internationally. we continue to keep an eye on situation as it develops out of the middle east, and also, on oil, which, i would imagine, is going to be part of the story when united and some of the other names report, as well, as we see crude took a bit of a breather today, but it's been moving higher in general. >> and tomorrow, though, we are going to start looking ahead to n netflix, as well, one of the big names that's been performing better than its peers in the media industry, as others are trying to pull back from overinvesting and streaming. netflix is making money there. >> yeah. free cash flow tends to be the focus. in the meantime, big late-day selloff for stocks. everything finished lower. that's going to do it for us here at "overtime." >> good to be back with you. >> yes, reunited. >> "fast money" starts now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. stocks sink. yields spike.

major markets closing near the lows of the day. the dow down more than 2,000 points from its all-time high, less than 50 points from going negative for the year. the ten-year climbing to five-month highs. is the selloff all from rising tensions in the middle east? is there more downside to come? plus, tesla tanks. shares of the automaker closing at their lowest level since last may. as they slash jobs and faces real competition in the green car space. what's next, and can the stock get revved back up? and later, goldman glistens after being earnings and a revenue beat. software stocks glitch as investors seem wary of a potential salesforce deal. and not so go-ld-like? united health has dropped 15% this year. we'll debate all of that. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, karen finerman, dan nathan, and rebecca patterson, former chief strategist at bridgewater associates. welcome, rebecca.

and we start off with the steep market reversal that sent stocks to their low of the day. the dow up 400 points early in the session, closing the day down nearly 250. that was the biggest single day about-face in 13 months. the nasdaq tumbling 2%. and the s&p 500 fell more than a percent. the ten-year treasury yield hitting its highest level since mid-november. the dollar jumping to its own five-month high. all this as investors eye the potential of israel rheal stastate i retaliating against iran's weakened strikes. tim? >> we came in this morning, and i'm sure most people were glued to their screens after the weekend's events, and we were seeing a rally. and we were seeing a rally with possibly a move higher in rates. and that's how we started out this morning. and i recognize that market's priced in a lot. having said that, it was a week where we sold off on the back of

yields. it was a week where we sold off on the back of a handful of things, but when the day started to play through, and there was no flight to quality in bonds. the dollar should have been rallying. the dollar was actually off small, but the fact that some of the trades that i would have expected to have seen this morning hadn't taken place, i just found as weird, though i know we were in a place from friday after, risk was significantly high. the vix closed well through the levels on friday. i think we are in a new range now. the s&p closed effectively on the lows after a point reversal, to close through the 50 to the downside and hasn't made a move like that since september of '23. so, i think we're in an environment where not only are we -- we had a 4% move already in the s&p from peak to trough, but i think the unfortunate -- we've crossed a rube icon. i think there are all kinds of implications, and we're going to kind of contemplate that

tonight. >> iran has never attacked israel before, directly, as opposed through surrogates. and that's the rubicon we've crossed. >> yeah. and there's tail risks galore. >> i would agree with you. we have geopolitical risks in multiple places around the world. you would think that would pull yields lower, but we have the retail sales report, very, very strong, stronger growth, risk of higher oil prices from the middle east, creating inflation expectation risk that could keep short-term rates higher for long, all of that is feeding into the long end of the curve. the big day today is the speed of the move. if you have very slow rise in yields and it's backed by s stronger growth, you can see higher yields and stocks at the same time. when you have a fast rise in yields, it's unsettling. and it's not necessarily coming just from better growth. i think that's when that tips the balance the other way. >> all of that i totally agree

with, but i think this market was on such a tear that at some point, you need an excuse to start selling things off. i think if things -- that's a giant if, and we get back to focusing on earnings, that could be good for if market, but it wouldn't surprise me to just continue to see down for awhile. this move in rates is really quite something. i don't know how much to attribute to the retail number, which was super strong, also the revisions to the pry mior month >> they're seen as more important, too. >> why are they so off? i don't quite get that. so -- that's kind of, you know, as you were saying, you could have rising rates and the economy doing okay and the market sort of doing okay there, but this retail number seemed to actually be a negative, right? just for what it did to rates. >> i'll just say this, you just said, karen, you want to focus on earnings, and i go back to friday and jpmorgan down 6.5%. i can't remember when i've seen

