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CNBC's "Fast Money"

The Great Retail Shrinkage Problem - Cause for Concern, or Just an Excuse? 8/22/23

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.91.3K Ratings

🗓️ 22 August 2023

⏱️ 45 minutes

🧾️ Download transcript

Summary

Shares of Dick’s Sporting Goods posting its worst day on record after reporting retail theft took a big bite out of results. But is the so-called “shrink” just masking a real problem with the consumer? Plus we’re counting down to Nvidia’s big earnings report and breaking down the latest reads on the housing sector. Fast Money Disclaimer

Transcript

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0:00.0

It does indeed, John. Thank you very much right now on fast. Major shrinkage in retail stocks,

0:06.9

shares of Dick's sporting goods, suffering their worst day ever. As they slash their outlook

0:12.2

over a massive rise in store theft is crime. The main reason retail names are getting punished

0:17.6

here will debate that one. Plus sales slump. Housing sales fall again as supply drops to a near

0:23.7

25 year low and mortgage rates jump to a 23 year high. There's this combo hammer the bull run

0:31.2

for the builders and later charting in videos next move ahead of earning Schwab's brutal August

0:36.4

losing streak and a bet that Boba is ready to bounce back. Good evening everybody. I'm Tyler

0:42.3

Matheson in from Melissa Lee and this is Fast Money live from the Nasdaq Market site on the

0:47.5

desk tonight. Tim Seymour and Nathan Guyadami and our special guest trader tonight Kristen

0:53.1

Bitterley head of North America investments at city global wealth. We're going to call you Chris

0:57.6

right? Call me Chris. Welcome Chris. Good to have you with us. Good to see you. We start now with a

1:03.2

retail bloodbath on Wall Street. There was red across the board in today's trading session,

1:08.4

Dick's sporting goods, Macy's Nordstrom, among the biggest losers there. You see the percentage

1:12.9

declines. Dick's posting its biggest drop on record after reporting an earnings miss and

1:18.4

cutting guidance for the year. One big contributor they say this morning goes change blames and

1:23.6

increase in serious retail theft and crime. Now Macy's meanwhile beat on the top and bottom lines

1:31.2

but disappointing third quarter guidance sent the department store stock to its lowest

1:35.3

clothes in more than two and a half years. And the weakness of pushing the retail ETF the

1:40.9

XRT down more than 2% today. Worst day since May it has now fallen folks in five of the last six

1:48.2

sessions. Even Targon which saw a nice bump after its report last Tuesday fell in sympathy. I

1:54.1

don't know. Can a stock really be a sympathy for anything? I don't really think so. But we

1:58.2

may have we should have sympathy for not a lot of it. Don't even say it because then we get

...

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