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Moody’s Downgrades Banks, Pharma Stocks Surge, UPS Cuts Forecast 8/8/23

Moody’s Downgrades Banks, Pharma Stocks Surge, UPS Cuts Forecast 8/8/23

FromSquawk on the Street


Moody’s Downgrades Banks, Pharma Stocks Surge, UPS Cuts Forecast 8/8/23

FromSquawk on the Street

ratings:
Length:
44 minutes
Released:
Aug 8, 2023
Format:
Podcast episode

Description

Carl Quintanilla, Jim Cramer and David Faber began the hour by breaking down Moody’s decision to cut its ratings on 10 U.S. banks, which dragged on the broader markets and the financial sector. On the bright side, pharma names rallied after Eli Lilly reported better than expected profit and revenue. Shares of Novo Nordisk also surged after key trial data showed its drug Wegovy cuts risk of heart attack or stroke by 20%. Also in the mix: UPS cut its margin and revenue forecasts following weak e-commerce demand and the company’s new labor contract. Squawk on the Street Disclaimer
Released:
Aug 8, 2023
Format:
Podcast episode

Titles in the series (100)

The opening hour of CNBC’s “Squawk on the Street” with Carl Quintanilla, Jim Cramer and David Faber is broadcast from the floor of the New York Stock Exchange, on site at the opening bell with the up-to-the-minute news investors need to know and interviews with the most influential Chief Executive Officers and greatest market minds.