it down more than 5% in a noncrisis sort of period beyond. it's a very crowded trade. they became very big market cap stocks, so, this was a half a trillion market cap that was down 6% on a technical basis, and let me tell you something, there's a lot of sectors that are breaking these really very nice 45-degree uptrends that have been in place since october. so, some of the technicals are starting to break down. once we get into earnings, we're only down 4% in the s&p from the all-time highs just made two weeks ago. i think expectations are high. what the geopolitics situation does, it muddies the outlook, right? and so, if jpmorgan sold off because the ceo, the best ceo on the 34planet was giving this guidance that investors were not going to feel great about, i think there's more big downdraft for single names that are very crowded to come. and again, they could have put up a really good q-1, but it might be about the lack of

visibility they have in the future. and if you think about this, we have high expectations for earnings growth for the s&p 500, if you have the dollar where it is, you have rates where they are, you have commodities where they are, i mean, this is going to start to put some pressure ong margins, right? and that's going to put downward pressures on earnings. so, i think we're going to have downward earnings revisions that are going to come out of this. the s&p just seems a bit mispriced. the last time we were at 4.6 in the ten-year, the s&p witness stand 4,600. >> you're thinking of stagflation at this point? >> yeah, we've been talking about that for awhile. you could have said it a year ago and sounded really smart and you just weren't. but a lot of the price increases seem to be, at least wages and these supply chain issues and reshoring, they're going to be imbedded in the economy. and one of the reasons why i thought the fed should raise that inflation target, to give them more leeway what they can do with monetary policy. >> you had a bank out there,

ubs, saying, look, their base case has gone from five to two cuts this year, but they said, you could be at 6 1/2 fed funds next year, in a resilient economy, not stall ingflation. i think rebecca is dead on in terms of the impact of the retail sales number. very important with everything else this morning. and so -- whether, you know, we've now already exploited that concept of what would rate hikes look like. they would look like a 10% to 15% correction in equities, i think almost no matter what you did, based upon where we have been, but again, the fallout from the weekend's events are that oil, which was already undersupplied, i think, it's higher for longer, which short-term is very inflationary, even though that's medium term actually deflationary, because it will impact oil. and oil demand in the short run, headline cpi, every $10 barrel move, there's a lot of metrics out there that say it's a 40

basis line move. there was an argument with higher yield moves, we had an economy that was doing -- >> goldilocks is dead. >> good thing guy is not here. >> at least in a coma. >> but that was great for banks. that was great for energy. those are environments where those sectors are the ones you wanted to own. now it's tough. >> in terms of flight to safety, though, if you were to position for a flight to safety, what would that be? treasuries, as you mention, a basket of factors there including issuance, that's going to be a huge pressure. >> yeah. i mean, gold, obviously, is rallying, it's having a great year. i think there's probably more upside, and what i like about gold right now is it's not just the flight to safety, there's also support coming from china, from the central bank continuing to add to reserves and chinese consumers who are not knowing anywhere else to put their money. i just saw over the weekend that costco is selling 1 ounce gold bars and they're selling out like that, which is interesting.

but i like it, because even if peace breaks out, which would be amazing, there's this underlying support that's going to help your downside. >> so, i was surprised that we didn't see the flight to quality, also, which would be more likely in the shorter end of the curve, right? just a quality bet. we didn't really see that. that was sort of interesting to me. i think that, you know, this sort of rhetoric back and forth is terrible, right? and if you are uncertain, you just seem like, all right, i'd rather just take risk off the table. i don't do that. i'm always long, so -- you know, friday, today, wasn't delightful, but i think that the longer the message is away from earnings and how actual companies are doing, the worse it is. >> you mentioned the retail sales. i mean, over the last couple months, we heard from mcdonald's, starbucks, they were blaming weak sales because of the middle east thing. so, if you think about the retail sales here in the u.s., you better hope the u.s. consumer holds up here. if the s&p finally does have a

