What's on the horizon for financial markets? At PJIM, it's a question that over 1,400 investment professionals relentlessly research in pursuit of your long-term goals. Specialised across asset classes, but united in collaboration, our teams provide global and local expertise. Our investments shape tomorrow, today. Pursue your tomorrow with PJIM, a leading global asset manager. Market moving insight and analysis join Jim Kramer, David Faber and me, Carl Cantonea on the opening bell hour of CNBC Squawk on the street. Good Thursday morning. Welcome to Squawk on the street. I'm Carl Cantonea with David Faber at Post 9 of the New York Stock Exchange. Kramer is in Philadelphia today. We'll get to Jim in just a second. Future is pretty steady as we get a fresh batch of corporate earnings this morning. Taiwan semi, Blackstone CSX. Philly Fed was a surprise of 15-5, best in two years, and prices paid high since December. Roadmap begins with Tesla's troubles, though, shares awfully close to a 52-week low this morning as Deutsche cuts on Tesla's "thesis-changing shift" from a lower-cost EV to Robo. 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 Sans is amongst the biggest laggards that's ahead of the Open. That's despite an earnings beat. Blackstone is Carl just said Alaska Air, DR Porton. We've got a host of companies that are reporting earnings and we'll get to all of them. Let's kick things off with Tesla today. On track to Open, awfully close to a fresh 52-week low. Deutsche cuts to hold today from buy, cuts its target to 123. They were at 189. Jim, they were at 250 in February as there's a whole revisiting on what exactly the future model of Tesla's going to be. Yeah, look, if you're going to roll the dice and decide that what really matters is self-drive, something that has not worked for anyone to tell the truth, then what you really do, your box yourself in the corner, what people really wanted was a cheaper car to compete against the Chinese. We thought that he was a better manufacturer. We thought that 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. You know what, can he win that gamble? Because so far, when you have full self-driving, it's not been something that works. It hasn't yet come to fruition. That is, it's a fair point, Jim, despite what have, of course, been promised this year after year that they were going to be there. And of course, the idea is just 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 aren't in them. The idea of creating a taxi fleet, essentially, of robo-teslas, which would clearly be incredibly additive to margins overall. But they aren't there at this point. And I think that through the years, it's been more difficult to really believe exactly when that day will come. And clearly, in this case, the Deutsche Bank analysts no longer is interested in sort of waiting. They're talking about 2027 for the Model 2, that is that lower priced automobile, that EV that is no longer a part of the near-term consideration, Jim. And I did note, so they go to $2.40 in their estimates for 27, from what had been 425 overall cut numbers across the board. Hence, even with current multiples, you can't get a price target that's anywhere near where they are right now. No, I think we're going to have to lost this quarter. I think this hail musk play was played out already by Steve Schur at Hertz. It failed. I expect to see something that is monumental. Instead, I see something that is incremental. And that coral is not going to stop this decline because, look, if it were earnings, right? If it were earnings, the stock's 2325. I don't believe that. You're looking at a man right now who better have something. But the issue is, Carl, before I say you've got to sell Tesla, it's maybe he does, he's not playing his hand. But right now, we've got, look, we've got some leaders you're cashing out. We don't know what they have in terms of something that is more profitable than, and so to speak, combustion or hybrids, which is what Ford has. Now, Ford's stock hasn't done exactly well. It's down double digits in the last few weeks. But Carl, what I see here is the stock that is for sale across the board without an answer. And the answer has to be not a cyber truck, not a robo taxi, but a better darn car. Yeah, even Morgan Stanley's Adam Jonas, who is long-term outperform, I think his price target is in the 300 range. Says his bear case of 100 might be in play in the near term as we get earnings on Tuesday. Jim, meanwhile, new car registrations in the EU, biggest miss or biggest drop in 16 months, new EV registrations down 11. That's for the industry, new Tesla registrations, registrations down 30. So again, a bit of a reset as well on just the overall adoption curve on fully electric. Well, let's just put it as it really is, other than China, the affordable EV is no more. And I would say not the next two to three months. But perhaps as long as the next two or 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, I'd rather have AI than EV, too much better letters in the alphabet. Although I think there is a belief that generative AI in terms of changing the way that they use the data and being able to actually empower self-driving is changing for Tesla, we'll get them there more quickly, Jim. I know a