Transcripts For CNBC Squawk 20240704 : comparemela.com

Comparable store sales. Sales guidance did come inabove consensus. Ai, of course, also in focus, as it always is. Sergei brint speaking out saying the company definitely messed up its gemini image generation launch. Apple down in the premarket, again, following the report that iphone sales plunged 24 in china yearonyear for the first six weeks of 2024, face competition from local smart phone firms like huawei. This is boutique data, but they are on track for five days of losses. Trying to get a confirmation. A lot of these Different Services you have to take with a grain of salt. I would say, if you take china itself and look what theyre buying, theyre all trading down. Theres a lot of things wrong with china. I told club members yesterday, it could go to 160 without really a problem. You have one of the great ef performers of all time, caught in mid cycle. David, we dont know if theyre going to have the samsung like ai in the next edition, the 16. Its one of those things where you just let it rain. I think there have been periods where you have to suffer through lulls. This is a lull. Lull for other companies are disastrous because it usually means theres no lull. Its just the end. I think saying somebody with a couple billion users that theres a lull, its for real. You have to wait it out. Forecast calls for pain. China still represents 20 of overall iphone demand. A very important market for china. Lets not forget, as well, they still manufacture most iphones. Buy china for china. Looking at dan ives here. His channel checks. Hes over there. His channel checks have always been a little different. But he did say as weve been in asia for a few weeks, weve seen with our own eyes, investors more agita. What we talked about yesterday and last week the ditching of the car, the focus on generative ai. When, we dont exactly know. The ditching of the car was a good idea. Might as well shift those people over. Carl, i think the biggest problem with apple is that theyre too expensive for china. By the way, look, we own starbucks for the travel trust. I fear theyre too expensive for china. China is a national tradedown with the exception of the watches. Wasnt he saying last night were tracking nike, starbucks and tesla because of the exposure to china. I think china is a nogrowth counted where theyre making up a lot of numbers. Nogrowth country, they came out with a 5 target. Demographically. Oh, demographically. That historically has hurt a country. As a market, moving millions and millions into the middle class every year who might be able to afford an iphone that couldnt previously, thats still a growing market. I think you cut back on things. You can buy a second rate local phone. Not bad. The samsung right now is better. Its highly unusual to have a samsung cycle to be not far superior, but definitely superior. The 5 gdp growth target that china has is obviously questioned by many, wondering how in the world they can hit that target given all the pressures on their own economy. David, do you think you can turn on a dime a real estate economy to an auto economy . Not necessarily. I dont think either. You cant eliminate the vast number of losses they have with all that empty property to mention the fact that so many local municipalities benefited from the revenue of selling land which no longer ak curse. Yesterday i was doing an analysis for the club of our banks versus chinese banks. Fer donia has a very loose taxation system, remember . Dont you guy for me. Well, this week the goldman Wealth Management cio said whats the line . One should not invest in china. The statement out of the mpc is were going to try to draw foreign manufacturers, support property. They also dropped the reference to peaceful reunification with taiwan. Obviously there are a lot of people saying if the United States backs away from defending ukraine, that will be a very bad sign for defending taiwan. I dont think thats a wrong analysis. I dont like to do political analysis on the show, that makes sense. If youre backing away from ukraine, thats the chinese chance. We know if youre going to be blocked from highend amd drips, go to the source. Taiwan semi is ours now. That said youre referring to the story that amd is hitting a roadblock with the u. S. In terms of selling chips to china because they may be more powerful than we would like. Raimundo keeps a close eye on that. One of the things that shocked me here is that meant they were sending stuff better than nvidia to china. Yesterday the cfo gave a nice talk at Morgan Stanley. They are trying very hard to stay in compliance. I think the big fear is that the chinese are going to find ways to get the chips the h100s from other places. The chinese source it whateverment you do this nationally, the buying of h100s, the chinese might get those chips. By the way, remember all those bitcoin miners . Thos companies that were buying h 10s . Absolutely not. What do they have . I went to jensens office, theyre not using h100s. Theyre using a bunch of other stuff that is not nvidia. Nvidia had way too much and couldnt understand the channel. They have no channel that is crypto. I was wondering if those were a value to a potential acquirer, some of xees theens that have access to h100s or contracts to buy them or anything like that, previously for what would have been bitcoin mining. Theyre pretty adamant you cant conflate. I pushed hard on this because i didnt want to discover that there were so many all these little outfits that trade in the morning that we see, that theyre all buying them or that your friend michael sailor. Ive never met michael sailor in person. Remember yesterday, no stream of consciousness. You mean youre actually aware when you do stream of consciousness. Precisely. Thats where i do my stream of consciousness. Youre like b bostik. You deliver and wait for the markets to digest. I they said i was like sylvia plat. Micro sailor and micro strategy, i wouldnt question that guy. Hes got it right. Say what you want, mst, micro strategy stock up because it is essentially a proxy for bitcoin. Hello. Hes selling another 600 million worth of to buy more. Always good to tell ahead of time that youre buying the biggest order because you get a nice price. Hey, the guy has been right. Better to be lucky than good. From china and bitcoin to target, shares are up in the premarket after this holiday quarter. Revenue earnings beat estimates. It expects another year of weaker sales. Brian cornell was on squawk this morning giving his take on the consumer. Weve seen a very resilient u. S. Consumer, despite inflationary headwinds, rising interest rates, the uncertainty of the market overall, the consumer continues to shop. First full year there was no discounting. Bringing in the new stuff. They have over 11 brands that are house brands, doing well. Starbucks is still good. Thats the initiative that they had. Cvs was holding up okay. All these things in store. Ulta is the best. Ulta could be i felt that shrinkage is down, Closing Stores that are weak. But this is really a story of the consumer, never quit with them. Interesting enough, theyre trying to pivot to all same day e com, but the ecom number is down which surprised me. Are you surprised at the reaction . Stock is down 5 yesterday. Its not good to have no sales are going down. Youve got to get them going up. I think walmart and costco have pulled away from target definitively. Im not saying that. The multiples shrunk, they have a good deal. Id like to see more from the meeting. I felt with ecom basically flat to down, ecom for everybody is up big. They do point out sequential improvement in comps for the Second Quarter in a row. Santoli and i were actually looking at walmart versus target on a fiveyear. You can see during the pandemic target got all the love. Thats all been given back. Walmart has done a couple things that people dont talk about as an aficionado of walmart because i go to every single one i can get to. One day youll come with me. The prices have been lowered rather dramatically. Theyre flighting inflation aisle a of aisle after aisle. Plus they have labels of their own that are pretty good. Theyre a changed operation because they are giving the managers a huge incentive, the equivalent of doubling their comp in order to be able to make the neighborhood be more like the neighborhood. If you go to one in union, new jersey and then to quakertown, theyre all different and very exciting. I know that sounds straight. Very exciting. Very exciting, carl. Dont you do that. Condescending. Its exciting to think walmarts are very exciting. If you saw the valentines sweater that my daughter got for six smackers. She was on the cover of madam sell. Thats going back a way. She was some great writer. God, her stuff is good. He remembers the one from eighth grade. Theres others i remember, kind of. Im cool. Im hip. Kind of know something. Thats jack kerouac. I have a club for you. Its no fun. Come to do the work and sometimes you throw in a little stream of consciousness. Viewers like that. They love to be completely lost at all times. When we come back, googles cofounder, sergey brin weighing in on the gemini controversy. Take a look at the premarket. Tenyear at 415, below 20 for the first time. Back in a minute. Se is really s. Its something you build over time. American announcer thats 21 missed cuts in a row. [car trunk slammed shut] for 88 years, Morgan Stanley has offered clients determination and forward thinking to create the future. Crowd stop it . Only you can see. American announcer rose, back in the winners circle. [crowd cheers] [music out] [ ] your skin is everchanging, take care of it with gold bonds healing formulations of 7 moisturizers and 3 vitamins. For all your skins, gold bond. Even if you live in a bubble, you cant stop workplace accidents. So talk to your agent about workerss comp insurance from pie, or visit pieinsurance. Com. Safety first, then pie insurance. Whoa, how did you defeat them . With a little kung fu strength and by connecting my devices to the most powerful force of all. Skadoosh. Hah, huh . Cool right . Amazing. Harness the power of xfinity internet and stay connected to the things you love. Ah, theyll be like this for hours. Hello dad, hello dad, hello da. Uhoh. Good bunnies. Ahh googles cofounder sergei brynn making a rare appearance saying he came out of retirement, quote, because the trajectory of ai is so exciting, also commented on alphabets strategy, called out the companys gemini presentation. Definitely messed up on the english generation and i think it was mostly due to not thorough testing and definitely for good reasons upset a lot of people. Jim, youre asking whether alphabet is going to get religion in someone. I think they really have to listen to what the street is saying. They have to start feeling some heat. And do what, jim . And do what . Start to undermine the greatest single bift thats ever existed . They have things called other bets which have not bet well. You would take the under on that. Generated significant amounts they have not done the big layoffs. They have a stranglehold on search that has the highest margins and is one of the great businesses weve ever seen. So do they need to start disrupting that business. Zuckerberg realized you could fire 25,000 people and make the other people work harder. It worked. This is no discipline. This place is run fast. Waymo, good, theyre in a couple of cities. Fantastico, great. Theyre nowheresville. Stop spending money on things that never generate a return. What about the basic idea, there was the ceo of perplexity with the fast money crew last night, for example. People are using that thing. Its generative ai search. Is it a real threat to alphabet . Can alphabet move quickly enough . Theyre using claude 3 the biggest piece is amazon. Its fantastic. Claude 3. Ive switched to laud 3. Does it represent a true threat to alphabet . What do you do about it . Google has not done the big layoffs. We dont know about youtube with football. They havent told us anything. We know theyve junked up googles search so much with ads that you want to jump to claude and check that first. It is a jungle. I think they have to start answering and just say, instead of just saying, look, weve