Earnings Extravaganza: Reaction to Big Tech Results from Apple, Microsoft and Alphabet -- and Interviews With the CEOs of Boeing, AMD and Starbucks

Squawk on the Street

Carl Quintanilla, Jim Cramer and David Faber took an in-depth look at a big morning full of earnings news, leading off with the numbers out of big tech: Apple shares fall as its warning about how the global chip shortage is impacting the company overshadowed a better-than-expected quarter. Two names saw their stocks rise: Google parent Alphabet beats the street, getting a lift from a surge in online ad spending, while Microsoft's better-than expected results were driven by growth in its cloud business. Three CEOs appeared on the program: Boeing CEO David Calhoun spoke about his company's surprise quarterly profit, a surge in commercial aircraft deliveries, resolving its jet issues and dealing with the COVID resurgence. AMD CEO Lisa Su discussed her company's stronger-than-expected results and how the chipmaker is navigating the global semiconductor shortage. Starbucks CEO Kevin Johnson outlined his company's earnings beat and sales that outpaced pre-pandemic levels -- though that news wasn't enough to prevent the stock from falling. He spoke about the outlook for Starbucks' business in China, the Delta variant and consumer trends which show cold drinks driving beverage sales. Also in focus: Earnings movers including McDonald's and Spotify, plus a countdown to the Fed's post-meeting statement -- what will policymakers say about inflation?