Tesla cuts plus, stocks overall are looking for some traction. This after the s p notched its fourth straight down day the nasdaq remains on pace for its longest weekly losing streak since december of 2022 and Las Vegas Sands is amongst the biggest laggards thats ahead of the open thats despite an earnings beat. Blackstone, as carl just said, alaska air, dr horton, weve got a host of companies that are reporting earnings, and well get to all of them lets kick things off with tesla today, on track to open awfully close to a fresh 52week low. Deutsche cuts to hold from buy, cuts its target to 123. They were at 250 in february as theres a whole revisiting on what exactly the future model of tesla is going to be yeah, look, if youre going to roll the dice and decide that what really matters is selfdrive, something that has not worked for anyone, to tell the truth, then what you really do is box yourself in a corner what people really wanted was a cheaper car to compete against the chinese. We thought he was a better manufacturer we thought there was no doubt about it that a cheaper car would be additive to earnings and then we would prove that the Great American company is better than the rest of the world david, what we got was a gamble. Can he win that gamble so far, when you have full selfdriving, its not been something that works it hasnt yet come to fruition thats a fair point, jim despite what have, of course, been promises, year after year, that they were going to be there, and of course the idea is to remind people that once you do get to that, you can charge a significant fee to drivers and essentially have their cars working for them when they arent in them the idea of creating a taxi fleet, essentially, of robo teslas, which would clearly be incredibly additive to margins overall. But they arent there at this point. And i think that through the years, its been more difficult to really believe exactly when that day will come, and clearly, in this case, the Deutsche Bank analyst no longer is interested in waiting theyre talking about 2027 for the model 2. That is that lowerpriced automobile that ev that is no longer a part of the nearterm consideration, jim, and i did note so, they go to 2. 40 in their estimates for 27. Overall, cut numbers across the board, hence even with current multiples, you cant get a price target thats anywhere near where they are right now i think theyre going to have a loss this quarter. I think this hail musk play was played out already it failed. I expect to see something that is monumental. Instead, i see something that is incremental, and that, carl, is not going to stop this decline, because look, if it were earnings, if it were on earnings, the stock is 23 or 25. I dont believe that youre looking at a man right now who better have something. But before i say you got to sell tesla is maybe he does hes not playing his hand. But right now, weve got look, weve got some top leader cashing out. We dont know what they have in terms of something that is more profitable than an i. C. E. , so to speak, combustion or hybrids, which is what ford has ford stock hasnt done exactly well its down double digits, but carl, what i see here is a stock thats for sale across the board without an answer, and the answer has to be, not a cybertruck, not a robo taxi, but a better darn car. Yeah. Even Morgan Stanleys adam jonas, who is longterm outperform, i think, his price target is in the 300 range. He says his bear case of 100 might be in play in the near term as we get earnings on tuesday. Meanwhile, new car registrations in the eu, biggest miss or biggest drop in 16 months. New ev registrations, down 11. Thats for the industry. New tesla registrations, down 30 so, again, a bit of a reset as well on just the overall adoption curve on fully electric well, lets just put it as it really is. Other than china, the affordable ev is no more. And i would say not the next two two to three months but perhaps as long as the next two to three years could be a desert for ev, and there are still so Many Companies that are coming out and saying, listen, we are the answer to ev we can help ev well, you know what . Id rather have a. I. Than ev two much better letters of the alphabet i think there is a belief that generative a. I. , in terms of changing the way that they use the data and being able to actually empower selfdriving, is changing for tesla. Well get them there more quickly, jim i know a number of the bulls, at least, are pointing to that as a real possibility, and that they are making Real Progress again, well have to wait and see. You know, david, i want to sk disagree with that okay. Maybe about seven years ago, i was in a waymo, which is owned by google, which is owned by alphabet david, the waymo was able to identify, one, the best pizza shop within a couple miles of google, and two, was able to take me there as long as someone was at the wheel so, au contraire, mate i think theres something there. And maybe at that progression, it might be able to take me to an even better pizza shop thats closer jim, do you think i mean, overall, do you think the robo taxi vision over, say, the next 15, 20 years is legitimate or are we such a car culture in america, at least, that we just enjoy owning and driving our own vehicles well, i think that theres still a love affair with the car. We know that from registrations. We know that from both new with gm, secondarily, ford, when it comes to trucks. We know that from used with carvana. Its not something that we really like. Now, who would like it jb hunt, because they had such a crummy quarter, and they dont necessarily want people behind the wheel, but you know, i keep coming to that vision, carl, where a truck is passing me, i look over to it, and theres no one driving it my tendency is to want to go to a road stop immediately, kind of rethink, get my brain together look, its just not its going to happen. The time has not come get to 20 years. Its going to happen. Sure, david, its going to happen, and you know what