Rebound Rally, Disney Falls Despite Beat, Shopify Soars: Its President Talks Earnings and AI 8/7/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 7 August 2024

⏱️ 42 minutes

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Summary

David Faber and Jim Cramer discussed the stock markets surging for a second straight day after Monday's big sell-off. Wednesday's main catalyst: A Bank of Japan official said the BOJ would not hike rates when markets are unstable. Disney shares under pressure despite better-than-expected Q3 results. Cramer explains why investors should buy it on the dip. Shopify President Harley Finkelstein joined the program to discuss his company's AI-fueled results that sent its stock soaring. Also in focus: Airbnb and Super Micro tumble by double-digits and Novo Nordisk misses on Wegovy sales as part of an earnings barrage, Carl Quintanilla at the Olympics in Paris. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here.
0:01.3	You're listening to the opening bell of CBC's Squawk on the Street.
0:04.7	Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm David Faber with Jim Kramer live for the post line of the New York Stock is James. Carl Kintanilla. He's at the Olympics in Paris. Let's give you a look at futures as we get ready to begin trading on this Wednesday. a half hour from now, that's looking like a very strong, quite strong, open.
0:26.2	Not sure how you want to characterize that, Jim, but I'll just go with it.
0:28.7	I'm going to call it early since the market hasn't opened yet.
0:31.3	Thank you for that.
0:32.2	The problem.
0:32.7	Keen sense for the obvious, my partner there.
0:34.7	Our roadmap begins with the extension of a rebound rally for stocks.
0:39.3	A Bank of Japan official promising not to hike rates while markets are, quote, unstable.
0:45.0	Disney leads the earnings parade.
0:46.5	We got plenty of them, though.
0:47.8	As for its streaming business, well, it did turn a profit for the first time,
0:51.1	but the company says it experienced weaker demand at experiences,
0:56.4	namely theme parks.
0:58.3	Stock looking down.
0:59.2	Shopify is amongst the morning's biggest gainers, however, AI helping to fuel its quarterly
1:03.4	results and guidance.
1:05.2	We're going to speak with the company's president.
1:07.2	That'll be later in power.
1:10.1	All right, let's start with the markets continuing to rebound from Monday's big sell-off.
1:14.3	Of course, we had a rebound yesterday that by the end of the day didn't really show that much.
	...

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