Oracle Slumps, Apple iPhone 15 Watch, Ari Emanuel on WWE + UFC = TKO 9/12/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 12 September 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber led off the show with shares of Oracle slumping on a quarterly revenue miss and sales guidance below analyst estimates. The anchors discussed where the company fits in the AI landscape. They also previewed Tuesday's much-anticipated Apple product event -- and the expected launch of the new iPhone 15. Endeavor CEO Ari Emanuel and COO Mark Shapiro spoke exclusively to David about closing the WWE-UFC deal to form sports entertainment firm TKO Group. They also discussed television rights, the Hollywood strike, PGA-LIV golf and who won the cable fee standoff: Disney or Charter? Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action.
0:07.6	Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Cantonio with David Faber here at post nine of the New York Stock Exchange.
0:12.8	Kramer is at one market in San Francisco as Dreamforce kicks off today. Futures soften a bit after back-to-back gains for the S&P NASDAQ. Oil near 88 and a half is the highest of the year.
0:24.6	As Becky says, the Apple event is the headliner today, 1 p.m. Eastern time this afternoon.
0:28.6	Our roadmap begins with storm clouds for Oracle, biggest laggard on the S&P.
0:32.6	Revenue and guidance coming in a bit lighter than expected.
0:35.6	Plus, it is Apple's biggest event of the year.
0:39.0	It is expected to unveil, of course, the iPhone 15, hoping to give the company somewhat
0:43.5	lagging sales a boost.
0:45.8	And the UFC, UFC and WWE.
0:49.7	That merch is closing today.
0:50.9	The new company, TKO Holdings.
0:53.2	It will begin trading on the New York Stock Exchange, and we are going to speak with the group's CEO, our Emanuel, and President later this hour.
1:01.0	Let's begin with Oracle, the biggest pre-market decline around the S&P. Beats on the bottom line, but does post a revenue miss, issue some sales guidance slightly below consensus.
1:10.3	Company did tout $4 billion in new
1:12.5	AI capacity commitments. That's twice the amount booked at the end of the previous quarter.
1:17.2	Jim, this would be set to be the biggest gap down on earnings in a couple of years. Yeah, look,
1:22.6	I would be a buyer, especially if it was a 113. I have real small position for the Chabble Trust.
1:27.3	I want to get very big, and here's why. This is a situation where the real issue is not what people are talking about. It's CERN. It's the acquisition they made, $28 billion. It's at the end of December of 2021, and people do not like that acquisition. They don't like it because the company already guided down for it. A lot of the different mentions of it were about how we would have
1:44.5	done better if it were not for CERner. Serner's got a very complicated subscription revenue
1:50.0	recognition that has to go to another way that will be a lot less, let's say, it's going to a
1:56.0	subscription that will be much harder to understand. And that's what people were thrown off by last
	...

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