Retail Sales Blowout Sparks Market Rally, Walmart Surges, Cisco CEO on Job Cuts, Earnings and AI 8/15/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 15 August 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

With the broader markets aiming for a 6-day win streak, Carl Quintanilla, Jim Cramer and David Faber discussed stocks in rally mode thanks to a number of catalysts: July retail sales blew past expectations with a 1% gain, Walmart shares jumped on a Q2 earnings beat and raised guidance, while weekly jobless claims came in below forecasts. Cisco was among the biggest gainers. CEO Chuck Robbins joined the anchors at Post 9 to discuss the company's plan to cut 7% of its global workforce as part of a restructuring, what drove its better-than-expected Q4 results -- and how Cisco plans to capitalize on the AI boom. Also in focus: Alibaba's miss and the cautious Chinese consumer, the “Warren Buffett effect” on Ulta Beauty. 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.
0:04.7	Don't miss a minute of the action.
0:07.8	Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kintanay with Jim Kramer, David
0:11.2	Faber at Post 9 of the New York Stock Exchange. Futures firming up here as last week's growth
0:15.7	scare fades further into view with Walmart raising guidance, retail sales doubling estimates.
0:21.6	Best headline print in more than two years, 10 years back above 3-9.
0:25.8	Our roadmap begins with that consumer strength and Walmart's big beat.
0:29.2	Stock is surging pre-market, all-time highs as they raise the outlook,
0:32.9	says they see a stable consumer health.
0:35.6	Another big earnings name to watch, Cisco, those shares are up this after the company did top earnings and revenue estimates,
0:42.2	even though they were both down.
0:44.2	We're going to discuss the quarter with CEO Chuck Robbins.
0:46.7	That'll be later this hour.
0:48.4	And Warren Buffett's Berkshire Hathaway builds a new stake in Ulta Beauty.
0:52.0	All right.
0:52.6	That stock up double digits on that 13F related news.
0:57.9	Let's begin with the consumer.
0:59.6	Wow, a bunch of names today.
1:00.7	July retail sales blows out expectations.
1:03.1	Walmart jumps on this quarterly beat and guidance.
1:05.9	Jim, COPS 4-2, Sam F, Sam's's Club 52.
1:11.2	Look, the electronics on this number
	...

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