number of the goals, at least, are pointing to that as a real possibility and that they are making real progress. Again, we'll have to wait and see. Well, you know, Dave, that I want to disagree to that. Okay. I think it's probably about maybe seven years ago I was in a Waymo. And they plugged in, which, of course, 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. Couple miles. And two, was able to take me there as long as someone was at the wheel. So, Okentraer, mate, I think that there's something there. And maybe, at that progression, it might be able to take me to an even better pizza shop that's closer. Jim, do you think, I mean, overall, do you think the Rogo 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 there's still a love affair with the car. We know that from registrations. We know that from both new with GM, second early, four when it comes to trucks. We know that from used with Carvana, it is not something that we really like. Now, who would like it, JB Hunt, because they had such a crummy corner, and they don't 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 there's no one driving it. And my tendency is to want to go to a road stop immediately. Kind of rethink, get my brain together. Look, it's just not, the time has not come. Now you give that 10 to 20 years. Oh, sure, David, it's going to happen. And you know what's going to happen? Yeah, tell me what. You're going to be able, well, you're going to be turning 80 by that point, and sure enough, you're going to want self-driving so you won't be able to see. That's true. I will want self-driving. Me, I hope I'll be able to pedal. I'll be Mr. Magoo. I'm encouraged that you said anything positive about AI at all, that it's not just going to kill us. I know some people have remarked on the fact that I'm so worried about artificial general intelligence, but not when it's behind the wheel of a car. All right, fair point. Well, look, what about the robots? Don't forget about the robots. Your birthday is from the center. No, the robots at Tesla could be the key. They could be the key to the company's salvation. I kid in a way, and then I don't. I don't know if we have our video, I love that video, but you know, at some point, you talk about artificial general intelligence, you put that in the robot, and maybe they're going to become the biggest robot maker in the world. Musk has said there'll be a one-to-one ratio at some point between people and robots. Well, good. Good. Just go by the incredibly shrinking Nvidia, because the chips have to be from Nvidia, if you want to make it work. By the way, Jim, it's not just shares of Tesla that have been, I mean, they were down all, they've been down all quarter, that momentum to the downside continues, but AMD, one of your favorites, that looks pretty bad, that chart. Snowflake, that doesn't look so good. I mean, we are sort of seeing some significant weakness over the less call it, let's call it less 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've been buying tech, may I suggest that you buy Procter and Gamble? If you take a look at Procter and Gamble, the chart of PG, you're going to see you're crushing it. You're crushing tech, P&G, they have tech, they've got some plastic David, it might decompose, by the time we have self-driving 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. It's been painful, David, and I think that people don't want to acknowledge the pain. I mean, I have the pain of Nvidia. You know, I mean, look, there's the ecstasy, and then you've got the agony. I know, but it's hard to get it. It's hard to get particularly sympathetic when it comes to a stock that is still up. What's Nvidia up this year? I mean, you know, you're still talking about incredible performance. That said, yes, the chart doesn't 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, you can see it for the year over 71. Nvidia does this thing. What people don't realize is 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'm going to rename my dog that is rest in peace, you know, something else. Say I was going to go rename a Procter. I mean, what's really happening here is Nvidia is digesting its tremendous gains. They've got a brand new supercomputer that comes out in September that everybody wants. Instead, all we hear is that Zuckerberg, somebody at Google and Amazon have competing chips when they're not competing. Where did that come from? They're not competing. They are synergistic. Okay, mate? He made it me again. He did. That's nice coal. I didn't check. I just made it. He's mating me. It's all sorts of nautical references. Meanwhile, speaking of the broader markets in AI, Bernstein, Tony Saginaki, who's been right on Tesla 150, by the way, says that he now expects Apple to roll out most AI features in September with the iPhone as opposed to in June at the developers conference. That might put a delay in some people's hopes of what Apple has in mind. Well, I would say I would flip it a little. I didn't expect it to be that soon. I didn't expect this iteration to be better. Here's the stock that is holding on for dear life. Again, like Apple, I say, Nvidia say, "Oh, and it don't trade it." But everything points to David a missed quarter. And people can't look through this valley because it looks like the valley of the shadow of Apple death. And it isn't. It isn't. 