Twitter and Elon Musk Reportedly Near a Deal, Previewing This Week’s Big Tech Earnings & Finding Opportunities in Semiconductors 4/25/22

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4.5 • 66 Ratings

🗓️ 25 April 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start today’s show on reports of Twitter nearing a deal to accept Elon Musk’s purchase offer, with insight from Verge Editor-in-Chief Nilay Patel. Then, Goldman Sachs analyst Eric Sheridan previews this week’s big tech earnings, and Mark Asset Management CEO and Managing Partner Morris Mark breaks down the underperformance of FAANG stocks in 2022. Later, CNBC’s Mike Santoli looks at the Nasdaq amid the broader market sell-off, and Citi analyst Christopher Danely weighs in on opportunities in the semiconductor space.

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.
0:05.9	Good Monday morning. Welcome to Tech Check. I'm Deirdreboza with John Fort and Julia Borsston.
0:11.5	Today, a volatile day for tech stocks already. The NASDAQ still on a three-week losing streak,
0:16.2	down more than 20 percent from its November high. So where's the bottom? Then Twitter reportedly nears a deal
0:22.1	to sell itself to Elon Musk, the very latest on that developing story, and why RIP Twitter
0:28.0	is trending. And later, Apple, Amazon, Microsoft set up for a huge week of tech earnings.
0:32.7	We will tell you how to trade it amid this volatility this hour. John, welcome back, by the way.
0:38.2	Thank you.
0:39.0	And we've got to start, of course, with Twitter.
0:42.1	Shares are up, almost 3% on news that a deal with Elon Musk might be close.
0:48.0	But hey, this might be a case of be careful what you wish for, Julia, right?
0:51.5	Because he's got to make some interesting leverage moves to make this work.
0:57.8	Yes, interesting indeed.
0:59.2	And, of course, there are so many implications for the rest of Elon Musk's company.
1:03.0	But just honing in on Twitter right now, shares are up nearly 3% on those reports that the company is nearing a deal with Elon Musk. A source close. The
1:13.0	situation tells me that the board met yesterday to discuss Musk's offer now that he has
1:17.6	secured $46.5 billion in financing. And then Twitter's board reportedly negotiated with
1:24.1	Musk late yesterday into the night. A deal between the company and Musk could be announced as soon as today, according to multiple media reports, but there's still plenty of unknowns. If Twitter secures a go shop provision, that would allow it to solicit bids from other potential buyers once a deal is signed, and it's unclear what the breakup fee would be if a deal
1:45.7	falls apart. Now, though a deal is far from certain, the seriousness of these negotiations is a
1:51.7	meaningful milestone. Wed Bush analyst Dan Ives says, quote, the street will read this news today
1:57.2	is the beginning of the end for Twitter as a public company, with Musk likely now
2:02.0	on a path to acquire the company unless the second bidder comes into the mix. So now we are
	...

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