10% downdraft, that is the sort of thing that weighs on consumer confidence here. we really have two hot sit situations right now. think about those two regions are going to be impacted, and then, you have u.s. multinationals that are dealing with higher costs of, you know, supply chain stuff, dollar, all that sort of stuff, we could find ourselves really quickly, and finally, in a little bit of a correction. i know that sounds like i'm speaking greek to you people here, but it seems luke it's going to happen sooner or later. it's been orderly right now. there is no reason, i mean, to be panicked about anything. >> the thing to watch, on your point, is the higher end consumer. the lower end consumer is already really struggling. what's supporting the retail consumer broadly is the people that own lots of stocks and own homes. that tends is to be the top 20% of the economy. they've had the most wealth creation. they're allowed to keep spending. the savings rate continues to tick down. we're now at 3.6%, we were at

4.3%, i think, last summer, so, that excess savings we all used to talk about, is largely gone, and we're getting a bigger cohort at the bottom of the income spectrum that's really not able to spend very much, so, it could tip pretty easily. if stocks fall, that confidence on the higher end is gone. >> an consumers are carrying balances now, and what are rates on credit cards? and they're at highs. every tick higher, they go higher, they adjust higher. >> i think there's a trade here in a lot of the consumer finance companies that were great trades last summer, into the fall when rates peaked, and so, even some of the emermortgage services, s of the consumer credits, rocket mortgage, there's a lot of names, do your work. but these were trades very popular when yields were moving aggressively, and we were making a call on the consumer that we've been early on. >> here's one. american express reports on friday morning. talking about the cross currents we've heard on the higher end here, and to your point about the stock market, which is making a lot of people feel

good. baby boomers. i was talking to peter bookvar, they have houses at all-time highs. let's see what american express has to say. it doubled off the october lows. it was up 60% and the s&p was up, just 30 or so percent. so, that is going to be on my radar friday morning. israel's defense minister says today his nation has no choice but to retaliate after this weekend's drone and missile attacks by iran. our next guest predicts israel will respond, but with missiles only aimed at iranian military infrastructure. here now is brookings institution senior fellow mic michael -- >> i'll try to soften that prediction. >> in terms of israel striking back at this point, will that end it or will this be a continuous sort of tit for tat? >> the reason why i think israel

will do something specific, prompt, but also limited, i think israel feels it has to now reciprocate, because iran has attacked from iranian soil for the first time. and israel doesn't like to be on the soft or short end of that kind of a stick. i believes strongly in the concept of re-establishing deterrence, meaning, showing you're the tough guy. and intimidating people into hopefully not attacking you again. now, that logic would suggest that israel might actually escalate dramatically, like they did in gaza, but i think it's more likely in this case having intercepted and have the u.s. and other help in intercepting the iranian attack, they'll feel it's adequate to do something that is firm, but also de-escalatory and hopefully iran will not feel the need to again go one more time afterwards. that's my prediction that, you know, probably missiles, because there's no manned aircraft involved, no potential for shootout.

probably fixed infrastructure, and probably relatively isolated in infrastructure to minimize fatalities, maybe at night, and probably nothing too major, probably not the nuclear installations, for example, or any major ports or airfields. but we'll see. >> let's say a strike back by israel concludes this particular chapter of the conflict, michael. what have we learned, though? i mean, we've learned that iran has missiles that can reach israel at this point. so, in terms of what we call crossing the rubicon earlier, the first attack by iran directly on israel. what does this open the door to in the future? >> well, i think in technological terms, the simplest thing it proves is that medium-range air and missile defense is quite good today. the united states and israel and others have really perfected it, or at least dramatically improved a lot of the technology. however, long range missile defense is still hard. that's not particularly relevant here, but it could be if china or north korea attack us. and short range defense, against

