to cramer about amazon and apple and the two big stories in terms of the companies that report the results. you know, you talk about two days, and i have no idea what to expect monday, but have fun, and say hello to warren and charlie, and -- >> i have your card. >> and you have my card. bring that back for me. bring that back for me, and i will carry it. that is going to do it for us, and god speed and have fun, beck. "squawk on the street" is next. >> thank you. good friday morning and welcome to "squawk on the street" i'm carl kwaunt nil la with david faber, and jim cramer is on assignment and apple's supply chain, and hot numbers, and the employment index is the biggest jump in the data set going back 30 years.

and constraints are hitting big tech, and apple and amazon are issuing warnings, and robinhood shares are down and reporting shrinking market share and fewer users, and the chinese stock is down shares as beijing is pledging more support. and jim, in your notes today, the analysts are being too critical. >> yes, i speak to my excellent cfo tim cook, you know, for 15 minutes before, a id nd i didn'e the guidance, but you want to look for the things that are sticky, and the number of countries that they are number one, two, three in, and the number of 13 pro surprised everybody as being a much bigger phone than people realized and so i think that the service numb

n number and people signing up, and they are sticky. more people signing up, and talking about 825 million, and by the way, why are people sign up ted lasso. they are sign up because of academy award winning productions and sign up because these guys started late, and they have moved on in a way that is really extraordinary. >> classic apple fashion. >> classic apple fashion. i think that you are looking at a situation where they are very, taking the absolute worst case which is a lockdown which is important to them, and the freakout, and this stock was a blurb as they talked about the quarter and then quickly plummeted, and this is what i am used to apple, and they will say something, and nobody is going to listen to it, and a 125-page substance and nobody listens to the unbelievable customer loyalty, and they are killing it in china, and so when china opens, and litit will open, and

people are saying not this quarter. but carl, i like the quarter, and i think that so many people are going to lose again by dumping the stock because of it, and not looking at how great the quarter is and the buyback is and the balance sheet looks and they are winning everywhere. >> some reports that shanghai are starting to let some people out of their homes about 12 million, reuters scrambling to get the factories up and running, and this is big implications for apple. and this is what lulucamaestri said yesterday. >> it is impacting customer demand for our products. we expect the constraints to be between $4 and $8 billion which is larger than we experienced in the march quarter. the correlated disruptions are

having impact of customer demand in china. >> and meanwhile, the capital returns was a little more than we thought at 90. >> look, what you need to understand is the quality of the product which is often lost. they are winning the battle against everybody else. so, when things open in china and they can get more parts and availability, they will catch up, but people want to sell it, and it is always the case, carl, people want to sell it, because they don't think that there is anything more to it than phones. it is so not that anymore. as you get the phone, you take the services. i spent time talking to tim cook about apple, and the cash is doing good. >> and the notion that you would not further discount m&a with them. >> yes, you want to dominate the wallet, and the only thing that

tim did not give me clearance on is that i wanted the blood pressure on the watch, and we are not going there, but whatever else, and whatever i said is this good, is this good, and the answer is better than you think, better than you think, and then obviously $4 to $8 billion and all of analysts have models, and they have to cut numbers, be one of the major worries of how vi dealt with apple is that the people at home are reacting to analysts who are trying to make a model for the ohio state pension fund and, and they are not doing it for you, so if china opens it up and add back four, and i sold it, i sold it, because i thought that china was going to be closed all quarter, no, it was a great quarter. >> a lot of the price cut, and morgan stanley to 195, and deutsche to 200 and too many to list. >> well, it is going to matter for morgan stanley. >> and isn't it a comment on the marginal weakness in consumer which is clearly what you would

argue out of amazon's numbers? >> well, amazon overbuilt, and i think that amazon built for the consumer that was aggressive and then a worker who got omicron, and they had to build the warehouse, and if i were the fed, this is the single most report that the consumer slowed a little bit, but amazon stopped up the workforce, and this is going to changement i think that you will see an increase in unemployment in the next two quarters, because of the slowdown of amazon. i still like amazon, but they overbuilt. i didn't say it, but the cfo said it. these two reports, amazon was not great, because they spent a huge amount of money, because they didn't know what the demand was going to be, and i think that maybe they misjudge and

misjudged omicron, and apple misjudged omicron, and i mean, this thing, and we think that we are out of it, and then our friends come down with it. everyday, and always some new person, and imagine that you are any warehouse in the country. you have to shutdown or add more people, and amazon kept hiring and hiring and hirg,ing and i don't know what they are going to be doing with those people, but they may be available to the work workforce. >> the tone of the call was about expenses and as they said, jim, it is going to take some time to get it unwound. >> we sold a lot of the amazon for my travel trust, but i am no hurry to buy it back. i think it could be in purgatory, and i'm not saying that jasse doesn't know what he is doing, but every time

somebody gets omicron, you have to have four other people, and, carl, everybody has met somebody with omicron, and you know that person is not going to work, but at amazon, you can't have a guy going to work or a gal not coming to work. there is too much work. so they ended up ordering too many people, and i don't want to make it sound that they are ordering people as some sort of machines. >> you saw jazzy there referencing ukraine, and looking at what he said post ukraine advertising. >> it was not a great quarter foreamaz for amazon. apple is totally different and they would have had a different

conversation if they said this is the oldest technology company with the incredibly great revenue stream, and one of the largest market other than the u.s. shutdown, and you can't order here, but you can order a 13 from home, and amazon would bring it to you even if there was covid. the shutdown in china is frightening, and one day we will wake up, and say that they are switching to bio and tech and we are ending this, and everyone is going to be vaccinated in the next 48 hours. >> that would be a massive pivot. >> well, they are going to have to -- and i think that the president for life xi is not going to be president for life if he does not pivot. >> if you are looking at kay webb this morning and buy due a -- baidu and xi, and that is -- >> well, it is shameless. and that is a rigged market. i mean, look.

