Retail Whiplash, Trade Headwinds for Stocks & Tim Cook Meets President Trump

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 20 November 2019

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, David Faber & Jim Cramer discuss what to make of the recent whiplash for retail stocks. Target shares surging after crushing earnings and an upbeat forecast, this just a day after shares of Home Depot and Kohl’s tanked. Plus, stocks dipping from records on worries that China-U.S. trade talks could hit an impasse. And Apple CEO set to meet President Trump in Texas.

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.
0:08.0	So breaking news this morning as the U.S. ambassador to the EU, Gordon Sondland, is about to testify in front of House intelligence.
0:15.0	For that, we're going to go to Elon Mui in Washington. Elon, good morning.
0:18.2	Good morning, Carl. Will some blockbuster new testimony from Gordon Sondland, NBC News, received a copy of his opening statement, and in it he will say explicitly that he believes there was a quid pro quo. Here is the relevant portion of the testimony.
0:34.2	Laying some of the blame here at the feet of Rudy Giuliani, President Trump's
0:37.6	personal attorney. He says that Mr. Giuliani's request were a quid pro quo for arranging a
0:43.6	White House visit for President Zelensky. Mr. Giuliani demanded that Ukraine make a public
0:48.5	statement announcing investigations in the 2016 election DNC server and Burisma. Mr. Giuliani was expressing the desires of the President of the United States,
0:58.0	and we knew that these investigations were important to the President.
1:02.0	He's saying in his testimony that these were an open secret,
1:05.0	also pointing the finger at John Bolton and Mike Pompeo.
1:10.0	As folks who were complicit in these arrangements,
1:13.2	the testimony of Gordon Sondland had been widely anticipated because he is one of the only witnesses
1:18.1	that is being called, who has spoken directly with the president. There's uncertainty over
1:23.9	how many times he spoke with the president, but indeed he is someone who appears to
1:27.6	have the president's thinking, and now in his opening statement, he will say that he believes
1:31.8	there was a quid pro quo. Guys, back to you. Elon, really quick, the Times this morning,
1:36.6	also adding another layer that he kept the Secretary of State, Mike Pompeo, perhaps more informed
1:42.1	than we were previously led to believe.
1:46.6	Any sign of that in the testimony that you've seen?
1:51.9	Well, the testimony itself is 19 pages long for his opening statement, so we are still digging through it.
1:52.6	And, of course, we'll hear him deliver it in just a few minutes.
	...

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