saturation attacks, with just huge numbers of drones or short range missiles or artillery, is also very hard. and really, the lebanon/hezbollah threat to israel remains very potent. so, there's nothing that anybody should be doing now about rejoicing that somehow defense has established dominance comprehensively. i don't think that's the case. i think israel knows better than to think that it's now impervious to hezbollah attack from lebanon. there are so many short range threats that remain. >> michael, it's tim. thank you for joining us. you can make an argument that vladimir putin is looking at all of this with a big smile on his face, and i guess my question to you is not predictions on the rest of the world, but also, the impact of what's going on in the middle east and how that's skewing political policy, response, budgeting, financing, different parts of the world, but again, where this can spread, or impacts to other parts of the world that we are also very concerned about right now. >> yeah, that's a good question,

tim. there's a lot of ways this could play, but you may be right that putin's smiling for various reasons. i could see a case, however, that this may be what is needed to shake congress up into action on both ukraine and israel aid, because israel's now going to have had, you know, have fewer air defense capabilities, still in itself tool kit, or in its quiver, having used up a fair number. i guess they got a lot of help from us, so maybe they didn't use quite as many anti-ballistic missile interceptors as they might have, but that's still a pretty scarce resource. iran used more than 100 ballistic missiles, so, the interceptor, various interceptor that we use against that kind of capability, those are easily exhausted, and so, there is a case here that now congress really should act more quickly on israel, and maybe if it does so, it will also focus on taiwan and ukraine as it should. but you know, hoping for good behavior by congress is obviously not always the best bet. >> some have made the case,

michael, that iran won't, you know, make any moves that will embroil it into a longer conflict with israel, simply because they don't have the finances to do so, and that it would really backfire in terms of control of their own populous. i'm wondering how much we should count on that, as a sort of self-deterring factor in this. >> not that much. but it's not a zero effect, because we know that iran did the nuclear deal in 2013 and then it kicked in in 2015, after we had squeezed them so hard that most of their trade was impaired in some way and more than $100 billion in their assets was inaccessible to them. so, therefore, they decided to do a deal that, you know, probably 51-49 in terms of favorability for us, i was not an enthusiastic supporter of that, though i thought we should have stayed in it once we had it. iran didn't give us the best possible terms. they insisted on some lim limitations expiring in 2023 and 2025 on their nuclear activity,

which is part of why so many republicans were against it. of course, it didn't limit their other activities in the region. so, iran has proven by its past behavior that it does feel economic pain, but not so much as to just turn over and cry uncle. they still negotiated quite hard and got a pretty good deal for themselves back in that experience of a decade ago. so they care somewhat about their economy and their own people, but not that much. >> michael, great to have you. thank you so much for your time. >> thank you. take care. >> how should we assess where we are at this point versus where we were on friday, rebecca? >> we're mired in uncertainty. i don't think that's changed at all. and i hope he's right that whatever happens next is small and targeted and that's the end of this and there's no more tit for tat, but he would admit he doesn't know for sure, no one does. so, you have to -- i think you have to assume that we have just moved up a little bit in the level of uncertainty we're dealing with.

how high of a conviction to you have in what you have? >> yeah. what do you want to own? >> back to energy and some of the things like financials. europe suffers here more than anybody. this was an economy that was starting to get their sea legs back. this is bad news for europe. interesting day back to the broader market is that you had nasdaq 100, you had qqqs underperform. typically, we think they'd be pretty defensive here, at least they've shown that, although, in a market that's seen disproportion gnat move by the megacap techs, if it's just a pull-back, people dialing back risk. i think we have to watch those moves. the leadership of this market, we know where it's come from, we know it's proven to be defensive at other times. i'm not running from emergency here. >> one thing i'd add tothat is, it's important to remember that the u.s. is now a net energy exporter, right? since 2019. and so, even though this is bad for us, and we saw that today, to your point, it's worse for a lot countries.

>> like japan. >> right. probably japan is doing better than it would have otherwise, simply because dollar yen is now at its highest level since 1990. but i think the dollar staying strong, all else equal, is going to be something that's with us for a bit. coming up, earnings, layoffs, and more earnings. goldman getting a boost after a beat before the bell. tesla laying off a big chunk of its work force, and unh earnings. that's ahead of "fast." first, apple iphone shipments getting sliced in the first quarter. how chinese challengers are putting pressure on the tech titan. that's next. don't go anywhere. more "fast money" in two. >> this is "fast money" with melissa lee. right here on cnbc. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcía's,

love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. and when i got there, they have the sushi- this is clem. like sushi classy- clem's not a morning person. i'm tasting it- or a night person. or a... people person. but he is an “i can solve this in 4 different ways” person.

