it is 5:00 a.m. at cnbc. here is the top five at 5:00 buying high and selling low? not the normal strategy for one investor who took a $400 million loss on netflix. and tests la top tesla kcoms for another quarter. and why amazon could be the moment for the former first family. call it a hockey stick

increase in demand historic year ahead for united airlines. could your summer flight be at risk because there is no fuel for the plane? why it could happen? all happening on thursday, april 21st this is "worldwide exchange. good morning, good afternoon or good evening. welcome from wherever in the world you are watching i'm brian sullivan thank you for joining us on the balmy thursday morning 42 degrees it's never going to warm up in new york let's kickoff the hour with a check of the markets and your money. stock futures are hotter than the weather. they are higher across the board. nasdaq futures up the most in fact, up just over 1% all that after a mixed day on wall street yesterday.

bonds? 10-year yield is a touch lower than this time yesterday sitting under 2.9% oil also a little bit lower than 24 hours ago still above $103 per barrel. in crypto, slights gains across the board. crypto up nearly 2%. not as much -- there's oil there we go. bitcoin up 1%. still higher across the board. a quick check of the stock of the day. tesla shares are surging after topping the first quarter estimates for earnings and renew. elon musk saying despite s shutdowns and supply chain, they could boost production by 60% this year. we will have more on tesla late near the hour. the stock is up 7% right now let's go around the world. we have a pop for stocks in germany to talk about. let's get that and trade with rosanna lockwood in the london

newsroom good morning, rosanna. >> good morning, brian yeah, good news story for germany and good for switzerland and france not so much in the uk. ftse 100 in london is basics exposed. there is stuff going on with the surge in commodity prices and problems with shipments in china. the cac up 1.25% the presidential election race going on the dax in germany is up 1%. switzerland is up .50% nestle confirming the target after first quarter organic sales rose by 7.6% the swiss group saying it expects the trading operation profit margin to be between 17% and 17.5%.

it will pass on the rising costs to customers adding it raised prices more than 5%. nestle trading up .25% and look at abb. jumping 20%. also reporting strong orders of over $9 billion. the group saying cash flow for the quarter came in at minus $573 million looking to support delivery from the order backlog which is up 5% brian. >> abb is getting an a plus this morning. rosanna lockwood, thank you very much now some of the top stories states side. including one on tech check yesterday. bill ackman taking a large loss on netflix silvana henao is here with that. >> reporter: good morning, brian. brian ackman saying his firm has

dumped its stake in netflix following the quarterly report following a $3.1 million purchase in january. in a letter to shareholders, ackman said we have lost confidence in our ability to predict the future with the sufficient degree of certainty netflix shares closed at a four-year low after losing $58 billion in market value. the loss on the investment for ackman $400 million. elon musk says the global inflation picture is worse than expected speaking with the earnings call members last night, they believe this will likely continue for the remainder of the year. noting some suppliers requesting 20% to 30% cost increases for parts compared to this time last

year apple retail store at cumberland mall filed for union election the fires for the u.s. based apple store. the 70 locations of the employees say they are interested in unionizing according to the press release brian, some employees said they were inspired by amazon employee whose employees who tried to unionize in alabama. >> feels like a movement >> reporter: it sure does. thank you. see you soon back now to the markets and your money. let's talk more about a single stock ability to drag down the entire market. that is netflix. shares coming off the worst day since 2004 if you are hoping for a bounce back, i'm sorry. they are down again. let's bring in ryan payne. president of payne capital management ryan, maybe you don't care about

netflix. disney is a member of the dow and then that hurt the overall market is netflix some kind of a macro market story or is netflix its own soap opera >> it is part of the macro story. it is the growth crowd trading until yesterday, brian, that stock trading forward earnings which is a premium to the market when it comes to growth stocks in general, buyer beware a lot of stocks are trading at higher valuation when bill ackman buys anything, go the other way that is another story all together on the other hand, if you look at -- >> ouch. >> yeah. united now is profitable for the year i think it is a tale of two markets. great reopening right now because i was in the airport

yesterday and quote/unquote, doing research, on vacation. everything is booked up. you barely get a seat on a plane right now. that is indicative of the fact that people have money to spend and wages are going up and the economy is going to boom and benefit. you have to be in the great reopening trade. not the stocks that did well the last decade. >> listen. i've seen the same thing i fly a lot. airplanes are packed airports are packed. you wonder, ryan, with costs going up, up, up, how long that can last it sounds like you are not worried about the american consumer >> the one thing strategists get wrong. you are hearing that strategists are dower on the economy.

