Carl Quintanilla, Jim Cramer and David Faber started the show by discussing this morning’s inflation data. The producer price index, a measure of what producers receive for the goods they produce, increased 0.5% in April and was up 2.2% on a 12-month basis, the biggest gain in a year. The anchors then shifted to the ongoing meme craze, as shares of GameStop and AMC surged again. Because of Monday’s massive rally, short-selling hedge funds suffered a mark-to-market loss of $838 million in GameStop. Before the opening bell, the desk also reacted to OpenAI’s latest flagship product GPT-4o, which the company says “can reason across text, audio, and video in real time.”
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Futures come off the highs as April PPI accelerates up five tents but some negative revisions and an in-line year on year number do keep yields somewhat anchored Powell speaks in about an hour. A roadmap begins with inflation and the consumer wholesale prices hotter than expected Home Depot says high interest rates have heard sales plus the AI race open AI unveils that new chat bot that can hold a human-like conversation while Google teases new AI tools that will be coming potentially as soon as later today and you just saw Andrew talking about it. Man those means you thought they were dead. Uh-uh they're back yesterday they surged today yet again triple digit gains ahead of the open. Let's get to the inflation data year on year two four on the core Jim energy and portfolio management fees once again. I love that but thank you to Boas Weinstein for bringing down full match. He's great interview by Andrew obviously. Uh look the bonds aren't moving any moment each other where and I think it's because the revision is so steep over about prior month revised from point two to down point one. David I'm beginning to think when you see these numbers. I know I never want to challenge numbers because the numbers are put out and people were required to do them but when you have that kind of revision it's not what you would get if Amazon were running it or sales force running. Meaning what they're just they're not using enough. Have you ever come up with a product that it could be that wrong. You have any product in your life that is that wrong. Well it's all survey based right. Yeah but I mean like there are other companies in order to do surveys. Service and Alka do the survey. Obviously she's outsourced since you can't afford to be this wrong. There's too much on the line. And you believe as a result what that you can't believe the current numbers? No I can't. I don't believe the current. Well no I'm saying that the bond market is indicating stuff is it. This stuff doesn't matter. I don't want to ever say something doesn't matter. The only numbers that people really do face policy offer this PC but of course the unemployment number at the beginning of a month. But when I look at these numbers I say well you know what what are they worth. I mean how could you be so wrong. That's a gigantic delta. So my take is is that people are just saying you know what the press is going to make something of it but it's not really a number. Let's see what CPI is. I spent a little time reading this data collection part of the or the release here in terms of the PPI's and the price data. They periodically update the PPI sample of survey respondents to better reflect current conditions when the structure membership technology or product mix of an industry shifts significantly into spread reporting burdens among smaller firms Jim. Well no you can look at it and it's like when they took out housing because it was too hot in 1982. I mean well look I don't want to spend too much I don't want to belabor it other than that what I spent most of the time trying to figure out is why interest rates didn't go up. And the only thing I can come up with is that if you have this kind of revision. I mean Carl think about all the companies that we follow. You think about a Google or Amazon. You think about a service now Salesforce. If they if they came to you your bank of America and Mark Benefkin. So listen guys the numbers we came up with last month. You know we were saying plus two. We're actually minus one. You know what they would say? You're fine. You're fine. You're fine. Thankfully the correlation between PPI and CPI is not that strong. Right. And I know you've been active in alerting say the Fed on X to things like apparel where there is minimal price appreciation. You don't look at we don't know where their Temu is in. Temu is lower is is the one of the Fed's best friends Costco is a great friend of the Fed. Amazon's a great friend of the Fed. And you have to David if you don't look into like what China has done not that I mean it's good stuff about China we'll talk about. In terms of keeping a parallel down you wouldn't think apparel was so so hot as it was last month. I mean just the Fed include. We don't know. Again there's no transparency at the minute to minute transparency. They only including apparel that is bought from gap. We don't know. We don't know. I guess we make an assumption that it does it is inclusive broadly speaking of everything including what's available to you online through Timu. I call it Timu you go with Timu. I see some in. I know and I do say tomato. Yeah. As my friends call up every bit of this apparel number. Let me tell you. I don't know. I look at Timu and it costs more to ship the Timu than the stuff. Then again maybe the Fed's looking at quality. Over. You know I know Jay Powell's very he's