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chi china xiaomi and trassion. we've been talking about this, apple losing market share in china for a long time, and these numbers confirm it, dan. >> doesn't help they just don't have the sorts of products that are on the tip of a lot of consumer's tungstongues. that xiaom iphone is all the change in china. everyone wanted, an aspirational thing to have an iphone. when you think about just, you know, mobile computing has shifted in the last ten years, it really is about soft war and ecosystems, and we know that china has lean into that really hard it's just a different market it doesn't surprise me, given how expensive the phones are in china, and again, this is sad to say, but apple's products across the board just seem really tired right now. and really, the way to rejuvenate your products is to have something that everyone's in the moment, and that is

generative a.i. and they don't have that right now. >> last week, it was rallying based on this report that they were going to refresh their macbooks, a.i.-enabled chip, and that's just gone poof >> it could come back been june 10th, right? >> true. >> so, they've certainly raised the bar for june 10th. they have to come up with something that's really inspiring and gets people really excited, because, i mean, the stock's come in fair amount, but it is not cheap. especially when you take out the hardware part of the p.e., the rest of it is really expensive, and sort of the bloom somewhat off the rose i don't know that it will get back to having that premium multiple, more premium multiple, even, without some sort of very significant product. >> slow little kind of slifer ss into apple it is no longer the prlay in china. samsung was the dominant play until apple ascended past them

it's not surprising. and you can be sure that the chinese national champion is going to be there. i mean, i would be amazed if they're not number two before they're number four. >> and the chinese news doesn't feel that surprising it was middle of last year when the government came out and banned foreign phones in a lot of workplaces, and that's beyond the ban, it's the signaling to the consumer, and then, of course, the chinese consumer doesn't want to spend on anything right now between those two factors, this isn't shocking to me. there's a lot more "fast money" to come here's what's coming up next. earnings season is under way. and goldman just set the bar pretty high. what those results mean for the stock, and how the rest of the banks will fare this week. plus, tesla stock sliding, as the company lays off thousands around the world how those cuts will impact the ev maker, and what ceo elon musk had to say about the downsizing. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

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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. welcome back to "fast money. goldman sachs popping nearly 3% today after reporting q-1 learnings that beat expectations $3 above estimates

revenue beat by more than a billion dollars. the biggest revenue beat since 2021 those results fueled by gains in goldman's fixed income banking businesses profit increasing by 28% from the same period a year ago schwab, by the way, climbing 2% today off its q-1 earnings that stock hitting a new 52-week high, though closing below those levels your choice, tim, which one? >> i'd say with goldman. i think if we get to a place where we're -- schwab -- it's apples and oranges to me i know you're not saying they are the say. i just look at what goldman's done debt capital markets have come back alive we see what they're doing in their underwriting and they're taking market share. not giving it back it's always been -- it's always been the good standard, and it is goldman so, to me, in the environment, it's had a massive, massive run. not terribly cheap, but you know, it's kind of in line to its long-term average here >> return on equity was a huge improvement for goldman sachs. does the, you know, the idea

that investment banking business will improve should rates come down, does that change now that fed cuts are sort of dwindling expectations are >> i think a steady state expectation is what you mean, not necessarily where the rates are, so, this volatility, probably, helpful for trading desks, but not so helpful on the m&a front. big beat, which they haven't done in awhile, so -- i mean, call dose to them. i think -- you know, i like jpmorgan, i thought their call was very conservative. very conservative. and a lot of things were very good in the quarter, but they really wanted to downplay that, and they have way more capital than they need they can lever that up, but they want to be conservative. >> right. >> morgan stanley. this should kind of bode well, i think the goldman numbers and the con trs between jpmorgan on

