welcome to cnbc. here's your top five at five netflix destroyed as hundreds of thousands leave the servais. the ten-year yield, is it a sign of the times? 2018 after nearly a month, lockdown lifted a look at what's ahead for china and shanghai. your morning rbi and one ceo you probably never heard of who could have an $800 million

payday. later, a big fine brewing at the florida magic kingdom. ron desantis has a bone to pick with with disney. it's wednesday, april 20th this is "worldwide exchange. good morning, good afternoon, or good evening wherever you are i'm brian sullivan let's get to your headlines. futures right now, they're down across the board not a whole lot. futures off just a tick. nasdaq futures now, they're the one to watch the dow is off by 0.3% all of this coming off a nice little pop for stocks on tuesday. we were higher all morning but buyers really began barging in around 2:00 p.m. and they shoved the markets higher, small caps,

midcaps, big cap tech, all ending the day 2% up that does not look to follow through. but it is early. stocks are up as bonds keep falling and borrowing costs keep rising the ten-year yield creeping back toward 3%, now over 2.9% get those 3% yield hats ready because it looks like it's coming. oil took a hit on tuesday, down about 5% in u.s. trading but that's reversing a little bit this morning oil was slightly higher. growing concerns over oil demand going forward assuming everybody starting to pull their estimates down here in the united states both ether and bitcoin are down after rising with almost all the markets yesterday. we'll get more on all of this in moments, but first let's see how things are looking overseas because while stocks certainly get all the attention, a big move in bonds in europe has been

an even bigger one than we have seen here. key yields in the uk and germany hitting seven-year highs let's get more on that and your morning trade with rosanna lockwood in london good morning, rosanna. >> good morning, brian yeah, let's start with these european markets they've been slightly greener today after we closed down quite heavily in the red on tuesday. 0.3% it may be dragging on the sliding shipments. look at the presidential election rates ongoing and consumer space very strong let's take a look at the yields you wanted to look at. the bund and this, i raise you 2015 in tuesday's session, it hit a high not seen since 2015 you have to have your 1% hat for that meantime the one-time here, it's

at 1.929 again, highs not seen since 2015 late in tuesday's trade, but i did promise you some earnings as well because consumers, banks as well, interesting stories here in europe. credit suisse, let's start there. the bank has a first quarter loss due to high provisioning. there are high costs around 700 million swiss francs but look at this danone up. you have baby food and dare products also just eat takeawa. europe's largest meal delivery company has grown. grubhub was bought for $7.3 billion, up just over 4%

back to you, brian. >> one of my predictions was for a baby boom this year in the united states. based on those baby formula numbers, maybe we'll get one in europe thank you very much. let's again get down to this morning's top stories. netflix down more than 20% users flooding away from the platform last quarter. let's get the details on what happen and what's going on with sim va silvana henao >> the company netflix lost 200,000 subscribers in the first three months of the year the first loss since 2011 when it shed more than 800,000 users in a quarter it's far worse than its own forecast three months ago of a 2.5 million gain in netflix

subscribers in the first quarter and estimates are calling for 2.7 million ads. they're even forecasting an even bigger sub loss fur the current quarter, around 2 million, and compare that with wall street's estimates and not a single estimate calls for a contraction. this is the seventh time in eight quarters that netflix has missed the street's expectations netflix is partially blaming its q1 user loss on the suspension of the streaming use in russia that resulted in a loss of 700,000 paid subscribers aside from the slowdown, they're weighing in on account sharing in a letter to shareholders, combined with new competition from disney and others, password sharing is creating growth headwinds. here's the ceo reed hastings. >> working on monetized sharing. we've been thinking about that

for a couple of years. you know, when we were growing fast, it wasn't the high priority to work on. now we're working super hard on it remember, these are over 100 million households that already are choosing netflix they love the service. we've just got to get paid to some degree for them. >> another key takeaway are comments from hastings on the possibility of lowering -- offering lower priced subscriptions with more advertising. >> lower price who are advertising tolerant makes a lot of sense we're trying to figure out over the next year or two but we're quite open to offering lower prices with advertising as a consumer choice. on the heels of last night's report, netflix is expected to lose about a quarter of its market value or a $38 billion

