9AM HOUR: Intel Plunges and Amazon Slides in Tech Sell-off, Starbucks and Chevron CEOs Talk Earnings 10/30/26
Squawk on the StreetSummary
The technology sector faces significant challenges as major companies like Intel and Amazon report disappointing earnings. Intel's stock is set to open down nearly 30%, marking its worst day on record, after the company issued guidance indicating a slowdown in PC demand. Intel's leadership acknowledged a "PC correction" that has accelerated, leading to a decline in market share and a drop in revenue expectations for the upcoming quarter. Analysts express disappointment over the company's failure to adequately communicate these challenges, which have resulted in a loss of investor confidence.
In contrast, Starbucks reports a strong quarter, indicating a successful turnaround strategy under CEO Brian Nichol. The company has seen increased customer traffic and higher transaction values, driven by a focus on enhancing the customer experience and expanding its menu offerings. Nichol emphasizes that Starbucks is now positioned for growth, with plans to increase store openings both domestically and internationally. Meanwhile, Chevron also reports robust earnings, benefiting from high oil prices and increased production, particularly in the U.S. and international markets. CEO Mike Wirth highlights the company's commitment to disciplined capital allocation and the potential for future growth in regions like Venezuela and Iraq.
Show Notes
Carl Quintanilla, Jim Cramer and David Faber covered Friday's tech sell-off that sent the Nasdaq down more than 2%. Intel shares plunged more than 30% on weak guidance sparked by the PC slowdown. Amazon also down sharply after posting a quarterly miss, despite strength at AWS. The anchors explored what it all means for the AI trade. Coffee, oil and diesel: Starbucks CEO Brian Niccol and Chevron CEO Mike Wirth joined the show to discuss their companies' respective quarterly results. Also in focus: The $6.3 billion Binance crypto hack; Marvell-Lumentum M&A update, the bright spots shrugging off the sell-off.
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