Retail's Wild Ride, Microsoft's New Pitch to UK on Activision Deal, Arm's IPO Filing 8/22/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 22 August 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber led off the show with a look at retail earnings. Lowe's and Macy's beat on the bottom line, but shares of Dick's Sporting Goods tumbled after the company posted a big miss on profits and slashed guidance. The anchors explored the impact of theft and inventoryissues on the retail landscape. Also in focus: Microsoft's new Activision deal proposal to UK regulators, Softbank-owned chip designer Arm files to go public with an IPO many expect to be the biggest of 2023, Nvidia's new all-time high ahead of quarterly results due out after Wednesday's close of trading. 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.
0:05.8	Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.
0:11.9	Monday's tech bounce looks to continue this morning with Tesla and Vida up another 2 to 4%.
0:16.9	Busy morning. We've got some Fed speak and arm IPO filing, retail earnings, another bank downgrade, and more.
0:22.7	Our roadmap's going to begin with the retail stuff, Lowe's and Macy's beating on the bottom line.
0:27.9	Dick's sporting goods, though, tumbling on a big miss.
0:30.0	On the M&A front, Microsoft submits a new proposal to UK regulators.
0:35.0	The company, of course, seeking to win that final approval for that deal to acquire Activision.
0:40.5	And SoftBank owned arm, it is gearing up for a return to the public markets.
0:45.1	The chip designer has filed for what is expected to be the year's largest.
0:50.3	I.P.
0:51.7	Yes.
0:53.5	Wow.
0:53.8	Let's give for us. Yes. I think Renee Haas is the real deal. Spent a lot of time in Nvidia before he went to Arm. I think I'm now putting out $100 billion. All right. We're going to talk about that shortly, I think. Oh, sorry. I was trying to be spontaneous. I'll go right to form. We do it every time. No, you're right. We blow up what we plan. You're right. No, it's just trying to go right there. Literally the second the show starts. Thank you. You're welcome. We'll do retail since the booth hasn't stacked. We got Macy's, Dix, and Lowe's all on the move, Jim. I'm not sure what's more important, the warning about shrink at Dix or the warning about credit at Macy's.
1:32.8	Well, I've got to tell you, I thought that Macy's was needlessly downbeat.
1:37.7	I told a Jeff Kinnett that I don't like it when you make a forecast, which just says next quarter is really bad.
1:45.0	We're not selling cars at Macy's, okay?
1:48.0	You're selling stuff that I think could actually be, including their own brand, could actually be very good.
1:54.0	You know, the new guy is from Blooming's.
1:56.0	Bloomingy's had decent numbers.
1:57.0	They put up good numbers of Blue Mercury.
1:59.0	I just don't, I just think that this is an opportunity because they've really set the bar low.
	...

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