Jeff Bezos' Historic and Successful Space Flight, Markets the Morning After the Sell-Off, IBM's Earnings Lift, a Double Dose of Apple, and Bitcoin Back Below $30,000.

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 20 July 2021

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jim Cramer and David Faber talk about the world's richest man making history: Amazon Executive Chair and Blue Origin Founder Jeff Bezos taking flight on Blue Origin's first human space launch, riding aboard the company's "New Shepard" rocket along with three astronauts. Morgan Brennan was on the ground in Texas as part of our live coverage. The mission was successful as the capsule landed safely. After touchdown, Bezos called it his "best day ever." David, Jim and Morgan discussed what it all means for the future of space tourism. As for stocks, Jim and David explored how investors should approach the market rebound after Monday's sell-off, which was the worst for the S&P 500 in two months -- plus a look at the ten-year note yield falling to lows not seen since February. They highlighted movers including IBM, which posted-better-than-expected quarterly results and its strongest revenue increase in three years. Also in focus: Capitalizing on the FAANG trade, reports that say Apple is pushing back its return to the office deadline by a month to October -- and that the company told real-estate developers it wants to lease a large production campus in Los Angeles for its growing entertainment operations, whether now's the time to buy Snap, plus Bitcoin falling below $30,000 for the first time in a month: What the SEC and regulation could mean for the future of cryptocurrency. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Market moving insight and analysis joined Jim Kramer, David Faber and me, Carl Cantonia, on the opening bell hour of CNBC squawk on the street.
0:08.2	Jeff Bezos, the world's richest man here on Earth, poised to go to space in just a little under 12 minutes.
0:16.3	This is going to be a suborbital flight.
0:18.0	It's going to go above the internationally recognized start of space, the Carmen Line, max altitude of probably about 65 miles. They're going to travel at a speed
0:27.1	of up to three times the speed of sound. It's going to be a fully autonomous, 11-minute flights.
0:33.6	If all goes according to plan, 16th for the New Shepherd space flight system, but the very first
0:40.6	to have people on board, and guys, it is historic. You've got among the crewmates, you have Wally Funk
0:47.3	who at 82 years old, is poised to become the oldest person to ever go to space, and you have
0:51.2	paying passenger, Oliver Damon, who is poised to become the youngest to ever go to space. You you have paying passenger Oliver Damon, who is poised to become the youngest
0:55.6	to ever go to space. You also have Jeff Bezos brother Mark on board as well. In total,
1:01.5	six seats. Four of them are filled. There will be about three minutes of weightlessness at that
1:07.6	maximum altitude as well, where they're going to get to see the curve of the Earth,
1:11.6	they're going to get to unbuckle and float around in zero gravity and have that,
1:15.6	essentially, astronaut experience that future, if all goes according to plan,
1:20.6	future paying passengers are going to have, as we see this nascent suborbital space towards the market, begin to kick into gear after years of talking about it, this also, guys, marks the first commercial, the beginning of commercial service for Blue Origin for these space tourism flights.
1:41.3	And Morgan, we've learned so much about that, as you say, nascent suborbital business that is just beginning.
1:48.6	Now, we're going to come back to you momentarily, Morgan.
1:51.2	Do want to take a minute here with Jim to talk about the markets, particularly given, of course, the declines we saw yesterday.
1:57.6	What are you watching this morning?
1:59.7	Jim, I mean, perhaps it's nothing more than the 10-year note,
2:02.6	which, 10-year treasury, which continued to decline and yield.
2:05.6	Right, but I am looking at a rebound in travel and entertainment.
	...

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