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Squawk on the Street

SOTS 2nd Hour: Food Fallout, New Boeing CEO’s First Earnings, Exclusive: Coke CEO 10/23/24

Oct 23, 2024
James Quincey, the dynamic CEO of Coca-Cola, sheds light on the company's quarterly results and the potential impact of the 2024 election on consumer prices. Meanwhile, Kelly Ortberg, fresh in her role as Boeing's CEO, discusses navigating a $6 billion loss with plans for a leaner future. David Palmer, a savvy analyst from Evercore ISI, shares insights into the food sector's challenges, focusing on the E. coli outbreak affecting McDonald's and Starbucks' preliminary results. This blend of corporate strategy and market analysis makes for a captivating discussion!
42:22

Podcast summary created with Snipd AI

Quick takeaways

  • Coca-Cola's CEO emphasized a strong global consumer demand while navigating inflationary pressures affecting pricing strategies ahead of the 2024 elections.
  • The E. coli outbreak linked to McDonald's significantly impacted investor confidence, leading to notable stock declines amidst a mixed corporate earnings landscape.

Deep dives

Current Trends in Existing Home Sales

Existing home sales fell by 1% in September to an annualized rate of 3.84 million units, reflecting the lowest level since October 2010. This decline comes alongside a 3.5% year-over-year decrease, with sales dropping across all regions except for the West. The rising mortgage rates, which started the year near 7% and have since decreased slightly, are impacting purchases and contributing to a longer average time for homes to sell—28 days compared to last year's 21 days. First-time buyers are particularly affected, making up just 26% of sales, which ties the all-time low recorded in August.

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