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 won a Vision Pro Nvidia tie-up, but we're not going to get that. Did you know we used to read the Lord's Prayer? Did you know we used to read the Lord's Prayer in elementary school? That's great. It's good to know. And the Pledge of Allegiance, I remember that. When we come back, it's been four years since the start of the pandemic, as you know. The latest sign the 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 sell side, including one on our parent Comcast, Oracle, Estee Lauder, Zoom. Take a look at the pre-market here. Gaining a little steam, squawk on the street continues in a minute. The spirit of performance defines Accura, and now it's electric. Introducing the all-electric ZDX, Accura's most powerful SUV yet. While what powers their cars may change, the energy that makes Accura never will. 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One example this morning is truest, a company now requiring its investment banking staff, at least, to be in the office five days a week, beginning June 1. Jim, this is, some people believe it is involving some FINRA emergency orders that roll over at the end of May. Others say it's about innovation, team building, security. It's tough to tell, but it may be a function of all of those. I mean, first it's 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 there's this mosaic of reasons why people are coming back. And to me, SL Green was round zero. Now, we do know that there's some cities that have struggled for some time, like 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, is 900,000 people. But I think it's, now it just seems like a matter of time. Even there are many people who are fighting it. Look at the 40-year-olds and the 50-year-olds, David. You know that the 40-50-year-olds were to capitulate in the 20s and 30s who had to follow. But it was surprisingly the people who we thought might be up for C-suite, it really led us. And I think that they are coming back. Yeah, or being ordered to be back. I mean, it is an interesting dynamic. Of course, we've talked about it so often over these last four years. I don't think we're ever going to get back really to fully five days a week. You know, I do a lot of walking around. And yes, Mondays seem a lot busier, for example. Friday, tomorrow, things are going to be quiet. They always are. And you pointed this out to Jim as well. I mean, 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. So there is that overall dynamic. You know, John Donahoe joined Sarah last week. He's the CEO of Nike. I mean, he, in fact, blamed a lack of innovation at the company in part on not working from the office. Take a listen. In hindsight, it turns out it's 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 in person and we recognized this. And so we realigned our company and over the last year we have been ruthlessly focused on rebuilding our disruptive innovation pipeline along with our iteration, iterative innovation pipeline. That's Nike, obviously. There's a lot of different issues for that, but I thought that was interesting, Jim. Well, David, maybe new balance is using teams because new balance innovated the hell out of this shoe in the last year and a half. So as much as I loved it, loved it, I will point out that other people had better Zoom and therefore had better shoes. By the way, for a cheaper price in the new frugality, give me new balance, X-Day Nike. We might talk to Nike later on, there's some reports that they're closing in on a deal with Nathan Clark for her own shoe. Might be worth some eight figures. But I remember Andy Jassy coming on David in like 21 saying that remote means you don't have that conversation coming out of a meeting where a lot of innovation happens. And by the way, nice chart from Melissa-Ann Saunders this morning looking at the dispersion in return to office rates in 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, let's say you want to do a riff, reduction in force, the easiest thing to do is to reduce the people who you don't even know. It is. I mean, it's a fact of life. I've done way too many riffs in my life and the ones, there was one where I was going to pick the names out of the hat and then I realized at the last minute that was the whole advice. But there are, it's so much easier to fire someone, David, if you don't know who they are versus someone who sits next to you and watches peacock and discusses the recent traitor. And David, that is not traitor to your ADER. But that's what people want to discuss. Yeah, okay. I'll make sure to put that one on my list if you say it's worth doing. Well, I put that on, David, but this Comcast, you didn't mention parent company, a network yet, and how are we doing? When does that come up? When is that a favorite report? I don't know that that's 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 I'll give you that. But it has not been a good year for the stock of our parent company. That's said to come back to work for me. What is your favorite report? Coinbase? I don't have a favorite report today. How about Paramount? I'm not going to do one of those things. You've got requests? I'll take