how many threads is that? He really is he's you know he counts those threats. Jay Powell's smarter than these numbers. He knows these numbers. We're gonna hear from him in about an hour. Oh I know. I mean Jay Powell is doing his best to take these numbers down. But it's going to be corporations that take them down. Except for we can't get housing down because if rates are so hot they don't want to build more houses. But you know I'm looking in and out for like Stanley Black and Decker which I'm interviewing today. Yeah it's helping. Investing club members. Yes thank you up to Walt. And you know they have gross margins going up and they had a big inventory problem. If the inventory came down then you you know you bought stuff more cheaply. I think that we have to compare these. If you look at Edo Auto Nation there's just not enough supply. So therefore used cars haven't come down in price. Everything is understandable except for insurance. Insurance is something that I still can't figure out how it stays high. Now the Justice Department investigates obviously Apple because their phone's so good. So therefore it's unfair. Speaking of inventories. Watch Depot today. Bit of a mixed quarter. Comps were a bit of a disappointment. Inventory down you're on your gym but did accelerate sequentially. Up 7. Yeah look I still think that Home Depot people gonna say coil spring effect cuts. I was happy that the inventory went from 25.3 billion to 22.4. I think that this is a what I'm gonna say this is going to happen when I interview Stanley Black and Decker. But you know everyone is kind of stuck. Because the renovation comes from when you buy and used home. And David I said the existing home sales were really bad yesterday. I mean you don't renovate a new house right. There are not a lot of new houses being built. So the Fed has caught in this curious notion of because mortgage rates are so high you're reluctant to give up your low mortgage to go buy a house and therefore you're reluctant you don't need to reinvent your house. You don't need to renovate unless there's been like a lot of storms which I haven't. Which there have been. Well I mean but not enough to be able to stay in your existing home because you're not buying a new one. You do have to do certain renovations. That's correct. Okay so that's they're playing for time. Absolutely. There will be renovations being done. But you know I've had ASEC going I mean if you have a lot of storms you might decide you know I'm tired wood on the outside like I did. It looks like wood but it's not wood and it's recycled. Who's gonna say it and not. But then once it's done I don't need to do it again. It's not an annuity like that's actually the three-year stack on depot goes negative because 2021 which in which everybody was doing exactly that falls off the stack. Yeah you know look these companies are all challenged because these are the ones that are in the crosshairs of the Fed. So when you go and you look at them you say well why aren't they doing better? Well you know look what they raised rates very quickly so those guys are hurt. If rates closed down rates go down they wouldn't be hurt but maybe then you'd be like London where the UK where there you know wages are going up. It's just very difficult if you're the Fed because you really want to solve the rent which we can't because of immigration. You want to solve home but the home builders are not going to cooperate. You want to solve insurance but the insurance companies have not cut rates. David why have the insurance companies not cut rates? Because they don't have to. Exactly. Yeah exactly. Certainly if you watch any sports broadcasts you would assume there is competition amongst auto insurance for example given how many are out there and yet apparently they're all not willing to compete that much. You know well progressive uses artificial intelligence to figure out what the exact moment price what they shipped to. I know that they're the ones that are most advanced with AI. Are they? Now we know Warren Buffett said he's not a Jamie. Yeah let's be found out who the blonde guy was. That's right Jamie. Well it's okay that's neither here there when they're trying to fight. That's neither here nor there but I mean well I just think I've spent a lot of time between progressive firms, farmers, all-state I mean you know and we can end Geico of course. I mean but if they went away all broadcast television would cease. Yeah that's true. Yeah. Is YouTube do they've got? I don't know that because you know the numbers YouTube back to the depot before we get to these mean spots that just say go through some of the numbers. I mean they did get the gross margin number up I think it was 34.1% up 44 basis points but to Carl's and your points I mean take it on traffic both down similar to the last quarter. Again to that three year running total that Carl was talking about traffic decline 1% that's big. It was down 1.7% last quarter but it's and lowest buyback since 2020. No and yet they have cash. I'm different yields okay. Look I wonder if Lowe's is going to do better because Lowe's has more do-it-yourself than Home Depot. We know from the wall which is the hundredth anniversary that the heavy guys the contractors do better than do-it-yourself. Do-it-yourself is not doing well right now which is also bad for pain but for so many different aspects of this of aisle by aisle. But look can I say look what do you think's going to happen? I mean this is what happens if you raise rates this is it worked it made it so these guys have