friday, they report tomorrow before the open. and, you know, this stock got slammed on friday. it's interesting to me, looking at jpmorgan's performance relative to the other money centers. i know a couple have reported and the like and morgan stanley got hit hard. if this one was done and again, in a down market, whatever the fears are, rising interest rates, i mean, morgan stanley is probably one that you want to buy on a pull-back here, so, to me, i'm probably more included on the investment banks. >> you're not worried about the investigations >> well, i mean -- >> money laundering, et cetera >> i don't know, seems like every one of these banks has one of those things. right? i mean, like -- >> i -- i do think that the market has shrugged a little bit at that in the last couple days. i think aml is no joke in terms of regulatories have to stay focused, and will, and will do something. i just think --morgan stanley was really trading sideways for two years after being the dominant outperformer in that group, and i think that's the bigger story. coming up, tesla cutting jobs

slashing 10% of its work force, as shares continue to struggle but the presumed cost cuts aren't helping the stock this time why investors are responding a bit differently. that's next. plus, a potential data deal. salesforce dropping on reports it is looking to scoop up another software company what the acquisition could mean for crm. more ahead "fast money" is back in two. missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts. >> university of maryland global campus isn't just an innovative state school,

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welcome back to "fast money. stocks dropping to start the week, as tensions in the middle east weigh on arkets the dow falling nearly 250 points, its sixth day of losses in a row that's the longest losing streak since last june. the s&p down more than 1% and tech getting hit the hardest, the nasdaq is down about 1.8%. shares of intel getting a boost. analysts at citigroup adding a positive catalyst watch on the chip maker ahead of earnings next week. intel still down nearly 28% this year. boeing lower again today that stock on an 11-day losing streak, tying its longest downside streak on record. it still has not had an up day in april bowing's senate safety hearing scheduled for this wednesday. shares of trump's made ya

stock sinking 18% today. the company filing to issue millions of additional shares of stock. djt now down more than 57% this month. you have been following this -- >> i have, just because it's the most ridiculous thing, the whole structure. they filed to register shares to -- they're going to call the warrant soon they can do it as early as tuesday, so you -- if you own a warrant, you put up your 1150, you get a share of stock they registered those shares, plus, registering the shares of trump, everyone else anyone else who lent them money, who is getting shares, they just want to clear the deck for everyone to be able to sell as soon as they can it would seem. now, we would need to find out if trump gets a waiver, but they're just looking to raise cash -- >> dumb question >> not from you. >> you want to find somebody that wants to sell that stock from you if they registered every stock

that's outstanding -- >> they didn't this is new shares >> right they're subject to a lockup. who is the buyer of this stock >> i -- i would have said that at $68, at $58 -- >> if you look at the holders page, after the top holder, there's not many holders if you look at the financials of this company, right, you'd say to yourself -- >> financials in air quotes. >> it's not a going concern. if you have investors, you have a responsibility to them so, i -- >> retail. retail i don't know how big -- >> who owns amc? >> i mean, look at where amc and game stop are. they tried to meme this thing, it's unmeme-able, and now, all there is a stock for sale. think about, 90% of the companies that went public through spac in the last five years -- >> this is meme or steroids. we've already said that. >> you couldn't short it,

because it was too expensive so there usually is that incremental buyer when you're covering a short >> there's some big heads out there. there are some hat sizes - >> he probably has a 13. 13 7/8 or something. >> let's move on we've got a news alert on live nation the doj filing an anti-trust suit julia boorstin has the details >> well, not filing it yet but "the wall street journal" is reporting that the justice department will file an anti-trust suit against live nation as soon as next month and that currently the doj is preparing to file. we have just reached out to live nation for comment, just moments ago, we have not heard back just yet. but the department of justice is alleging that specific claims -- that they would allege -- excuse me, the specific claims the department would allege could not be learned in this "wall street journal" report, but this is something we've been hearing