got a great product and we make a lot of money. They have a lot of divisions that dont make sense. Put an roi do something with waymo, honestly. Apple gave up. You know gm is barely holding on. Waymo has been going forever. They got some part of the southland. Theyve not been able to solve the major dilemma. You know this more than anyone. If you have a fatality of a selfdrive the major dilemma is nothing to do with that. The major dilemma at alphabet thats whats so interesting about this right now in this moment in time. I agree with you. Forget waymo. This is the central part of the business. Maybe not. What are they going to do about it and how quickly can they move and do they have the right ceo. Its hard. That was vicious. I just think that when i look at the way the companies runs, theyre very five years ago. You go look at zuckerberg, that stock has moved up and zuckerberg just said, you know what . We have too many e 5s, too many people and were going to blow them all out and have better revenues and better products. He did that. Amazon, they figured out which were the people they didnt need and figured out how to make money. They did it. Microsoft did it with copilot. Tesla, i have no idea whats happening there. No, but they have a guy not afraid to do whatever it takes whenever. One thing about tesla, they go. But they have a lot of things that are going. Meanwhile, alphabet, look at the structure, go read their Conference Call. I need a guide to the Conference Call. Its so talk about sylvia plat. Shes back and writing that Conference Call. Sylvia plat is writing googles Conference Call. Ask chatgpt to rewrite the Conference Call in the voice of sylvia platt. It reads very much like my summit elks bulletin i get about the people that will be admitted. If you dont want them, speak now or forever hold your peace. Im forever holding my peace because we have a break. Countdown to the opening llbe in about eight minutes. Dont go anywhere. The all new godaddy airo helps you get your Business Online in minutes with the power of ai. With a perfect name, a great logo, and a beautiful website. Just start with a domain, a few clicks, and youre in business. Make now the future at godaddy. Com airo you know doug, ever since switching to workday youve been a real rock star. Rock star . What do you know about rock stars . Billy idol . I mean wheres the skintight leather . My shoes are leather. Wheres the unnecessary zippers . That thing billy, rock star is just how doug feels when he uses workday. Thanks, rory. Ill show you rock star be a finance and hr rock star. Workday. For a changing world. Billy idol just stole your golf cart we mentioned earlier tenyear back to 415, below the twoday moving average since february 8th. Well get pmi composite and a 10. Vaktry orders and ism services. Catch us awhe, anyerny time listen to and follow the squawk on the street opening bell podcast. The economy is simply not working for millions of hard working families. Theyre working harder than ever and they still cant make enough to get by to afford food and medicine to even keep a roof over their heads. We need to build more housing thats truly affordable. We need to address this terrible epidemic of homelessness. We need to invest in good paying jobs, union jobs and investments in our future. This, this is why im running for the us senate. Im adam schiff and i approve this message. Ameritrade is now part of schwab. Bringing you an elevated experience, tailormade for trader minds. Go deeper with thinkorswim our awardwining trading platforms. Unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. And sharpen your skills with an immersive Online Education crafted just for traders. All so you can trade brilliantly. Lets get to it. A mad dash followed by opening bell two minutes from now. One of the things, if youre big into tech, you have to like Enterprise Software. Typically that means you have software where you can develop certain apps. Basically what youre able to do is keep control of what youre writing. Its a platform on how to write. Gitlab had a monster good quarter, but they followed it up, david, with what i can describe as incredibly kriz cal guidance that indicates a severe slowdown and margin pressure. They repeatedly explained it was because they were doing a summit conference. The analysts were left really scratching their heads. I dont know. This is the type of thing, if you combine this with super micro and the lunacy of what happened yesterday, you can put together a tleerry, wait a second, are we getting too far ahead of Enterprise Software growth . I think its an outlier. I dont understand what happened there yesterday and why they gave that guidance. But thats the stock thats going to set the tone for Enterprise Software which is a very large part of whats been moving up the nasdaq. Whether it be a data dog thats been so driven. Super micro yesterday added to the s p. People ran ahead of that. I think theyre going to be crushed. You do . Yeah, i do. All of it comes back to the excitement around ai, ai chips, the davis center and everybody feeding into that. I think we need to know the a arm. That will be important. I want to point out that gitlab was a sainted company until last night. Lets get the opening bell here. At the big board Health Insurance company oscar, and at the nasdaq, first trust celebrating the tenth anniversary [ bell ringing ]. I think we have stay focused yesterday down almost 25 . Its trying to make a stand. I think the stand is not going to be able to be contained. I hope the fed is doing one of those hope for the best. Be ready for the worst situations and have someone who might want that apartment portfolio. It is only 7 commercial real estate. This was completely botched. Remember, this was the fall of the fed that allowed them to buy signature. I had been recommending sell on this bank for literally a decade. Suddenly they got this property. Im on new York Community bank watch. I dont know if youve been checking this one out. Every day theres something new and nothing seems to be sticking. Theyve got to pull a rabbit out of a hat. They do. Although weve just had a long line of people when we question any of those who are focused on it, sayit is not systemic. Definitely not. Yet was a very strong day maybe the strongest day in a year. What was going on with Different Services<\/a> you have to take with a grain of salt. I would say, if you take china itself and look what theyre buying, theyre all trading down. Theres a lot of things wrong with china. I told club members yesterday, it could go to 160 without really a problem. You have one of the great ef performers of all time, caught in mid cycle. David, we dont know if theyre going to have the samsung like ai in the next edition, the 16. Its one of those things where you just let it rain. I think there have been periods where you have to suffer through lulls. This is a lull. Lull for other companies are disastrous because it usually means theres no lull. Its just the end. I think saying somebody with a couple billion users that theres a lull, its for real. You have to wait it out. Forecast calls for pain. China still represents 20 of overall iphone demand. A very important market for china. Lets not forget, as well, they still manufacture most iphones. Buy china for china. Looking at dan ives here. His channel checks. Hes over there. His channel checks have always been a little different. But he did say as weve been in asia for a few weeks, weve seen with our own eyes, investors more agita. What we talked about yesterday and last week the ditching of the car, the focus on generative ai. When, we dont exactly know. The ditching of the car was a good idea. Might as well shift those people over. Carl, i think the biggest problem with apple is that theyre too expensive for china. By the way, look, we own starbucks for the travel trust. I fear theyre too expensive for china. China is a national tradedown with the exception of the watches. Wasnt he saying last night were tracking nike, starbucks and tesla because of the exposure to china. I think china is a nogrowth counted where theyre making up a lot of numbers. Nogrowth country, they came out with a 5 target. Demographically. Oh, demographically. That historically has hurt a country. As a market, moving millions and millions into the middle class every year who might be able to afford an iphone that couldnt previously, thats still a growing market. I think you cut back on things. You can buy a second rate local phone. Not bad. The samsung right now is better. Its highly unusual to have a samsung cycle to be not far superior, but definitely superior. The 5 gdp growth target that china has is obviously questioned by many, wondering how in the world they can hit that target given all the pressures on their own economy. David, do you think you can turn on a dime a real estate economy to an auto economy . Not necessarily. I dont think either. You cant eliminate the vast number of losses they have with all that empty property to mention the fact that so many local municipalities benefited from the revenue of selling land which no longer ak curse. Yesterday i was doing an analysis for the club of our banks versus chinese banks. Fer donia has a very loose taxation system, remember . Dont you guy for me. Well, this week the goldman Wealth Management<\/a> cio said whats the line . One should not invest in china. The statement out of the mpc is were going to try to draw foreign manufacturers, support property. They also dropped the reference to peaceful reunification with taiwan. Obviously there are a lot of people saying if the United States<\/a> backs away from defending ukraine, that will be a very bad sign for defending taiwan. I dont think thats a wrong analysis. I dont like to do political analysis on the show, that makes sense. If youre backing away from ukraine, thats the chinese chance. We know if youre going to be blocked from highend amd drips, go to the source. Taiwan semi is ours now. That said youre referring to the story that amd is hitting a roadblock with the u. S. In terms of selling chips to china because they may be more powerful than we would like. Raimundo keeps a close eye on that. One of the things that shocked me here is that meant they were sending stuff better than nvidia to china. Yesterday the cfo gave a nice talk at Morgan Stanley<\/a>. They are trying very hard to stay in compliance. I think the big fear is that the chinese are going to find ways to get the chips the h100s from other places. The chinese source it whateverment you do this nationally, the buying of h100s, the chinese might get those chips. By the way, remember all those bitcoin miners . Thos companies that were buying h 10s . Absolutely not. What do they have . I went to jensens office, theyre not using h100s. Theyre using a bunch of other stuff that is not nvidia. Nvidia had way too much and couldnt understand the channel. They have no channel that is crypto. I was wondering if those were a value to a potential acquirer, some of xees theens that have access to h100s or contracts to buy them or anything like that, previously for what would have been bitcoin mining. Theyre pretty adamant you cant conflate. I pushed hard on this because i didnt want to discover that there were so many all these little outfits that trade in the morning that we see, that theyre all buying them or that your friend michael sailor. Ive never met michael sailor in person. Remember yesterday, no stream of consciousness. You mean youre actually aware when you do stream of consciousness. Precisely. Thats where i do my stream of consciousness. Youre like b bostik. You deliver and wait for the markets to digest. I they said i was like sylvia plat. Micro sailor and micro strategy, i wouldnt question that guy. Hes got it right. Say what you want, mst, micro strategy stock up because it is essentially a proxy for bitcoin. Hello. Hes selling another 600 million worth of to buy more. Always good to tell ahead of time that youre buying the biggest order because you get a nice price. Hey, the guy has been right. Better to be lucky than good. From china and bitcoin to target, shares are up in the premarket after this holiday quarter. Revenue earnings beat estimates. It expects another year of weaker sales. Brian cornell