they can't raise price except for insurance. Why does this guy go coming under? Cost? I don't know. I think it's double it's all I mean it's got I not quite doubled I didn't figure out the percentage it was enormous I don't want to figure it out. I know I just paid the bill. I did the same with Chubb I don't I don't know the homeowner stuff. I just wait whatever it's we ought to get a property cash in sure I'm actually lining up some. We'll see if we get relief in tomorrow's print. In the meantime David mentioned the meme stocks today GameStop AMC both surging again up triple digits ahead of the open. Jim you've been all over AMC to raise some equity. Yeah well they do closing at the market offer. They haven't had the market offering they had already planned which is this part way to do it. The one thing Aaron so a cavity stock left to sell? No I just the company. No but did Adam Aaron have any stock left to sell? No I'm not because I don't know the answer. You want me? Yeah he does and he's always telling to me. Well just make it up. Is it just one of the stories where's too good to check out? I'll just make it up. That was the right answer. If you don't know the answer I don't want to hear from you but I will tell you I don't know how long is this going on going to go on but I know how it is. It ends badly. You know the options activity obviously did pick up late last week. Who knows about roaring kitty and what Keith Gill did there it didn't do. All of it's perfectly legal but right. But where's you in Poland? Yeah but there are people buying the options now to your point and maybe they will do incredibly well. Already today they are. Yesterday the volume was enormous as well in these. Of course there's nothing you do with stocks which is why you change Clayton in an excellent interview in school. Second time I've quoted squawks on a team player and he just talking about the idea is it investing? Does it matter? He doesn't think it's right but the problem is is that this whole game has been cabbied empty from day one. It's just day one. Like look if you want to go through GameStop if market value is going to double from 9 billion to 18 billion to that. No of course it's absurd it's ridiculous right and and anything else you want to add there but it's happening. But they could go if you're GameStop. What I would do if you got GameStop. Look there's a law which says you have to time it when you buy back and when you issue stock there is but it's a 34 it's all very amorphous. So if your GameStop you could sell a billion dollars with a stock and then you could get out of the game's gaming. We just play the tape from you three years ago and you're saying the same thing every day. But that was at 400 when I ripped out the cat the catheter. A great moment that has made it so I can't read my Twitter column. That's when you were we were in a backpack surgery. Yeah that's great. I couldn't barely walk but she couldn't walk. Barely walk. I came I crawled into the hospital but I wanted to go to work and do mad and the guy said no you're not going to take being right to the operating room. I said no but I got a great man. I got to do mad. You said no mad man. A lot of things are different that night. A lot of things are different to about today versus that period. Namely the percent of shares that are sold short. Yeah this is a function of what is that. This is just people having fun. Yeah I mean and it's great. I see I don't begrudging one bit. If you want to have fun you want to get up at 4 a.m. Robin allows you to trade all the time and buy it at 40 and have it go to 60. I love you. I have no problems with that. What does it matter? It reminds me of Archagos too and Bill Huang is he's on trial if Gens true but if Gensler were to say look I don't like this then be one thing but I don't think anyone heard from Gensler. I mean Gensler I mean he's like the law. He's working on fireplace. So I say it's cleaning it out. I say you know what God love it and I say I think Portnoy would. Portnoy told you he was doing it. You could have done it right so long side. Portnoy. Portnoy shows up in everything. Well I mean you know now that he doesn't want to be okay. So Buffett wasn't involved but Portnoy was. But in this particular case Portnoy is the man to see. It's stunning. That's all I say. It's stunning. GameStop's market value is going to more than double. So what what are you ever going to sit here and talk about the fundamentals like a bunch of old people. Like a bunch of old funny dudies. People hate me when I was investing in here when I said that Google at 88 was probably worth one fifth of what it was going for and they turned the general castle you're investigating when they know what what I knew. I said that it's undervalued. That's when Google went public. Yeah I rested my case there the process the defense rested. Hey how's the defense doing over there downtown. I wouldn't know. Good answer. Thank you. That's a lot of I don't know's this morning. I like that. I'm loving his whole rap. Notice he didn't distinguish between AMC Entertainment and AM6. When we come back JPT as you know got an upgrade. We'll get a closer look at that big unveil from yesterday talk more about Google I/O today at 1 p.m. Eastern Time. We'll get to a bunch of media news involving Netflix Amazon our parent when we come back. At Ever North Health Services we believe costs shouldn't get in the way of life changing care and we're doing everything in our power to make it possible. Behavioral health solutions that also keep your projections