JPM a Big Bank Earnings Winner, Boeing Shares Slide, Weak Retail Sales 4/14/23

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 14 April 2023

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber broke down the earnings from banks including JPMorgan Chase, Citi and Wells Fargo -- along with BlackRock and regional player PNC -- and how the recent banking turmoil fits into the picture. JPM shares topped both the S&P 500 and the Dow, but Boeing shares took a hit. The jet makerwarned it will likely reduce 737MAXproduction and deliveries,due to a parts issue involving supplier Spirit Aerosystems-- whose shares fell by double digits. Also in focus: March retail sales declined by 1% -- twice as weak as economists had been expecting, UnitedHealth's Q1 beat and raised guidance, plus what’s behind the slump in EV stocks. The cast and creators of Amazon's "The Marvelous Mrs. Maisel" joined Carl on the NYSE floor after ringing the opening bell. 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 Squawk on the Street.
0:04.7	Don't miss a minute of the action.
0:07.7	Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintanay with Jim Kramer, David
0:11.3	Faber, Post 9 of the New York Stock Exchange. Something for everyone today. A bumper profits
0:15.8	at the banks and some encouraging commentary. But retail sales dropped twice as much as expected.
0:21.9	Six negative reads now in the past nine months. Even so, yields pop two years back to four one. Our roadmap begins
0:27.2	with the banks health check post SVB. Got J.P. Morgan, Wells City, PNC, all with results. JPM blowing
0:33.9	past estimates. Plus, it isn't just the banks. Two other Big Dow components are also on the move this morning.
0:39.3	United Health is topping forecasts.
0:41.2	It raises guidance while we're keeping an eye on Boeing
0:44.0	because it has halted the 737 max deliveries
0:47.3	due to a supplier issue.
0:49.9	And Bob Eiger says he's up for meeting Florida Governor of San Disantis
0:53.4	to hash out that ongoing
0:55.6	feud about Disney and New Orleans.
0:58.9	Let's begin with a closer look at these bank earnings.
1:01.5	Not as much turmoil, Jim, maybe as some expected.
1:05.0	Swaps now pricing in 90% chance of a May hike.
1:08.1	Is that what futures are reflecting now?
1:09.8	Yeah, look, when you go through the large banks, which were the huge beneficiaries,
1:14.6	every one of those banks on there, we're just giant beneficiaries of what happens.
1:18.6	So if you're going to base what to do, if you're the Fed on those five companies, that's completely wrong.
	...

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