was on squawk this morning giving his take on the consumer. Weve seen a very resilient u. S. Consumer, despite inflationary headwinds, rising interest rates, the uncertainty of the market overall, the consumer continues to shop. First full year there was no discounting. Bringing in the new stuff. They have over 11 brands that are house brands, doing well. Starbucks is still good. Thats the initiative that they had. Cvs was holding up okay. All these things in store. Ulta is the best. Ulta could be i felt that shrinkage is down, Closing Stores<\/a> that are weak. But this is really a story of the consumer, never quit with them. Interesting enough, theyre trying to pivot to all same day e com, but the ecom number is down which surprised me. Are you surprised at the reaction . Stock is down 5 yesterday. Its not good to have no sales are going down. Youve got to get them going up. I think walmart and costco have pulled away from target definitively. Im not saying that. The multiples shrunk, they have a good deal. Id like to see more from the meeting. I felt with ecom basically flat to down, ecom for everybody is up big. They do point out sequential improvement in comps for the Second Quarter<\/a> in a row. Santoli and i were actually looking at walmart versus target on a fiveyear. You can see during the pandemic target got all the love. Thats all been given back. Walmart has done a couple things that people dont talk about as an aficionado of walmart because i go to every single one i can get to. One day youll come with me. The prices have been lowered rather dramatically. Theyre flighting inflation aisle a of aisle after aisle. Plus they have labels of their own that are pretty good. Theyre a changed operation because they are giving the managers a huge incentive, the equivalent of doubling their comp in order to be able to make the neighborhood be more like the neighborhood. If you go to one in union, new jersey and then to quakertown, theyre all different and very exciting. I know that sounds straight. Very exciting. Very exciting, carl. Dont you do that. Condescending. Its exciting to think walmarts are very exciting. If you saw the valentines sweater that my daughter got for six smackers. She was on the cover of madam sell. Thats going back a way. She was some great writer. God, her stuff is good. He remembers the one from eighth grade. Theres others i remember, kind of. Im cool. Im hip. Kind of know something. Thats jack kerouac. I have a club for you. Its no fun. Come to do the work and sometimes you throw in a little stream of consciousness. Viewers like that. They love to be completely lost at all times. When we come back, googles cofounder, sergey brin weighing in on the gemini controversy. Take a look at the premarket. Tenyear at 415, below 20 for the first time. Back in a minute. Se is really s. Its something you build over time. American announcer thats 21 missed cuts in a row. [car trunk slammed shut] for 88 years, Morgan Stanley<\/a> has offered clients determination and forward thinking to create the future. Crowd stop it . Only you can see. American announcer rose, back in the winners circle. [crowd cheers] [music out] [ ] your skin is everchanging, take care of it with gold bonds healing formulations of 7 moisturizers and 3 vitamins. For all your skins, gold bond. Even if you live in a bubble, you cant stop workplace accidents. So talk to your agent about workerss comp insurance from pie, or visit pieinsurance. Com. Safety first, then pie insurance. Whoa, how did you defeat them . With a little kung fu strength and by connecting my devices to the most powerful force of all. Skadoosh. Hah, huh . Cool right . Amazing. Harness the power of xfinity internet and stay connected to the things you love. Ah, theyll be like this for hours. Hello dad, hello dad, hello da. Uhoh. Good bunnies. Ahh googles cofounder sergei brynn making a rare appearance saying he came out of retirement, quote, because the trajectory of ai is so exciting, also commented on alphabets strategy, called out the companys gemini presentation. Definitely messed up on the english generation and i think it was mostly due to not thorough testing and definitely for good reasons upset a lot of people. Jim, youre asking whether alphabet is going to get religion in someone. I think they really have to listen to what the street is saying. They have to start feeling some heat. And do what, jim . And do what . Start to undermine the greatest single bift thats ever existed . They have things called other bets which have not bet well. You would take the under on that. Generated significant amounts they have not done the big layoffs. They have a stranglehold on search that has the highest margins and is one of the great businesses weve ever seen. So do they need to start disrupting that business. Zuckerberg realized you could fire 25,000 people and make the other people work harder. It worked. This is no discipline. This place is run fast. Waymo, good, theyre in a couple of cities. Fantastico, great. Theyre nowheresville. Stop spending money on things that never generate a return. What about the basic idea, there was the ceo of perplexity with the fast money crew last night, for example. People are using that thing. Its generative ai search. Is it a real threat to alphabet . Can alphabet move quickly enough . Theyre using claude 3 the biggest piece is amazon. Its fantastic. Claude 3. Ive switched to laud 3. Does it represent a true threat to alphabet . What do you do about it . Google has not done the big layoffs. We dont know about youtube with football. They havent told us anything. We know theyve junked up googles search so much with ads that you want to jump to claude and check that first. It is a jungle. I think they have to start answering and just say, instead of just saying, look, weve got a great product and we make a lot of money. They have a lot of divisions that dont make sense. Put an roi do something with waymo, honestly. Apple gave up. You know gm is barely holding on. Waymo has been going forever. They got some part of the southland. Theyve not been able to solve the major dilemma. You know this more than anyone. If you have a fatality of a selfdrive the major dilemma is nothing to do with that. The major dilemma at alphabet thats whats so interesting about this right now in this moment in time. I agree with you. Forget waymo. This is the central part of the business. Maybe not. What are they going to do about it and how quickly can they move and do they have the right ceo. Its hard. That was vicious. I just think that when i look at the way the companies runs, theyre very five years ago. You go look at zuckerberg, that stock has moved up and zuckerberg just said, you know what . We have too many e 5s, too many people and were going to blow them all out and have better revenues and better products. He did that. Amazon, they figured out which were the people they didnt need and figured out how to make money. They did it. Microsoft did it with copilot. Tesla, i have no idea whats happening there. No, but they have a guy not afraid to do whatever it takes whenever. One thing about tesla, they go. But they have a lot of things that are going. Meanwhile, alphabet, look at the structure, go read their Conference Call<\/a>. I need a guide to the Conference Call<\/a>. Its so talk about sylvia plat. Shes back and writing that Conference Call<\/a>. Sylvia plat is writing googles Conference Call<\/a>. Ask chatgpt to rewrite the Conference Call<\/a> in the voice of sylvia platt. It reads very much like my summit elks bulletin i get about the people that will be admitted. If you dont want them, speak now or forever hold your peace. Im forever holding my peace because we have a break. Countdown to the opening llbe in about eight minutes. Dont go anywhere. The all new godaddy airo helps you get your Business Online<\/a> in minutes with the power of ai. With a perfect name, a great logo, and a beautiful website. Just start with a domain, a few clicks, and youre in business. Make now the future at godaddy. Com airo you know doug, ever since switching to workday youve been a real rock star. Rock star . What do you know about rock stars . Billy idol . I mean wheres the skintight leather . My shoes are leather. Wheres the unnecessary zippers . That thing billy, rock star is just how doug feels when he uses workday. Thanks, rory. Ill show you rock star be a finance and hr rock star. Workday. For a changing world. Billy idol just stole your golf cart we mentioned earlier tenyear back to 415, below the twoday moving average since february 8th. Well get pmi composite and a 10. Vaktry orders and ism services. Catch us awhe, anyerny time listen to and follow the squawk on the street opening bell podcast. The economy is simply not working for millions of hard working families. Theyre working harder than ever and they still cant make enough to get by to afford food and medicine to even keep a roof over their heads. We need to build more housing thats truly affordable. We need to address this terrible epidemic of homelessness. We need to invest in good paying jobs, union jobs and investments in our future. This, this is why im running for the us senate. Im adam schiff and i approve this message. Ameritrade is now part of schwab. Bringing you an elevated experience, tailormade for trader minds. Go deeper with thinkorswim our awardwining trading platforms. Unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. And sharpen your skills with an immersive Online Education<\/a> crafted just for traders. All so you can trade brilliantly. Lets get to it. A mad dash followed by opening bell two minutes from now. One of the things, if youre big into tech, you have to like Enterprise Software<\/a>. Typically that means you have software where you can develop certain apps. Basically what youre able to do is keep control of what youre writing. Its a platform on how to write. Gitlab had a monster good quarter, but they followed it up, david, with what i can describe as incredibly kriz cal guidance that indicates a severe slowdown and margin pressure. They repeatedly explained it was because they were doing a summit conference. The analysts were left really scratching their heads. I dont know. This is the type of thing, if you combine this with super micro and the lunacy of what happened yesterday, you can put together a tleerry, wait a second, are we getting too far ahead of Enterprise Software<\/a> growth . I think its an outlier. I dont understand what happened there yesterday and why they gave that guidance. But thats the stock thats going to set the tone for Enterprise Software<\/a> which is a very large part of whats been moving up the nasdaq. Whether it be a data dog thats been so driven. Super micro yesterday added to the s p. People ran ahead of that. I think theyre going to be crushed. You do . Yeah, i do. All of it comes back to the excitement around ai, ai chips, the davis center and everybody feeding into that. I think we need to know the a arm. That will be important. I want to point out that gitlab was a sainted company until last night. Lets get the opening bell here. At the big board Health Insurance<\/a> company oscar, and at the nasdaq, first trust celebrating the tenth anniversary [ bell ringing ]. I think we have stay focused yesterday down almost 25 . Its trying to make a stand. I think the stand is not going to be able to be contained. I hope the fed is doing one of those hope for the best. Be ready for the worst situations and have someone who might want that apartment portfolio. It is only 7 commercial real estate. This was completely botched. Remember, this was the fall of the fed that allowed them to buy signature. I had been recommending sell on this bank for literally a decade. Suddenly they got this property. Im on new York Community<\/a> bank watch. I dont know if youve been checking this one out. Every day theres something new and nothing seems to be sticking. Theyve got to pull a rabbit out of a hat. They do. Although weve just had a long line of people when we question any of those who are focused on it, sayit is not systemic. Definitely not. Yet was a very strong day maybe the strongest day in a year. What was going on with Morgan Stanley<\/a> yesterday . Did you notice that stock so strong yesterday . We thought it was about the were trimming some this morning for the travel trust. The answer is that, david, they met apparently with the man who you say can do everything. Elon musk you dont get a 5 move in Morgan Stanley<\/a> on the fact all the brokers were up. We know there were significant losses in the 12. 