them under consideration. I am happy, Carl, that all these CEOs have kept talking about how productive we are from home. And finally shut up about it. You know, we're looking at the numbers. We're very productive. We're more productive than we've ever been. We're going to be great. We're going to cut our real estate footprint by 80%. We raised our eyebrows at that back then. We'll get Kramer's Mad Dash cow down to the opening bell. We will dig into this top pick name of Comcast over at Morgan Stanley. They're only overweight in cable satellite. When we return? One in eight. That's how many people have worked out of McDonald's. Who served millions the best Big Mac and best birthday party they've ever had. We haven't just seen kids graduate from a Happy Meal, but have gotten help graduating themselves. Because they know the skills learned here. The amineedos, welcome to English Under the Arches. Can help you grow from here. Or keep growing here. One in eight. Start at McDonald's. And where you start? Stays with you. Got some pre-market gainers, especially in housing. DR Horton's going to lead the way this morning after a Q2 beat. Order is up 14. Our 14 does guide hire for full year revenue. Even with mortgage rates at a 30 year fixed yesterday at least. Coming in a little tad above seven. Opening bell coming up in about five minutes. And don't forget, you can catch us anytime anywhere. Just listen to and follow the Squawk on the street. Opening bell podcasts. All right. We'll call it the Amtrak mad dash. New York to Philadelphia. What do we got? Okay. David, it's been a while since we've talked positively about eBay. But I've got to tell you, just like your amazing bottom call in PayPal. When you did that terrific interview, which was the bottom. This morning, Morgan Stanley double upgrades eBay. Going from sell to buy. Why? Because they think eBay is the best equipped to use generative AI. And that is to make it so that the listings are more intelligent. David, I like this piece. It's been so, when was the last time you heard anything positive about eBay? Can you recall it? Not really. It's been a while. You know, I have had some interviews with the CEO. But yeah, it has been quite some time. You're right, Jim. But we're always asking, is anyone using generative AI to their advantage? I thought this piece was very notable. Because what it really said is, it's just reignited eBay's growth. David, I love that. You're talking about a very inexpensive stock. Of course, they also downgrade Etsy. I wish they hadn't done that. They're calling it a pear trade, but they're saying there's no gross. They just don't have the merchandise value. They're not having a lot of traffic. They're not doing a lot of sales to get out of the lingo. But you know what, David? You can do worse than buying eBay. And by the way, again, I want to come back to that PayPal interview. That company is getting traction far more than I thought it would. A lot of capital, a lot of common sense. I like both eBay and PayPal as, yes, your year comeback story. [CHEERING AND APPLAUSE] It's the 10-year watch on since we were on our panel. I won't tell you, John. I want to tell you John. [CHEERING AND APPLAUSE] John, I know. Love him. Love him. Have you looked at the hoker? Love him. Have you looked at the on-on? Love him. OK? A lot of love here. [CHEERING AND APPLAUSE] This is a real kind of change. Look at the big board today. It's digital marketing platform. I bought it. Celebrating an IPO today. We'll talk to the CEO at 11 AM Eastern on Money Movers. [CHEERING AND APPLAUSE] It's going to be above the range. You know what? I like this. It's the biotechs that are leading us. When I go back over what Morgan Stanley said about the IPOs and what Goldman Sachs said about the IPOs, it's going to start with these companies first. Because people now realize, a lot of that horizon-third foodie-steel with Amgen that you can get capital of your biotech. Once you get capital, you can start doing a couple of trials. Once you get a couple of trials, and you find next to you know, a Pfizer, a Bristol Myers Pfizer, this is part of a virtuous circle that I really like to see. [CHEERING AND APPLAUSE] Some of that was a topic of discussion with Jonathan Gray, David. [CHEERING AND APPLAUSE] Blackstone this morning on Squawk, talking about increased activity in capital markets and private credit. Yeah. Without a doubt. I mean, we can take a look at Blackstone stock. You know, interestingly, it has not -- it is -- well, it's down and it's underperformed versus a number of its competitors this year at least. And I sort of look under the alternative asset managers. I'm thinking about Apollo shares, which are up some 15 percent, KKR up 14 percent. We got the old OWL, OWL up about 23 plus percent, even Carlisle, Aries. [CHEERING AND APPLAUSE] Blackstone down 7.65 percent this year. Despite, again, what was a decent quarter, going through a lot of the numbers, Jim? You know, I mean, they're well over a trillion dollars now in assets under management. A few related earnings of 1.2 billion in the quarter, 4.5 billion over the last 12 months. And, you know, it's real estate. It's private equity, credit insurance and multi-asset investing. But you can see at least the stock for now has