some say we will go into the recession in the next 24 months. brian, inflation will come down a little bit people were sitting home last year and buying amazon all day long now diverting their spending to services that will make supply chains ease we saw used car sales prices come down dramatically the bottom line is if you look at food and energy because of the conflict in ukraine, that is a small percentage of what the american household spends. something like 7% of the overall spend. as the inflationary pressure goes away, wages stay strong, that is the recipe for the strong kbeconomy. we will see solid gdp growth this year. i expect most strategists get that wrong. >> quickly we have the music going which is the giant hook at the vaudville shows in the 1930s

any stocks you like more than others >> inn itternational. europe valu valuations look overseas. >> ryan payne. doing his homework at airport. ryan, maybe at the cnbc shop who knows. ryan, we appreciate it buying $8 water. thanks very much. we are just getting started on thursday. when we come back, the red hot real estate market is not just about housing. we'll take a closer look at the commercial side and some record-breaking demand plus, we just talked about flying why shares of united airlines are surging in the pre-market. l later on, more on on mk.elus his massive pay package. he has to feed his family. we're back after this.

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welcome back let's talk real estate. not housing, but commercial real estate it faced a rocky road the last two years. demand is rebounding in a big way as more people are returning to the office and other workplaces rising rates present another new challenge for the sector let's dive into it and get out the noise with hessam nadji. one of the leading commercial

real estate firms in the united states you know, when i say things like this, i have to remind our audience that half the country never locked down. a lot of people didn't go back to the office, a lot of people never stopped. we have to remember that being here in the northeast. that aside, hessam, what demand are we seeing in the cities for commercial real estate new york city, where i was yesterday, still seems pretty empty on the commercial side >> good morning, brian great to be on the program it is a slow recovery for urban america as it relates to office pa space. we are seeing tourism and hotels come back up for office space, the combination of virtual work and part-time office work has dragged down to the physical presence in urban america. suburban america, where people moved during the pandemic,

smaller cities outside of metros where people are permanently moving to because of the benefits of not having to commute are benefitting. in some pockets, florida, texas, we are seeing a shortage of office space and they are having to start enough development. it is very different across the country. we believe that over the next 24 months, you will see a lot more return to office, but the hybrid workplace is here to stay. reducing office footprint. when you look at the next three-to-five years and see record number of new business startups and the economy doing well, notwithstanding the risk of probably a mild recession somewhere in the next two to three years, it will offset each other. thank god we are not overbuilding office space. in the near term, it will be painful. >> it seems like the commercial real estate demand, hessam,

arrived two years ago. you talked about the three-story 1 1970s style buildings were abandoned. you don't need a parking lot or ride an elevator they are cheap in an inflationary environment, you want to hold hard assets building, art, cars go up with inflation. what demand trends are you seeing >> to your point, going back a couple of years, property like apartments, necessity retail is the fast food with drive-thrus and grocery stores with anchor pharmacies close by. self storage with a lot of turnover you have the increase of rent and inflation environment which

tends to do better apartments and self storage are highlights of those properties where not just because of inflation, but because of under lining demand with young adults coming into the work force after the pandemic and run renters b choice we had the largest level of apartment demand in the first quarter ever reported. it is indicative of why inflation is a good thing for those property types >> we showed the map i get miami, maybe san diego why is cleveland hot >> cleveland, from the office space perspective, showing is based on office space vacancy. you have markets out there like cleveland that have a decent

economic picture not the growth market with job growth, but not bad. they reinvented their economy the last couple decades, but not built office space when you look at vacancy as an indication, there are markets like that which show up looking favorable. >> cleveland rocks as they say. all right, hessam nadji, we appreciate your views. have a great day. >> thanks for having me on >> cleveland the new growth market. i like it. still to come on "worldwide exchange." your morning rbi on why lower mortgage rates could hurt housing in the long run. then call it the big mac battle carl icahn looking to improve his fight with mcdonald's.