5 billion on taking twitter private. Maybe its about their new 82page report on m a where theyre calling for 50 increase in global volume. With president trump. Did they talk about that . If nominated, i will not serve. Did they talk about that in the piece . Hope springs eternal for m a this year. Obviously already two years in. Right now nothing looks much better than last year. Do you think the ftc keeps kahn if we get trump as president . I dont necessarily know that lina kahn remains at the ftc even if biden wins reelection. What do you know . I dont know anything. J. D. Vance said shes the one bidenofficial who is doing a good job. I hated his book. You go far right and come all the way back the other way. Hard left and hard right agree with each other on a lot of things. Hard left, the incredible atlantic magazine piece that was horrible, sad, sad. I read it. We dont need to talk about that right now. On m a, right now im not sure Morgan Stanley<\/a>, they hope theyre going to be right. The fact is, its not just regulation. Its confidence which you think people would have given the Business Environment<\/a> right now and given the stock market almost all time right near alltime highs. How about the last two quarters. We havent seen it. How about the last two quarters which were playing awful. In terms of what . Called earnings per share. Turned out to be the most overvalued o of the major brokers which shocked me. Gorman, by the way, is serving going to be on the disney board. Yes, on the disney board. Hes dabbled in what there . What has he dabbled in . Obviously has gone through a Succession Process<\/a> hes a Serious Business<\/a> person. You going to question gorman it seems like every Serious Business<\/a> person who joins the board loses some of their gravitas. Collectly mark parker, calvin mcdonald, put them all together, what do you get . Really . You get a group of people that have allowed executives to make a huge amount of money. Still in the peltz camp firmly . I believe in truth and reconciliation. I always have. Truth and reconciliation. I want to know what the truth is and how to reconcile it. They were out with their white paper today, or late yesterday. You see the number of days youve done well if you bought the stock versus not . The chart of red squares . Was that a great chart. Bob iger did tell he did really well. Youve got to hand it to the guys. Everybody who worked there did great. My travel trust owned it. I helped fund that greatness. The white paper itself obviously does go into some detail about the board oversight. Theres a lot of what, but not a lot of how. When you look at when you look at triann when they went after dupont, when they went after p g. Spend more on ads, none of that is in this. I spoke to johnson and hines. I spoke to dupont, proctor over the years. They all thought he was incredibly valuable. My point is they came in with a real plan there in terms of execution and operations as opposed to hear where its saying. Tremendous lack of oversight here. The executives, the non the top level executives did incredibly well. The incentives were completely out of whack. Thats the board. Were those other companies, the procters, the heinz, the duponts going through a pandemic, a strike, a revin innings of the Business Model<\/a> . Okay, great question. I think the answer to that is obviously not. I know bob iger is going to hate everything ive seen which is fine. Its not about friends. Its about money. The fox acquisition has to be up there with some of the acquisitions that david talks about fox. There was a page devoted to the fox lets say you check in with some of the people that run these leagues about this shotgun plan that theyre doing talking about the new joint venture. The new joint venture. Maybe they should have checked in with adam silver on that. Hes a smart fellow. Lachlan murdock yesterday spoke at the i believe the Morgan Stanley<\/a> media conference. By the way, bob iger going to speak later today at that same conf conference. I think we have some sound from Lachlan Murdock<\/a> talking about this sports joint venture announced a few weeks back and the prospects he sees for it. Take a listen. What weve built our plans around are that within five years we will have 5 million subscribers, within five years. So some of the talk around this being in the teens or 20 million subscribers. We dont think thats the case. We think its a very Good Business<\/a> for us. We think every single over all its these subscribers are incrementable to our base, our subscription base. We think around 5 million schrieber mark, thats where well zed settle at after about five years. 5 million over five years is not what many people anticipated. He seemed to be saying we go in with that as something wed be happy with, perhaps underpromising with the hope of overdelivering. On the antitrust front where theyre going to get some pressure, he doesnt feel at all that there should be. Basically sayingwere servicing a part of the market that is not getting sports programs right now because theyre not paying for the various bundles and things available at the higher end. I want to know what happened when the nba contract is up in 2025. If i were apple, id want to run that through the vision pro which has been taking heat of late. I dont know how anyone can stop them. I think i told you, theres a rumor apple wanted to buy the whole thing. Youd never do that if youre the nba. We knew how google did with the nfl, maybe they would be interested. I know amazon would be very interested. Amazon is a very wellrun company. All those companies will be significant potential bidders for sports rights in the future. Paramount, theyve got years its 2030. You have a long time. Not the nba. No. The nba is right now. Nba is incredibly popular sport this year. I looked up the apple sports app is so much fun. Its a tote board. Its very clean. When it comes to the nba, the question, warner bros. Discovery, who stock goes down every day, jim, what can they actually afford to step up for . Do they have to pay the same for a lot less . Our Parent Company<\/a> is thought to be certainly in the mix once again for the nba. Well, nba then you throw in the likes of the streamers, in particularly the big tech. Youll see where we end up. Obviously espn will be a part just a full circle with bob iger. Remember, the board in this particular case is saying peltz is saying the board needs to be able to rein in costs. Theyre taking 7. 5 billion in costs now. How did they have 7. 5 billion in overhead . I thought that was empirical. You mentioned bezos or amazon at least. Bezos has stolen the mantle of worlds richest man elon musk as tesla has had a rough start to the year. Goldman out today about ev demand, they say if you make changes or repeal parts of the ira part of that would rely on congress, could cut ev demand by up to 30 . There really is you can really wreck ev trump a new Trump Administration<\/a> would get rid of all of it, wouldnt it . That would be one of the key goals. The only place that got confirmation, california still continuing to have very big ev sales. They still have a statewide mandate by 2030 i think by the way, well have some of the lowest numbers of cost of electricity soon. 25 of our electricity is going to be coming from solar within the next five years which is amazing. The new technology, they just installed a big system in sweden. David, sweden, ive never thought of that as the hot bed of solar. Right. Because they dont get that much sun, right . Thats the point. It just takes me a while. As you know. I have a key sense of the obvious, but not for much more. Power is going to be a huge issue. Yes. Its going 5 a year because of data centers. Because of data centers. Remember how we talked about how much power all those bitcoin miners were using . The utility stocks have done quite poorly, a lot because theyre pressured to retired plants and put up solar and wind. Were going to have va nova soon talking, larry culp has convinced me is a very, very Good Business<\/a> because of the changes. If you roll back all the subsidies on renewables and Everything Else<\/a> in a new administration, youre only going to exacerbate the potential Power Sources<\/a> or go all in on the old grid . I think the answer is you put higher tariffs on anything chinese and our american system right now is very selfsufficient. Theres a big credit coming from the ira which i think isnt necessary. I do think its worth monitoring the fact that solar is so much cheaper than any other form of energy which is just incredible how that happened. A lot of that ask the software and the ability to be able to handle undulating hills and make it so annual manuals dont go at the same time. They can go in different places and can target the sun which has produced a tremendous chinese are still by far the leaders. Im saying trump would make it they make it all. We still rely on that. You can stuff the chinese. We had first solar on yesterday. A good example where your exposure to residential is less of aliability i really want corporate. I want the big enterprise. That is next tracker. I urge you to go into their videos which are so amazing. Were the world leader in the technology. Saudi arabia rely on us, putting up big fields. Speaking of the grid and utilities, this shutdown of teslas berlin factory because of this nearby fire which i think is now out. Theyre suspecting arson. But this put a very quick end to production, at least in the near term. Were getting some sort of an bus horribles. I got it. Just say, yeah, i know, jim. Whats your point . Everything can go wrong for the second richest man has been going wrong. Not on spacex. Thats true. Theyre the only ones able to send anything into space. Basically spacex is nasa. Remember boeing . Do they still have that contract to send something snup. They were trying to buy spirit. I thought that was going to happen this week. We got this audit from the faa. Lack of compliance in manufacturing process control, parts handling, storage, product control. Otherwise otherwise they had a down. They did sell some jets to america. How about that, american. They protested out here. I do think there is that boeing, if they get spirit under control and they control the fuselage, it will be very positive even with all the negatives there. There are people who say until they get rid of calhoun, the government is not going to stop. I think thats wrongheaded. I think the fact that the Justice Department<\/a> investigation tells me theyre more interested in the union than in that. Speaking of regulatory efforts, interesting piece in the journal about the white house looking to crack down on fees on credit cards which they argue cost americans 14 billion a year. Easy targets. You probably wanted to buy master card and visa every time you hear a crackdown on fees. I dont think anything is different this time. Theyre picking targs yesterday they had this list of pharma, mark cuban with a good interview. J j is in the crosshairs again. We didnt do novo lilly, this trial suggesting is it Kidney Disease<\/a> . Some efficacy there . One of the things people have been talking about, wegovy, you have to take a drug wait a half hour after taking out of the refrigerator. Lilly is instant. Anything that makes the shot easier. There was a piece today about how lilly is beginning to rely on contract manufacturers. The demand is just its insane. Whats going to happen is the fatty liver a lo of that is fatly liver. Alcoholism is a disease for heavens sake. Where do you think well send up over time in terms of actual coverage for Health Insurance<\/a>. I think theyre denying furiously right now. Very expensive. Longerterm argument would be pay for it now but then a lot less to pay for later. Hypertension, fatty deliver disease, diabetes, obesity, all comorbidities. It would be the greatest savings in the system. They talk about the up front. Why dont they think about the back. Legs get over to rick san santelli. Whats interesting here is that just Like University<\/a> of michigan, some of these midmonth reads have really jumped. So we go from 51. 