Target Plunges, Comcast to Spin Off Select Cable Networks, Nvidia Earnings Countdown 11/20/24

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 20 November 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber led off the show with Target shares plunging. The retailer cut its holiday quarter forecast and posted its biggest earnings miss in about two years. The anchors compared Target's challenges with Walmart's Q3 beat and raised guidance. Comcast announced its intent to spin off most of NBCUniversal's cable networks to create a new publicly traded company. Also in focus: What to expect from Nvidia's earnings due out after Wednesday's close of trading, Delta's revenue guidance disappoints, earnings from TJX and Williams-Sonoma, President-elect Trump's latest cabinet picks including Dr. Oz, Disney's Treasure cruise ship debut. Comcast is the parent of NBCUniversal, of which CNBC is a unit. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street.
0:14.1	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer, David Faber, and post nine of the New York Stock Exchange.
0:20.0	Futures fairly steady on a big day for retail earnings, media and tech, as NVIDIA reports tonight, one of the last
0:26.4	AI catalyst of the year, Target with its biggest earnings miss in two years set to fall some
0:32.2	16%. Our roadback's going to start right there. Missing the mark, the stock plunges after posting
0:37.0	its biggest earning miss.
0:38.4	As we said, since 2022.
0:40.4	Plus, our parent company Comcast is planning to spend off most of its cable networks.
0:45.4	We'll give you the details.
0:47.5	And investors are gearing up for those Nvidia earnings.
0:50.2	The tech giant set to report after the bell.
0:53.7	Let's begin with Target this morning,
0:55.0	tumbling in the pre-market after this Q3 missed.
0:57.0	The company says results were hurt by consumers
0:59.0	tightening their belts despite some price cuts.
1:02.0	The costs of managing higher inventory levels also came into play.
1:05.0	Retailer cuts their holiday quarter guide.
1:09.0	This is Cornell on the earnings call just a few moments ago.
1:13.6	While we aren't happy about the reduction in our outlook for the remainder of the year,
1:18.0	we believe we're managing our business appropriately, and we're helping our team stay agile
1:22.4	and ready to respond if we see our business accelerate. And our Q4 plan is focused on ending this year with an inventory position that will best position our business going into 2025.
1:35.3	Importantly, we're still confident in our long-term strategy.
	...

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