Snap Shares Plunge on Q2 Results, Cano Health CEO Marlow Hernandez on Amazon in Healthcare & Baidu Bets Big on Autonomous Vehicles 7/22/22

TechCheck

CNBC

Technology, Business, Cnbc, Faang, Investing, Disruptors, Management, Tech

4.5 • 66 Ratings

🗓️ 22 July 2022

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show breaking down social media platform Snap’s latest results with “Margins” Editor Ranjan Roy and Platformer News Founder Casey Newton. Then, CNBC’s Dom Chu covers potential trouble ahead for the Nasdaq with a slew of big tech names reporting earnings next week, and Truist Co-Chief Investment Officer Keith Lerner joins after publishing a new call upgrading the tech sector. Next, we circle back to Snap with Guggenheim analyst Michael Morris and Stifel analyst Mark Kelley, and primary care provider Cano Health Founder and CEO Marlow Hernandez offers his insight on Amazon’s impact in the medical space. Later, CNBC’s Eunice Yoon shares new reporting on Chinese search giant Baidu making a big bet on autonomous vehicles. 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	I'm Deirdreboza and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:09.4	Happy Friday. Welcome to Tech Check. I'm John Fort with Julia Borsden. Carl and Deirdre are off.
0:14.3	Today, a snap slump to say the least. Stock is down 37 plus percent as the 14 firms downgrade the stock after earnings after
0:24.1	earnings.
0:25.1	Ouch.
0:26.1	Snap down 77 percent this year.
0:29.0	And then a tepid Twitter.
0:30.3	Big earnings miss, revenue dropped.
0:31.9	They're blaming on, well, Elon Musk, what both of these stocks say or don't say about
0:36.9	the state of ad spending, digital
0:38.9	ad spending in social.
0:40.7	And later, NASDAQ, flirting with that 12K level for the first time since early June.
0:45.6	The entire tech sector getting upgraded at Truist today, but too early for the bears to start
0:51.0	thinking about hibernation, Julia, cold breeze from these snap braking short.
0:58.0	Indeed. We're going to kick off today's feed with the ad market slowdown. Snap plunging this
1:03.6	morning after missing estimates and reporting its slowest revenue growth ever. CEO Evan Spiegel,
1:09.1	blaming the miss on platform policy changes, macroeconomic
1:12.6	challenges, and increasing competition for ad dollars, warning it will likely take some time
1:17.4	before we see significant improvements. And when you factor in Twitter a surprise loss for the
1:22.7	quarter this morning driven by, you guessed it, a weakening ad market. Many investors wondering this
1:29.0	morning what it means for the likes of meta, Google, and more companies that are reporting
	...

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