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animal welfare it is a burger chain carvana stock down 26% the used car retailer with a first quarter loss and the first ever drop in sales carvana will raise capital with the operations and a tougher economy. and stock three. lam research third quarter missing forecast as it faces additional costs to secure parts all of the supply chain challenge. that stock slightly higher right now. if you are planning to fly this summer, a few things you know right now number one, masks are no longer required well, pending that new cdc challenge to the judge's ruling last night two, the airports are going to be crowded like really crowded. get there early. three, ticket prices may be high like really high in part, because jet fuel costs

are really high. recently hitting a record. here is something you may not know if things don't get better with jet fuel inventory, your flight may not take off not because of prices, but because the airport may not have any jet fuel that's right there is growing concern about regional shortages of jet fuel particularly here in the northeast. that is because jet fuel inventory from philly to boston are at or near record lows since data began being collected in 1990 the latest is in january look at that it is happening because of two reasons. strong airline demand and reduced output some refineries switched to diesel fuel which is in shorter supply and more profitable because of russia sanctions. jet fuel shortages are not everywhere no need to panic

some airports are already reportedly running low the ones to watch is jet fuel from ohio to albany and trucked in from lower virginia to boston's logan i asked andy lipow said, it is about as normal as rain in the sati sahara if demand stays strong or grows this summer and refinery output doesn't pick up, you may want to double check on the flight in philly, new york and boston. i would say it is random, but interesting, but more sad, but true keep an eye on that flight let's get a check of the other top headlines, including another sad story out of ukraine and the apparent fall of the city of mariupol nbc's frances rivera is in new york with that and more.

good morning, frances. >> brian, good morning russian president vladimir putin is calling the military operation in mariupol a success while pulling back on plans to storm the zaporizhzhia steel plant. there are 2,000 troops trapped inside putin said it is better to seal ukrainian forces off instead. the department of justice appealed the federal judge's ruling to end mask mandates on public transpostransportation not required on planes, amtrak and uber lift, some skies with higher covid cases, some are requiring masks. a pre-game show before the baseball game prompted evacuation of the capitol. capitol police said they were tracking an aircraft that posed a threat to the complex. the airplane was part of the

nats military appreciation night where members of the golden knights parachuted into the stadium which is blocks away from the capitol an army s revi reviewing. the faa will review the incident brian, those are the heed adlin. back to you. >> i have a headache that's the dumbest thing i heard. you've got the army flying in to a washington nationals game on nationals fan appreciation day to have army paratroopers parachute into the stadium and they evacuate parts of congress because nobody told them that an army plane is flying over? am i hearing that right? my eye is twitching. >> the whole january 6th thing speaker pelosi said this is outrageous they will look into it make sure it doesn't happen

again. >> there's like 5 million people who work for the federal government you think that one of them could have sent an email hey, we're dropping in army rangers to the baseball game don't sweat the plane. frances, thank you >> sure thing. >> d.c the biggest company in the we hk out big blue ibm with strong earnings a analysts love that on wall street we'll be right back. for you. from coupons to lower costs options. plus, earn up to $50 extra bucks rewards each year just for filling at cvs pharmacy. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together.