market at the open its overall market cap is now sitting around $117 billion. last november, it was closer to $300 billion ripple effects across the streaming sector as well disney and roku both down in the premarket, brian. >> all right i tell you, with some of the reports out there about cnn plus and this as well, streaming, which is considered the future of our strirks silvana, you wonder if there's going to be bigger questions how to make the numbers worth, wiping out three years of gains in a matter of months. >> so many people have countless streaming services, and with everything going on, people are looking to cut back. there's lots to keep an eye on. >> i'm going to steal this comment. it's not mine. somebody said maybe they should bundle all the streaming services together and call it cable television silvana, thank you very much. >> thank you, brian. >> not mine. i don't know who said it, but

it's not mine. we'll see you in a minute. netflix kind of emblematic of the markets overall right now. neither can get any love anywhere all this, the macro markets keep falling. your next guest says he's worried about the divergence between the stock and the bond market his notes are a must-read. he is a must-listen and a must-watch, which is why we asked you to get up so nice and early. we certainly do appreciate it, my friend. this is the first time since 1994 -- you were about 2 years old. i was 20 something -- where the equity market and government bonds are both down at this point in the year. what do you make of it >> i'm really worried about this diversion. as you say, the government bond

market is down the yield price is up, pushing on 3% as you mentioned there's also other markets you look at the lqd which is the investment grade corporate bond. >> high yield. >> and the same thing with the high yield market in particular. credit spreads are widening out to their widest since march. when you get that kind of divergence, as we have heard many, many times t bond market is the one that's usually right. at some point the stockmarket is going to have to come down a little more. >> usually stocks fall, bonds go up people get nervous, they put money in government bonds, they don't like returns i guess my question now is, matt, with government bonds down, corporate bonds down, high-yield bonds down, and stockmarkets mostly outside of energy and a few others down,

where's the money going? >> well, one of the things -- we all hear -- we heard some people saying, gees, this bond market is going to fall further and that's actually good for the stockmarket, i don't agree with that all one of the concerns i have in this marketplace and people have been talking about it for a year now is the huge amount of leverage math debt at all-time high, well above what they were going into the financial crisis a dozen years ago. and the thing is when you have that much leverage in the marketplace and there's plenty in the bondmarket, when the market starts to sell off, people take the money. they say people are going to sell the bonds, take the money and buy stocks what they're going to do is take the money and pay their margin calls. they're not going to have any proceeds to buy stocks with. we need to be very, very careful about that. >> by the way, pay their taxes you wonder with tax season and all the gains we've had the last few years if there are giant tax

bills that are coming. matt, do you think the money is going to continue to flow into energy stocks because energy stocks have been booming in fact, there's like a 50%, 60% outperformance between energy and big cap tech it's like people sold nvidia and bought hess. i'm being a little facetious, but you understand my point. they come up so far, so fast, you wonder what's left even in energy. >> well, i mean that is a concern more on a short-term basis. but still there's a percentage of the s&p that's still very, very low, and to a certain degree on the institutional side of things t group is not overowned by any stretch of the imagination no, where where it was a year ago, a year and a half ago, i think it has room to go i said natgas got ridiculously

bought on a short-term basis it's come down a little bit. it has further to fall people have to worry about chasing these names. i think they'll do fine in the long term. >> love your -- quickly, technical analysis next key important level on the s&p 500 is -- >> 4600. if we can break through the 46 un, that would be great. if we can break above 4600, that's going to be bullish if we break below the recent lows, that's going to create some problems. >> okay. watch them both. matt maley, love having you on, my friend. good stuff. we've got a lot to do on this wednesday morning >> thank you. >> you're welcome. apparently there is a first time for everything because now even warren buffett is shares crosshairs when a major printing company falls. plus, relief

millions coming to shanghai. the government finally lifts some of its brutal covid lockdown measures. >> and netflix streaming disaster why tits stock is being called dead money we're back right after this. nice suits, you guys blend right in. the world needs you back. i'm retired greg, you know this. people have their money just sitting around doing nothing... that's bad, they shouldn't do that. they're getting crushed by inflation. well, i feel for them. they're taking financial advice from memes. [baby spits out milk] i'll get my onesies®. ♪ “baby one more time” by britney spears ♪ good to have you back, old friend. yeah, eyes on the road, benny. welcome to a new chapter in investing. [ding] e*trade now from morgan stanley. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner.

