Robinhood's Wild Ride and Share Sale, Earnings Parade -- Uber Slumps Despite a Q2 Beat, Goldman Sachs' Bullish Call on the S&P 500, Faber "Jeopardy!" Highlights, and Grilling on Wall Street: Weber CEO on His Company's IPO.

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 5 August 2021

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

One day after shares of Robinhood soared more than 50-percent, Carl Quintanilla, Jim Cramer and David Faber led off the show with new developments surrounding the stock's wild ride: Robinhood filing to sell up to nearly 98-million shares over time -- the news resulting in a double-digit percentage decline for the stock. The anchors explored what this means for Robinhood and the meme stocks -- and harkened back to what CEO Vlad Tenev said during our program last week, on the day Robinhood went public. Lots of earnings movers in the spotlight: Uber shares fall despite better-than-expected quarterly results and bookings. The anchors reacted to what CEO Dara Khosrowshahi told CNBC about driver incentives that weighed on the company's performance. Among the earnings winners and losers: Etsy and Roku shares take a hit, while ViacomCBS jumps on profits and streaming subscriber growth. Also in focus: Moderna says its COVID-19 vaccine is 93-percent effective after six months, Goldman Sachs Chief U.S. Equity Strategist David Kostin raises his year-end S&P 500 target to 4700, and the anchors chat about the highlights from Wednesday night's "Jeopardy!" episode featuring David as guest host. Jim caps the hour by interviewing Weber CEO Chris Scherzinger about the outdoor grill maker's IPO. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintanilla,
0:04.8	on the opening bell hour of CNBC Squawk on the Street.
0:16.4	Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer,
0:20.0	David Faber, the New York Stock Exchange. Future is pretty steady here. After the Dow's worst drop in a couple of weeks, earnings are a big story, Uber, Etsy, Roku Moderna, along with COVID concerns, as U.S. case is now at a six-month high. Jobless claims are in line, 385K, ahead of the jobs number tomorrow. Our roadmap begins with Robin Hood's Wild Ride.
0:38.5	After yesterday's 50% surge, the company's filing to sell up to nearly 98 million shares over time.
0:45.2	And Uber shares, well, they're going to be down this, despite what was at least better than expected revenue.
0:50.0	There was a jump in bookings, but we'll tell you what's going on.
0:52.9	And we got highlights from last night's Jeopardy episode with David his guest host.
0:59.0	16.
1:00.1	Of Alexa Ray Joel.
1:02.2	Kevin.
1:02.8	Is Billy Joel?
1:04.0	No.
1:05.5	Matt.
1:06.1	What's Brinkley?
1:07.2	Yes, Christy Brinkley remember its moms.
1:09.9	Oh.
1:32.9	And that was Kevin Rit-Lge, too. It's moms. It was moms. It was moms. How could you not give Kevin something during the half time? Spot him 10,000 or something. I can't do that, Jim. In Robin Hood, by the way, there are two Robin Hoods. There's the one that's filing his 97 million shares and the one that lost a lot of money because somebody decided to go take a big swing.
1:33.8	We'll get to that.
1:35.9	We'll get to that from last night's episode.
1:43.7	But I guess we should start off with the Robin Hood that our viewers probably care more about, which is the one we've been following very closely lately.
1:45.2	It's not dilutive.
	...

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