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all charged up tesla electrifying wall street with the record first quarter results blowing past the shanghai shutdown. we'll get one top analyst. and disney versus desantis raising big questions around $1 billion of debt. and cannabis stocks up in smoke. the potential pot rolls out in other states it is thursday, april 21st this is "worldwide exchange. here on cnbc

welcome or welcome back. good thursday morning. just about 5:30 a.m. 42 degrees in new york it will never warm up. put on a coat. i'm brian sullivan this is how the market and your money looks. stock futures looking better than the weather here. we are seeing dow futures up 200. nasdaq is higher on the percentage basis up .50%. maybe a big tech rebound today some of the morning top corporate stories happening right now. a fight with ron desantis and disney heating up. one of florida governor's threats moves closer to reality. the state passing a bill to eliminate wall street -- walt disney's self governing status and do away with the special tax district to allow disney to sell around orlando

the vote of 23 to 16 in favor is in response to the company's opposition to the new state law limiting discussions of sexuality issues to kindergarten through third grade students apple spent a record $2.5 million on lobbying efforts in washington in the first three months of the year according to the filing out yesterday, that spend was up 34% compared to the fourth quarter of last year and tops apple's previous lobbying spend of $2.2 million set back in 2017 for comparison, google's alphabet spent 2.9% and microsoft spent $2.5 million finally, barack and michelle obama's time with spotify may be coming to the end. the former first family

production company higher ground will not sign a new deal with spotify. according to bloomberg, they are speaking with other distributors for a deal worth tens of millions of dollars, including amaz amazon's audible or i heart media. d.c. the biggest company in the world. time for the morning rbi let's get random but interesting on housing interest rates mortgage rates are on the rise some cases back above 5% ten-year bond yields keep rising there is concern over the higher rates with the new buyers. will 5% mortgages crush affordability and keep the buyers renting there is another part of the story that not enough are

talking about. that is what the rates may do to current homeowners especially those of you with locked in interest rates you think, i'm locked in why do i care what happens to rates? because there's a real risk it may keep you and millions of others from moving look at the data from black knight a number of mortgages by interest rate. a few hundred thousand have a rate less than 2%. 9.5 million more with a rate 3% to 5%. put another way, about 3 of 4 homeowners who has a mortgage, many people own outright has a mortgage at far lower rates than what they get today. the good news?

fannie mae says 93% of homeowners say their home is affordable in large part with the low rates they may have locked in. so, being locked this is a good thing, but could that lock people in to never moving? moving means you will not buy or rent a new home, but still hot market, but also buying a home at a higher mortgage rate. ultimately we don't know how the housing market will shakeout with the higher rates we do know that tens of millions of people sitting on mortgage rates they may not see again for years or ever. you wonder what that could do to housing and home sales this year call it the down side of low rates and being locked in. random but interesting coming up, more of your morning big money movers including shares of the airline taking off as more people return to the skies first as we head to break,

other top stories. federal remegulators with the investigation into the safety of lucky charms cereal adding the food safety outbreak. fda receiving 230 complaints from consumers after getting sick after eating lucky charms huh? ford giving drivers a look into the electric lincoln line the automaker revealing a concept suv called star. the plan to introduce four electric vehicles to the brand by 2026. and amazon taking new steps to compete with the likes of u.p.s. and fedex amazon launching a service buy with prime which will let third-party merchants use amazon shipping to fill orders on their

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vanguard. become an owner. welcome back let's get three more big money movers shares of united airlines are moving sharply higher in the pre-market the company says it expects to return to profitability this year for the first time since, you know, the pandemic here is ceo scott kirby speaking

to phil lebeau last night. >> what changed is demand. i have never seen in my career such a hockey stick increase in demand business anald leisure demand we expect it above 2019 levels in a few weeks >> the second quarter, united forecasting a 10% operating margin and highest quarterly sales in company history rev-par up 17% first quarter results fell short of of estimates for sleep number. it is a mechanical bed apparently there are semiconductors in the mattresses that's random, but interesting shares of csx are higher an

led head of the open 3.4 billion expected something about a train. that's magic perhaps your biggest mover of the day is tesla. that stock is rallying after the first quarter profit blew away estimates. revenue jumping 81% to $18 billion. thanks in growth to car sales. that's what they do. they sell cars higher average prices. that's even as the company says the factories are running below capacity because of supply chain woes elon musk, who was on the earnings call, was mum about his bid to buy twitter let's break it down with philippe houchois. he joins us now on the phone philippe, good morning >> good morning. >> howgood was the quarter >> the quarter was very good as you mentioned. the key metrics were exceeded.

