Tech Opportunities Amid the Nasdaq’s Sell-Off, Take-Two Interactive’s Plans to Acquire Zynga & Merck CEO Robert Davis on Covid Treatments

TechCheck

CNBC

Disruptors, Cnbc, Investing, Tech, Management, Business, Technology, Faang

4.5 • 66 Ratings

🗓️ 10 January 2022

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show looking at the Nasdaq’s sell-off, with insight on the sector from CNBC’s Mike Santoli. Next, Plexo Capital Managing Partner Lo Toney joins to discuss investment opportunities in tech for 2022 and video game publisher Take-Two Interactive’s planned acquisition of mobile game developer Zynga. Then, CNBC’s Meg Tirrell interviews Merck CEO Robert Davis from the virtual J.P. Morgan Health Care Conference, and Satori Fund Founder Dan Niles visits to break down the Nasdaq’s latest slump. Our Julia Boorstin also reports on a series of media stocks soaring on their M&A potential, including ViacomCBS, Discovery and AMC Networks. Later, Evercore ISI Managing Director Rich Ross delivers his top picks for the year ahead, including Nvidia and Tesla. 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	I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in. Good Monday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford and Dear Drubosa. Today, no relief for tech investors as the NASDAX down 2.5%. Tech's rocky start for the year continues. Now touching a near three-month low going all the way back to October. We're going to break
0:21.3	down the action in just a moment. One trade that is working, Long Zenga shares rocketing higher
0:26.4	on a buyout from Take 2, some broad implications for gaming, for M&A, and for stocks that saw their
0:32.2	valuations hurt in 2021. Finally, with so many names getting swept up in the sell-off is now the time to buy some
0:38.3	mega-caps at a discount. We'll talk tactics with Satori Funds, Dan Niles, John. Yeah, before we get to
0:45.2	all of that, the NASDAQ's selling off. Now down 8% since the end of 21. Let's get to our Mike
0:52.0	Santoli with a look at tech. Mike? Yeah, John, the selling
0:56.1	has turned pretty indiscriminate here. It's definitely a little more of a purge than a orderly
1:00.5	rotation as we kind of started the year with. And as that composite actually touching its 200-day
1:05.5	average on the downside for the first time since the COVID crash, an extraordinarily long time
1:09.3	above that. But here's some dynamics that really show the violence of this kind of what was a rotation,
1:15.3	and now it's just a general stepback with some of the largest stocks not immune.
1:18.8	It might be a good sign.
1:19.9	It often happened in the latter part of a selloff.
1:21.7	So here you have NASDAQ 100 against S&P banks, and it just couldn't be more dramatic, right?
1:27.0	Vertical moves in both directions and now outperformance by banks by a lot on a one-year basis.
1:32.9	So, you know, folks thinking that cyclicals and higher yield plays are the way to go, that very well
1:38.8	might be plausible, but we're kind of part of the way there, if not longer.
1:43.2	Now, let's take a look at a couple of essential commodities, semiconductors versus energy.
1:47.8	Very, very similar.
1:49.0	Again, one year, we're lapping the fourth quarter of 2020 melt up in lots of tech stocks,
1:54.2	and here you have the same exact dynamics right here.
	...

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