comm services and consumer discretionary.
1:31.0	153 names are in that list.
1:33.4	We look for the highest short interest on a relative basis among those groups there,
1:37.1	with the median short interest in that group being about 2.1% of shares outstanding that are held short.
1:46.0	With that in mind, we took a look at some of the names that passed that particular screen. High short interest in some of these
1:50.1	consumer-oriented names, like video game makers, Activision Blizzard, which currently has about a 3%
	...

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