at their best. It's possible. Pharmacy benefits that benefit your bottom line. It's possible. Complex specialty care that cares about your ROI. It's possible because we're already doing it. All while saving businesses billions. That's wonder made possible. Learn more at EverNorth.com/wonder. Imagine earning a degree that prepares you with real skills for the real world. Capella University's programs teach skills relevant to your career so you can apply what you learn right away. Learn how Capella can make a difference in your life at Capella.edu. Open AI launched that new flagship AI model GPT-40 which the company says can reason across audio vision and text in real time. Demo highlighted how the chat bot can hold a human-like conversation including things like math tutoring and even showing emotion. Take a look. So what's the first step I should take to try to solve this? The first step is to get all the terms with X on one side and the constants on the other side. So what do you think we should do with that plus one? Okay I'm gonna try to subtract one from both sides and then I'll see what I get. Great idea. Okay so chat GPT this is what I ended up with. How does this look? It looks perfect. You've solved it and X equals one. Nicely done. And I wrote one last thing I'd love if you could take a look at. Of course I'd love to see what you wrote. Show it to me whenever you're ready. Okay so this is what I wrote down. What do you see? Oh I see I love chat GPT that's so sweet of you. It looks like you're feeling pretty happy and cheerful with a big smile and maybe even a touch of excitement. Whatever's going on it seems like you're in a great mood. Care to share the source of those good vibes? Yeah no the reason I'm in a really good mood is because we were doing a presentation showcasing how useful and amazing you are. Oh stop it. You're making me blunt. Speaking of OpenAI the company has topped the CNBC disruptor 50 list for the second year in a row. First company ever to do that. You can check out the full list at cnbc.com/disruptors. Jim twice as fast. Half as expensive in addition to all of that. Yeah look I think we just keep seeing breakthrough after breakthrough. I think it's only matter time before David's world is true which is it can skew. It could easily skew and say you know what you're being ridiculous. Yeah it could. I mean it could be cynical. See right now it's so reminiscent now of that movie of course of any of about 10, 11 years of her. Yeah. Where. Joaquin Phoenix and Scarlett Johansson. Yeah he falls in love with Scarlett Johansson as the voice. Well look I just think this is what I mean it's exciting. Someone people gonna like it. I remember when Mark Zuckerberg was saying that you can be able to go into the metaverse and teach. Well here we got natural born real-time actually potentially tutoring math. I mean you can only start to begin about the things that are going to be displaced as a result potentially of the advancement of this technology. You just heard it there and by the way alphabet is going to have come with its own and there will be any number of other potential entrants. Jack EPT is not alone. It may have started this but obviously it has been joined by many other incredibly well-capitalized companies that are similarly focused on these kinds of interfaces. So where are we going to be you know in a year's time? Two years time I've talked about the rate of change only increasing and what that's going to mean for all of us. I really do believe we're going to look back on this is sort of the last period of time where we weren't connected to the machines in the way that we certainly will be in the future. Well okay let me give you a positive use case. When you when you used to call a store you would get a someone helpful. See you guys have any a towel and all extra strength. Someone would look at the they come back and they say you know what we do and would you like me to save some when you well now it's like you know press one for this press two for that press for you. We're going to go back with these to where we have someone we don't care that's not human who says yeah look so we do have it and it'll be terrific because we used to love that. I mean we used to love that and then we lost it. Now they're bringing it back. There's a positive use case. It's not an actual human being but you know what? No it's going to happen. If you were to call center you're going to be out of a job. Yes. Even though last night you said this is not happening fast enough for the Fed in the near term. No and that's the problem is that like the Fed wants things down now in the meantime this is going to be down two years from now and the Fed is not going to be able to say you know what here's what's going to happen. These people are going to lose jobs and that's going to keep wages down so let's just let's just roll it. No it does it doesn't work later today by the way do not miss a major CBC exclusive dear to Bosa is going to talk to this man some DARPA CHI live in Mountain View about all of this and more for 30 p.m. Eastern time. Meanwhile Kramer's mad dash coming up after the break don't go away. Support for this program is provided by Chevron demand for energy is projected to continue rising in the future. To help keep up Chevron is increasing their US oil and gas production and they're innovating to help do it responsibly across their operations including their Gulf of Mexico facilities which are some of the world's lowest carbon intensity operations helping supply energy that's affordable