Morgan Stanley’s Big Beat, Amazon Goes Nuclear, Luxury Letdown 10/16/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 16 October 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber started the show by breaking down the quarterly results out of Morgan Stanley. Shares of the big bank soared to new record highs, after topping estimates on better-than-expected wealth management, trading and banking results. A similar picture for United Airlines after the company posted an earnings beat and announced it will buy back $1.5 billion worth of shares, which gave the stock a boost. The desk also hit Amazon, the latest tech company to join the nuclear energy craze. Amazon Web Services announced that it is investing over $500 million in nuclear power, including three projects from Virginia to Washington State. After the opening bells, the anchors also hit the weak results out of LVMH, which suffered slumping sales in China. Squawk on the Street Disclaimer

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.
0:05.7	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Canton, A.way, Jim Kramer, David Faber, post-9
0:10.3	of the New York Stock Exchange, pre-market relatively steady after Tuesday's breather, and plenty of cross-currents.
0:16.5	Morgan and Stanley and United Beat, but we're watching this flurry of negative pre-announcements
0:20.5	out of European
0:21.4	companies, 10-year 402. Our roadmap begins with the banks, though, and the deal-making boost.
0:26.9	Morgan Stanley, the latest to report a 56% surge in IB revenue. We'll break down the quarter.
0:33.8	Plus, global chip stocks took hit yesterday that after disappointing outlook came from ASML,
0:38.8	but shares of NVIDIA are looking for a bounce at the open.
0:42.7	And United Airlines reporting a stronger profit than had been anticipated,
0:46.5	also unveiling a $1.5 billion share buyback program.
0:50.9	Let's begin with the banks.
0:51.8	Morgan Stanley reported before the bell.
0:53.6	They do beat on earnings and revenue, posting some strong numbers for wealth management of 14, trading. And as we said, Jim, investment banking with a blowout number.
1:02.4	Yeah, boy, I'm glad you mentioned all of these because they're much stronger. My child just owns it. I was quite concerned. I thought I might get snuckered on this. I thought this could be a bad one for me.
1:12.8	Because Goldman had good numbers and I was fearful that, well, hold it. Can everyone be across the board good?
1:19.8	Charlie Sharp yesterday, we'll get to that. Well, it's good. But this was turned out to be a really terrific quarter. David, this is quite a change from the last two years of James Gorman.
1:31.9	I like Gorman very much, but there's some sort of acceleration here that I didn't expect.
1:35.6	You do?
1:36.1	Because, you know, as we pointed out, the stock price itself has underperformed many of its large cap years over the course of this year.
1:41.3	As it should have, because it was not as good.
1:43.8	So not the greatest start for new CEO, Ted Pick, obviously, who was taken over this year.
	...

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