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good news from china people once again allowed to actually leave their homes, but how mump damage has already been done. >> eunice yoon with more on what we understand. how much has been pulled back? how free are the people there? >> reporter: well, still not very free, but 4 million people in shanghai are now being -- 4 million more people are being allowed to at least leave their homes, even though businesses and shops are still largely closed the shanghai health authorities said that there were two districts that had been determined as having zero covid and that the virus from their perspective is under what they've described as effective control. now, this easing comes as the chinese authorities have been under tremendous pressure as well as facing plenty of criticism about the way that

these lockdowns have been affecting the local economy and supply chains. tesla confirmed yesterday that its shanghai factory was back up and running. what's interesting is that state media has really been promoting and trying to combat the narrative that these lockdowns have been stressful for a lot of these companies, saying that the 8,000 workers for tesla are now living and working on site, that the reboot of the company is reviving production at more than 100 component makers and district firms including in different provinces. and the main point by media is loshl officials and the government have been trying to help tesla revive their business in a nearby area where there's plenty of taiwan tech companies and apple suppliers, there's a mixed picture. they're warning deliveries could

be delayed by another month or so. >> i know there's a bunch of other cities that were in a form of a lockdown. also you have the gentle push bann, whatever it might be anything that's a big deal in china, has any pushback against officials quieted down at all? >> reporter: you know, it's really interesting in our conversations, you've asked plenty of times whether there's been pushback from the medical community. we've actually started seeing that in the past couple of days. there have been chinese medical experts who have been criticizing the chinese government's widespread use of traditional chinese medicine as an antidote or at least as a treatment for covid. so tcm has been used a lot at the government quarantine centers, and some of the criticism has been that this isn't effective and also against covid and also that the

widespread distribution has been gumming up some of the logistics for other things that are much more necessary from these doctors' perspectives such as food as well as other medical supplies. >> yeah. and we got some covid fatality numbers the other day, eunice. there were three reported deathed from shanghai, the youngest of the individuals being 89 with severe covid morbidities. at least right now the worst of the outcomes seems to have been prevented, if there is some upside. >> reporter: yeah, that is if you believe these numbers. there has been a lot of criticism and challenging of the numbers domestically, which is really interesting obviously there's been a lot of criticism and questions outside of the country, but domestically, people have been wondering as to whether or not these numbers are actually

correct. but by and large, you know, if it turns out that a lot of deaths have been prevented, a lot of people believe the lockdowns have been affected, but obviously there's a cost to their livelihood. >> i don't believe the numbers either, but if they are accurate, they're numbers you'd almost want to believe because maybe it means china like us here and many parts of europe and in the world are starting to live with the endemic stage. eunice yoon, we appreciate the update on a critical story thank you. be well. have a great day. time now for your big money movers three key pieces stock number one , berkshire hathaway it will vote for a share proposal to replace warren buffett as berkshire's chairman. wow. the roles of chairman are,

quote, greatly diminished when one person owns both calpers owns 2 million they say he should remain chairman and ceo at least for now. stock number two is ibm. the stock rising in the first quarter. the company says customers are spending more on digital investments and automation, a.i., and cybersecurity. stock number three is meta "financial times" says facebook plans to let users in brazil send money to businesses through wha whatsapp that includes potential payment partners meta down potentially. a big fight brewing for magic kingdom by florida governor ron desantis who has a bone to pick with disney that's ahead

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♪ ♪ how's he still playin'? aspercreme arthritis. full prescription-strength. reduces inflammation. don't touch my piano. kick pain in the aspercreme. good morning i'm frances rivera with your nbc news headlines the biden administration may appeal the ruling on the lifting of the mask mandate. however, the doj will not ask for a stay of the decision, meaning most americans can continue to travel maskless while the cdc considers their

options. arizona's wildfire is still burning northeast of flagstaff it's brought on a state of emergency. an estimated 766 households in the area are under evacuation orders at least two dozen structures have been lost so far and more than 250 have been threatened. today is the dopeiest day. it's 4/20. a day to celebrate all things marijuana. tonight legal sales of weed in new jersey are set to begin. anyone 21 and old kerr purchase cannabis for recreational use. i'm frances rivera "worldwide exchange" is back after the break.

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a big net flunk for netflix. shares are down more than 25% as subscribers bailed on the company, but is the stock now on sale and worth your money? thanks but no thanks, twitter is passing on funding musk's bid. and a ceo you may not know but one who could have the biggest corporate paydays of all time you've got more than 800 million reasons to stick around and

watch w.e.x. on this wednesday, april 20th, right here on cnbc hi welcome and welcome back, everybody. i'm brian sullivan good wednesday morning just about 5:30. the weather a little bit better, high in the mid-40s on the east coast, but at least not a monsoon like yesterday here's how your markets and money look like right now. stock futures not a monsoon, but not bright and sunny either. dow futures have turned a little bit positive the nasdaq futures down just a touch of 1/10 of 1%. it's early things could change. of course, yesterday buyers came in en masse late in the afternoon. small caps, midcaps, peter brady, bobby brady, greg brady, they all rose.