3 to 52. 3. Thats a pretty big jump. Now sequentially you have 52. 5 in january, 52. 3 in february. These are solid reads. Both those basically are going back to some of the best levels since mid last year. If you look at the composite. 52. 5. That indeed is the best since june of last year. We still have lots more to come with regard to pmis. Durable goods factory orders coming out at the top of the hour. Were down half as much in short maturity, down three in the two o year, down six in the tenyear. Of course, we continue to monitor growth. Big driving force in yields. Humfree hawkins or what used to see, we see the chairman going to both sides of the aisle midweek. Squawk on the street will return after a short break. Fresh, warm hot dogs when im not selling hot dogs, i invest in a fund that advances innovations like robotics. Fresh, warm hot dogs, straight out of my torso one for you, one for you. Oh, youre a messy one. Cool, right . So cool. Anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. Hot dogs fresh, warm hot dogs before investing carefully read and consider Fund Investment<\/a> objectives, risks, charges, expenses and more in prospectus at invesco. Com. This is our future, ma. Godaddy airo. Creates a logo, website, even social posts. In minutes how . A. I. With godaddy airo your brain is an amazing thing. But as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve memory. Prevagen. At stores everywhere without a prescription. Lets take a look at s p gainers at the open. Target up 12. 5 almost as comps down 4. 4 roughly in line. Transactions down 1. 7, but we did get sequential excel is rags on that front and investors focussing in on that and look for cornells comments later today. Dow down about 200. Stop trading with jim is next. Power e trades easytouse tools, like dynamic charting and riskreward analysis, help make trading feel effortless. And its customizable scans with social sentiment help you find and unlock opportunities in the market. E trade from Morgan Stanley<\/a>. With powerful, easytouse tools, power e trade makes complex trading easier. React to fastmoving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you wont miss an opportunity. E trade from Morgan Stanley<\/a>. Rylee from rylees realty hi this listing sounds incredible. Lets check it out. Says here it gets plenty of light. And this must be the ocean view . Of aruba . Huh. This listing is misleading. Well, when at t says we give businesses get our best deal, on the iphone 15 pro made with titanium. We mean it. Amazing. All my agents want it. Says here. inviting pool. Come on over too inviting. Only at t gives businesses our best deals on any iphone. Get iphone 15 pro on us. Investment Opportunities<\/a> are everywhere you turn. But at t. Rowe price, were letting curiosity light the way. Asking Smart Questions<\/a> about opportunities like advances in healthcare. And how these innovations will create a healthier world tomorrow. Better questions. Better outcomes. Is it possible to count on my internet will create a healthier world tomorrow. Like my Customers Count<\/a> on me . It is with comcast business. Keeping you up and running with our 99. 9 network reliability. And security that helps outsmart threats to your data. Moaire dida twoo . Your data, too. Theres even roundtheclock customer support. So you can be there for your customers. With comcast business, reliability isnt just possible. Its happening. Get started for 49 a month. Plus, ask how to get up to a 800 prepaid card with a qualifying internet package. Dont wait, call and switch today . Lets get to jim and stop trading. All this time, come on mad money and say, we have really incredible drones for the military for environment and bring them on. We would send some into the sky. The military didnt seem to be interested. The stock is up 28 on the facts that contracts are coming through. I think the stock would be up 50 if there werent so much dillydallying in congress that did get to the military, shameful given these things are, by the way, by far the best than anyone in the world and a i just my hats off. He will be on i believe with Morgan Brennan<\/a> later today. She covers defense so well. This is a remarkable company, and we have by far the best drones. I was saying, can we buy them and send them to ukraine as individuals. No. You cant, like gun running, you dont gun run. Never, david, do you gun run. Never. Not allowed. David, just in case. Like thinking i want to get into the gun run business. I had thought about it for some time. A second life. Yeah. And the arms deal late afternoon. I suggest you read the fig tree essay that silvia wrote. Beauty. Before she went into her depression period. Remarkable. Cramers book club. Thats your next article. Oh, my. Investing club. Nvidia, no swapping out into plat. Whats tonight. I have oddity which is a cosmetics company, trying to find the next elf. And inspiration brands because you know what, american runs on dunkin. We have dunkin coffee. Barbie and buffalo wild wings, way of the wing stop model, which is terrific. Baskinrobbins, biggest ice cream company. Okay. Heres a quiz who invented the ice cone . Dunkin. Jim, well see you tonight. Mad money, 6 00 p. M. Eastern me. Trying to hold 5100. Ism services is up next. All it takes is an idea, and now becomes the future where you grew a dream into a reality. The all new godaddy airo. Put your Business Online<\/a> in minutes with the power of ai. [storms sound] whatever weather comes your way [wind and snow sounds] weathertech has you covered. [bird chirping] [laughing] with our laser measured cargoliners. No drill mud flaps and floorliners. To secure your phone dont forget the cupfone. Order yours today at weathertech. Com. You never know when its gonna be a weathertech day. Perfect weather today. I wanna hold you forever hey little bear bear. Im gonna love you forever cmon, bear. You dont. You dont have to worry. Be by your side. Ill be there. With my arms wrapped around. Shopifys point of sale system helps you sell at every stage of your business. With fast and secure payment. Card readers you can rely on. And one place to manage it all. Whatever the stage, businesses that grow grow with shopify. Po, you need to bring peace to the valley. [ choking ] the chameleon is nothing like anyone youve ever faced. She is capable of mimicking any shape. Awesome. I mean its disturbing, but its awesome. Good tuesday morning. Welcome to another hour of squawk on the street. Im sara eisen with Carl Quintanilla<\/a> and david faber, live for you as always from the new york stock exchange. Taking a look at stocks, the pull back continues. Were holding 5100 on the s p 500 but just barely. 5107 after yesterdays selloff. The nasdaq getting hit the hardest. There is a tech selling. Utilities, energy, staples, financials, materials and real estate are higher as sectors in the s p. Its tech, Consumer Discretionary<\/a>, communication services, that is what is weighing on the major averages right now. Apple under pressure again. Some of the tech names are what is dragging us lower. Take a look at treasuries, lower yields to start the week and that trend continues. Some buying of bonds 10year year to 4. 1. Midfebruary levels. The twoyear yield at 4. 5 . 30 minutes into the trading session. Three movers were watching. Target shares surging despite a lackluster sales forecast. Well break down the quarter and outlook. Weakness in big tech. Apple, tesla, two of the biggest laggards in the s p this morning, warning what the technicals are saying this hour. Watch amd hitting a road block to sell a chip tailored for the chinese market. The Company Reportedly<\/a> tried to get approval from the Commerce Department<\/a> to sell the processer, but government officials said the chip is still too powerful and the company must obtain a license to sell it in china. Stocks giving back less than 0. 5 . Market seems to like the ism services number. Back to rick santelli. Well, i guess like is a relative term. What they like is the weakness in these numbers. You see yields dropping. Factory orders minus 3. 6. Thats a big miss. Weakest level since april of 2020. The covid affected years. A negative revision from up 0. 2 to down 0. 3. If you look at extransportation it improves bought miss, minus 0. 8 . That issed weakest level since october. 0. 7 from up 0. 4 to down 0. 3 . Were going to switch gears to durable good orders. These are final numbers replacing midmonth reads. Now if we look at the headline number minus 6. 1, the worst month over month change, negative since april of 2020, it gets worse minus 6. 2 , the comp remains the same. Transportation, minus 0. 4, still the weakest level since april of 2023 and if we switch gears to nondefense orders exaircraft what we find there is that it is 0. It was up 0. 1. We lost 0. 1 there. Finally an interesting one, shipments up 0. 8. It was the one metric that went the right way up to 0. 9 best levels since january of last year and hope what may lie ahead. We have our last tranche of data points here ism, these are the services. Now if we look at the index, 52. 6. Thats a bit light. Were looking for 53. Sequentially light, 53. 4. 52. 6 isnt too bad. Its the second best number of the year. Last year at 50. 5. Prices paid, always interesting, because it is moving in the right direction. 58. 6. Versus 64. 0. 58. 6, well, thats the liest since the end of last year but moving in the right direction. The Employment Index<\/a> considering how we have adp and the jobs report friday, 48. 0. It moved under 50. Thats not good. Weakest level since december 43. 8. New orders 56. 1 its a beat and sequentially it is higher than a 55. 0 in the rearview mirror. Mostly weakness in these numbers. Back to you. You see the buying of bonds and a little bit on equities as well on the weaker numbers, especially inside that inflationary number and services. Thank you, rick santelli. It is kind of the mode were in where good news has been embraced by the market on the economy, but also weaker news has been embraced by the market. We got weaker manufacturing numbers for february on friday. Now weaker services numbers. Because the market is rooting for fed cuts and the market is rooting for better economy. As long as we have evidence of both and Services Still<\/a> in expansion thats kind of the setup for stocks that has been so positive. Just to add a little bit of fed speak that everyone is talking about this morning into the conversation, we did get bostic after he talked to us recently and been on the wires a lot i picked it out hes talking about the pace of cuts for a change instead of the timing. I would probably not anticipate they would be back to back cuts. Given the uncertainty, i think theres some appeal to acting and then seeing how participants in the markets, Business Leaders<\/a> and families respond to that. Just as the market tries to figure out this curve of how many cuts were going to get and when the cuts are going to happen, it was just a sort of thoughtful point here about okay, maybe we can have small cuts and they can be every other meeting and we can wait to see how it pans out. Obviously, that has implications for the market and how many cuts well get. Hes a voter this year which is another reason i highlighted it. Voting member. Understood. I followed. Okay. Didnt have anything to say. The only other topic i wanted to bring up today was super tuesday which, you know, were watching and we started the discussion about how the markets are viewing the election and theres not a lot there yet. You know, one thing is for sure, i think if heres the volatility curve i put out from new edge which shows you this is the vix curve. It shows you that theres an anticipation of volatility right around the election. As there usually is. Shocking. But thats about it right now. I think one thing that, you know, in the analysis that you can agree on if its trumpbiden and a Trump Presidency<\/a> you will not get the shock reaction we got last time around. Another thread im picking up in the research, bmo wrote about it, foreign buyers at least of treasury yields and of equities, u. S. Equities, have more apprehension. Something