maybe you think it is rigged in your favor, but if they don't play that day, it goes away. >> i mean on the heels of the infrastructure call this week. >> what they have to do is to send everybody back to work after a good vaccine and when they are sick, have them stay home. but you can't have people locked up in their home. and think about what happened in our country when florida decided, you know what, we are not playing this ball game. they don't have areas that are that rebellious, but florida didn't get hit that bad, and that is what struck me. i went to florida in the period when they were rebellious, and everyone was having a great time, and doing things and going to work. so china needs a florida model, and saying, we will take some heat, and people are going to be vaccinated and not going to die or go to the hospital, and we will develop a paxslovin vaccine

and we are not going to be eating dogs. >> and the analysts -- >> they react, react, react, and don't think that china is going to solve this, but they think, i have to deduct $8 billion from the model, from the model. the trapdoor of model will come to an end as the analysts recognize that it is not static. when we look at ukraine, we think that war is going to go on until 1945 when we think it is 1945, and china with omicron is going to run the course, but they will be locked up forever. but it is not. it is static iklike that. and when i spoke this morning to mike, an analyst, and that is a weak number, but put whatever they want. the analysts are doing us -- they are not helping us.

they could say, jim, we are trying to help the clients, and when we read the research, i am surprised by the shallow nature of some of the people. >> and as you said, they are a little overextended at the minute given the number of young companies they have to cover. >> yes -- oh, my god, yes. i saw an overage cover here today, and -- they cannot do that. and i am bleary eyed from 3:30 in the morning reading how bad intel is, and look at robinhood, and that is horrible, and look at crocs, and i guess so, so i mean, one after another, and we don't even have time to talk about half of the companies that came public that stink. >> we will try this morning and get to big oil. >> this is not supposed to be a big day, and this is supposed to be a day that -- >> what happened to earnings

friday. >> i used to take this day off because it was exxon and chevron. >> well, it will be fun. >> i will check it, oh, they are all good. and no, now, look at this, wow hey, lululemon, and when was today saying that lululemon is great. how about monday. >> it is great to talk about. >> yes, it is. >> we will get to oil. >> and stanley black and decker. >> and we llwi get to intel, and honeywell, and colgate. >> colgate cut the numbers. >> and the opening bell is in about 15 minutes. don't go away. and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back.

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a pair of oil giants out with the quarterly returns. exxon mobile taking a charge due to that quick exit from russia. and and chevron is beating the q1 and, jim, they raised their production guidance over q1. >> yes, a lot of people were thinking just like a lot of the other companies if they stay disciplined the price of oil will stay high. that is inline with what i was looking for, and i got some word from mike worth with the pipeline to russia, and nothing to worry about, and he has the break even numbers to give you a profit of more than $50, and no price on the numbers and you can

buy back as much stock as you want and not much from the buyback or the dividend, and buy it, because this is the most attractive of the large caps because of the yield and because of the buyback, and because wirth is so good. he is doing a lot of the offshore, and offshore making a lot of money. talking about the strategic petroleum reserve. biden is releasing 1 million a day, and that is going to run out. when it does, the price of oil is going to go up. that is keeping the price down artificially, and people should recognize that it could take off, and chevron is terrific, and doing low carbon stuff offshore. >> and permian. >> yes, the permian is so fert t fertile that you can see the numbers coming up, and so if you see them selling the shares, it

is because elon musk is producing electric cars, and other than that, own it. >> and what about germany and -- >> well, a great question of fewer and fewer places for that oil to go. india is taking some of the oil. there is going to be some comments about the smaller markets taking the oil. whether they put it on the boats and where it goes, we don't know, because they mix it up, but i will tell you that there are many things that are keeping the oil low that are going to go away. >> like the china dynamic that we talked about. >> and oil is going to go to $110 and chevron is going to coin money. >> so buy cvx and no im? >> well, buy chevron because

mike has proven over and over again that he is a great operator. >> looking at the desk the last couple of weeks, a lot of the buy ideas are drying up, but the commodities are not. >> and pete najarian is saying repeat to buy some at it, and in the phone call, ooh, rice is down a little bit. my wife and i were talking about the organic land o'lakes is $9, and it was $7 not long ago. >> buy it up while you can. >> and avocado went from $60 a crate, and now up to $90 a crate, and the question is how does that happen well, one thing we know it is that jay is not going to stop the price of avocados, and he wants chipotle, and that is what i want to have. >> and so the inflation, and the personal income and spending,

and we will have chicago pmi, and we will have cramer's mad dash this friday as the futures are looking weak as global stocks are on pace for the worst month in two years as we close out april today. back in a moment. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ it's electric... made extraordinary. ingenuity... in motion. it listens, learns, adapts and anticipates your every need. with intelligence... that feels anything but artificial. the eqs from mercedes-benz.

