Tech Earnings: Intel Slumps, Snap Soars and Twitter Flies High. Plus: Travel and the Consumer Lift American Express, Market Resilience vs. the Delta Variant and CDC Warnings, and a Another Setback for GM’s Chevy Bolt

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 23 July 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

With stocks aiming for a fourth straight day of gains after Monday's sell-off, Jim Cramer and Scott Wapner explored market reaction to lots of earnings news, especially in tech: Intel shares under pressure after issuing the company's forecast overshadowed better-than expected quarterly results, with the chipmaker saying the global semiconductor shortage could last well into 2023. The anchors compared the Dow component to rival chipmakers Nvidia and AMD -- and reacted to what Intel CEO Pat Gelsinger told CNBC about trying to overcome supply constraints. On the social media front, Snap shares posting a double-digit gain and Twitter also up sharply in reaction to upbeat quarterly results and guidance. The anchors highlighted the advertising revenue growth benefiting both Snap and Twitter -- and looked at what's at stake for big tech companies due out with earnings next week. Jim and Scott also took a closer look at why the markets are shrugging off warnings from the CDC about rising cases and deaths due to the COVID-19 Delta Variant. Also in focus: American Express' earnings beat helped by increased travel spending, Honeywell shares fall despite better-than-expected results and raised guidance, General Motors issuing a second recall of its Chevy Bolt electric vehicle due to fire risks, and Boston Beer -- home of the Samuel Adams brand -- tumbles after cutting its full-year outlook. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Market moving insight and analysis.
0:02.0	Join Jim Kramer, David Faber and me, Carl Kintanilla,
0:04.8	on the opening bell hour of CNBC Squawk on the Street.
0:15.9	Good Friday morning.
0:17.1	Welcome to Squawk on the Street.
0:18.0	I'm Scott Wackner with Jim Kramer,
0:19.7	who is at the New York Stock Exchange this morning. Carl and David have the morning off. Jim, it's good to see as always. Let's take a look at futures. Looks like we're going to have a strong finish to this crazy week. Right now, the futures would be higher across the board. Dow Jones Industrial Average opening higher by about 170, NASDAQ, strong earnings from some tech companies.
0:39.0	We'll talk about that in a moment.
0:40.4	S&P 500, man, not that far away from a new high.
0:43.6	Our roadmap this morning starts with the chip shortage, Intel CEO, saying it will get worse before it gets better,
0:50.6	warning that it could last into 2023.
0:53.8	Plus, watching social snap shares surging ahead of the open as revenue more than doubles and Twitter reporting its fastest revenue growth since 2014.
1:03.5	There are also new COVID concerns this morning. The CDC director calling the Delta variant one of the most infectious respiratory viruses ever.
1:13.1	But Jim, we'll begin with the market. As Becky was saying at the end of Squawk Box, we're only
1:17.4	23 points away from another new high on the S&P. And who'd have thought we'd be here given the way
1:24.0	we started this week, Jim? Is that all forgotten now? We did think at the beginning of the week that the variance, that Delta was going to take us all down, and then we get these reports, including American Express today, which indicate that's just not a factor. It is rather amazing that you could have something that seems so dire on Monday. That was the end of a three-day period.
1:45.0	By the way, we've had a bunch of just three-day sell-offs. That was one of them. And then we take
1:49.2	off, but I've got to tell you, Scott, I'm listening to these companies. And with the exception
1:53.2	of Intel and Boston beer, holy cow, is that bit. Almost all the calls have been delightful.
2:00.4	Yeah, Boston Beer is one of the worst calls ever.
2:02.5	Or as Bonnie Herzog, who's the unbelievable analyst over Goldman started up and saying,
2:06.6	I truly don't know where to begin. And it was, of course, truly that was the weak hand. Oh,
	...

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