Tesla's Q3 Miss, Netflix Shares Surge, Powell and Yields Watch 10/19/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 19 October 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, David Faber and Sara Eisen led off the show with market reaction to "Big Tech" earnings. Tesla shares fell sharply on a Q3 miss as price cuts weighed on profits. A different story for Netflix: Shares surged on news that the streaming giant added about nine million subscribers, posted a quarterly earnings beat and announced price hikes. The anchors also explored what to expect from Thursday's remarks by Fed Chair Powell as the 10-year note yield continued its march toward 5%. Also in focus: The Israel-Hamas war, Earnings winners and losers including AT&T and American Airlines, Nestle CEO and the "Ozempic effect." Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street.
0:04.7	Don't miss a minute of the action.
0:07.8	Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with David Faber, Sarah Eisen,
0:12.1	at post-9 of the New York Stock Exchange. Kramer has the morning off. Pre-market has erased
0:16.3	some early morning losses, even as the 10-year got awfully close to five, a big day for Fed speaks,
0:22.1	seven speakers including Powell at noon Eastern and tons of earnings movers.
0:26.2	Our roadmap begins with Powell, of course, U.S. government bonds gaining for a fourth day,
0:31.0	the 10-year nearing five as investors await some tea leaves from the Fed share today.
0:35.4	Plus, we do have that earnings parade.
0:37.4	Netflix surges on subgains.
0:39.8	Tesla, that stock is down.
0:41.7	Musk didn't sound so good on that conference call.
0:43.8	18T, Blackstone, American Airlines.
0:46.5	They are all names that we will be telling you all about.
0:50.2	And the OZEPIC effect,
0:51.8	Nestle's looking offset any future sales impact impact now developing products to accompany weight loss drugs.
0:58.7	Let's begin with Tesla among the biggest S&P laggards in the pre-market.
1:02.6	The company did post a quarterly miss, including weaker than expected profit margins due to some of these price cuts we've been watching.
1:09.0	Cybertruck was in focus. This is Elon Musk talking about it on last night's earnings call.
1:13.6	I just want to temper expectations for cyber truck.
1:18.6	It's a great product, but financially it will take, I don't know, a year to 18 months before it is a significant positive cash flow contributor.
1:32.3	Of course, Musk could comment on all kinds of things beyond the company itself.
	...

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