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to the moon? in other words... etoro.the power of social investing. tonight, the surge in crypto cash, and plus a new field of dreams and the young boy who inspired it. time for cramer's mad dash as we countdown to the opening bell, and give us some guidance, jim. >> i wanted to start off by saying i want to be positive and i wanted to come out here to say that intel has a really good second quarter coming. no, they do not have a good second quarter coming. they said they have a good second half coming, but the analysts are skeptical, and the analysts are saying, too weak to link to pcs, and the pc sales

are not good to put it out there and they are linked to the pc because they don't have the chips that you need in the higher end where they are losing the share. and they are optimistic that things are going to be turning around, and the analysts are not buying it anymore, carl. they are not buying it. >> and revenue came in ahead, and the margins. >> and the second quarter, but i expected a stronger quarter, and the outlook is bad, so it is difficult to have first good, and second bad, and don't worry about the second half, because it is going to be great. once again, i will tell people, no. no, you don't want to buy it. they have some of the problems that all of the companies have in terms of china, but the unique issue here is the belief that maybe pat gelsinger is too positive about his own company, and maybe if he just kind of put his nose to the grindstone,

maybe better. >> you think it is weighing on smh or the stocks or an outlier here >> well, texas instruments was supposed to be an outlier, and they had a nice run, and the same for imd and nvidia, and people are worried about the gaming chips, but i think that nvidia has been overly punished, and i don't want to pound the table. and christian lamont came in here and he told an amazing story about both cell phone and he told a story about auto. you need to have auto. because auto is fabulous, and excel has mobile-i which is going to spin off, but people are tired of pat dean being as bullish as he is, but it is his attitude in life, and that is good. like the jaguars are very bullish about things. >> well, a lot has been written about pat approaching business

with a spirit of spirituality. >> and i call him mess mssni >> yes. >> and so catch up any time anywhere, and follow the "squawk on the street" podcast. on "closing bell

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robinhood is down in the premarket, and a 43% drop. in quarterly revenue and along with the decline in monthly users, it comes after robinhood plans to drop workers by 9%. and uma is down 10, and they cut some expense guidance.

>> they don't get it. when you are taking a look, there is a key number on page 5 where there is the definitive, and i find this astonishing. transaction-based revenue were 200 million for the quarter and down 48%, and the options revenue of that was $127 million. are you kidding? are you saying that more than half of your business is options. and then moving the assets to custody, and equity up $68 billion and options was $1.1 billion and down 45. they have all of the stuff they want about product, and act as if they are a company that if you produce good product, they will come, but what they don't realize is that what people are using the product for, for the highest risk, unbelievably dangerous terrible things that are options. i once was one of the biggest traders of options, and i said at goldman, don't do it.

discourage the clients, because they will lose money, and this things i don't want to be -- well, you could argue it is not robinhood's fault, but they make it so easy to trade, and they are putting people, and finra is allowing it, but now they have a lot of moving into the crypto is smart, but i don't see anything here to own, not until they figure out the way that the market works it is a shame. >> i want to get to that, but it is an opening board, and belbelite targeting metabolic-related aging diseases. and jim, this has been flatlined for months, and is there anything that hood could have

done i think of the conversations with vlad about the diversifying the portfolio. >> the issue has always been, what if they do what i want, and does that mean that everybody would leave, and i would say, no. there are two ways to lose the customers, one, have them be wiped out or leave because they want to be wiped out somewhere else. so you had to be, and vlad had to figure out a way to change people. they say they do, and i get the snacks thing this morning, and look, i try to teach everyday for our investing club, and what i do over and over again is to discourage unreasonable risks. young people can take risks, and they can buy companies that i don't want you to buy, but they will have something, and the stuff that these guys are buying with the exception of crypto that you can buy anywhere is stuff that will go away, and so in order to preserve the client base, what vlad should have done is to bring in some heavyweight

who just teaches, and says, look, you can put 10% of the money in options, but not more than that, and if you want to do that, do it somewhere else. because this is what happens if everybody is in a high-risk thing. i remember at goldman, i would see one of my clients trading like mad, and my boss would call me in, and say, we are closing that account. why. because that person is not suitable. he is an artist, and we are going to be sued. everybody is suable. so if you criticize them, it is jim, you are not understanding, that we are spending a fortune on this or that, and i say, yes, you are, but it is not worth it. >> and the name, you have to go back to -- >> 80. >> i would love to -- >> i would love to run the company, and say, vlad, you gave me the best technology, and now

sit back, and let me explain to people with the investing club why they need to be in pepsico. why they need to take a position in a company as diverse as deere. and then they can go do something with the options, but no one is doing that. i am not -- per se they are not encouraging, but not discouraging, and so they have booked a classic. that is what happened. i know there is free will, but you must act against free will, and have them buy the speculative stocks and not something that goes the zero so the ratio is going to be worst. like vlad. he is a very good guy. and he is a technologist which is a people's business it is a people business and looking at etrade who was bought by chapel hills, morgan stanley, but james gorman is about making sure that people do not get hurt

by his people. robinhood is about having the best technology, and at a certain point, it is not enough. >> the two cannot coexist. >> right. >> of the things that are working a little bit more today, honeywell is going to stand out. >> and my trust has owned it forever, and before that, it was doing good, and people thought they would cut numbers, but they did not. people thought that darius was a pinata, and darius is really a fine man. i think that the stock could go back easily. some people thought that it was tied in with boeing. if i were boeing board, i would call darius, and say, i need you to be ceo. and darius might say, i like honeywell or somewhere else. >> are you call for a new ceo at boeing >> did i

