Nike Jumps on CEO Change, FedEx Tumbles, Tim Cook Talks to CNBC As Apple iPhone16 Hits Stores 9/20/24

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 20 September 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

One day after a Fed rate cut-fueled rally that sent the Dow and S&P 500 to record highs, Carl Quintanilla, Jim Cramer and David Faber discussed a number of corporate stories in the spotlight: Nike shares up sharply on news its CEO John Donahoe will retire in October. FedEx shares get hammered on a Q1 miss and disappointing guidance. Apple's iPhone 16 hits store shelves: Hear what CEO Tim Cook told CNBC at his company's 5th Avenue flagship store in New York City. Constellation Energy and Microsoft strike a deal to reopen Pennsylvania's Three Mile Island nuclear plant – as Microsoft looks to power its AI data centers. Also in focus: Lennar falls despite an earnings beat, a look back at Alibaba's IPO ten years ago. 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. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kinteneer with David Faber post-9 of the New York Stock Exchange. Kramer's at one market in San Francisco wrapping up this blockbuster week on the West Coast. Futures mixed as we come off the 39th all-time high of the year for the S&P. A bunch of corporate news today. Nike, FedEx, Lenar, Microsoft. FedSpeak resumes today, Harker at 2 p.m. Eastern. Our roadmap begins with that shakeup at Nike. John Donahoe is out, replaced by a longtime Nike veteran and shares are rallying ahead of the open. Plus, FedEx fails to deliver. Shares of the shipping
0:38.3	giant tumbling premarket. This after posting a significant decline in profits and cutting
0:43.0	its full year guidance. And the AI and data center power surge continues. Constellation
0:48.4	Energy is planning to restart part of the three-mile island nuclear plant. Why? Well, they want to sell the power to Microsoft.
0:57.3	Let's begin, though, with the changes at the top of Nike and the wake of challenges in China and some heightened competition.
1:02.9	The sportswear Giants says CEO John Donahoe will retire after nearly five years at the helm.
1:08.3	He'll be succeeded by company veteran Elliot Hill, effective October
1:11.6	14. Hill has spent 32 years at Nike, including a stint as president of consumer and marketplace.
1:18.4	Throughout the month, we've been talking about Donahoe's future at Nike. Take a listen.
1:23.8	So you're on the record now calling for Donahoe to go?
1:28.8	I don't want to put words in your mouth.
1:30.5	I'm saying that if you look at that chart, you think that it does have a real Starbucks-like feel before Brian O'Kinman.
1:39.3	There has to be a bit of a revamping.
1:42.5	How about a revamping?
1:44.6	Yeah, running out of time, one would it think,
1:47.0	Donahoe.
1:48.1	He's out of touch by David.
1:51.6	He's out of touch.
1:52.9	He's out of time.
1:54.1	What's happening is that the erosion of Nike matches the erosion of Intel.
2:00.9	These are companies that right now don't, they've lost their way.
2:04.2	What are you?
	...

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.