every cap stock rose by 2% it was a nice relief rally for equities in bonds, they keep selling as the ten-year yield keeps inching higher and higher, closer to 3%. markets are going to spike higher the ten-year yield, about 2.9% right now. yesterday canter fitzgerald put out a special recommendation on pinterest, at least their options. they're advising clients to buy upside call options on the e-commerce stock the traders at canter noting a few things of interest on pinterest. first, there's been increased call activity the last few days, meaning people are betting the stock is going higher. it includes a big options buyer who stepped in on monday also canter notes a $45 million

bid from paypal last year but bought if true, it might have been a bad move the company's now worth less than $15 billion i want to be clear we're not saying those rumors are true, but canter fitzgerald put them out and noted them in a note on tuesday. so if it's good enough for them to mention to clients, then it's good enough for us to mention to you. either way, upside call for canter on pinterest. we're watching that stock with interest. right now some of this morning's top corporate stories which includes twitter elon must find bids for backers, reportedly becoming more difficult. according to bloomberg, private equity firms including blackstone and vista equity partners have ruled out financing cha effort their report also references brookfield asset management is not interested in taking on backstopping that $43 million offer.

florida's governor ron desantis is asking officials to consider stripping disney of its status the status allows the company to operate as an independent government, exempting it from nearly all state regulations the move is the latest in desantis's months-long feud with disney. and bank of america's ceo says he is banking on the american consumer despite inflation. speaking with jim last night, brian moynihan says spending is healthier despite higher prices. >> people say, well, it's due to inflation. but gasoline is 25% more than what people spend at bank of america. that's a trillion dollars. the consumers are out there spending >> moynihan adds that spending is up thanks to consumers' loan

balances being lower along with an increase in borrowing capacity let's get more now on netflix. it is your story of the day, maybe for the year stock down 25% they're set to wipe out about $25 billion in market value and wipe out three years of stock gains for the company. here are some of the big takeaways of what can o.j. be called a terrible quarter. number one, the streamer reported its first subscriber loss since 2011. even worse, netflix expects to lose another $2 million in the current quarter. number two, as of yesterday afternoon, no analyst covering the stock looked at the contraction eve though this is the seventh time in eight quarters that it's undershot wall street's expectations wall street says the company is weighing a lower priced ad

subscriber membership. three, netflix is trying to crack down on account sharing saying some 100 million households are sharing their pass passwords of 30 million. joel kulina. joel, no doubt, you and your colleagues are going to have a very, very busy day. did anybody see this coming? >> i mean i think so i mean netflix fits square into that bucket, right one of the biggest winners of covid and the fact that covid simply caused the growth for a large portion of tech. if you look across the board, the 2020 winners in story stocks, you know, it's been a disaster, and the headwinds have been brewing for several

quarters whether it's netflix, peloton, zoom, dock you sign, some of the e-commerce names as well some were realizing they were able o overearn not only in 2020 but 2021, and now as the stimulus is being unround and there's a rapid downside, they're facing headwinds that's one of the random consequences of covid overall, an uncertain environment i think it's sort of a poster child for the uncertainty moving forward for lobbyist companies in my opinion, netflix is trying to find support around 260, but the dead stocks is still dead money. >> i want to do more on that guys, if becould throw up a five-year chart on netflix, i'd appreciate it. i know it's going to be on the reaction today we're down 27% right now

that's going to be the big streaming headline, but on october 31st, joel, netflix was a $690 stock so the 26% drop right now is extreme. it's dramatic. but we have now lost 63% of market value in what 4 1/2 months where's the floor here >> if you're looking at the chart, it held 260 back in december of 2018, held at 260 level again in the fall, 2019, trading below as we speak. you look at this chart, and there's no reason why to think it's drifted slowly down to $200,000 i don't see real institutional monies stepping the story right now. last night you look at the letter from hasting, it's probably one of the most grim readings we've gotten from him

in recent times. three years ago he talked about fortnight being his competition. now disney, hulu across the board. i think that strategy shift really kind of just -- it brings up that they're nation unprecedented challenges >> you wonder, joel, and i'm not going to ask you to dive into the public media, but you look at the struggles with cnn plus right now. all kinds of reports in the last couple of weeks about its struggles. it's so easy for people to sign up for something, pay 6.99 dlrks get a mojts or so free, watch what they want, cancel it, and move onto the next thing i'm not going to ask you to comment on the media in general, joel, but you look at any company with a streaming model you've got to wonder, is this sort of foretelling more difficulties for any public