i am looking around. did i do that? >> is that david's ghost. >> well, darius is a fabulous ceo, and he has been completely denigrated, and nothing lasts up in this market, because it is a treacherous market, but we have been having some good quarters, and can i tell you that the worst quarter so far was boeing. >> worse than netflix, and worse than -- >> of the dow. now, it is interesting that there was a guy who liked netflix in the stock draft that we did, and the guy, ryan. >> ryan reynolds. >> and the name clearly, he was not having it. and he likes netflix. >> there are some. >> and he has three netflix movies coming. >> and layoffs in the editorial division, and of course, we have disney coming up in the coming days, jim. >> and look, disney is hated by everybody right now, and my

charitable trust bought some on the way down, but we have described by saying it is iconic, but the iconic thing ain't working right now, and so i think that the balance sheet was wrecked by the fox acquisition, and the people who put out the word that disney plus is the problem, and are you kidding? it is the $71 billion they spent that 50 billion has to be written off. and the fox acquisition has to go down as the worst acquisition that they have made. >> have you held this view for a long time? >> no, i kept looking agent the being bad, and no, it was fox. >> that would bring iger's string to a end at the tail of the tenure. >> he played too long. remember that terrible throw that willie mays did he played too long.

>> by the way, our own parent bofa cuts the costs to neutral. >> that is very odd. she had been a very big supporter, and her numbers indicate that comcast could have a down next year. we had mike seibert the other day, and you like youtube, and apple, and -- boy, that is a terrible chart. i own a lot of comcast, and like i say at the end of the show last night, you have to bank on people. e have bought stocks in every one of the big break, and this big break.

some people don't watch the show, and they keep the swing exactly how it is. some people change the swing or go to learn how to pass differently or go to the open market and buy somewhat. brian roberts is like howie roseman of the eagles, like i'm not going to stay static. i am going to do something. is that the reason to buy the stock? i am going to wait for the wake of the downgrade, and it was quite shocking that she had reiterated yesterday and this going to reverberate. >> we will watch j.b. with charter later in the week. >> it is big, and now roku has reported, and they had been short on roku, and they were right from yesterday. and there are certain stocks that should be bitten, and it

does have a good yield. >> we didn't get to bie, and yo are watching gilead. >> and lily, and talking about a six or seven-year drug, and people are looking in the adjustable market, and that is wrong. a lot of drugs that people would take if they didn't put so much weight on. but you can make a cocktail of this drug that puts on weight, so you can stabilize. so people are going to take a lot of drugs because they get obese from the drugs. that is fabulous. and david ricks came on the show yesterday, and he is very i ind indiana-like, and meaning that he does not pound his chest, and i would have, because that drug is a winner. it is right now, self-inject. now, people may be scared, but i

self-i self-inject for migraines. you just have to close the door, because nobody wants to see that. and my assistant said, why are you closing the door, and boom. and then open the door. do you want to do the self-injection no, you want to be self-injecting rather than be fat. no doctor has said, you know, you to be a little fatter. >> right, jim. tesla is hanging in there after elon musk said no more sales after $44 billion, and why he is selling so far in advance of the close. >> i thought it was good. i have been trying to talk to a lot of people about what he going to do technologically, and

not -- and remember, when you go on twitter, there is a lot of people who regard him as if he is a john birch society member. i don't care. i want better technology. they have fallen behind in tech. when you are looking at what mark zuckerberg did with reels, and reels is going to be ahead of tiktok in a year, they need somebody like mark zuckerberg. >> since they started to give more money to small business, he is off of the screen as a bad guy. maybe that is okay. maybe that is okay. >> the heat is off, because elon has arrived in the social media world. >> and he is going to get the heat off, because we are going to be in reverse teach. and use the instagram platform to help the small business and give them money. they have pivoted to, and by the way, vlad tenev should listen,

too. when you are a technologist, you should listen. tim cook is the person he most emulates, and tim cook is not going to like the fact that i said him and zuckerberg in the same line, but mark zuckerberg is trying, and tiktok is chinese, and one day that is going to matter if this cold war is hotter. if you don't give people your vaccine, and you would rather starve and be in lockdown, how much do they hate us >> and to what degree does the populous revolt? >> the people don't hate us. the people are fabulous. >> meantime, guys, we are watching the market down about 100 despite all of the news last night, and this morning. programming note, don't miss the cnbc's coverage of millken. the millken conference starts monday, and faber is going to be there with the interviews of

powell and carlisle and a lot more. looking at the bond report this morning, and as we said, a large number on the personal income and spending roughly in line, and the 10-year above 2.9 as it has been a banner week for information for vix income. back in a moment. the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries.

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♪ >> i think that you must recognize that there is a lot to do to unlock the value that they are not currently doing. maybe it is time for twitter to reinvent a private company to take short-term hits. listen life on the cnbc app. welcome back to "squawk on the street." rick santelli live here at cmhmq. the chicago pmi is to be out at 56.2, but it is a big miss, and that is the lightest since february of this year, and that number in february was the lightest since august of 2020. wow! did you see all of the numbers this morning income about as expected, but the spending is double as expected at the time when inflation is double as expect and the fed's personal flaifrtfe

are double, and so buckle up for the inflation, and the 5s need to get above 298, and the 10s above 2.94 to a acmpsh icolit, but they are getting close. keep tuned to the markets, and stay tuned to "squawk on the street" because it is going to return in two minutes. (vo) verizon is going ultra! with 5g ultra wideband in many more cities, you get up to 10x the speed at no extra cost. plus six premium entertainment subscriptions, included! like disney+, music, gaming, and more! (mom) delightful. (vo) saving you over $350 dollars a year.