reliable and ever cleaner. That's energy in progress. Learn more at chevron.com/meeting demand. It is a packed morning futures hanging in there but everything between PPI, GME, White House tariffs, Google I/O we'll get to all of that and more in the back half of the hour opening Bell in four and a half minutes. Alright we've got an opening Bell about a minute and a half from now let's get to a mad dash it's a two for give us the names. Yes okay Owens and Miner which is the PPE company that's the nation's best and certainly most lever to PPE and then Beckton Dickinson most lever to syringes well you know David those are the two giveaways that the president gave you I could do obviously for solar for cell for solar and I could do Texas Instruments for legacy tips but the hardest ones to get are those two companies now they're both down on the sweet percent for the year so I would just go by. Alright you got a complaint you got a you did it in shorthand very quickly okay so there's big big big tariffs being put on medical products by the president and one of the tariffs is going to be one rubber medical and surgical surgical drug well I was okay that's Owens Meyer and then another one syringes and needles that's Beckton Dickinson so just by the company because the biggest problems have been trying to lead back to Dickinson so it's a very big win for American manufacturing might as well make some money realistically rather than just game stock we're again we don't know where it is but instead it's an as well they're both very fine companies they're both very down and very interesting. Go for it. Go for it and cotr. Let's go to the opening bell and the C.A.B.C. real time exchange. It's a big board. It is DeWalt, our tool maker, hundredth anniversary. Jim's going to talk to the CEO of Stanley Black and Decker tonight on man at the Nasdaq and our nuclear energy celebrating at recent IPO. The third best performer in the S&P is largely nuclear and they've done a remarkable job just terrific company. Meantime Jim as we've got 52-21 there has been some discussion about better breadth in the market A.D. line looking good. Yes I've got to tell you we've got a lot of different stocks because I get you know I've calls from Whiting Round. There's so many stocks and so many different industries that are benefiting did they was seeing this big infrastructure money we have David this data centers may be the greatest story never told in terms of how much is being made from every company is in a data center and connected to. You can do the entire as some way we should try to structure something along the slime up the entire chain right up to the REITs that own the data centers amen and how that looks. Ferguson for plumbing by by Blackstone. Yes I eat and make the electrical equipment I mean this that's what we own eaten for the travel trust it's like they make the electrical equipment. Bird of has been an amazing that's a Dave Cody incredible how much money is being made in this. Speaking of the data centers A.W.S. would announcement today that Adam Selipsky is going to step down June 3rd Matt Gorman who's been leading A.W.S. sales marketing will become CEO on that day. No I've got a salute Adam Adam to help build that web services then he went to the next level he was originally a Tableau. Tableau was bought by Salesforce he's data Salesforce did a remarkable job put in his time there they went back to Amazon and Amazon web services member and going from high teams to almost single digit and then boom right back as a company stopped optimizing he's fantastic you Jack and also can I just say David one of the most humble great guys I've met in the business. Is he a humble great guy did not have an opportunity to get to know him. Oh he's gonna take some time to get to know himself because he does say that he's going to be stepping down appropriate to make a transition spend more time with his family and recharge and also create some mental free space to reflect and consider the possibilities. Can I say something we can actually do that he's spending more time this time this is not like there's no this is not no no he actually likes his family met his family they're like really nice he actually I mean like his family so nice I'd like to spend time with you know I mean got it okay it's a good family just like in here I don't know it's an Amazon story and there's a picture of Andrew Sorkin I'm what am I gonna say Boas. Well don't Boas. I don't know. Within Amazon meantime there's some news about maybe additional NFL games Jim there's David there's some streaming about the NFL. Bundle news in a game to it yet or not. No let's get to it. Yeah right now. From our parent company it was announced during the Moffat Nathanson Media Conference that's ongoing by Brian Roberts and I will let Brian do the talking and then we'll try to fill in some blanks here as best we can about this announcement from our parent Comcast related to a new streaming bundle that would involve Peacock Netflix and Apple TV take a listen stream saver is Peacock Netflix and Apple TV and those three products will come at a vastly reduced price to anything in the market today and be available to all our customers we've been bundling video successfully and creatively for 60 years and so this is the latest iteration of that and I think this will be a pretty compelling package. Alright so you are starting to see the rebundling of entertainment streaming services remember it was last week we saw an announcement Warner Brothers discoveries max will be packaged along with