New CEO for PayPal, Goldman's Rate Cut Call, U.S. Steel Rejects Takeover Bid 8/14/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 14 August 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Carl Quintanilla, David Faber and Jim Cramer led off the show with breaking news from David: PayPal has tapped Intuit executive Alex Chriss to succeed Dan Schulman as CEO in late September 2023. The anchors also discussed the new market week which will include earnings from Walmart, Target and Home Depot. Carl, David and Jim reacted to Goldman Sachs' prediction that the Fed will begin cutting rates in Q2 2024. Shares of U.S. Steel soared after the company rejected a $7.3 billion unsolicited takeover off from rival Cleveland Cliffs. Also in focus: The negative press surrounding Goldman Sachs CEO David Solomon – fair or unfair? Squawk on the Street Disclaimer

Transcript

Click on a timestamp to play from that location

0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:21.6	Good Monday morning. Welcome to Squawk on the Street. I'm Carl Keentineau with Jim Kramer, David Faber, at post-9 of the New York Stock Exchange. Futures did lose some ground here as we set up for an important week. July quarter earnings, retail sales, Fed Minutes. Bond yields perked up a bit as B of A upgrades the U.S. consumer today.
0:24.0	A roadmap begins with a rate picture.
0:21.6	Goldman Sachs, sales, Fed minutes. Bond yields perked up a bit as B of A upgrades the U.S. consumer today.
0:23.9	A roadmap begins with a rate picture.
0:28.7	Goldman Sachs expects the Fed to begin easing in Q2 of next year.
0:32.2	Also ahead, we're going to talk about what is next for the tech sector.
0:35.7	This is in the midst of what's been a rough August at least so far.
0:39.3	We're down 7% month to date. And sure's us steel yeah letter acts surging in the pre-market company rejects an unsolicited
0:44.9	takeover offer from its rival Cleveland cliffs let's get some other news though as well as
0:51.6	we start the show PayPal has has a new CEO who yeah
0:56.0	Alex Chris who currently runs the small business and self-employed group for
1:00.3	Intuit is going to take over from PayPal's long-time CEO Dan Shulman on September
1:05.1	the 27th that's according to members of the board a little earlier than expected yes
1:09.5	who conducted the search for PayPal's new CEO.
1:12.6	Now, Shulman, who earlier this year announces intent to step down as CEO of the company by the end of the year will remain at PayPal director until next May.
1:20.6	Chris's hiring was the result, I'm told, of a selection process that began in February.
1:24.6	It saw the board review nine candidates, some of whom were current
1:28.0	CEOs from the fintech and consumer services industries. They reduced that pool to four candidates,
1:34.9	and then they chose Mr. Chris. Members of the board selection committee tell me, Chris impressed
1:39.8	them with his expertise and leading a division that contributes roughly half of Inuit's revenue.
1:45.2	He did oversee the acquisition of MailChimp. That was a $12 billion deal. It's an all-in-one
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.