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big event in omaha this week, warren buffett is going to hold court at the first can wat exclusively on cnbc.com. a 9:45 a.m. eastern time jim, there's a lot of chatter about what changes to management structure they need to make? >> i always find it very satisfying to remember that these are not -- theser decent companies. we also remind you people at home can't do it, which i have not liked. it's just fun. i know it goes on for five hours. it's just a dream come true. just, you know, listen and learn. >> apt the last -- since the financial crisis, i always

thinks of a u.s. op-ed, buy american, which has never said as forcefully since. >> no, he hasn't he talked about buying 1942, wasn't clear who was going to win the war. i will say, i mean -- i'm not saying it's repetitive, but there is a notion that let's talk about robinhood versus them if i were the robinhood people, i would say there's this man, warren buffett, go listen to him. we're going to send you a transcript he's a teacher, all right? they need their people to be taught, because their people are bug blown ute. my mission is to try to get as many people in the stock market, and their mission is to have a great ad >> you never here warren buffett saying, i have this great app.

that's not the way it works. the great jensen huang has a great ecosystem, mark zuckerberg can use it -- he doesn't use it for worldwide destruction. you have to tell people, it's not the technology, it's what you do with the technology. >> certainly berkshire and buffett highly exposed to energy >> exxon and chevron are down after posting their results. brian sullivan has more on both of those names. >> i might fall asleep i was at an eagles draft party last night, but let me try defined both quarters as really good, but not great. exxon actually did double from 64 cents for $1.28 year over

year the total earnings per share, 2.07, a nickel short of the consensus, but wall street was expecting a lot. exxon's revenue grew more than 50%, but, again, a little short of expectations. the e & p as weaker than most expected the chemical side of exxon, that actually outperformed, narrowed the gap. a few other headline items, it took a 3.4 billion after-tax charge ending a big venture in russia, buyback jumped to $30 billion through 2023 from an expectation of $10 billion through the end of this year guyana, which i know david has talked about a lot, also going

up, now quickly to chevron, their profit more than quadrupled, most profitable quarter in ten years, earnings 6.3 billion, wall street looking for a little more, but keep in mind, it's up from 1.4 billion last year. you deliver that kind of gain, wall street still not happy. they are pulling more oil, by the way, guys, out of the ground, raising production in the permian basing by about 15%. i'll wrap it up with this. the stocks are down a bit, but both up, what, 42%, 47% already this year, so i guess, jim, it's really super-good super great. a.j. brown, i think got an a-plus on the way from nfl.com on the first day of the draft. >> it's hard to gauge these oil companies?

analysts just don't know >> they're raising their buybacks i'm sure congress will love that they're raising their buybacks >> you're right, congress is not going to be thrilled absolutely not, but regular oil stuff as usual i want to say i did say something that's disparaging about what the chinese are doing, i want to take it back. i know there was a story i read on twitter, it's not enough. chinese are respectful to their animals, just line everyone else what is bothering me is the vaccines, but i want to take -- my father worked for the chinese for many, many years, and the respect they showed my father and love has always made me feel great about the chinese people, so i don't want to cast any

aspersions the people who my dad worked for are some of the greatest people in the word. they're commonsensical, great, and i wish it was like that again. >> my father worked in hong kong for many years, and he would say the same thing as well. >> and gave me commissions once my father passed away. i wish the people and government would make is so they got along with us. i don't know how to do that. you're watching colgate. >> you have to be careful with safety, not everything is safe colgate had a lot of raw cost problems, and not impressive particularly coca-cola, pepsi, mondalese. what's time? >> we have weyerhaeuser, and dr.

mina saying we don't have the pill that the vice president got, we can't get it hyphen just has to change the lockdown. >> it would be big if they if. good weekend >> oh, yeah. my wife -- >> looking forward to it. we're reversing early losses ammo is still down 12, worst open since 2014. don't go anywhere.

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cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪ welcome back to "squawk on the street." rick santelli here, still live in cme hq. our april final, so 65.7 now becomes 65.2, and that is the lightest since 59.4, of course, and that was in march of this

year if we look at current conditions, 68.1 turns into an improved 69.4. what lies ahead on expectations? moves from 64.1 to 62.5. we moved a bit lower there now, on the all-important inflation numbers. on the one-year inflation, we remain at 5.4% what's interesting about 5.4%, is that it's the same as our mid month. that was the highest since, well, 1981, when it was all the way up at 7.3. if we look at the 5 to 10-year, that state at 3% where i was, the high watermark was earlier in the year. that was the highest going back to 2011. we see a bit of moderation at least on the 5 to 10-year outlook, which contrasts with this morning's year-over-year numbers on personal consumption numbers, which were on the hot

side back to you, carl, and have a good weekend. welcome to the second hour of "squawk on the street." final trading day of april, as rick said, we're trying to reverse earlier opening losses, although the latter two are higher chicago pmi was relatively weak. >> and we're down for the month, for what's usually historically a good month for stocks. here are three big movitious, honeywell, shares rising after topping expectations, quote, despite considerable new macroeconomic challenges, and ongoing impact aerospace and buildings technologies, offsetting a decline industrial heavyweight also boosting the full-year outlook, plus, as carl just mentioned, robinhood reversing course, now in the green up 3%. that's despite a 43% drop in