else is going to happen tell me, what youre going to be well, youre going to be turning 80 by that point, and youre going to want selfdriving because you wont be able to see thats true me, ill want to pedal. Ill be mr. Magoo im encouraged that you said anything positive about a. I. At all, that its not just going to kill us. Some people have remarked on the fact that im so worried about artificial general intelligence but not when its behind the wheel of a car. All right, fair point. What about the robots, jim . Dont forget the robots. Your birthday is front and center no, the robots at tesla could be the key they could be the key to the companys salvation. I kid in a way, and then i dont. I dont know if we have our video. I love that video. At some point, you talk about artificial general intelligence, put that in the robot, and maybe theyre going to become the biggest robot maker in the world. Musk has said it will be a one to one ratio at some point between people and robots. Good, just go buy the incredibly shrinking nvidia, because the ships have to be from nvidia, if you want to make it work. By the way, jim, its not just shares of tesla that have been i mean, they were down they have been down all quarter, that momentum to the downside continues, but amd, one of your favorites, that looks pretty bad, that chart snowflake, that doesnt look so good i mean, we are sort of seeing some significant weakness over the last, lets call it, month and a half or so your thoughts . We are in a serious correction, and no one wants to admit it those two charts, amd and snowflake, show you that if you have been buying tech, may i suggest that you buy Procter Gamble if you take a look at Procter Gamble, the chart of pg, youre going to see youre crushing it. Youre crushing tech p g, they have tech. They have some plastic, david, that might decompose by the time we have selfdriving cars. But there you go i mean, if you take a look at procter during this terrible month of april, you see a better chart than you do amd. Its been painful, david, and i think that people dont want to acknowledge the pain i have the pain of nvidia. You know i mean, look, theres i mean, theres the ecstasy, and then youve got the agony i know, but its hard to get particularly sympathetic when it comes to a stock that is still up whats nvidia up this year youre still talking about incredible performance that said, yes, the chart doesnt look great the last three, four weeks for nvidia even though the last three months, the stock is still up 47 , and you can see, of course, for the year, over 71 nvidia does this thing. People dont realize that the last if you look at the last two quarters of last year, nvidia did nothing i was starting to get a lot of heat because i liked nvidia. Like i was going to rename my dog that is, rest in peace, Something Else, i was going to rename it procter. Nvidia is digesting its tremendous gains theyve got a brandnew super computer that comes out in september. All we hear is that zuckerberg, somebody at google, and amazon have competing chips, when theyre not competing. Where did that come from theyre not competing. They are synergistic okay mate you mated me again, carl. Thats cold thats ice cold. I didnt check mate i just mated he keeps mating me. He thinks im on that boat you get him on that boat for two days, and everybodys a mate go to the starboard all sorts of nautical references jim, meanwhile, speaking of the broader markets and a. I. , bernstein, tony, whos been right on tesla 150, by the way, says that he now expects apple to roll out most a. I. Features in september with the iphone as opposed to in june at the developers conference. That might put a delay in some peoples hopes and what apple has in mind. Well, i would say i would flip it a little i didnt expect it to be that soon i didnt expect this iteration to be better heres the stock that is holding on for dear life again, like apple like nvidia, i say, own it, dont trade it, but everything points to a missed quarter, and people cant look through this valley, because it looks like the valley of the shadow of apple death, and it isnt it isnt june is june is not that far away you still may get significant announcements, of course, that then will be included in whatever is the next generation iphone and or the software that goes with it, jim. Look, i want a vision pro nvidia tieup, but were not going to get that. Did you know we used to read the lords prayer in Elementary School thats great. Thats good to know. And the pledge of allegiance i remember that. Yes when we come back, its been four years since the start of the pandemic, as you know. The latest sign that companies are ramping up their push to require employees back into the office, in some cases five days a week got a bunch of calls on the sellside, including one on our parent, comcast. Oracle, estee lauder, zoom, take a look at the premarket here gaining a little steam quk t see cties in a minute. Your shipping manager left to find themself. leaving you lost. 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 [busy hospital background sounds] this Healthcare Network uses crowdstrike to defend against Cyber Attacks and protect patient information. But what if they didnt . [ominous background sounds] this is what it feels like when cyber criminals breach your network. Dont risk the health of your business. Crowdstrike. We stop breaches. At Morgan Stanley, old school hard work meets bold new thinking. To help you see untapped possibilities and relentlessly work with you to make them real. Business. Its not a ninetofive w proposition. Its all day and into the night. Its all the things that keep this world turning. The gotos that keep us going. The places we cheer. And check in. They all choose the advanced Network Solutions and round the clock partnership from comcast business. See why comcast business powers more Small Businesses than anyone else. Get started for 49. 