weve heard a little bit and are talking about the prospect of a Trump Victory<\/a> and what that would mean for geopolitics and the deficit and tariffs and economics. Right now the market is sort of treating it as not a surprise until maybe we get more on policy. Yeah. I mean, you know, again, you and i discussed this briefly yesterday. It comes up now in sort of discussions youll have. For example, things around energy policy. In the last hour we were talking about the needs the country has for electric for power. Given all the data centers, for example, ones being built and everything, what road do you go down there, can renewables do it. What happens in the Trump Administration<\/a>, for example, if they roll back the provisions of the ira and the subsidies part of that. That said, to your point, it doesnt feel like the market is really paying very close attention in terms of reacting to anything because its too early to do that. Early and also because the fed is very much in play. Powell is just considered more important and powell will be on the hill tomorrow testifying and i think the market is paying more attention to that and were getting the big earnings movers. Target is very much in focus today, and we learned some stuff about the consumer and about target. The stock surged. We have to mention its a similar reaction to the last quarter because of the profitability that this company has managed to show. 2 billion in profits last year i think is a celebration. Theres lower inventory levels, better freight rates and they managed to find a lot of efficiency in the business, hence the out performance. I talked to Michael Fidelke<\/a> the coo of the company and the other point is, he said were not satisfied until we see positive comes and theyre not seeing that. He says i think q4 were seeing steps in the right direction, traffic was stronger and discretionary trend were better. The forecast is for flat sales for the full year. Can they beat that and get to positive growth . Thats going to be the next hurdle. Stock doing very well, as you said, to all the reasons and revenuers that resulted in the levers that resulted in the profits. I dont know what point the market starts to expect and says we will judge you on sales growth, as opposed to earnings growth. Thats their focus and message, they have an investor day today, and that is, we told you we were going to get more profitable. Were doing that. Made a lot of progress there. The next step afternofor us is returning to growth. A mix of the micro and macro, as far as what target is saying about the overall consumer, i thought this was good note because i asked fidelke why he thinks the consumer is in better shape. Inflation is starting normalize in like food and beverage that was, this is cfo speak, crowding the wallet. Weve had to spend a greater share of our incomes on food and beverage and theyve had their budgets stretched but the consumer is still shopping. It was a little bit didnt want to give everything away on the Membership Program<\/a> well learn more. In addition to what you get on shipped. Didnt buy back shares in the quarter but says the cash position is healthy and theyre going to invest that money to drive returns before returns to shareholders. Its ongoing so were going to continue to get news from there. But i think the improvement in traffic, improvement in discretionary, and then, obviously, the profitability moving the stock. Lets talk about wall streets reaction to target headlines and the news, joining us is cfra analyst arrun sun deron. He has a 44 price target. Big reaction in the shares. What are you waiting to hear before you get more bullish on this name . Hey, sara. Thanks for having me. I thought the quarter was an okay quarter. Wasnt great, but wasnt bad. I think the big positives was that traffic trends are going in the right direction. Still negative, but its better than the 4 to 5 traffic finds we saw in q2 and q3 of 2023. 5. 8 operating margins this quarter, the strongest this year and moving in the right directions. Operating margins for target has been between 6 and 7 , so it does need a little bit of ways to go to continue improving the operating margin line. Good end to the year. I think the momentum is there for target. I think the big question is when discretionary sales will improve. Thats whats needed to improve the top and bottom line. Its when does Consumer Discretionary<\/a> spending on goods improve. I think based on targets outlook we could see better comp sales trends in the second half of 24 versus the first half. He said the trends are improving and if you go to certain categories like kitchen wear, for instance, thats a positive com. Theyre starting to see it show up. The elephant in the room the divergence in performance between target and walmart in the Financial Performance<\/a> because i know theres a different mix there. Walmart relies more on staples than target. What is the reason that they are seemingly performing much better and seeing growth in sales and traffic versus target . Yeah. I think walmart is a much more diversified company than target. We talked about sales mix is different. Walmart is much more exposed to food and beverage category versus target. Target is 20 of their sales. Walmart has the club model. Sams club. They have an International Business<\/a> as well. Walmart has the subscription program. Walmart plus. Which is doing, you know, pretty well. It has a thirdparty marketplace, much larger advertising business, now you know every retailer is trying to get into advertising, thats where the margins are. Target is less diversified in that respect and thats one of the reasons why targets multiples trade much lower than a walmart or a costco, for example. Got it. Thank you very much. Thank you. Hold rating on target. By the way, also fidellke said the theft issue is Getting Better<\/a>. They havent changed their numbers. Shrink is a lagging indicator but theyre encouraged by the conversations with Law Enforcement<\/a> that should improve too. That was a big headline some time back when talking about half a billion dollars a year. As we head to break right here a road map for the rest of the hour. The health of the commercial Real Estate Market<\/a> and the risks that may be out there. The ceo of walker and dunlap will join us to discuss that. Apple shares down again today. Iphone sales in china plunging. Were going to take a closer look at what the technicals are signaling about the stock. China laying out its grand economic plan for growth. Live to beijing for details as quk t see ctiessawonhetrtonnu after this. Youve been a real rock star. Rock star . What do you know about rock stars . Billy idol . I mean wheres the skintight leather . My shoes are leather. Wheres the unnecessary zippers . That thing billy, rock star is just how doug feels when he uses workday. Thanks, rory. Ill show you rock star be a finance and hr rock star. Workday. For a changing world. Billy idol just stole your golf cart my name is oluseyi and some of my fo favorite momentsd. Throughout my life are watching sports with my dad. Now, i work at comcast as part of the team that created our ai highlights technology, which uses ai to detect the major plays in a sports game. Giving millions of fans, like my dad and me, new ways of catching up on their favorite sport. Check out bitcoin surging to an alltime high 69,000 a few moments ago that tops the prior record set more than two years ago november of 21. Up about 60 so far this year. All right. Weve already discussed this, atlanta fed president Raphael Bostic<\/a> talk about the Federal Reserve<\/a> feeling no pressure to cut rates given a, quote, prospering economy and wants to see progress on inflation before he feels confident about cuts. Ahead of chair powell who will be testifying on capitol hill tomorrow. Joining us on what the feds next move means for real estate overall, commercial, multifamily, all of it, willy walker, chairman and ceo of walk walker and dunlap. Nice to see you. Great to see you. We came into the year with an expectation that there might be more aggressive rate cuts than certainly is going to take place. What has that already done, perhaps, n terms of the world that youre a part of, whether multifamily or commercial or anything else that relies on lower cost debt to potentially prosper . We ended 23 with people saying we have [ inaudible ] coming soon, rates will go down. This is great. The projection six rate cuts in the year starting in march. Thats been backed up and now its june and probably three rate cuts. What you had is people saying im going to wait for rates to come down and people capitulating that the long bond might be in the range of 4 to 4. 25 for an extended period of time and refinancing to do or trying to buy an asset this is the cost you should underwrite too. This is the world you have to live in. Dont wait to a certain extent. Weve been talking commercial real estate with you through the pandemic and since in terms of office and back to office. Where do things stand . Were hearing people come on and some saying its only going to get worse in office and others seem to be starting to stress funds to pick assets off. How do we make sense of it . If you look at new york prepandemic, 45 million square feet a year leased in new york, down to 20 million in square feet today. A massive falloff. If you look at new york theres probably a third of the opposite inventory that can push rents. One vanderbilt where were a tenant they will push rates there. Le then another third thats static and another third that doesnt need to exist. What happens to the third that doesnt need to exist, what does it do to tax rolls in cities like new york and how does the government work with owners so make it so they can reclassify, reuse that. Its a real issue and what happens, the everyone is waiting for something to break and unfortunately theres nothing thats going to break right now. Theres no one event, barring a bank banking crisis, that will make all of this come to the market and clear. Its going to be one building after another you will have zombie buildings. Very much so. Sort of like during the Industrial Revolution<\/a> and all the warehouses that mills that werent used and they happened to be in rural areas in downtown. Manhattan. We had factories downtown that became luxurious lofts in tribeca and chelsea. Is repurposing going to work . Its super hard. Taking an Office Building<\/a> and turning it into multi, given the floor plans, you have too much internal space and the costs are extremely high. So the real question is what do you do there . Do you do vertical agriculture . Theres a lot of ideas out there, but no quick fix. Vertical agriculture . Yeah. Been hearing that for some time. Data centers too. Your weekend was all data center. Its what everybody wants to talk about. Theres a ton of capital ton ton of capital joe from thor equities. Hes not in to making new york Office Building<\/a>s into data centers. He wants them in mexico. The aws infrastructure over there. What about multifamily because that comes up as well as a concern. What are we seeing in that market . You have to remember that Single Family<\/a> market has been the Home Builders<\/a> have been on fire. Why have the Home Builders<\/a> been on fire . The market has been 90 of resale of existing inventory and 10 of new sales. Now 70 of resale of existing inventory and 30 new sales. No one who owns a home wants to sell it. They have a low fixed Rate Mortgage<\/a> on the house. The Home Builders<\/a> are building anything they want and thats a strong market. Thats the competitive force for multifamily. When someone cant buy a Toll Brothers<\/a> home because its average price last quarter was a million dollars, theyre going to remain renters, which means we have stability on the multifamily side but at the same time theres a lot of inventory coming on market in 2024, and how the market absorbs that inventory and then the final piece to it all is a bunch of people on the multifamily side and floating rate debt in 2021 and 2022, if you bought at a low cap rate or high price, and you put floating rate debt on it in 2021 or 22 you have problems today. Not as big a difference. The equity might be their new equity for that as opposed to the Office