Disney's Disney Plus and Hulu the price on this bundle yet to be determined is my understanding but you heard Brian Roberts say it's going to be priced very at least aggressively versus other things in the market obviously Comcast is a broadband provider that is its main business its main form of generating cash flow and therefore you want to offer as many options as you can to get as many people using the broadband as much as possible and the need for it we know is enormous why is it just rebundling it is sort of recreating what we all had for the last 25 years namely a bundle of different entertainment services but sports and news continue to be the interesting other components here as the streamers become at least start to focus more on providing sports programming in some form and then you're left with news like what what else I mean I don't know if that's enough to keep people subscribing to the cable bundle that said the economics may not be that different although YouTube TV the most successful of the MVPDs with 8 million subscribers you can you can in other words you can have it here you can have it anywhere 10% of all viewers that Carl sorry the journal piece today about YouTube TV app now 10% total viewing hours well maybe that's why Comcast is not if I were I'm not running Comcast we're here come his network but I gave you this should matter more I mean Apple TV is and could be a nice bundle maybe you saved some money but interesting the significance included here and again right you know I don't want to it's this is just this morning stream saver is what they're talking about pricing still be determined and you know and and we'll see and then we've got the sports JV between Disney Fox and Warner Brothers Discovery as well that is going to be debuting I think it's in the fall of this year so you do and are starting to have proliferation of potential bundles for customers to make their decisions all the witches design as well to lower turn because people will click on watch something they really want to watch and then click off which you know can make it difficult to build other than Netflix and to a lesser extent but significant one Disney Plus to build long-term profitable subscribers I'm just shocked nothing moves the need over Comcast nothing they have to do something much more major well after Comcast you know the issues there are are broadband overall you we talk about housing until people start moving again in a real way which usually I'd rather by Stanley black and decker in changes and or fix wireless runs out of capacity in some way cheap mobos tell me that they won't and Verizon it has become a real issue you look at the subscriptions that have been added by both of those wireless companies when it comes to a fix wireless product that brings broadband to the home it is significant now they may be capacity constrained over time but that has represented and then there's the prospect of Starlink at some point as well you know SpaceX keeps putting up more and more satellites and what is that gonna be able to do so Jim that's the problem well look it's parent company's network I don't feel free to say much more about it other than I work for the parent company's network free cash flow buying back stock great balance sheet I'll say that has that worked leverage ratio very low has that worked I ask you has that worked not lately well what have you done for me late partner well I'm always here loving you so there's that love it yes I don't eat apple I mean it's not about love it at love and make love in whatever you want to love it anyway I said my piece means I'm Jim we'll keep our eye on the the dynamic that is reintroduced itself into the market and that is means I think the the P multiple now on GME is it is a thousand times look and you know the fellow runs at Ryan Cohen I mean it's now the stocks folded I mean he could reinvent this company which is what it has to do because it's had flat revenues for years okay so why not reinvent it why not go into into something else you've got a new market cap that is remarkable why not take advantage of it you're now bigger than them best buy which should have bought you I guess it was really worth anything yeah but all I can say is is that this is a great opportunity to be able to sell a lot of stock they don't they don't need the cash doesn't matter if you this model that they currently have is not working because it doesn't be in not working as revenues are flat right I mean right you've got to have it be in a position to sell any any possible moment be able to sell stock I guess given that this can happen you see the SEC is playing no attention so why not just offer right now a hundred million shares but at forty nine just go yeah over a hundred million shares in point nine reinvent the company turned out to be a remarkable new company they get another shot at it but they should point out the market cap high during the mean stock craze of a number of years ago I think was twenty twenty two billion right twenty two billion roughly thank you so it's so we're only four and a half billion away from that and at the up a hundred twenty percent it would have come very very close to it all time market cap high for the companies alright so let's let's us it out game stop is worth what it was worth before this okay before chair picture hello kitty now it's worth this and therefore the company should sell and that wouldn't be that would be fantastic the company should take advantage of the capital markets I love capitalism and just take it and become