Mag7…MagSafe? Q2 Earnings Preview with Gene Munster

On The Tape

RiskReversal Media

News, Business, Investing, Business News

4.6 • 757 Ratings

🗓️ 24 July 2023

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

Guy, Dan and Liz Young of SoFi discuss the broadening out of the rally (2:00), valuations (6:00), the Fed meeting (8:00), China (12:00), Apple woes (15:00), why energy is attractive (17:00), the housing market (19:30), and earnings (24:00). Later, Dan interviews Gene Munster, Managing Partner at Deepwater Asset Management, to break down big tech earnings (31:00): Tesla & Netflix (34:00), Spotify (36:45), Microsoft (40:30), Alphabet (46:00), Meta (50:00), Apple (56:45), and Amazon (1:04:00). Plus, his take on AI (1:06:00). About the Show: On The Tape is a weekly podcast with CNBC Fast Money’s Guy Adami, Dan Nathan and Danny Moses. They’re offering takes on the biggest market-moving headlines of the week, trade ideas, in-depth analysis, tips and advice. Each episode, they are joined by prominent Wall Street participants to help viewers make smarter investment decisions. Bear market, bull market, recession, inflation or deflation… we’re here to help guide your portfolio into the green. Risk Reversal brings you years of experience from former Wall Street insiders trading stocks to experts in the commodity market. Check out our show notes here Learn more about Ro body: ro.co/tape See what adding futures can do for you at cmegroup.com/onthetape. Shoot us an email at [email protected] with any feedback, suggestions, or questions for us to answer on the pod and follow us @OnTheTapePod. We’re on social: Follow Dan Nathan @RiskReversal on Twitter Follow @GuyAdami on Twitter Follow Danny Moses @DMoses34 on Twitter Follow Liz Young @LizYoungStrat on Twitter Follow us on Instagram @RiskReversalMedia Subscribe to our YouTube page

Transcript

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0:00.0	Welcome to the Monday edition of On the Tape. I'm Dan Nathan. I'm joined by Guy Christopher Adami and also EY from SoFi. That would be Liz Young. She's the head strategist over there at SoFi. Welcome people. What up? What up? All right. We got a big show because we got a big week in the markets. We got a big chunk of the Magnificent Seven reporting earnings this week.
0:22.3	And I'm actually going to have Gene Munster, who's the managing partner at Deepwater
0:26.3	asset management after our conversation to dissect some of the big earnings that we're going to
0:31.1	get this week out of Alphabet, out of Microsoft, out of Amazon, I believe. Maybe there's a few
0:36.6	others in that grouping of seven. But
0:39.0	guys, let's just get going here because we got the Fed, we got the ECB, we got some inflation
0:44.4	data. But it was this story out of Axios this morning. It was their one big thing. It was saying
0:50.9	it's not just the magnificent seven here.'re talking about the russell index at a
0:55.1	big week last week it was up 1.6 percent that's versus a nasdaq that was down about a half a
1:00.3	percent but i thought this was interesting the s p 500 equal weight index which strips out the
1:04.5	influence of giant companies was also up roughly 1.6 percent over twice the gain of the market
1:10.3	cap weighted index so we're talking about
1:12.5	a broadening out. This is a theme that I know that a lot of market pundits have been observing over
1:17.5	the last few weeks or so. We've had the banks after their earnings joined the party, some industrials,
1:22.4	some other sort of cyclical names. Liz, talk to me a little bit about how you're thinking about
1:27.2	this stat.
1:28.0	And we know that this was driven a bit by just some of the earnings we saw last week.
1:31.7	Obviously, towards the end of the week, Tesla sold off for a couple days after its earnings,
1:35.6	Netflix also too. And again, you could make the argument that this is really bullish in the face
1:40.9	of those big gainers coming back into Earth a little bit, that, again,
1:45.4	I think this is what the Axios piece is saying, is that money's finding a new home.
1:49.1	Yeah, there's no denying that the rally has broadened out, and that's something that naysayers
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