Building<\/a>s, right . There is equity on the office side but you have fannie and freddie from a debt standpoint and Equity Capital<\/a> trying to get into multi. Youre not going to see a lot of distress in multi but you will see bargains. You mentioned the gses, fannie and freddie. You do business with them. What are you seeing in terms of their appetite right now . They both have caps imposed on them by their regulator as far as how much multifamily lending they can do. They came in well below their caps last year. That wasnt faneny or freddie. There wasnt demand for their capital. Its our hope 2024 reverts to a normalized year for the agencies. They add a huge advantage to the multifamily market because theyre there in good times as well as in bad. It feels like right now in commercial real estate it depends where you sit. If youre on the brokerage side things are looking better. The lending side still a trillion dollars of debt coming due, right . Youre on it. Im trying to figure out if its Getting Better<\/a> or worse . One thing to think about a trillion dollars of debt coming through, 920 billion of debt that matures in 2024. The interesting thing about that is, that number was 600 billion a year ago. So over 300 billion of debt has been pushed from 23 to 24 because banks who have a performing loan are keeping it on their books. They dont want to have it pay off. That bill is going to come due, night. Right . If its performing theres no reason for the bank to call the loan. Do you get 920 billion of refinancing in 24 which would be good for the brokers or do the banks say im going to push it to 25 and they keep making plus 200 theyre happy making on a commercial real estate loan. Back to where we started if we end at lower rates, 75, 100 basis points lower is it going to make a difference . Thats Wishful Thinking<\/a>. You think thats Wishful Thinking<\/a> . Increasingly shes my expert. Priced out. Theres three right now. Well see what fed expects next meeting. Look, clearly as shortterm rates come down, we should get some type of rally in longterm rates. You have to remember that the majority of commercial Real Estate Debt<\/a> is based off the long bond not on short praptsz while there is transitional capital and debt out there most is fixed rate and longer term always a pleasure. Next time well talk about walker and dunlap. Great returns, great tsr. You talk about the mag seven and you and cramer sit here and if you look into some Companies Like<\/a> walker and dunlap and others there are stocks to be picked that have praernlgs that is at or better than the mag seven and i just think a lot of people say put it in index fund and watch the mag seven grow. There are Great Companies<\/a> out there for individual stock pickers. So you got it in there. Willie walker, walker and dunlap. Coming up after the break, apple down again today. Down more than 10 for the year. Ocll get the take on where the stk may go from here when were back in a moment. You founded your Kayak Company<\/a> because you love the ocean not spreadsheets. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire this thing, its making me get an ice bath again. What do you mean . These straps are mindblowing they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. And you are . Im an investor. In invesco qqq, a fund that gives me access to. Nasdaq 100 innovations like. Wearable training optimization tech. Uh, how long are you. Im done. Im okay. Welcome back to squawk on the street. Shares of apple under pressure again today. Data showing shares of its iphone in china fell 24 from a year ago when in the first six weeks in the year from counterpoint which says apple saw competition from huawei which did see sales jump 64 during that time. Todays losses sending apple shares down 10 or so. Lets get to dom chu doing a deeper diving on the stocks and where it could be headed. 10 for the year so far that decline is more so when it comes to the highs in the middle of december, and its been an under performer. Apple versus the Broader Market<\/a> overall, first of all during the last year, the Technology Sector<\/a> has been up 47 . The s p 500 broadly up about 26 . Meanwhile, apple is less than half of what performance of the broader s p 500 has been. Certainly less than the tech sector overall. Again, from those highs that we saw in december, we are now down roughly 15 or so. Take a look at apple chart wise from those december highs to here, down about 15 . Were also kind of in this trading range that weve seen so far. Still a decent way from the bottom end but below the 50day and 200day longer term averages for the market overall leading to some of those momentum indicators like rel strength index, rsi, standard deviations below its main and moving average convergence, divergence, a number of indicators are flash something perhaps oversold conditions. Its gone a little bit too down too fast and that context. Watch what the analysts are saying right now. Still about 60 of analysts say apple is a buy. Its been roughly that since about october of last year. 39 hold. 11 say sell. And the average target price by the way is 199. 85. That represents about the high that weve seen over the course of the past year. Were still about 14, 15 below those levels. Its leading some traders out there to think whether or not this could be a possible bottoming process for the stock out there for some value buyers. Well see if that comes to fruition. Ill send things back over to you. Whats the main argument . Is it the weak china sales or conservative guidance we got last quarter . A concert of all those things and the idea of trying to characterize with the Growth Profile<\/a> will be with the overlang. Doesnt lep when you see regulatory finds and hurdles from the european side of things. Big technology facing issues in china as well especially when it comes to apple and the iphone sales that carl mentioned. Overall, the analysts out there are still generally bullish on the stock. We havent seen a heck of a lot of massive downside revisions. Target prices stay steady at those levels, pretty much since october, early november of last year. Dom, thank you. Dom chu. Still to come, rates and the record rally. Stocks taking a breather at jay powells testimonyn ocapitol hill tomorrow. Well get you ready. Stay with us. Glp1 drugs used in weight loss treatments stand out as the biggest global blockbuster, but these treatments require cumbersome injections. With lexarias patented oral delivery technology, early studies suggest a better way. Lexaria bioscience. Democrats agree. Conservative republican sugg steve garveyway. Is the wrong choice for the senate. Our republican opponent here on this stage has voted for donald trump twice. Mr. Garvey, you voted for him twice. As your own man, what is your decision . Garvey is wrong for california. But garveys surging in the polls. Fox news says garvey would be a boost to republican control of the senate. Stop garvey. Adam schiff for senate. Im adam schiff, and i approve this message. Welcome back to squawk on the street. Im Bertha Coombs<\/a> with your cnbc news update. U. S. And jordan combined forces today to air drop more humanitarian aid into gaza. They delivered nearly 37,000 meals to the northern part where an estimated 300,000 people are living with little access to food and clean water. Meantime ceasefire talks between hamas and mediators broke up on tuesday in egypt with no breakthrough. Its super tuesday. Former President Donald Trump<\/a> is hoping to expand his lead against former u. N. Ambassador nikki haley with 36 of the total delegates in the race up for grabs today. President joe biden will continue his path to the democratic nomination where he faces minimal opposition. And a crew of three u. S. Astronauts and one russian cosmonaut arrived at the International Space<\/a> station today to begin a sixmonth mission. They will relieve four astronauts on board and expected to perform about 250 experiments by the end of august. Sounds like they will be very, very busy. Carl . Thanks for that. Back to the markets. Our next guest says, quote, broadening is the key to equity performance for the year. Scott crowner, citis u. S. Equity strategist joins us at post nine, his bull case 5700. Scott, great to have you. Good to be here. We were talking the house view at citi on the macro side has been cautious for a while, and yet you are looking to be potentially more constructive. Why is that . Weve been table pounding bullish on s p 500 for a year now. Weve been arguing for a while they would perform better even in a recessionary backdrop than typically perceived and we think theres a lot that continues to support that, and its certainly influenced by the bigger mag seven if you will. The broadening aspect is starting to show up as well. Theres been some work done that looks at years in which january and february are up, and you end the year with the sectors that got you there continuing to outperform. Do you expect the opposite . I think its all consistent right. Weve been saying the big seven or mag seven would become idiosyncratic. Thats happening. You stop thinking of them as much as a cohort as you have in the past, and you start looking at the other evidence for broadening and sector dynamic so far this year and seeing health care do well, industrials, financials. All evidence of this. These are areas where we expect that earnings follow through should unfold as we get into the back half of the year. For all of last year the market was craving lower rates. Whats interesting is the relationship is kind of broken down. Today is a good example. Theres buying, yields are moving lower and equities are now moving to the lows of the session. What happened to wanting those lower treasury yields and the weaker data . From our perch we want lower 10year nominals to support the valuations around the growth part of the market. Were navigating when and if were going to get to the pivot. Were presuming middle part of the year. We need that at some level to support some of the view on the sector such as financials, but all told, whats happened right now, in our opinion, is you have a fomo thing kicking in, growth driver via ai thats pulling the mega cap growth cohort along and were seeing follow through from an etf flow perspective, futures position. All of that suggesting that i think theres a big rush to kind of get on this parade after being on the sidelines of this view that cash is an alternative for the better part of last year. How long do those kinds of parades last . Thats a good question, david. I think it goes as long as we get fundamental support. Weve been arguing a couple things here. If you look at the peg ratios in the big seven theyve come down. We are beginning to seat earnings follow through. We like to throw out the data from a year ago to now 24 growth expectations the mag seven are up 24 . The other 493 down 7. As long as youre getting the fundamental fol through and support this can keep going. We would say at the same time that puts a lot of pressure on the quarter by quarter fundamental dynamics as we go into q1 and beyond. Certainly explains the attention that gets paid to these prints in the upper echelon. Well continue the discussion as the weeks go on. Thanks. Good to see you. Well, target shares are hitting fresh highs this as the company has its investor day under way. The retailer announcing as well a new private label brand. Courtney reagan is live skonts scene and joins us now with more. Good morning, david. Its good to see you. Targets investor day is ongoing in new york city just in the room over here next to me. This is after the better than expected results this morning which is lifting shares. Investors really liking what theyre seeing when it comes to improved traffic as well as improved margins, although they are still seeing decreasing comparable sales and decreasing digital sales, at least they are improved sequentially from the last quarter. Targets cfo just inside sort of unveiling a new decade long forecast, basically saying that target expects Revenue Growth<\/a> of about 4 each year over the next decade and if that happens, well eventually add about 50 billion in incremental revenue. Hes saying that longterm operating margin rate is going to be at least that prepandemic 6 , if