quarterly revenue. all declines and also reporting wider than expected loss and a fall in monthly active users keep in mind that stock is down more than 80% from last august's high we will end with another blue chip. intel beating on top and bottom lines. it did forecast weak quarterly guidance that sent shares lower intel's the worst performer on the dow currently. that said, do not miss pat g gelsinger next hour on "techcheck." tom forte this morning talking about a chart that certainly the technicians are not a fan of, as it's broken some up trends going back to '08, some say '01, and lingering questions about whether they

overbuilt in the midst of a covid ramp-up. what do you think? >> great question. i don't think they overbuilt i think amazon is not well built for inflation. when we think of amazon, we think of pricing power it has the ability to raise the price of amazon prime, but 50% of the units are sold by other sellers. if they raise price, the consumer will buy from someone else not to mention the pressure they're seeing on both blue collar and white collar labor. so amazon is not built for inflation. i think that's what you're seeing now you do have a buy on it, don't you? >> i do have a buy on it thank for you asking there's two amazons right now. there's the mature e-commerce business that has very modest growth, and then there's a cloud computing effort that continues to do amazingly well, there's a strong advertising business. we've now had two quarterly disclosures on that business so there's kind of two amazons

i think the cloud computing and advertising more of a buy, but i'm nervous about the eh commerce business. >> that north american retail operating loss got people's attention, but you're right, aws is up. will that feed arguments for a strip-out of aws is that sort of gone for now, that idea? >> it's a great question, carl clearly the cloud computing is worth very much. third-party sales in amazon, where they collect a commission, that 55% of units sold is worth, but i think a lot of the first-party sales, when you buy products sold by amazon, is done with little to no gross margin when you break it apart, cloud computing worth a lot, advertising worth a lot, first-party sales not so much, so i would say no on separating

the company. >> tom, you you mentioned it's not built for inflation, about you it seems like a perfect storm of make rmacro effects. and then, of course, labor which we've been talking about given the fact you do also cover apple, walk me through how much of this is amazon-specific versus how some of those coverages are navigating it? >> yes, we just wrote our 22nd white paper on the convergence of the called diagnose dude, where is my dollar?" and you have a broken supply chain. unfortunately, it may require a material pull back in consumer demand, a recession to fix what's going on now. we're concerned that essentially the fed is trying to thread the needle

so, yes, a lot of these things are affecting other companies, including amazon i just think on a relative basis, this hurts amazon clearly more than it hurts apple. >> finally, tom, there's a lot of arguments for peak inflation right now, shipping rates, labor supply, inventories are recovering what happens if we get a definitive reversal, at least in the short-term inflation pi picture? >> on a near-term basis, it's hard to envision especially the markets capacity shutdown in dec china. if we were at peak inflation, which i don't think we are, that would be great news for amazon. >> tom forte on one of the worth opens for amazon in about eight years. tom, thanks so much. >> thank you. we just touched on it. another big tech mover this morning is apple, a strong quarter overshadowed by tim

coop's comments that the company hasn't been immune to supply chain constraints. jim, i'll start with you a key takeaway from you from the report we got yesterday, of course, now, but also the possibility of softening demand in china. >> importantly, though, this is a push out of demand the problem is apple has so much demand they can't meet the supply if this was only focused on cost or pressures or inflation, it would be a different story that's why we still have our buy rating this is simply 4 to 8 billion of revenues they would love to sell and recognize of being impacted by covid. there are concerns of, will people go elsewhere to competitive product? or elsewhere to something else

simply put, there's not hoot competitive, compelling product out there. there's supply constraints that being said. numbers near term come down a smidge, but longer term, there are more users using the apple ecosystem. we view it as a platform, not just a product company, and we continue to be impressed with the company. we view it as a good problem, demand is stronger than supply. >> chris, how do you see it? especially with the 4 to 8 billion number the fact that supply constraints could hurt sales in the current quarter we haven't gotten official guidance from apple since 2020 >> more morgan, thanks for having me. number one, if you look at the last couple quarters, the amount of supply chain conrestaurants

is actually correlates to the actual revenue the december quarter was a big quarter, and, june quarter, it seems like actually it's the low watermark of revenue, but it seems really outsized relative to the number. i would say because of the confidence -- the true supply constraints, and that's why we're being kind of apples to apples the last few quarters, the remains of the -- is really tied to a lockdowns in shanghai, because of the -- and then as to ratching it up the second thing is some of the challenges is a lot of it is actually -- but, say, for example they come back with the capacity for the

factory, one of the employees has coindustry and shut down the whole factory, so i would say the true component is -- you add that along with the covid shutdown, that kind of exacerbates things jim, where are we on the notion of that hardware subscription we talked about a few weeks ago? it seems like one of the most robust bullish arguments is transitioning to a world where we worry less about shipments and more to monetizing the installed base as it is. >> carl, your memory is spot on. it's literally recently a few weeks ago we were talking about this live, and talked about how right now today, you can buy an iphone on a lease model through the carriers or through apple itself people much prefer to pay an extra $40 per month than to walked in the store with an extra thousand dollars in their

pocket that's phase one phase two and three will be things such as ipads, and macs, where you can subscribed, not pay $1,500, but do it on a subscription think about school systems they would rather do a subscription model and also probably sign up for the apple services teachers are brilliant at teaching children, but they're not help desk people we think the subscription model is very early, but phase one of this we are seeing with the i phones apple just announced a very subtle thing they're start to go roll this out to enterprises we wouldn't be surprised if in the near-term future, macs and i pads on a lease or subscription model.