been taking a bit of a pause. Yeah. You know what? I know Jonathan, you know Jonathan. A very good spokesperson. But you know what, David? When people hear Blackstone, what they think of is housing. Now, it's funny, they don't think of housing in the way that they think of DR Horton, which is screaming today because they had some really good growth. They think about it as maybe the wrong kind of real estate. David, I think it's an unfair characterization. You know that they are probably the largest when it comes to data centers. I think they have a narrative problem. I do not think that they have an earnings problem. They're not telling the story the way they should. They're letting the bears poll the story. The other companies you mentioned, they seem like they're all set to do IPOs, all set to do deals. Blackstone seems like it's all set to do nothing. And you know, David, that's not a fair characterization. No, it's not. I would argue that Mr. Gray is a pretty good spokesman and incredibly articulate in terms of the strength of the company. And he was, as usual, quite strong in discussing that with Andrew this morning on Squawk Box. You know, I also look to Gray to sort of give us a sense as to the overall economy, given their portfolio companies. Now, as you mentioned, real estate continues to be an incredibly important part of their overall business, be-read, and other opportunities they have to deploy capital in various funds. But they do have an interesting lens, given all those portfolio companies in private equity. Take a listen to what Gray had to say about the broader economy and, of course, inflation and the Fed. I want to give the Fed a little more credit here. I think their policy has been effective. We're seeing in our portfolio, which is really large, 230 companies, 12,000 real estate assets. We're seeing inflation continue its downward path, although the pace of that disinflation has slowed, which Fed officials have noted. So there you have it, guys. You know, generally, I'd say a relatively positive view from Mr. Gray, although did indicate Carl that deflation has slowed. Now inflationary effects. Indeed. Speaking to some of that, Jim, we did have oil lower in the pre-market. WTI lowers pretty much for the month. It got below 82. But then we got on the tape a couple of bits of news about potentially resuming some Venezuelan sanctions. The president on the tape now regarding some potential sanctions on Iran. And that's put us back in the green. Yeah, that is well. People don't realize that is now the largest prosperity of oil in the world. And it's obviously a failed state. The president doesn't really help the case here. It didn't help the case by not refilling the treaty reserve, not helping the case by getting involved with something in Venezuela that seems a little bit of an abstraction. You know, I still feel that oil will catch a bid under 80 because people feel who knows. One Friday will once again revive the notion about something that might happen to Israel and Iran. Just want to go back for one second to David. David, how about this? I heard what you say and it's the stock guy. I come back and say I listened to Gray. I heard what he said. I think they've got a great agglomeration of businesses that are making a lot of money. I want to buy the stock. I want to buy the stock. I think it's very out of favor. And David, it's out of favor despite the fact that it has fabulous businesses that are away from real estate that don't get talked about. And it's not Jonathan's fault. It's the bear's fault because people want to take down the private credit companies because a lot of people are saying that is the next big thing like mortgages in 2007, 2008. You hear it? Private credit, run them up, David. It's run them up and it's unregulated. What do you think? Well, that is certainly a key criticism from their competitors at the big banks who are obviously under a far stricter regulatory regime than those who are able to extend private credit to your point. The remainder from private credit would of course be we take the risk ourselves. We're not syndicating this broadly. We are buying this risk and we are fully underwriting it, doing the diligence that we need to and completely comfortable. And of course generating potentially double digit returns oftentimes with some of the rates that they're getting paying. I hear you on that. Listen, they've got perpetual capital at the Blackstone of $480 billion. That's up 7% year over year. It's a fiend machine and an asset gathering machine. Overall with assets up 7% year over year. That's not bad. If you look at the book there, 121.42 is where I'm going to put you down as a buyer, Jim, on Blackstone. I'm in. I'm committed. They have the best part of the gross domestic product is their company portfolio. I like it and I like what Jonathan Grace had about the Fed and Carl, I do believe I'm beginning to get for the first time. I'm getting some some chinks in the so-called unbelievably strong economy. Not enough yet to define things, not enough. But green shoots and a declining economy is actually what we need. I'll tell you one thing, Jim. Wells is out. Chris Harvey, pretty interesting note about how Q1 earnings so far have been a negative catalyst in their view