company, right you look at discovery or whoever it might be that has this kind of product do you have a macro thought on that generally >> i think you hit the nail on the head especially with younger generations. i'm getting up there younger generations, consumers have a lot more savvy. i'm sure there are apps already being developed if they're not already out there that are going to help you move from one service to another, whether it's two months of netflix, go to disney, sign up for paramount plus, go to warner discovery i think that's going to be the challenge for a lot of streaming services it's going to rise and probably stay elevated and that uncertainty is going to limit the size to the multiple going forward and i think that stock is more of a result of a tech-savvy younger generation, people growing up with smartphones, having the ability to jump early. you don't need to call the customer service number. you can do it with a couple of

clicks i think that's what you see right now with the streaming world. it's up 26%. i think it's becoming more difficult to explain the media streaming. again, the outlook all over is going to be muddier than it was a couple of years ago. >> yeah. we could lose money on every subscriber and make it up on volume your point on being able to cancel holds here. i know we're below that level of 255. we don't hold today -- you think it could be one of the next key levels to watch. that's grim. >> i'm in that camp. thankfully i'm staying negative on these 2020 stocks and i think covid is that big of an impact it turbocharged groict in many

pockets of tech and now you're seeing the tail winds completely reverse. they shifted those messages. again, keep an eye on the earnings in the coming weeks zoom, docusign, etsy there's better parts of the market to be in, in my opinion. >> netflix has been a big wakeup call, i think. what a shocking number down 20% right now joel, they've got -- i know you've got a busy day. thank you. >> thank you. >> you're welcome. three years of gains wiped out. coming up, it's the other elon news. tesla results they're untapped what it could mean for the property highlights, of course. more in a moment

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at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. let's talk tesla tesla reported new clivryes. they cut ribbons in germany and austin, texas. their biggest factory from shanghai is just restarting production, that according to reports, after a nearly three-week covid lockdown in the city there's also the little matter of elon musk's pursuit of twitter and whether he'll use some of his tesla shares to fund the deal we'll talk all of this with tim

higgins with "the wall street journal" and cnbc contributor. it's great to have you back on i don't know where to start. when you write the story tonight, what are you going to be most focused on what do you think the headline at 7:00 p.m. tonight will be >> i think what the investors want to know is how will elon musk see it when he has twitter in his portfolio he has to devote his time. the rest of that time, limbed amount of time with his other ventures if he's got twig never the mix, what's the deal, you know? how many hours a week is he going to put there, and what kind of distraction will that be at a company where tesla already admits he's not full time and he's a key employee for their future. >> shanghai, let's talk about that it's lifting some of its extreme

lockdown measures according to eunice yoon's report earlier in the show i'm not sure you saw that. of about, they could reverse that and lock back down again. how big of a hit do you think that shanghai problem is going to be? >> i think the second big thing we'll be looking for tonight, tesla is a growth story. they lost several days of production, maybe 90,000 units of capacity in the second quarter. investors are going to want to know what's the impact going to be for this period and what kind of capacity they're going to have onboard you have to remember shanghai is providing vehicles for other markets outside of china as well it has a global ramification for tesla's supply chain and its customers in europe and other places. >> yeah, you know, shanghai could be a temporary blip. investors are going to be looking at a much longer term. when i look at it, i look at comments rivian's ceo just made,

that there's an extreme shortage of battery production for e.v.s, lots of concerns about the raw materials, not onlythe availability, but the price. nickel, cobalt, lithium, whatever you want to say the prices have doubled, probably tripled this year so far tesla has done an amazing job of avoiding supply chain problems can they continue that >> you're right. you're hitting something they have been out in the forefront of this for the industry, but still they're not -- they're in the industry this is going to be a challenge for them especially next year if elon musk is correct in the kind of growth projections he has out there, this more than 50% growth year after year. locking down battery cells is the key for tesla and the key for any company that wants to have mass quantities, electric cars out there which is part of the reason why tesla has been so aggressive in the last few years in building up its cell and battery packs

and get out there and get deals in the supply chain for those commodities. >> is twitter a problem? is that bid a distraction? do investors seem to care, tim >> clearly it's a distraction. the question is howbig of a distraction and how long of a distraction will it be the thing is when you buy into elon musk, there are pluses and minuses. you get all the excitement of all the ventures you're doing whether it's u.s. or others. when you're in tesla, it you're just in tesla, right you might get all that glitz and glamour around him, but you need tesla to perform this is a great potential for the company. it's great execution and tesla has a history of struggling with execution. so that's why investors are going to be wanting to know about the ramp-up of that germany factory, the ramp-up of

the production that elon has been promising. >> yeah. tim higgins, "wall street journal" and cnbc contributor. great stuff. you've got a long day. we look forward to reading your take tonight thanks for coming down april is financial literacy month. anthony scaramucci has more. >> financial literacy to me means safety, security, enjoyment. it's very important for people to feel that they're in control of their environment and they're able to pay their bills, and you can get there with steep knowledge and being financially lit literate

at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner.