so it's a positive still in the works. baby steps, but we are seeing progress on that >> krish, i want to broaden out a bit. it's the end of the month. we saw semiconductor stocks take it on the chin in april as well. walk me through that, sings this group has seen such a sensitive economic indicator. >> morgue, you good question, a tough one. we are seeing a lot of, i would say, money flow ing -- kind of being constrained, because of supply issues, so i think there's two things going on. one is we've seen some numbers come down. reset the estimates, but driven by demand, but you're not getting that the demand is still very strong. second is that the supply, the

biggest worried is, let's say supply comes online six months from now, but when do we know it's offer, and the other part -- and between that, it just seems like, you know, people don't want to. >> i would say in general -- coming through -- and much more prevalent -- whatever it is, so it just feels like a -- going on as we head to a quick break, here's a road map for the rest of the lower as the country's leadership vows to boost the economic.

plus elon musk is selling 4 billion worth of tell la shares. we have details. and the berkshire shareholder meeting is in person this weekend we have a lot more "squawk on the street" ahead. don't go anywhere.

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internet names since march. >> if you look at the nasdaq specifically, you are seeing the huge price action. morgan mentioned it before the break, but we're talking about the bureau in china, the policymaking arm of the chinese communist party. they're going to take some steps, maybe take the foot off the pedal of regulation on some of these big tech names. that could provide maybe a path ahead. so what you're seeing is a beleaguered tech trade, but massive move higher, those four, by the way, at one point this morning were the four biggest gainers in the entire nasdaq 100, so that's also leading to some of the big etfs that track chinese stocks it you take a look, though, of

the overall picture between those chinese tech stocks and maybe how we've seen the trend develop, remember, the kweb is up 10 purposes, but it's lost two thirds of its value over the last year. this is the bounce we saw, if you look at it in context of what matches up to our indices here, it's still down about 10%. one that tracks more broadly these companies, down 33%, and of course those tech stocks, internet stocks down 62% if you look at the gaps in performance, morgan, yes, we have some problems here, but we don't have the government stepping on some of these companies. whether or not it represents a bottom remains to be seen, but

maybe this is the first step in the government in decline acknowledging some of the stuff they have done is a hindrance to the private sector overall, so that trade is something to watch today, morgan. maybe being the keyword, is this your category of frick and frack? >> yes i would say it's more fric and frac a lot of value has been shaved off of those names. as we head to break, shares of colgate are lower, as the company says results were impacted by raw material and logistics costs. expect those challenges to continue for the next several quarters shares are down 5.5% right now stay with us

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the street." some big oil names are out with earnings this morning, including che chevron. the stock is under a bit of

pressure, down about 2%, also some interesting commentary, it's doing its job to, up 10% over the first quarter last year but also keep an eye on exxon mobil, posting weaker than expected results, even after taking a $3.4 billion tax charge related to its operations in russia though shares are also down about half a percent right now, the two companies dragging it is xle a bit lower, but it's still up more than 35% year to date. carl tesla rallying today's trade, as elon musk sells some shares this week, ron, why is he selling so far in advance of a potential close? >> new s.e.c. filing shows he sold about $4.5 billion of stock

on thursday. the total for the week now, about $8.5 billion after paying about $2 billion in taxes, that leaves him with about $6.5 billion toward that twitter deal he tweeted out last night, more further tesla sales after today, which leaves the question of where will he get the rest of the cash he planned for that deal that cash, in addition to the margin loans he'll need against the tesla shares, and the $13 billion in straight bank loans he has about $3 billion of cash left over from last year's sale, so to buy twitter, he's going to have on find an equity partner, or maybe auction off lunch with elon, and maybe someone paying $10 million for it

his tesla wealth now down $35 billion since that time. you look at the cost, it's not just the $43 billion, but what it's costing him on the tesla side >> we're going to keep up with the story. certainly it's been a wild week for tesla shares robert frank, thank you. after the break, another look at amazon's big earnings miss, shares down 12% now. reporting its slowest growth since -- here is serat on why personal finance should be taught in school. >> i am a strong believers that a personal finance class should be given to every student in high school, it should be given to every student in college, and i think every consumer needs to understand what is personal

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hello, everybody, here's your cnbc news update. a former u.s. marine cancel has died while fighting to defend ukraine. nbc news has reached out to the cancel family and to the state department to confirm. cancel would be the first known american citizen to die in combat cancel's mother says her 22-year-old son left behind a wife and 7-month-old baby.

in kyiv, radio free europe says one of the its journalists was killed by a missile attack on its apartment building. russia says it attacked a missile factory. >> they rolled away even after being shifted into park. and in the alps, a fossil has been found from one of the largest sea creatures every. just just a piece of a tooth from an ichyasaur. that's just the tooth. the s&p is on track for the worst month.

