Squawk Pod

GameStop’s latest quarterly report did little to answer Wall Street’s--and Reddit’s--concerns about the company’s turnaround plan and sky-high stock price. Ben Mezrich, author of “The Anti-Social Network,” joined to discuss his book about the Gamestop saga and how it continues to shake up Wall Street. Lululemon shares hit a fresh, all-time high after the retailer blew past Wall Street’s expectations in its latest fiscal quarter. Famous for its women’s leggings and “ABC” jogger pants for men (Joe’s & Andrew’s favorite), Lululemon sales have outperformed other retailers during the Covid pandemic. Calvin McDonald, CEO of Lululemon, discusses the company’s Q2 results, employee pay, and what’s next for the brand. Ukraine is the latest country to legalize bitcoin, a sign the currency could be here to stay. United Airlines’ employees who are granted exemptions to a company vaccine mandate for religious reasons will be put on temporary unpaid leave starting next month, citing the recent rise in Covid cases. Plus, day one of the blockbuster Theranos trial is complete as prosecutors called Holmes a liar and a cheat during opening statements.In this episode:Ben Mezrich, @benmezrichCalvin McDonald, @calvinmcdonaldBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkin Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Private venture- and private equity-backed companies have a homogeneity problem: Black directors have consistently held only 1 percent of board seats at these companies, and Latinx directors have held even less. Gabrielle Sulzberger of Two Sigma and Ursula Burns, former Xerox CEO, founded the Board Diversity Action Alliance, and they have data to prove that now is the time to make a change. CNBC’s Steve Liesman reports on Dallas Fed President Robert Kaplan’s portfolio holdings after Kaplan made multiple million-dollar-plus stock trades in 2020. Coinbase had planned to release an interest-earning product in the coming weeks, but the SEC might take legal action against it. A jury of seven men and five women has been chosen to determine the fate of Theranos founder Elizabeth Holmes. Holmes faces a dozen counts of wire fraud and conspiracy in connection with defrauding investors and patients, but she’s waiting for trial in the Silicon Valley suburbs. Plus, Apple sent out invitations to the media for its annual September event, where the company is expected to launch new iPhones. In this episode: Steve Liesman, @steveliesman Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Microsoft President Brad Smith discusses cyber risks in the digital age, and explains his company’s effort to support federal, state, and local governments in building safe online infrastructure. He details Microsoft’s pledge to invest $20 billion in cybersecurity over the next 5 years and the chip shortage hitting global markets. Disney and Marvel Studios’ “Shang-Chi and the Legend of the Ten Rings” broke box office records in the U.S., garnering an estimated $71.4 over the holiday weekend. While celebrated stateside, the film has not yet been released in China. CNBC’s Eunice Yoon reports on the CCP’s relationship with entertainment and media, on the ground in Beijing. SoftBank has struck a $7 billion share-swap deal with Deutsche Telekom to increase its stake in U.S. unit T-Mobile; Softbank Group International CEO (and WeWork Executive Chairman) Marcelo Claure discusses the telecom shakeup and the implications for his own business. Plus, booster shots for Covid vaccinations are on the horizon, and high tech mattresses are in vogue. In this episode: Brad Smith, @BradSmi Marcelo Claure, @marceloclaure Eunice Yoon, @onlyyoontv Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Melissa Lee, @MelissaLeeCNBC Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In August, the US economy added only 235,000 jobs, much less than economists were expecting. The hiring blitz at bars and restaurants came to an abrupt halt in August as more Covid-19 cases and a scarcity of willing workers kept employers from adding to payrolls. CNBC’s analysis of the August 2021 jobs report shows a loss of 42,000 jobs in food services and drinking places last month. Nela Richardson of ADP, Jason Furman of Harvard, and CNBC’s Steve Liesman and Rick Santelli discuss the disappointing August jobs report. Former FDA Commissioner, Dr. Scott Gottlieb, predicts that Northeastern states, including New York and Connecticut, will experience another jump in Covid cases tied to the highly transmissible delta variant. Dr. Gottlieb recommends that schools that have brought kids back for in-person learning should increase coronavirus testing, in addition to masking and improving ventilation. Plus, Cathie Wood says auto buyers are abandoning gas-powered vehicles, but CNBC’s Phil LeBeau reports on the reality of car sales, electric and otherwise. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