to me, what caught my attention is the average revenue unit wasn't higher than the fourth quarter of last year the cost of goods sold per car was lower. that is a sign of things with volume and depression per unit goes down. also they managed to control cost inflation and they continue to surprise with the efficiency of the manufacturing the price increases will, in fact, revenue for the rest of the year revenue was okay cost is where the performance came from. >> my guess is most tesla buyers or ev buyers are upper income folks. cars are not cheap ultimately. do they have unlimited pricing power, philippe, or is that competition in the middle market starting to hit them

it doesn't appear it is, but at some point will it or is tesla the apple of cars? >> there are a number of difference was apple and tesla in the q&a, musk acknowledged this is an issue for production. at some point, you will move out of the niche pricing point and the industry needs to get the costs down and consumers have to settle for less range and more frequent charging of the cars. a number of factors in place we will not have the transition that you hope to see for cleaner energy i think tesla's mission is affordability. they are doing the opposite. they are raising pricing to

offset raw material. the tactical move for 2022 from 2023 on, they need to go back to driving more affordability. what they are doing for insurance is taking lower insurance to participate in the cars >> it takes a lot of mining to make electric cars, right? you have to mine all of these ingredients for the batteries. lithium, philippe, has doubled or tripled in the last year. is tesla able to secure all of the rare earth minerals it needs to build the giant batteries >> it is an issue for the whole industry you have to give tesla credit. he is selling transparent as an individual he talks a lot things are going to happen he is usually right. two and a half years ago, he did

warn clearly about the issue of raw material availability and price swings so far, they have done two things secured more raw materials than anybody appears, which is more critical for them. it also led the way to the adoption of other materials because it is leading to the battery chemistry. they may better navigate than what we see with nickel. it is worth listening to elon musk he tells you a lot and what he is warning about withville built a availability >> something to listen to now. tesla is one step ahead of everybody else philippe houchois, thank you for joining us have a great day. >> thank you you, too

>> tesla's record quarter is ben f beneficial for elon musk $23 million in compensation. that combined with the three previous quarters surpass the besting of the 9th through 11th of options granted to musk back in 2018 pay package. that latest compensation for musk received no salary from tesla. must be certified by the company's board. on deck, our friend, jeff kil kilburg, with stock picks that may be boring, but taking off like a rocket. boring but sexy. if you haven't yet, follow our podcast. if you miss the show, we forgive you. listen on apple or spotify or

other podcasting apps. tesla is up. market is up that's kind of the rule. we're back after this.

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so you'll never sit this one out. new icy hot pro with 2 max-strength pain relievers. welcome back good morning 50% chance i'm going to be off tomorrow new jersey is the latest state to begin legal sales of wr wrecwr recreational marijuana beginning today. that could help stocks that struggled over the last couple years. frank holland joining us in new jersey big day for the garden state growing not just corn, frank >> reporter: brian, good morning. cannabis stocks under pressure both down double digits. a lot of people here behind me could see a big stock surge.

here in new jersey at the rise story is one of the u.s. msos. you are seeing lines out here before the store opens at 6:00 new jersey now becoming the 18th state to allow adult use sales long lines expected today. a lot of people get the first opportunity to purchase cannabis legally close to home. expected to be a lot of traffic from new york city and philadelphia and south jersey. sales are not expected to begin until later this year in new york in p.a., it is not clear today, all eyes on new jersey. it will see higher prices due to demand we see the new jersey cannabis commission with growing adult use. here is a map showing over 21population of the states by

