Last Trading Day of July, Amazon Slumps On a Revenue Miss, Day Two for Robinhood After a Rough Public Debut, Changes At the Top of P&G, Scarlett Johansson vs. Disney over "Black Widow", and He's Next Week's Guest Host of "Jeopardy!": Who Is David Faber?

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 30 July 2021

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the final trading day of July, Carl Quintanilla, David Faber and Morgan Brennan led off a busy show with a closer look at Amazon: Shares tumbling in reaction to its first revenue miss since 2018. The anchors explored what the results mean for the company and other big tech names in the "trillion-dollar club." Cowen senior internet analyst John Blackledge joined the discussion and offered his take on what he sees ahead for Amazon's stock. Carl, David and Morgan followed up on Robinhood the morning after its public debut, which saw the stock close more than eight-percent below its IPO price. They also reacted to what Robinhood CEO Vlad Tenev told CNBC about its rough start on Wall Street, but the slump didn't stop ARK's Cathie Wood from buying more than $45-million in Robinhood stock. Earnings from the likes of Procter & Gamble, Caterpillar and oil giants Exxon Mobil and Chevron also in the spotlight, along with the news that P&G's David Taylor is stepping down as CEO. Also in focus: Disney fires back at Scarlett Johansson after the "Black Widow" star filed a lawsuit against the company for releasing the film on Disney+ and in theaters simultaneously, what to expect from stocks in August with the S&P 500 on track for a six-month win streak, SEC Chairman Gary Gensler seeking more disclosures from China-based companies looking to list in the U.S., and the CEO of a major commercial real estate firm weighs in on companies delaying return to work plans as the COVID Delta variant spreads. Plus, the anchors’ countdown to David Faber's week-long stint as guest host of "Jeopardy!" 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 Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:13.0	Good Friday morning. Welcome to Squawk on the Street. I'm Carl Cantonea with Morgan Brennan at the New York Stock Exchange.
0:18.1	David Faber is with us remotely and Kramer has the morning off. Final trading day of July, future's a little bit weak here, not just on Amazon's revenue miss last night, but the warnings about higher costs from both Caterpillar and P&G. Inflation data was actually a little cooler than expected, and we're off the earlier lows. Our roadmap begins with Amazon's pandemic effect. The e-commerce giant with that rare
0:39.2	revenue miss, shares are down sharply ahead of the open. Plus, more companies are delaying
0:45.0	return-to-work plans amid renewed fears of the COVID virus. We're going to break down the
0:50.2	implications for the future of the office with the CEO of one of the world's largest commercial
0:53.8	real estate firms. And Scarlett Johansson versus Disney, the Black Widow star, suing over
1:00.6	potentially lost earnings because of its streaming release strategy. Disney saying it has no merit.
1:06.7	We'll start there with Amazon. Going to be a huge story, not just for the company and the price
1:10.5	action, but the overall indices.
1:12.5	David, we've been talking about some of the stellar revenue prints from the mega cap tech companies.
1:17.8	And 27 still gets your attention, $100 billion quarter for the third time in a row.
1:22.3	But these warnings about slowdowns is definitely going to be seen at the open.
1:28.8	Yeah, and listen,
1:33.5	not the first time that we've seen Amazon sort of give us a warning only to ultimately exceed it, but you're right, Carl. It's been an interesting earning season for the biggest of the big.
1:39.7	You know, and we pointed out many times the incredible top line growth for all of these
1:43.6	companies off of
1:44.9	what are already enormous bases, growing the likes like their unicorns as opposed to the largest
1:50.9	companies on the planet. But nonetheless, most of them, Carl and Morgan went, the stocks went down,
1:56.8	given that there is a thought, of course, amongst investors, and you can't blame them,
2:00.6	that these kinds of growth rates are not simply repeatable, although, again, I mean, Alphabet
2:06.5	obviously was up on that 57% constant currency revenue growth, but we've seen what happened
	...

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