about for awhile we've asked the live nation ceo about the report this is in the works. live nation has said they've been cooperating with any requests for information in the past, and in an essay published on live nation's website last month, the head of corporate affairs from the company sought to defend against the accusations that the company is a monopoly, and he said ticket master does not set prices, artists and teams do so, this is -- this is something that we've been expecting for awhile we see that shares are trading down about 5% afterhours, but it is on very light volume. >> julia, thank you. julia, b boorstin. karen, you own live nation >> i've owned it for a decade, if not longer. they have a tremendous business. their fly wheel of, you know, sort of controlling arenas, having ticket master, having a relationship with the talent, it's really quite an extraordinary business, all around the world they have been dogged by ticketmaster and some other things for awhile. i would not be surprised if -- i

mean, this is sort of a juicy one on the face of it, for the ftc. >> yeah. tesla dropping more than 5% today after the ev maker announced it will lay off more than 10% of its global work force. following the news, the stock has dropped more than 35% this year and is now at its lowest level since last may cnbc's phil lebeau has more on this hey, phil. >> hey, he limelissa. usually this is good for the stock, it gives it some support, moves higher not the case with tesla today. in part, because people are saying, is there something more than will happen here? 10% of the global work force is being let go they announced that in a memo today. that's approximately 14,000 of the workers, 140,000 work force globally right now the plan is to cut costs and increase productivity. in the email, elon musk said, there is nothing i hate more, but it must be done. this will enable us to be lean, innovative and hungry for the

next growth phase cycle. the next growth phase, does it mean more deliveries you would think that it would. though there's plenty of debate about whether or not they even top last year's delivery total of 1.81 million vehicles remember, they were down 8.5% in the first quarter, compared to q-1 of 2023. as you look at shares of tesla, remember that we get the q-1 results after the bell on april 34 23rd there's another reason why the stock moved lower. you had two key executives, drew's been with tesla since 2007, a really, really long time, and then rohan patel has been there since 2015, those two executives leaving, that's sort of fuels the idea that is out there amongst some investors of, what's next? where is tesla going from here we know the robo-taxi unveil is coming in august we know that elon musk is a believer that full self-driving

and a.i. are the future, that's the guide post for the future of tesla. the question is, do you buy that it's going to happen relatively soon or do you sit there and say, ah, it's further out. those are the things that are waking on the stock right now. >> yeah. phil, thank you. and wall street thinks it's further out. piper and jeffries taking down their delivery numbers maybe no surprise after the last report but this underscores the notion that the tides are turning in terms of sentiment on wall street with this name. >> beyond tesla, there's a biggish picture issue with evs, which i'm sure you've talked about many, many times when you look at things like market share, hybrids are getting almost double the market share of evs in the united states which is pretty extraordinary. and when you look at the cars being recommended by things like consumer reports, 4 out of the top 10 for this year are hybrids. not evs. people feel more comfortable and that gets back to charging stations, in part. the government said they were going to build 5,000 charging

stations, right now, today, we have seven seven. >> seven >> yes, seven. that came from this government bill that was passed in 2021 now, there's 12 more being constructed, but you made the point of timing, right eventually, everyone can charge their car. but we're not there yet. >> right coming up, salesforce shares dropping the potential deal that has investors scratching their head. plus, united health with earnings tomorrow. what the report could tell us about the impact of the company's recent ransomwear scandal, right after this.

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[ music ] welcome back sa salesforce shares dropping, seeing its worst day since december 2022. the deal would reportedly be priced at less than informatica. the stock closing down 6.5% today. dan, you thought this was an interesting story here >> yeah, i you this it's interesting, because it's not particularly sexy. if you look at sales force, you've heard of names they want to acquire they've acquired a lot of companies, going back to slack and real soft. but this is a company, it's a data platform, if you will, and might it be acree tef? they have similar gross margins. it's a much smaller revenue base than that of sales force it's just not that interesting if they were able to get it a good price, it would make sense. the company went private, i think, three, four years ago, or

bought out three, four years ago, so maybe it's interesting for crm. not going to be interesting for investors. >> it'snot interesting, versus where their share price is they're not buying with an overpriced currency and getting something that's very accretive to shareholders. it trades as a significant discount to other software xeefs. i think software -- this is how this company has gotten to where they are, through acquisition. so, you shouldn't be concerned i just think they're paying more on a relative basis. coming up, it's not just banks. one of the biggest nontech stocks in the s&p is gearing up to report. we're honing in on unh, straight ahead. that's ahead of tomorrow's results. jared holz will join us next to dig into what to expect. don't go anywhere. "fast money" is back in two.