you know what we're going to be the single source of take to yeah but there are certain mechanisms that they have to actually have in place to be able to sell stock and what I'm saying is you challenge the SEC and you do it and the SEC then comes in and say you shouldn't have done that but you know what we're gonna make you pay a hundred million dollar fine okay let's call up and said sold to you we're selling a hundred million shares what are they doing let's just what is Gens are going to say you know what I'm breaking that trade at the market is Gens are going to break the trade I don't know what Gensler is going to do sorry to be proactive are they are they back in the office yet at the SEC that I don't know but a lot of companies like Walmart are just gonna say back to all the journals he's today about some corporate layoffs asking basically worker the majority of workers what to return to the office the majority of the time right and I don't want to say that that story's true but it's not anything having to do with whether the company's doing well or badly I think that this is a curious moment because they're trying to the inflation fight if you're an inflation fighter as post the lover member I told you then you're not going to be able to blow out the numbers but Walmart is a brand-new Walmart and Doug McMillan has had a sense of the psyche of the United States including much better house brands Quoker does too but Quokers involved with that crazy acquisition that we talked about some new private labels lately we haven't mentioned KHC and Oscar Meyer how do you like that you know our OSCA art in that is a core product of that pathetic yeah I would assume it's gonna be it's it's gotta be only private equity that's I would think that's that's but they've done so badly what did there's another company that they they need a meme invasion ban look at that yeah that was not a great are you allowed to criticize I'm going to criticize your companies it was 3g and Warren Buffett together remember had consumer package go back to take a look give me a lot let's give me a longer term chart there can you give me a bouncy see give me a longer term chart how about how much you want to take a look at yeah there starbucks versus KHC on a five-year Jim yeah um yeah you looked at Dutch broke have you looked just but you want to do Starbucks versus Comcast I just was looking I thought that the Comcast news was fantastic that's all I'm reacting to I'm gonna move on it was fantastic fan it was Comcast it was great Apple has never done a deal with Apple the thing was that was great with Netflix - it's amazing it was a great deal and nothing happened nothing not a thing fix wireless you know he's got that to buy that just I was I said oh my god they're doing a deal with Apple this is fantastic this is just the beginning just the beginning only the beginning only just to start I like that song and that's what I'm reacting to like what is the market really one is to manifest itself in things like lower term yes David's point early right I just thought it was part of the company which is NBC Universal which is challenged for any number of reasons that we talk about all the time you're making me the full guy here you are the fog yeah it's your fault yeah yeah exactly which is getting great reviews by the way and I loved and I happened to love Emily not that I know her personally as I said you're just a patsy you're just a patty no I'm just saying I thought the Apple there said look at that an Apple deal that's kind of move it I mean no one talks to Apple Apple does everything by itself I know Ali Baba shares are down five and a half percent what is that I don't know it's below the line it was really the loss that they had was net income related to mark-to-market net loss in its investment shock people they didn't say that this is really in many Chinese shares but their their sales were up revenue was up six point six percent you're over a year and the key platforms were up as well or turn at least to some level of a row their cloud platform up no I mean the sales I mean the sales platforms not not not the cloud they did buy back four point eight billion in the first quarter of stock their annual targets about twelve billion US dollars and repurchases and they also up I think they upsized they did them as well so I X funny I heard a couple of more or less positive you I thought it could be out today on headline number though was certainly down in part again below the line not related to the growth of of top hour you look at Home Depot which everyone said should be down in its up when you look at Ali Baba and across across around 635 and the stock was looking like it might go either way and then it's craters the only one that's working today of these ones that are actually should be up is the one holding which reporter fantastic number and I know they get gravel in your shoes but that David you're not the guy and you're not the core consumer I put my squeaky ones away I never wore them again well I'll tell you it's crushing it 38 cents people looking for 14 cents that is a blowout wow we didn't talk about the steel winners wow I mean it's obvious you can say Newport but they don't even make the steel that the great is talking about cliffs would save fantastic for them there is a really a lot of steel there's a lot of them we're not taking stuff in for all of us country why did you ruin the air but most nothing okay I'm not to mention the EVs X compared to what Europe exports yeah I know the way VV is I mean it was got me