Stocks Extending Rally, Merck Spin Off, Spotify CEO “we bought the next ESPN,” Tesla Tumbles

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 5 February 2020

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber discuss the current market rally. Investors recovering from a recent drop sparked by coronavirus fears. A report says a research team at Zhejiang University has found an effective drug to treat people with new coronavirus. Confirmed cases in China are nearing 25,000, claiming the lives of 490 people. Plus, insight from David Faber on Merck’s plan to spin off women’s health, legacy brands and its biosimilars business. Spotify delivers results, commenting on The Ringer Acquisition its CEO Daniel Ek says “we bough the next ESPN, and we think that’s going to be a tremendously valuable property as we look at the development of sports over the next decade.” Tesla’s stock getting slammed after a massive rally to start the year.

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.
0:04.6	Don't miss a minute of the action.
0:11.7	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanier with Jim Kramer, David Faber, the New York Stock Exchange.
0:16.9	Record highs will be in sight at the open, despite a round of Q1 earnings that are somewhat
0:21.7	underwhelming. Investors focusing instead on signs of renewed economic strength and the President's
0:27.1	ability to leverage that in November, big print on ADP. Europe's up strong, so is Asia overnight.
0:32.6	Will the bond market confirm 10-year around 164? Our roadmap begins with easing virus fears. Stalks are set to open sharply
0:39.2	higher for a third straight day on new hopes for a vaccine and drugs to treat the fast-spreading
0:44.9	coronavirus. Plus a big spinoff from Merck, the company announcing plans to split a number of
0:50.2	its slower growth products into a separate public company next year.
0:55.0	And streaming surge, Disney Plus, growing at a faster-than-expected clip, nearly 29 million
1:00.2	subs and counting.
1:02.5	Stocks are extending yesterday's rally, which did see the Dow and the SPP experienced their
1:06.2	best one-day performance since August.
1:08.3	NASDAQ best our eighth record close of the year. And Jim,
1:11.8	your point about the president, the lead headline on the page one of the times as a
1:17.1	buoyed president. A lot of that is about the economy. Well, I mean, the contrast between what
1:23.6	the Democrats talk about and the Republicans talk about is really extraordinary. And the president is making a strong case that there's a lot of money in the market.
1:30.8	That's basically what he's saying.
1:31.9	It's $12 trillion has been created wealth.
1:34.9	The Democrats saying that that wealth has not so-called trickled down.
1:38.3	It's not helping for people in transportation costs, student loans, prescription drugs.
	...

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