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welcome back to "fast money. health care earnings kick off tomorrow with united health group reporting before the bell. investors watching how the insurer is dealing with the impact of a major cyber attack stock down 15% in 2024, while the health care etf is a percent and a half higher. for more on what to expect, we're joined by jared holz, health care sector strategist at mizuho so, the cyber attack, and the concerns about medical loss ratio. so, walk us through what we're expecting. you had a specific number on the mlr side in terms of what they need to beat in order to have a higher stock price >> yeah, for sure. so, i think the mlr is by far

the biggest consideration. the change health care situation is, you know, more of an amounting adjustment this quarter and next quarter very tough to kind of understand how much it's going to cost the company, but clearly, there's going to be a big reconciling item but the medical cost trend has been the biggest story in health care aside from obesity probably this year, things have been running very hot, procedure volumes very strong. it's obviously detrimental for manage care. we'll see what united says tomorrow and we'll have j&j, so, we can kind of put the data points together to come up with some sort of matrix on what's going on the medical loss ratio is number one in terms of order of importance, and we'll see what they say >> you said 84% is the line in the sand >> i feel like 84% -- the street is a little lower than that, but given how poorly the stock has performed, sentiment obviously very negative for the group, which is rare. so, you've got, like, a pretty low bar coming in. 84%, i think they do better than

that stock can go up a little bit but it's really about the commentary around utilization. are they seeing any change of trend relative to what they've told investors at kind of like prior weeks, months, through the quarter? >> what are the extrapolations that we can make, if any, once we hear what the medical loss ratio is can we extrapolate to device makers, they can come in better than expected -- i don't know what it is >> what they're going to do, they'll parse out stronger and wea weaker segments. i'm sure investors are going to take what they say at face value and trade accordingly. and what they have to say on medicare versus commercial >> and in terms of extrapolations within insurance, better than expected means better than expected probably for whom >> i would think for most of the companies, depending on what they have to say about the

complexion of earnings, if it was driven by medicare patients, commercial patients, things of that nature. but if they beat mlr, the entire group is going to go up. >> johnson & johnson reports tomorrow before the bell is it all about talc >> i don't think it's all about talc for the quarter unfortunately, i think it's a lot about talc for the stock it's been such an impediment the numbers have been decent for j&j. i think we can kind of question the long-term growth rate of pharma, there's not a ton there in the pipeline. i think if you spoke to investors in this space, they would kind of tell you they don't love this pipeline here. but they're doing acquisitions, they did a $13 billion deal last week in medtech. it's been a tough ride with the talc as an overhang. >> jared, nice to see you. >> thank you >> jared holz. quickly, you're in elevance? >> i'm in elevance i would love to see an mlr that comes in, i'm wondering --

united health has just -- the stock, has done terribly could that actually be a bide -- it's so bad -- hasn't traded at this kind of earnings level for a long time. >> i'll quickly -- i will quickly go back to the guest, should unh be a buy here -- we're out of time. >> i think the buy thesis on unh and for the broader group is actually an election trade i think we can kind of see how numbers come out tomorrow, i'm not sure it's a buy in front of the quarter. it's too late now, but it might be just a buy on strength or a buy on weakness. if things get overly weak and the multiple compresses, it might be a buying opportunity. and i think there is an election trade at some point for the group. >> thank you again, jared. >> thank you up next, final trades.

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time trade time. rebecca patterson? >> okay, i'm going to say this really fast. intervention risk is rising in japan, they intervene, the yen strengthens, equity market goes down, that's your opportunity to add hedged equity risk dxj. >> tim >> smart stuff, as always. boeing >> karen >> citigroup and congrats to my sister running the boston marathon again >> oh, congrats, stacy >> dan >> if unh disown a lot tomorrow, thanks for watching ". "mad money" starts right now my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" star