important over this whole thing a rounding error well I think that some would say it's fatuous far be it for me to ever say well you pointed out potentially the two biggest beneficiaries Owen what's it really to work back to get into that's a huge win because the Chinese syringes have always been here and they're always of questionable value and Owen's a minor the PPE they tried to get in here China they did a very good job in wrecking our industry except for Owen's minor those are two very big winners and those deserve to be on if they're not affiliated with Apple or Netflix but they're up back then tickets is a fantastic company I don't know that should be there's an everyone once everyone's game stop yes they do that's only once I've got two dogs and one's gonna names I'm renaming one's Tony's birthday he's game stop and then I gotta tell you Raghu he's AMC that's happening in a few minutes and those four dogs do they even know their own names at this point when you call them yeah they know I was NVIDIA they know chopped sirloin and filet mignon that's about it that's what they know what I'm gonna give them what you want me to give them T-bone how about a cowboy cut it's good to be Kramer's dogs it's one dog it's one dog was small and if they play the cows do they play with the cows not yet about the cows well this that's interesting because it's an Atlassian whatever the Alsatian Atlassian symbol I like it here as a company yes simple team yes but no this is an PlayStation nip dog they nip the cows but the two cows are like harmless but one of them is going to about to give birth and then we're gonna three cows and then three cows and then so I have to find out that cows gonna be named cost KOSS and we see that one's moving no yeah what value added do we have on games it's just it's why it's frustrating it's really I mean I can do back then Diggies I know what I interviewed him twice I really like them I have nothing on game stop and I'm just sitting here saying I just don't have value added okay then you don't have to talk about well no if you don't talk about it you're missing that's the elephant in the room lots of other things if they did a deal with Apple and Netflix I think it's true a bundle bundle bundle I'm gonna bundle game stop with AMC and Starbucks what do you think how about you're gonna get coffee when you go to the movies and you can about Tim Hortons they do Tim Hortons just crushing it's gonna be a nice rice that's a nice one time that pop eyes is crushing KFC I did not know that crushing crushing and there's some value adding yes watch bonds today we got PPI under our belt we'll look for CPI tomorrow of course Walmart on Thursday as for bonds hanging in there again with those negative revisions 10-year actually lower now to 446 stay with us Fetch your pals set to speak overseas at the top of the hour at the foreign Bankers Amsterdam we'll get you some comments on that as he speaks with official from the ECB also got Lisa Cook on the tape and Jeffrey Schmidt later on tonight pretty steady open dows up 50 and we'll get stopped trading with Jim after a break time for Jim and stop trading well I think that no one works is on on talking about how they're gonna do Nash which is fatty liver and they talk about the heart risk well you know what even if you don't lose weight it's great for your heart this is going to put a lot of pressure on the insurers because that's been the holy grail if you can get the heart cardio not weight loss because that's viewed as being I think this is cardio and that's why you showed us now Lily goes down no one works is what they are they're almost the exact same compound so that's about as stupid as the as the wood that is sold at Home Depot although I will have to be careful because Orient stand strand board maybe may be smarter than some of the people are buying these things but yes no one orders and Lily should benefit every time no one works is something good just go by Lily this is a same formulation situation so anyway don't don't there doesn't be the advent of AI on productivity and the advent of these on public health make you somewhat optimistic about the future yes that's why I say it's 18 months and two years I just need J to place for time yes that was my top list that was like look guys the cavalry's coming but you know it's not I mean I think we're in a fort not like Koster she custard that last stand he may suboptimal Jim how about tonight okay I got Stanley Black and Decker and this is a company that has a division to wall a hundred years old that is just killing it because that's for the professional but we'll hear what they have to say and I have to tell you it's a there it's a gross Morgan story right now it's not a sales story but because they just don't have the big sales because look at Home Depot look at Lowe's look at the Independence there's just not enough but they get the gross margins up to 30 and then to 35 that's not cool keep going hard I love you David I love you too Jim you keep being you don't you worry about those memeers during the break I express again I want to be more valuable than people and I feel like if this is where you make big money I don't I cannot help you other than to say don't forget it as this is the tenacity that makes us appreciates you Jim you'll see it six thank you mad money six p.m. Eastern time monitoring for the Fed chair set to speak in just a few moments don't go anywhere you've been listening to the opening bell on CNBC's squawk on the street all 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