WHERE: CNBC'S "THE KUDLOW REPORT"
WHEN: WEDNESDAY, MAY 11, 2011 AT 7PM
Following is the unofficial transcript of breaking news from CNBC's David Faber.
For more information on this story, go to: http://www.cnbc.com/id/42998320
All references must be sourced to CNBC.
DAVID FABER: HELLO, THANK YOU VERY MUCH, LARRY. WE WANTED TO BRING OUR VIEWERS UP TO DATE AS STEVE COHEN PREPARES TO MAKE SOME REMARKS, PRESIDES OVER SAC GIANT AND EXTRAORDINARILY SUCCESSFUL HEDGE FUNDS. ABOUT TO MAKE REMARKS, AND WE HAVE LEARNED WHAT THEY'LL FOCUS ON IN TERMS OF HIS APPROACH TO THE MARKET. OF COURSE WE'LL ANTICIPATE A QUESTION OR TWO ABOUT RAJ RAJARATNAM AND THE CONTINUED AT LEAST FOCUS ON S.E.C. IN SOME WAYS. BUT AS FOR THE MARKET, WE CAN TELL YOU MR. COHEN IS GOING TO TELL HIS INTERVIEWER HE IS NET NEUTRAL ON THE U.S. STOCK MARKET. ESSENTIALLY MEANING THAT SAC IS RUNNING A HEDGE BOOK NOT LONG OR SHORT IN TERMS OF THEIR EXPOSURE. BUT NET NEUTRAL, CONCERNED ABOUT GROWTH PARTICULARLY AT QE2 AT THE END OF JUNE. IS APPARENTLY GOING TO SAY HE DOES SEE THE SECOND HALF OF THE YEAR HAVING FAIRLY ROBUST DOMESTIC U.S. GROWTH. LIKES PARTICULARLY ENERGY AND WITHIN ENERGY, NATURAL GAS AND THINGS OF THAT NATURE. SO WE CAN GIVE YOU SOME SENSE, AT LEAST IN TERMS OF SAC'S APPROACH TO THE MARKET. OF COURSE, THE FIRM ITSELF UNDER THE MICROSCOPE IN MANY WAYS, THOUGH NO WRONGDOING HAS BEEN LODGED AT IT WHATSOEVER. IN ANY WAY, SHAPE OR FORM. I SHOULD POINT OUT THAT COHEN'S REMARKS ARE OFF THE RECORD. BUT GIVEN THIS DAY AND AGE AND THE FACT THAT EVERY PERSON IN THERE HAS A BLACKBERRY, ONE MIGHT IMAGINE THAT EVERYBODY IS GOING TO BE BLACKBERRYING, TWEETING, E-MAILING AND DOING EVERYTHING ELSE THEY MIGHT DO ABOUT THOSE COMING REMARKS. WE'LL BRING MORE TO YOU AS WE GET IT. KATE KELLY WILL HAVE MORE ON THE WEB, AS WELL. BUT CERTAINLY DID WANT TO UPDATE OUR VIEWERS, GIVEN HE IS A VERY INFLUENTIAL MARKET VOICE WITH A VERY LARGE HEDGE FUND AND A LOT OF MONEY BEHIND HIM. BACK TO YOU.
KUDLOW: DAVID FABER, THANK YOU VERY MUCH.
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