2025, obviously the numbers lower now. new jersey saying they expect to see some cannabis tourism. it is asking people who cross state lines to buy cannabis to stay it is illegal to cross state lines with cannabis. we will have to see what happens today and with the stock 70% of stocks owned by retail investors. back to you, brian >> frank, i saw you at the conference yesterday talking to the tilray ceo look at the line pop a few gummies. stay home. do not drive do not cross state lines what is wrong with the stock it was $178 stock. it is now 5 and change where is the disconnect? >> reporter: you know, huge

disconnect one is the stock that trades on major exchange cannot sell in the u.s. they don't have a license in the u.s. they don't trade on major exchange a lot of liquidity issues. when it comes to the canadian stocks, it a lot of pressure some are selling at a loss to stay in the game others controlled by the larger operators like tilray and aurora here it is liquidity issues. a lot of fundamental issues with the stocks. >> great point demand is up if everybody is growing, nobody is making any money. fr frank holland, a lot of demand recreational pot i hope the etf, by the way, frank, has taco bell in it shouldn't just be cannabis

it has to be the whole thing >> reporter: you sound like joe yesterday. i was on "squawk box." are you sharing your playbook? >> i'll say this 50 grateful dead or dead and company shows. i'm told you get hungry. >> we have a lot of dead heads at cnbc. you are not the only one, brian. >> nothing wrong with it frank, thanks very much. let's get back to the markets and bring in one of our friends who has a few boring stocks looking red hot this year jeff kilburg is the chief investment officer at sanctuary wealth he is a cnbc contributor you know, jeff, you and i talked months ago last september, we were talking about fertilizer companies of the world.

it takes a lot of fertilizer to grow cannabis. you recommended two that crushed it >> they have, sully. those are names you don't think about when you look at the best per fornlformance of the year it is about the essentials theme. we talked about delta and omicron and who knows what the next variant may be. we are seeing the global reopening. names like nutrien is where investors have flocked we have beaten the drum so many times, sully i get excited about this today we have a cross section coming at us. you look at union pacific or american airlines or dow chemical these are helping us understand

what the reopening is looking like we are seeing the industrial tilt >> i picture somebody at dow chemicals say, boss, bring sexy back and license justin timberlake >> he would be booked at every holiday party in 2022. >> it will be the union pacific holiday party. justin timberlake. guess what good for him and you it is nice to see companies make stuff and do well. >> absolutely. you think about peter lynch. we talk and followed him in the 1980s. we took it a step further. i managed the company isx. what is critical to the u.s. when some of the names, you forgotten about them

look at waste management international paper. some of the names that you did not give a lot of love to or forgotten about. lockheed martin and boeing you are seeing investors tilt with value and growth. it is evident. look, just yesterday, you saw the nasdaq futuries coming back p. you have to be a stock picker. you continue to be a stock picker this volatility is a great opportunity. i stay optimistic about earnings season people are kskeptical. there is a lot of opportunity. you have to stay away from black eyes like netflix. it punched a lot of people in the teeth. you have to learn from that and reposition for inflation portfolio and that is where the names play a nice part for the inflation hedge in any portfolio. >> every day, jeff kilburg

bringing sexy back nutrien and united airlines. we appreciate it, my friend. thank you very much. >> thank you, sully. you are welcome that does for us on "worldwide exchange." m.e you tomorrow morning at 5:00 a. "squawk box" is next dow futures are higher have a great day we could bring it right to your door. with 1 to 2 day delivery from your local cvs. or same day if you need it sooner. but aren't you glad you can also just swing by to pick it up, and get your questions answered? because peace of mind is something you just can't get in a cardboard box. that's how healthier happens together with cvs. xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon, so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries!

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good morning pedal to the metal at tesla. a near 90% jump in revenue and record margins within two years, there will not be an accelerator or steering wheel according to elon musk.

and bill ackman sees something he doesn't like in the stock. the hedge fund investor pulls the plug on the investment he said the valuation was attractive six months ago. florida lawmakers want to end disney's special status over the don't say gay law. we will speak to one of the people behind the effort it is thursday, april 21st, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc live in times square i'm andrew ross sorkin along with joe kernen and melissa lee. becky is off today let's dig into the