SOTS 2nd Hour: Navigating the Sell-off, Blackstone COO on Credit Concerns, & LIVE: Target CEO 3/3/26

Squawk on the Street

CNBC

News, Investing, Business

4.0 • 566 Ratings

🗓️ 3 March 2026

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, David Faber, and Sara Eisen kicked off the hour breaking down the tape with Senior Markets Commentator Michael Santoli - as stocks take a big leg lower in the early trade - before talking the road ahead in Iran with the Council For Foreign Relations President Emeritus, Richard Haass... and later in the hour: Department of Defense CTO Emil Michael. Another concern weighing on the markets? Private credit fears - as Blackstone makes headlines with record redemptions from one of its flagship funds. Hear COO Jon Gray pushback on the rumors - and discuss why he's still bullish on the space. Also this hour: Target CEO Michael Fiddelke - live with Sara from their Minneapolis HQ as the stock gains on strong guidance, and the company kicks off its investor day. How he's dealing with the volatility in geopolitics, prices, tariff refunds, and more... Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Tuesday morning. Welcome to Swalk on the Street. I'm Carl Kintanian with David Faber live at Post 9 of the New York Stock Exchange.
0:05.0	Sarah Eisen's live at Target headquarters in Minneapolis. More from her later on this hour. In the meantime, markets are under severe pressure today. All sectors are red. Dow's down about a thousand points.
0:16.0	Breath overwhelmingly negative and this level will take the S&P back to, say, mid-December.
0:23.5	Two big interviews this hour.
0:24.8	Blackstone's president and CEO John Gray is going to join us exclusively.
0:28.5	Talk about these record redemptions for the firm's private credit fund.
0:32.2	And an exclusive with the CEO of Target with Sarah, his first interview since taking the helm.
0:37.0	Sarah's got a lot more on what to expect from them on this investor day, Sarah.
0:42.2	Carl, good morning. It's a big day here in Minneapolis. Not only did Target release earnings, but it's the first time that the brand new CEO, Michael Fidelke, is laying out his turnaround plan for investors and analysts here at headquarters. That's why we're here.
0:55.9	On the results, another down quarter, Comstore sales declining two and a half percent. Profits fell
1:00.5	one and a half percent from last year. But there is some good news here for the future, which is
1:05.0	why the stock is reacting positively. The company's projecting 2 percent sales growth for the year
1:09.8	after three straight years of declines.
1:12.2	We're going to find out why and how a CEO that has been at Target, his whole career,
1:17.5	since starting as an intern 23 years ago, is the right person to lead the company out of this
1:22.7	multi-year sales lump. I think the stock really tells the story. If you zoom out, just look over the last three
1:28.3	years, target against one of its big competitors, which is Walmart, has underperformed and
1:33.8	seated market share. But Fidelke told me this morning, there is a big opportunity to differentiate
1:39.3	and draw customers. We walked through here at headquarters some of the displays about how he is
1:45.3	planning to change it up and already doing so on apparel, on beauty, on toys, home. These are
1:51.1	the core categories that Target used to dominate. We're going to talk about all of it,
1:55.6	talk about some of the consumer headwinds, including today's big surge in oil prices on this war in Iran and more in just a few
	...

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