SOTS 2nd Hour: Alphabet’s Big Beat, Super Micro Tanks, Exclusive: Ray Dalio 10/30/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 30 October 2024

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla and David Faber began the hour by breaking down the biggest earnings movers including Alphabet, Eli Lilly and Caterpillar. The desk also hit Super Micro; shares of the stock plunged after the company’s auditor E&Y resigned. Later in the hour, Sara Eisen joined the show live from Saudi Arabia, for an exclusive interview with Bridgewater founder Ray Dalio. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Wednesday morning.
0:01.0	Welcome to another hour squawk on the street.
0:03.0	I'm Carl Kintania with David Faber, live at Post 9 of the New York Stock Exchange, alongside
0:07.0	Sarah Eisen in Saudi Arabia at the FII Institute's eighth annual summit, where in just a few
0:13.2	moments, she's going to sit down with Ray Dalio for a CBC exclusive.
0:18.0	Meantime, busy day of corporate earnings, Dow's up 140 or so, S&P up about five,
0:23.2	10-year 421. We're 30 minutes in. Lily is tumbling this morning after the big gut drug giant
0:28.6	missed estimates and cut its profit outlook. Alphabet rallying on the back of its results, but
0:33.5	AMD is dropping on its outlook. Shares of Reddit soaring, the company reporting its first ever profit.
0:39.7	And keep an eye on the super micro today.
0:41.6	Shares tanking more than 30% after disclosing its auditor has resigned.
0:46.3	More on that later in the hour.
0:48.0	All right, let's get pending home sales, though.
0:49.5	They're out just moments ago.
0:50.7	And Diane Oleg has them for us.
0:52.6	Diana.
0:56.7	Well, David, pending home sales in September jumped 7.4 percent compared with August, according to the realtors. That's a huge beat. The street
1:02.1	was looking for less than 1 percent gain, and it's the highest level since March. Sales up 2.6
1:07.4	percent year over year. Now, these pendings are based on signed contracts. So it's people out
1:12.3	shopping and making their decisions in September and take a look at mortgage rates. The 30-year
1:17.3	fix was coming down all through August and touched its most recent low of 6.11% the second week of
1:23.7	September. It stayed right around there for the rest of the month before shooting higher
	...

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