for large cap. And they go through all the negative commentary from Conagra, JB Hunt, Lulu, Fastenal, Carmax, Walgreens, FedEx. Has it all been roses? Holy cow, that is a very good list. I mean some people this morning think that CSX isn't that good. I thought it was fine. It was indeed an inline number. But wow, that is a surprisingly strong list of companies that are not delivering. And I don't know. I think that making a strong case for some company. Look at that CSX. It's actually not a bad quarter. I would go so far as to say that we've got some companies that I don't want to own because they're slowing. And you know what, David, may be March. May be March was the month that wasn't that good. And what I want to pull people's attention to, then somebody has been entirely overlooked by our network. David, pro lodges. You know the largest real estate owner in the world? They don't five percent. Yeah, I thought Blackstone was actually the largest real estate owner. Well, you know, look, let's just divide them up. You know, you say potato, I say potato. But look, there's 45% that is owned by real estate. That was a good high joke. I know you have them on frequently on Mad Money as well. Give us more sense there in terms of what you're talking about, why it's a concern. Okay, first longer term I want to tell you, no concern because they are a very shrewd operator. And one, Hamid Mogadon has come on the show many times. But David, the fact is he came on one month ago, one month ago, and said things were good pretty much everywhere other than Southern California. Suddenly, we heard that things aren't that good in New Jersey. We got to read that things aren't that good in Seattle. We got to read that things aren't that good in Savannah. We got a number cut. Now, a number cut, David, in 30 days. I mean, I think David, when you set your expectations 30 days and then you miss your expectations, David, they're slowing. They're slowing. I mean, the stock is not down. We're talking PLD here, by the way, back in the control room, right? Prologue, it's only down 1.3%. It is a $100 billion market value company. Yeah. Well, I mean, if you look at the stock, let's say, March 19, March 19, it was at 135. Wow. March 19. Yeah, I didn't really look at that decline. And that is a very, that's very good barometer because David, they're the best operator in the business. So I found that a nice piece of evidence for maybe Jay Powell saying, wait a second, things are not so hot that we are in a scorcher. And by the way, Jay B Hunt, I think we're talking about cutting price. That's right. Cutting price that they charge. That's what the Fed looks. It is just a big Mac that's got to go down to the dollar. I do think we have to keep an eye on sort of these right now, somewhat anecdotal things. I'm hearing, again, as one-offs, restaurant, you know, somebody I know runs a large group of restaurants talking about rolling 12-month sales for liquor, down double digits, declines across hundreds of units, sales declines accelerating, and they believe the consumer is sort of back on their heels a little bit more. Again, let's just keep an eye on it. I'm glad you're mentioning it. We'll keep throwing things out there. It's unclear what it all means. Well, Carl, Carl, you mentioned CarMax. Okay. Now, Carbon is about to report. Carbon is a pretty good company. They got the pulse of things. But if we go back, look at this one. If we go back on CarMax, they're the biggest. It was in '88 on March of this year. '88. Look at that thing. This is a respected good company, a 10-billion dollar company, has bought a lot of stock in, and suddenly we have, and I know, like David said, it's anecdotal. By the way, Carl, I want to join him when it comes to liquor. This is a business, and it's really the browns and the clears. It's about whiskey, and it's about vodka. You don't want to be in that business, Carl. Not now. You would sound this for a while. And by the way, I didn't mention on that Welles list, Lamb Wesson, which kind of points to restaurants. LVS Gym is the second worst-performing S&P component at the moment on the back of those numbers. Little underperformance in the Cal. They had a poorly timed renovation. Yeah. They had some actual MCAL issues that are pertinent to MCAL only. We don't know how well they would have done if they didn't have the red and the issues involving the actual hotel property. Look, is it enough weakness to be able to say the Fed might be out of the woods? No, but here's my thesis that I'm developing. January, good month. February, great month. March, not a great month. And I'm using the JP Hunt numbers. JP Hunt. Okay. 2% growth in January. 