not higher over time. Again, shares here of target up about 12 on some of these announcements. Targets chief Guest Experience<\/a> officer Kara Sylvester<\/a> announcing the new or enhanced threetier Membership Program<\/a>. Its called target circle. The first level does remain free to sign up. Basically applies deals automatically at checkout instead of you having to search for them. Then theyre going to have the circle card. This replaces the red carpet which gives 5 off every purchase and twoday shipping but also allows extra time for returns. Then the target circle 360. This is the new paid membership. Its going to start out for a promo price of 49 and then eventually bump up to 99. This gives consumers unlimited same day delivery, but you have to have 35 or more on the order, twoday shipping and access to the shipped marketplace that target owns which delivers from both target but also 100 other retailers. Target also going to open more than 300 new stores over the next decade. Add ten new supply chain facilities. Invest in most of its 2,000 existing stores to some degree. It does have two new private label programs as you mentioned. One for basics called deal worthy, one for toys called giggle scape and relaunching its up and up brand. Investors care about the private brands because they bring in about 30 billion in annual revenue. Thats about a third of total revenue and contributes more than a third to margin because those are higher margin products when the retailer sells its vertically integrated line. On the longterm forecast that you just mentioned that was given on investor day, 4 Revenue Growth<\/a> per year . Yes. Interesting time to project that because they came off a revenue slump, 2023 a down year . Exactly. So they were going through the forecast for this year that they did give this morning for 2024 and saying that they do expect sort of this First Quarter<\/a> to see revenue somewhat depressed again as comparable sales continue to sort of make that climb back up, but then an improvement from there and so they are calling for at least 4 Revenue Growth<\/a> each year on average over the next decade. Courtney, especially given some of the trends were seeing and the price action, Courtney Reagan<\/a> on target. Chinas leadership laying out the grand plan for growth but are the goals achievable with the economy struggling. Live to beijing after a break. Trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. Get an expanding library filled with new online videos, webcasts, articles, courses, and more all crafted just for traders. And with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. Trade brilliantly with schwab. Your record label is taking off. But so is your sound engineer. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire glp1 drugs used in weight loss treatments stand out as the biggest global blockbuster, but these treatments require cumbersome injections. With lexarias patented oral delivery technology, early studies suggest a better way. Lexaria bioscience. [ragtime piano plays] the adversaries are back [gasps] ugh. Sheriff, i got this. Protecting your business from Cyber Attacks<\/a> can be unrelenting. Todays adversaries move fast. Crowdstrike moves faster. Crowdstrike. We stop breaches. Chinese officials setting their growth targets at this Years National<\/a> Peoples Congress<\/a> under way this week. Lets get to eunice yoon in beijing with the latest. 5 expected by global wall street. Yeah. How surprising was it to you and how are they going to get there . Well, most of the targets were in line with expectations and they were largely unchanged from last year, but because theyre coming off a higher base theyre being seen as ambitious. The government said to support growth theyre going to be targeting a fiscal deficit of 3 of gdp. The authorities are going to be issuing more bonds, longterm bonds, special bonds, local government bonds, in order to try to move things along over the next few years. The matchup is going to be earmarked for what they described as Major National<\/a> strategies and strengthening security in key areas. Now the premier who announced these targets at the start of the National Peoples<\/a> congress admitted that it wasnt going to be easy to reach those goals. However, at the same time, he didnt suggest that theres going to be any wholescale change in the approach to actually saying that policy approach of being prudent and proactive was what they were going to stick with. Now what might change was also hinted at in this government work report. For the First Time Since<\/a> 2019, the report dropped president xi jinpings mantra of housing is for living in, not speculation, so that has been raising a lot of hopes that the government is going to do more to address the struggling real estate sector. It also prioritized tech selfreliance and the promotion of made in china brands overseas. Then perhaps suggesting a more assertive china on the world stage. Some of the language that was inserted here was also interesting. They dropped the word peaceful when describing a unification with taiwan and called out for reform of Global Governance<\/a> system and that also is a bit of a change because in the 2023 worker report they talked about upholding an international the international order. So a bit of a change. Eunice, defense spending rising by its highest amount in about five years. You mentioned the omission of the word peaceful. Is that a function of real hawkish behavior or more about levels that were maybe artificially low in and around covid . Right. So the chinese, first of all in terms of the number, it was a rise of 7. 2 . So the Chinese Government<\/a> has been playing it down, saying that this isnt much when compared to the u. S. , that u. S. Has four times the defense budget, the size that china has, but at the same time, it has been raise something eyebrows because the government has been in this effort to try to modernize the military and also now we see the change in the language with the omission of the word peaceful when referring to taiwan, and its unification. Eunice, theyre doing a debt issuance i just curious about what the reaction is, what the money may be used for that they are doing. Its kind of off balance sheet, at least as it was described in the wall street journal. Reporter yeah, yeah, thats right. So, there are two sets of bonds. What was interesting is theyre all called longterm bonds, or ultralong bonds, they said. Some of them are going to be treasury and some are for local governments to help some of the finances for the authorities there. So, the money so far has been earmarked, they said, for strategic for strategic importance as well as for what theyve described as new Productive Forces<\/a> or a way to try to shift the emphasis of the economy towards more advanced i. T. And new growth drivers. Eunice, thank you. A lot there. Appreciate it. Good to have you with us from beijing tonight. Elon musk officially losing the title of the worlds richest person. Find out why and who just took the top spot, after a quick break. Youve been a real rock star. Rock star . What do you know about rock stars . Billy idol . I mean wheres the skintight leather . My shoes are leather. Wheres the unnecessary zippers . That thing billy, rock star is just how doug feels when he uses workday. Thanks, rory. Ill show you rock star be a finance and hr rock star. Workday. For a changing world. Billy idol just stole your golf cart as an independent financial advisor, my promise to you is simple. As a fiduciary, i promise to put your interests first, always. I promise that our relationship will go well beyond just investment decisions. Its the intersection of your money and your life where we can make the biggest difference. [announcer] Charles Schwab<\/a> is proud to support the independent Financial Advisors<\/a> who are passionately dedicated to helping people achieve their financial goals. Visit findyourindependentadvisor. Com when i was your age, we never had anything like this. To helping people achieve their financial goals. What . Wifi . Wifi that works all over the house, even the basement. The basement. So i can finally throw that party. And invite shannon barnes. Dream do come true. Xfinity gives you reliable wifi with walltowall coverage on all your devices, even when everyone is online. Maybe well even get married one day. I wonder what i will be doing . Probably still living here with mom and dad. Fast reliable speeds right where you need them. Thats walltowall wifi on the xfinity 10g network. Check out shares of albemarle, tanking 10 after it plans to sell 1. 75 billion in shares to help fund its spending in an environment of plunging lithium prices. Lithium prices down 80 over the past year. Speaking of lithium, lets talk about tesla. Underperforming leading to a big shakeup in the rankings of the worlds richest men. Jeff bezos overtakes elon musk. Hes, according to this, the worldest richest man. Lets get over to robert frank to give us the Details Behind<\/a> this devastating, devastating decline in wealth for elon musk. Yeah, david, as you always say, bring out the tiniest violin in the world. Jeff bezos is once again the worlds richest person with a net worth of 200 billion, just passing elon musk at 198 billion. Musk lost 18 billion just yesterday. That is one of the largest oneday losses ever in dollar terms. Hes down 31 billion for the year. Meanwhile, jeff bezos is living his best life. He moved to miami, spending time on his 400foot yacht with his partner Lauren Sanchez<\/a> and saving a lot of taxes. He sold 8. 5 billion of amazon stock in february by moving to miami. Saved up to 600 million in taxes he would have paid if he still lived in seattle. What does jeff bezos plan to buy with all this cash . He had a year to sell the stock under that sale plan. He sold it all in just a few weeks. So, he is in a hurry to do something very big. Speculation around bezos possibly interested in united launch alliance. Thats the Rocket Launch Company<\/a> that could add to blue origin. Despite that massive share sale in february, amazon shares still up 18 for the year. Guys, if bezos puts that money, if he parks it in a money market or even a cd, he will earn the equivalent of 1 million a day in interest. Wow. Hes probably not going to do that, though. By the way, if he hadnt gotten divorced, it wouldnt even be a contest, right . Mckenzie, who has been incredible when it comes to philanthropy, got a lot from the divorce. Yeah, shes giving it all away. I dont know where she ranks but at least 60 billion. Youre right, he would be at 260plus. Then hes got all this cash. The amazing thing is amazon stock has not really felt the effects of that huge share unload by elon musk. Its amazing amazon shares remain so strong despite bezos sell. 8. 5 billion in nine days he sold . What can you do with that . A lot. We have to stay close, as robert will. Thank you. Dont miss the president of td cowen in the next argue arguing for fewer and later cuts from the fed. Live market coverage continues. Dont go anywhere. You got this. Lets go. Gobble gobble. Ive seen bigger legs on a turkey rude. Who are you . Im an investor in a fund that helps advance innovative sports tech like this Smart Fitness<\/a> mirror. Im also mr. Leg day. 1989 anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. I go through a lot of pants. Before investing carefully read and consider Fund Investment<\/a> objectives, risks, charges, expenses and more in prospectus at invesco. Com. Good tuesday morning. Welcome to money movers. Im sara icen with Carl Quintanilla<\/a> live from post 9 of the new york stock exchange. Today target surging on improving margins despite seeing annual sales fall for the first time in seven years. Morgan stanley lays out the bull case on the name this hour. Well get to apples china troubles. A new report shows falling iphone sales as the stock sells off again. Spruce Point Capital<\/a> reviewing a new short in zillow just out this morng","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia800205.us.archive.org\/8\/items\/CNBC_20240305_140000_Squawk_on_the_Street\/CNBC_20240305_140000_Squawk_on_the_Street.thumbs\/CNBC_20240305_140000_Squawk_on_the_Street_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240707T12:35:10+00:00"}