time now for your morning rbi. random but big numbers, specifically around pay and one specific payday. are you sitting down or shut the treadmill off. if not, you might want to. t"the wall street journal" reports trade debts. there's an ad tech firm based in los angeles was awarded what could be the mother of all paydays. jeff green was presented a pay package that could be worth more than $800 million. i've got to put the pinky to the side of the mouth. and billions more in stock that would make him one of the highest paid ceos in the world ever, all in a company that many of you, most of you have maybe never heard of its market cap is only $32 billion. to be fair, this payday is based on a lot of targets that could be hard to reach, very hard, maybe impossible, and it would invest in batches of stocks going up a lot in the next few

years. for example, he's got options with stock priceses over the next 30 days it hit that before falling back. other options would be granted if tradedesk shares hit 115 bucks a share and then $340 a share according to data by "the wall street journal. mr. green is being paid heavily to hit some really level targets. targets which may never get hit, which means he may never get those options or shares, but with all the political pushback and executive pay and wealth and equality right now, you kind of have to give it to trade desk. they're the honey badger of trade deficit. they don't give a -- we're going to be watching the stocks and price. random and interesting and lucrative. back to the macro markets.

let's bring in victoria green with private wealth management, someone who is banging the drum on energy names when literally vliterally, victoria, you couldn't give it away it was dead, fuhgettaboutit as they would say in new jersey exxon and others have doubled in others rchl others are you hanging onto these >> absolutely. you're not seeing a ton of growth in capex. you're not getting a lot of help from opec. you have all these crises around the world. i understand stock has gone up they're producing so much money and cash flow, valuations are extremely reasonable it's not like you're look at

trading like the companies are you have a lot of oil and gas with key names their earnings keep growing. >> you do wonder, victoria, how much of it -- not yourself obviously, mutual fund managers, even marginal est investors are finding ways they're doing carbon capture, so maybe it's an esg play because of this, that, and the other thing. you know when stocks go up, fund managers tend to stampede in so they can show their clients at the end of the quarter, hey, don't woirks we owned chevron when last year they said they wouldn't touch it. >> it's such a slip reslope. there are so many funds that people started loading up on esg funds that didn't have a great methodology. oil and gas is a necessity and it's like you have to choose from lesser egos rchl you

choosing from climate change or others i think you're seeing people jump in. it's still really underweighted in the s&p 500 it's so low. only 4ch of the index. anyone who has that has got to weigh the sector it should help their returns it's a great place to be and i think we're all beyond transitory and inflation, brian. >> yeah. very quickly, the most, one stock? >> absolutely. they're killing it they're only 20% they're giving all their cash back to the shareholders awesome balance sheet. they cover their dividend at about 40e. right now we're expect a huge cash generation for them it's a great place to be. >> the original faang. victoria greene right on the money over a year ago. i hope you appreciate it

victoria, have a great day, thank you very much. >> thank you very much for tuning in on "worldwide exchange." by the way, i will see you all, all of you out there, at 11:00 a.m. eastern time today. i'll be hosting tech check to get my tech on we'll talk the netflix takedown. i'll see you again in five urk" "saw is next

good morning the netflix night mair shares shed a quarter of their value after a surprise subscriber loss. they're supposed to have a huge gain, millions instead they have a loss. >> and elon musk is tweeting again. is henao on a canter fitzgerald

kick or a tender kick? and it's florida versus disney the sunshine state's governor wants to strip the entertainment giant of its self-governoring status it could mean tens of millions of dollars a year from disney. it's wednesday, april 20th it's an anniversary of sorts details on "squawk box" straight ahead. ♪ good morning and welcome to "squawk box" right here on cnbc. we're live from the nasdaq market sight andrew ross sorkin along with joe kernen and melissa lee look at you. thanks for joining us this morning. >> good morning. >> hello, hello. becky is off today we're still 3 1/2 hours before the market is set to open, i