Inflation Watch, Mars-Kellanova Deal, Google from DOJ to WFH 8/14/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 14 August 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber discussed market reaction to the latest batch of inflation data: The Consumer Price Index for July matching consensus estimates. Mars agreed to acquire Kellanova in a deal valued at nearly $30 billion, putting snack brands such as Snickers and Cheez-It under one roof. A double dose of Google: The Justice Department reportedly considering a breakup of the tech giant. The anchors also reacted to comments by former Google CEO Eric Schmidt, who slammed the company's remote work policy. Also in focus: Nvidia's four-day surge, a follow-up on Starbucks and Chipotle after the coffee chain's CEO shakeup, Southwest responds to Elliott's push for board seats. Chili's parent Brinker tumbles on earnings, shares of DraftKings and Flutter in rally mode. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street. Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer, David Faber, post-night of the New York Stock Exchange. Futures are steady as CPI does come in light. Below 3% year-on-year. First time since 2021. That's two dovish prints this week as we await retail sales tomorrow.
0:23.6	Our roadmap begins with the inflation picture. Consumer prices in line month on month as well, likely keeping a rate cut on the table for September.
0:30.8	Plus, it is the biggest deal of the year. Candy Giant Mars acquiring Kelenova. Equity value around $30 billion, $8350 a share.
0:39.4	We're going to break down the details around this snacking deal.
0:43.8	And shares of Nvidia continue to rebound.
0:46.0	Up double digits for the week already.
0:48.8	That's about $400 billion in additional market value in just four days.
0:54.8	Let's begin with this market reaction to CPI.
0:57.2	Two-tenths month-on-month is in line, although Jim, unrounded, 1549 is a kind of a dovish two-tenths.
1:04.2	Yeah, look, if it's all shelter, and we just saw some really good numbers, by the way, for
1:08.8	a mortgage and refi, then maybe that takes care of itself. I think what's happened is that housing has finally gotten the point where people are saying, wait a second, it's getting me chicken. Maybe I should kind of let it go right now. And I think we all know people who've been saying, I can hold, I can hold you kind of like brave heart. And now they realize, well, wait a second.
1:28.3	If I wait a second longer, maybe it's going to fall.
1:31.3	And then once it falls, David, it really falls.
1:34.3	It falls.
1:35.3	Yeah, it falls.
1:36.3	Well, it falls like Niagara Falls, not Victoria Falls, but it falls.
1:40.3	So bigger falling.
1:42.3	Bigger falling.
1:43.3	Yeah, well, no, no, I mean, look, we are building a bit of an inventory.
1:48.5	And in some parts of the country, the inventory is worse than others, particularly places
1:52.5	that were very inflated, Florida, Arizona.
1:55.1	So you're starting to see people say, you know what, maybe I ought to take it.
	...

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