Stocks Drop, Coronavirus Cases Escalate, New Terms for the T-Mobile, Sprint Deal

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 21 February 2020

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber discuss the quick move in stocks to the downside. The number of new coronavirus cases escalates, fueling worries over a pronounced global economic slowdown. Shares of Deere surging after the heavy equipment maker beat estimates on the top and bottom line. The company says it sees signs of stabilization in the U.S. farm sector, and that the relaxation of trade tensions is imporving farmer confidence. David Faber’s exclusive reporting on T-Mobile, Sprint, as the operators announced amended terms of their merger agreement. Chewy pops on an upgrade to “outperform” from “sector perform” at RBC. Plus, HP adopts a “poison pill” in its fight to fend off Xerox.

Transcript

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0:00.0	Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintania, on the opening bell hour of CNBC Squawk on the Street.
0:13.6	Good Friday morning. Welcome to Squawk in the Street. I'm Carl Kintania with Jim Kramer, David Faber at the New York Stock Exchange.
0:19.2	Coming off Thursday's drop, futures suggest the Dow and S&P may see their first weekly decline in about three weeks, maybe the NASDAQ 2. PMIs in Europe, though, were actually pretty good. We'll see the U.S. number in about 45 minutes. 10-year, below 148. Even as gold now approaches 1650. Our roadmap begins with the coronavirus risk for stocks.
0:39.9	Futures lower.
0:40.6	We got Coke, Daimler, and others now, warning of continued outbreak headwinds, fueling new worries over the global economic slowdown.
0:47.7	Plus mobile merger revision.
0:50.8	My SoftBank is cutting its stake in the overall company that will be created between
0:56.0	Sprint and T-Mobile and why it's so much more likely to happen. And shares of deer are up,
1:01.2	reporting an unexpected rise in profits saying it shows an early sign of stabilization for the farm sector.
1:08.0	Coronavirus worries, though, of putting stocks on track for a negative week. There's a
1:11.5	spike in new cases, both in and outside of China. You got Coca-Cola today joining the list of
1:16.6	companies impacted by the outbreak, saying it expects it'll cut current quarter earnings by about
1:21.0	one to two cents a share. They coupled that with a nice two and a half percent div hike. But we
1:26.6	also heard from Lulu, Daimler, and others. The list is getting longer and we'll get longer from here. Yeah, but one of the things that I think a lot of people took their cue from was Proctor yesterday. Proctor said, listen, it's going to hurt us. Stock was up and then climbed for the rest of the session. So I think people just said, look, why don't we just tell the truth?
1:46.0	It's going to hurt.
1:46.5	What I think is a little too premature is they all presume that it's going to be solved
1:53.0	within a foreseeable timeframe.
1:56.2	And the people who are medical professionals are not saying that.
2:01.5	So you've got these companies that make carbonated water and they make shampoo, and they're making the judgments.
2:11.2	I don't buy it.
2:13.8	Do we know whether you say the medical professionals are not certain?
2:19.1	They don't know.
	...

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