CNBC Business News Update - Market Close: Stocks Mixed, Nvidia Results Disappoint, Musk On Trump Call To Google CEO 11/20/24
Episode Date: November 20, 2024From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Ancho...red by CNBC's Jessica Ettinger.
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I'm Jessica Edinger, CNBC. Wall Street opens Thursday morning. After a mixed day on Wall
Street Wednesday, the Dow in the green snapping a four-day losing streak. It was up 139 points,
being led higher by shares of UnitedHealthcare, which were up 4%. The S&P 500 index in the green,
but just a fraction of a point. The Nasdaq was lower, down 21 points. Companies who shares hit fresh
all-time highs on Wednesday include Ticketmaster, Parent Live Nation, Netflix, and Royal Caribbean
Cruise Lines. Bitcoin hitting an all-time high, very near $95,000. Nvidia out with disappointing
quarterly results after the closing bell. Better than expected earnings and revenue, but the guidance
wasn't so great for some. One expert tells CNBC that no matter what, NVIDIA will lead the
chipmakers over the near term. CES, the beginning of the year where Jensen's going to give a keynote,
they then have earnings in February where I look for a re-acceleration to their top line on a
sequential basis. And then we go right into their GTC conference in March
where we're going to get the new Rubin and other product announcements.
So I think for the next four months, NVIDIA will lead semis higher.
Cater Fitzgerald's CJ Muse on CNBC.
Comcast spinning off its cable TV channels into a separate publicly traded company.
The channels include CNBC, MSNBC, E!
Sci-Fi, The Golf Channel, USA and Oxygen.
Can these networks stand on their own?
You know, is news, you know, you think about the power of news and the impact news has.
I mean, every trading desk around the world is watching this right now.
Like this is a science experiment.
Like, can you spin these?
Like, will this work?
Like, you know,
yes, you can functionally do it. Does it actually create a stable company? People were texting me last night and say the minute this press release hits, how soon until Elon says he's buying MSNBC
for the fun of it? So who knows? Light sheds rich Greenfield on CNBC. McDonald's getting a 2025
McValue theme ready.
It involves keeping a $5 value meal offer on the menu for at least the first half of the year,
along with introducing a buy one, add one option.
A tale of two retailers.
Target shares tanked on a disappointing quarter, while earlier this week Walmart reported a stellar quarter.
Target shares down 20% on Wednesday. When you go into Target,
there's they got to do a rollback just like that. Walmart did the rollback. They got hurt
gross margins even more. The issue for me is price. America has rebelled against anything
that hasn't cut price. CNBC Mad Money host Jim Cramer. Silicon Valley's in shock over a phone
call between Google parent Alphabet CEO Sundar
Pichai and President-elect Donald Trump. Trump's buddy, Tesla CEO Elon Musk, he jumped on the call.
We know that Musk is by Trump's side very often. His empire directly competes with Google
properties. So this was the information, great reporting from them. They did cite one source
who said that Sundar Pichai was surprised, as you might imagine.
Yes, I can imagine.
A lot of potential conflicts of interest.
And that phone call could just be the beginning of a new wild card emerging in big tech.
CNBC's Deirdre Bosa.
On Thursday's watch list, we get earnings from tractor maker Deer, Gap, Discounter Ross stores, and BJ's Wholesale.
We find out how many people applied for unemployment benefits last week.
We also get existing home sales numbers for October.
Paramount's Gladiator 2 and Universal's Wicked are in select theaters.
Universal's a sister company to CNBC.
The official open is Friday.
And practice begins for the Formula One Las Vegas Grand Prix.
The race is Saturday night.
Jessica Ettinger, CNBC.
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