At least 22 people were killed as the remnants of Hurricane Ida battered New York, New Jersey, and Pennsylvania. NBC meteorologist Bill Karins reports on Ida’s path and the record rain and flooding that deluged the region and triggered states of emergency on Thursday. CNBC’s Ylan Mui and Walter Isaacson, history professor at Tulane and renowned author, discuss how the extreme weather may impact priorities for Washington’s infrastructure deal. CNBC’s Meg Tirrell reports that new data from GoodRx reveals more doctor-patient visits unrelated to the pandemic, both for cosmetic and mental health reasons. Plus, Axios reporter Sara Fischer talks TV and film as release dates for major pictures are pushed to 2022 Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

As students return to physical classrooms, cases of Covid-19 are ticking up among children. The Academy of American Pediatrics President Dr. Lee Savio Beers discusses classroom safety and a timeline for a kids’ vaccine. In a survey of 400 U.S. CEOs, KPMG found that American executives are optimistic about the economy, despite more and more delays to the return to office. Paul Knopp, KPMG U.S. CEO and chair, discusses the c-suite outlook on inflation, hybrid work, and taxation. Plus, August was a big month for the markets. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

America’s 20-year war in Afghanistan came to an end as the Americans stationed there finished their evacuation. CNBC’s Eamon Javers details the military’s next steps for extracting the remaining group of Americans in the country, as well as the Biden administration’s strategy to monitor the Taliban. CNBC’s Frank Holland reports on how residents of New Orleans are planning for the days ahead as the city remains without power and with limited access to other resources in the wake of Hurricane Ida. After the storm shut down at least six Gulf Coast refineries, RBC Capital Markets head of global commodity strategy Helima Croft discusses energy production as the region gets back on its feet. Croft considers other headlines in oil, including the Taliban’s new role in global energy politics and the upcoming OPEC meeting. The Federal Reserve is looking for signals from the labor market to gauge when it should tighten monetary policy. CNBC’s Steve Liesman and Mohamed El-Erian, Allianz and Gramercy advisor, discuss the upcoming August jobs report, Fed Chair Powell’s comments at Jackson Hole, and the Delta variant’s impact on inflation and the U.S. economic recovery. Plus, PayPal is exploring adding a new stock-trading feature to its platform, and China is cracking down on gamers. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hurricane Ida made landfall in Louisiana on Sunday as a Category 4 storm with winds of 150 miles per hour, one of the strongest storms to hit the region since Hurricane Katrina. Senator Bill Cassidy (R-LA) discusses the damage caused by Hurricane Ida as over one million people in the region--including his own family--are without power. The United States is a day away from ending its evacuation mission in Kabul, marking the apparent end of a 20-year engagement in Afghanistan. AEI President Emeritus, contributing writer for The Atlantic, Harvard professor, and host of “The Art of Happiness” podcast Arthur Brooks discusses President Biden’s agenda, including the withdrawal from Afghanistan. Covid-19 vaccines for kids may be closer than experts originally expected, and countries in the EU are set to restrict American travelers due to variant outbreaks stateside. Plus, Elizabeth Holmes, founder and former CEO of Theranos, begins her trial this week, and her defense claims that her ex-boyfriend and Theranos partner subjected her to a “decade-long campaign of psychological abuse.” Unsealed filings also reveal Holmes plans to testify in her own defense. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

The U.S. and its allies have warned that more terrorist attacks in Kabul are likely, as the deadline for military withdrawal from Afghanistan draws near. CNBC’s Eamon Javers reports on the latest information gathered after the twin suicide bombings in Kabul. Children are now being hospitalized in record numbers across the United States, and doctors are warning that it could get worse as physical classrooms welcome students back. Dr. Ezekiel Emanuel, vice provost of global initiatives at the University of Pennsylvania and former Coronavirus Advisory Board Member for President Biden, discusses delta variant concerns and the need for higher vaccination numbers among adults to stop the spread. United States Tennis Association CEO Michael Dowse discusses a safe and successful U.S. Open just days before the tournament’s first day in New York, detailing the protocols and the players that fans can expect. Plus, supply chain issues that may impact retail margins and the holiday shopping season. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Delta Air Lines is the first company to raise health insurance premiums for employees that are not vaccinated against Covid-19. Shellye Archambeau, board member of Verizon, Okta and Nordstrom, discusses whether this move is the beginning of a movement from employers, and shares how executives are weighing vaccine incentives and ultimatums in the boardroom. J.M. Smucker CEO Mark Smucker says inflation and supply chain issues are hitting the jelly business, but Smucker’s is still expanding its portfolio--from coffee brands to dog food. CNBC’s Eunice Yoon reports on China’s marketplace for fake Covid-19 vaccination cards, and she shares which U.S. states are receiving the biggest shipments. Plus, happy National Dog Day! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.