Squawk on the Street
Stocks Slump, Estee Lauder Takes a Hit & Announces Layoffs, Airbnb Confidentially Files for IPO, Breaking News: Former Trump Advisor Bannon Arrested
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Show notes
Carl Quintanilla and Jim Cramer discuss the slump for stocks as U.S. weekly jobless claims jump, totally 1.106 million last week. Plus, yesterday’s Fed minutes revealing officials expect that coronavirus will “weigh heavily” on the economy. Carl & Jim dig through the movers of the morning. Nvidia reporting a beat on the top & bottom line also issuing a strong current quarter revenue outlook. Shares moving lower, as some investors were disappointed with the performance of Nvidia’s data center business. Intel announcing an accelerated $10 billion stock buyback program, with CEO Bob Swan saying the shares were trading “well below our intrinsic valuation.” Shares of Estee Lauder taking a big hit after reporting a wider than expected loss. The cosmetics company said it’s launching a 2-year initiative to rebalance its investments, which will include a reduction in its retail footprint and increase emphasis on its digital sales. Estee Lauder also plans to cut up to 2 thousand jobs globally. Plus, Airbnb confidentially files its IPO paperwork. And breaking news, as President Trump’s former advisor Steve Bannon is arrested on charges of defrauding hundreds of thousands of donors in an alleged fundraising scheme.
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