3% in February. Minus 1 in March. That is not anecdotal. That is the fourth largest trucker. And don't forget for pro lodges. Who's the largest customers? We're talking about the Amazons, the Home Depot's. We're talking about FedEx and Home Depot. David, these are real companies that are not that are actually scaling back and warehouse. Yeah. I'm not worried. I think that they're good companies. But, you know, David, we have to be concerned that maybe we got too worried about a hot economy and then March turns out to be weaker. Can you imagine? It would be interesting to say the least. I mean, we had the Fed Chair just two days ago, though, say, you know, right now the data's not saying anything about a near-term need for a near-term cut. So, I don't know. And we just got Philly Fed with a blowout number relative to expectations. Jim N. Price has paid highest of the year. That's entirely laden to the resurgence of the '76ers. I don't know what else because there's nothing else to rave about in Philadelphia. We are going to take them down. We are going to take them down. David, I said Blackstone's going to rally and I think that you guys are hobbled. Okay. I'll take that too. We're what? By the way, we have some basketball players who are betting on games, so why can't I bet with you? That was horrible. And I've made a reflection to a certain extent of the times betting on yourself. Wow. So, of course, the gentleman in question. Really quick, Jim. We didn't get to TSM with a double beat. Profit up nine. Revenue up 16. They keep their capex unchanged. And we didn't mention Micron, which now looks like we're going to get the latest announcement next week of some of those chip grants. It's going to be a big deal for Boise and Syracuse. Yes. Now, Taiwan sent me just so we know why is it down. What's down because they did not raise. It was actually up between three and four, which was terrific. Micron was up about three early on when Frank Holm is on. It's now down a little. A lot of people feel it's a six billion and eight guy. There's no shocker because they've built in America the whole time. So, David, again, if it's a good stock announcing good things, it's not doing anything for the stock. If it has any chink, meaning it's not guiding up, it's bad. And if it's guiding lower, like prologists and JB Hunt, well, it seems to go down day after day. The only stock that's got any mojos, United Health. UNH, yes. Mojo per share. You use that mojo per share. Of course. No, that's a well-known metric. A well-known metric and one that-- Thank you. You're a very low multiple mojo per share. Yeah, that stock is up over three percent. Jim, I do want to come to you on Netflix. Stocks down one percent, but up 25 percent going into tonight's earnings. Again, on the strength really of the last earnings report, which just blew it out. What are your expectations here? Well, I do think that they've got that two-tiered model that a lot of people really like. In the new frugality, people are willing to see commercials. If you're willing to see commercials, that mean that place can be very good. When you have more than 200 million people involved, like 250 million, and maybe a lot of them are willing to see the commercials, and Netflix figures out the commercial model, which they hadn't yet, then maybe the price is justified. But they have to be able to say we crack the code on what commercials people want, what the advertisers really want. In that case, it can go higher. But, David, if it hasn't cracked the code, then the stock will not round. Okay. We will, Carl, be awaiting that, of course, after the close tonight. Yeah. And then next week, I don't know if you look at the calendar, but Verizon Monday, Tesla Tuesday, Microsoft, Google on Thursday, it's going to heat up. We should point out, by the way, Tesla shares are now down a full 40% for the year, well below the half a trillion market value that we were looking at, 474 billion is where I've got them right now. And they are going to be issuing, what, 56 billion shares to Elon Musk if and when shareholders approve that compensation package, Jim. Well, is there a clause which says that you can actually cut his compensation package because of the stock? Or is that just beyond the tail? No, it's all based on the previous targets having been met as a result of the 2018 package that was put in place, that was already voted on by shareholders, but somehow rejected by a Delaware court. In reality, I think that he deserves it because that's what the contract said. And there's a lot of baseball players who get $250 million to $300 million and it doesn't matter if they stink. You know, it's a contract and it should be honored. I didn't understand how this whole thing happened. He deserves the money because the contract said he's entitled. David, how did that happen? Well, the Delaware court in its ruling came back to the board of directors and their belief that many of those directors who voted on that compensation package were not unaffiliated, so to speak. And the interrelationships on the board. Well, time to move to Texas. Let's just move to Texas, Dave. They're moving to Texas or-- And you and me. They're not moving. They are incorporating in Texas. And they're asking for a vote on that. They've already moved headquarters to Texas. I like Dallas. Not New Mexico. That's Disney. Disney's New Mexico. No, New Mexico. We have theme parks coming. They're coming. I'm down here in Comcast. I'm here to push New Mexico. Epic Universe is part of the Morgan Stanley call today. There you go. I love this Hawaiian state of New Mexico. I've got 500,000 acres all set. He's ready. Harry Potter. Harry Potter. It's beautiful. You should see it. Yes. It's incredible. It's a great day. We're going to be in the park. We're going to be in the park. 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