99 a month plus ask how to get up to an 800 prepaid card. Dopeople couldnt oday. See my potential. So i had to show them. Ive run this place for 20 years, but i still need to prove that im more than what you see on paper. Today im the ceo of my own company. Its the way my mind works. I have a very mechanical brain. Why are we not rethinking this . I am more. Im more than who i am on paper. Four years since the beginning of the pandemic, more kpae companies are looking to phase out work from home truist requiring its banking staff to be in the office five days a week, beginning june 1. Jim, this is some people believe its involving some finra emergency orders that roll over at the end of may others say its about innovation, team building, security its tough to tell, but it may be a function of all of those. For instance, sl green, which is a company that many people wrote off, because it really is classic midtown new York Real Estate that is commercial. Very good numbers last night, carl and saying a lot of things that you said, which is that theres this mosaic of reasons why people are coming back, and to me, sl green was ground zero now, we do know theres some cities that have struggled for some time. A city like st. Louis. But that may be far more related to the actual companies that are there that are slimming down san jose, which used to have a Million People, now has 900,000 people but i think now it just seems like a matter of time. Even there are many people who are fighting it, particularly the 40yearolds and the 50yearolds david, you know that the 40 and 50yearolds were to capitulate, then the 20s and 30s would have to follow, but it was surprisingly the people we thought might be up for csuite that really led this, and i think they are coming back or being ordered to be back i mean, it is an interesting dynamic. Of course, weve talked about it so often over these last four years. I dont think were ever going to get back, really, to fully five days a week, you know, do a lot of Walking Around, and yes, mondays seemed a lot busier, for example. Friday, tomorrow, things are going to be quiet. They always are, and you pointed this out too, jim, as well i have i would note that younger people entering the workforce very much want to and are making it a part of their job search to work for companies that are in the office they have recognized, i think, many younger people, that starting your career remote is no way to start a career but to your point, you need those Older Workers to actually be in, in order to learn something, instead of just doing a job that you otherwise could do from home there is that overall dynamic. You know, john donahoe joined sara last week, the ceo of nike. He blamed a lack of innovation at the company, in part, on not working from the office. Take a listen. In hindsight, it turns out its really hard to do bold, Disruptive Innovation, to develop a boldly disruptive shoe on zoom. And so, our teams came back together 18 months ago inperson, and we recognized this, and we realigned our company, and over the last year, we have been ruthlessly focused on rebuilding our Disruptive Innovation pipeline along with our iterative innovation pipeline nike, theres a lot of different issues for that, but i thought that was intersecesting well, david, maybe new balance is using teams, because new balance innovated the hell out of its shoe in the last year and a half so, as much as i love john love john i will point out that other people have had better zoom and therefore had better shoes by the way, for a cheaper price, in the new frugality, give me new balance, ixnay nike. We might talk some nike later on theres reports theyre closing in on a deal with Caitlin Clark for her own shoe, might be worth some eight figures i remember andy jassy coming on in 21 said that remote means you dont have that conversation coming out of a meeting where a lot of innovation happens. By the way, nice chart from Liz Ann Saunders this morning, looking at the dispersion in return to off the rates between cities like austin, for example, at the top, new york, san francisco. Some of this, jim, people believe is your exposure to finance and Financial Services where, as we said, Security Network security might mean you got to come in well, i also think that when you lets say you want to do a rif, reduction in force. The easiest thing to do is reduce the people you dont even know ive done way too many rifs in my life, and there was one where i was going to pick the names out of a hat, and i realized at the last minute that was ill advised. Its so much easier to fire someone, david, if you dont know who they are, versus someone who sits next to you and watches peacock and discusses the recent trader. That is not t rade r. Ill put that on my list. Comcast, you didnt mention yet, and how were doing when does that come up when is that a faber report . I dont know that thats going to happen, jim the stock is still below 39, i think, this morning. There was an upgrade or some positive comments from Morgan Stanley, so ill give you that but it has not been a good year for the stock of our parent company. That said, to come back to work from home what is your faber report coinbase i dont have a faber report today. Paramount you got requests . Ill take them under consideration. Im happy all the ceos have kept talking about how productive we are from home have finally shut up about it. Were looking at the numbers, were very productive. Were more productive than weve ever been, were going to be great, cut our real estate footprint by 80 yes, yes. We raised our eyebrows at that back then. Well get cramers mad dash, countdown to the opening bell we will dig into this top pick name of comcast over at Morgan Stanley. Theyre only overweight in cable satellite. When we return got some premarket gainers, especially in housing. Dr horton is going to lead the way this morning after a q2 beat orders up 14 does guide higher for fullyear revenue, even with Mortgage Rates at a 30year fixed yesterday, at least, coming in a little tad above 7 opening bell coming up in about five mi