joining us this morning, barclays's head and first chris wolf happy friday good to see both of you. even as they said there would be stock to buy in their month end. >> to actually having turned quite negative and, so i think things are pretty negative right now. the headlines risk are continues from what's happening in china you're seeing the possibility of

a ban on russian centering imports in europe, although that's not a base case right now. things are looking grim. >> i do wonder given all of that, chris, i mean, is there any inkling at all that 50 basis point might not happen i think everybody knows that as well as inventory build or slack in inventory build the consumer is in a decent place i think more importantly, the perniciousness of inflation, they'll have to go 50 basis points this meeting. i think the bigger message may be the market is looking at this as if chairman powell may have

to think about what his voelker moment is. i think the stock market is reacting to that, and the anticipation that the fed will have to have a much stronger inflates fighting story. >> we've been seeing incredible intraday swings within the equity market. given the facts it is so volatile, how should investors be positioning themselves? should we be looking at other asset classes? >> i think for a longer-term perspectives, i think right now we want to be very careful the messaging has been oriented if you have extra cash, hang on to it.

if you're underweight, now is not the time to rebalance. i think there's more turbulence ahead. where we may get a turning point, is when the inflation numbers start to roll over we don't anticipate inferring numbers coming down until the summer that may give the fed a little breathing room northwest, it's more defensive to bidding on energy side. given that the -- at the big picture left, we're still there, but opportunities to -- as well at for clients that are qualified. there's lots of interesting stories because of the symmetry between public and private >> the same question to you, since i've been tracking volatility so the closely.

where is is the flow in equities, if you thinka it's given -- usually that kicks in, so still 8%, 10%, but, you know, if history is any guide, high inflation means that's going to be critical.

so maybe some bounce, and in the short term, you remain cautious. >> i was just looking at a report this morning that argued the 73, 74 analog applies here we have all things that could go right, china, covid, but you're going to lose qe as a volatility anchor maybe the fed simply has to move to a point where something breaks >> in order to crush the pernicious inflation story that seems to be building here, is going to have to go further than the market may anticipate. bond market's almost there yet they're anticipating a number of hikes, and then a roll off again at the end of 2023, almost as if that's where the recession window is shaping up in this regard, following the

two year messaging is important. the analog, as you mentioned, carl, in '73, '74, the external event, look to us like they're going to be around for a while there's a big sea of gas if russia controls that natural gas, it could be the marginal price setter what's important is they would be unlikely to set low, much more likely they'll set them higher the energy story for us looks like structural tay winds to remain higher longer. >> one reason we've getting some of the reaction to chevron and exxon today. we appreciate it very much thanks, guys >> thank you. turning back to amazon, the shares are down double digits, leading the s&p lower. deirdre bosa joins us with more on the quarter

what a quarter it was. >> what a fall today i think what's spooking investors is amazon now looking like a pandemic play we know that's a dirty wok in tech and markets overall growth slowed to its slowest in two decades, but here's the rub it's going to get worse, outlook puts revenue growth at just 3% to % this comes on top of this massive network buildup, which actually created be capacity, that amazon says it now has to work through so so much for that harvest year $6 billion in rising incremental costs, we'll break this down for you, as amazon did $2 billion in what it considers truly inflationary pressures, for the

fullment capacity. $2 billion in extreme staff and production costs and they don't expect those pressures to ease anytime soon the company has more work to do, and it may not even be able to do so profitably one bright spot, as you well know, with the cloud following good results, 27%. as you said, shares are getting hit today, just 12% for a company worth more than a trillion dollars, that is a lot. >> it certainly speaks as well to the trickiness of having built out your own transportation and logistics network and how cyclical that business can be, but the fact that aws was not ability to offset, that we do --

advertising, et cetera. >> i heard an earlier guest talking about two stories of amazon there are two stories here one is that e-commerce slowdown, and that overcapacity. if anyone can solve the problems, it probably will be amazon faster growing businesses like advertising, like aws, even subscription services, remember they hiked the price of prime this past quarter, and amazon does have pricing power, at least when it comes to its own things they can build streaming, charge more, but it's the third-party seller group that may not have as much pricing power ability. they account for more than 50% of sales on the sam zone e-commerce platform, so that's something to keep in mind as

well deirdre, thank you i know you have a big show in the next hour, as well, including interviews with the ceo, and that's going to kick off at 11:00 a.m. eastern. we will be watching closely. thanks for joining us in the meantime carl as you know it's been a rough month for cathie wood's arc ark funds. later today, we'll have an interview, as the dow is down almost 400 now on the final day of the month

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this weekend, becky quick is live in omaha with what to expect i don't know, between the macro and the portfolio and management structure, i don't know where you begin. >> reporter: yeah, i know, there's so much that's happened. it's been three years, carl, since the meeting has been live in person. it's been a year since we talked to warren about what's happening on the macro level as you mentioned, there is a lot that's happened since then back in february, he put out his annual shareholders letter he talked about how his cash

horde had grown, and it was continues to grow, because they couldn't find any great deals. since then we know he spent at least $23 billion there, and then buying allegheny, the insurance company outright for $11 billion. we know he started to deploy some of that it's the first time people get to ask him about that, but what's happening with the fed, the mark, inflation, all of those things will be answered by warren buffett and charlie munger there's controversy coming into the meeting, and that comes from shareholders proposals both those titles are held by warren buffett we got a chance to catch up with mario gabelli. he does not think too much of this proposal.

listen in. >> they are doing it, because generically, splitting the chair and splitting the ceo may have application for a large number of companies, so why not take, that it's the dumbest thing you can do this is the first time in three years you're going to see all the shareholders here. they are opening the doors here later today. kind of take a look around they do have some covid protocols. first of all, they've spread a lot of the events a lot further back you see places like the bookworms here, dairy queen, duracel, all around us the events are a little -- the booths are further spread apart. you have to be vaccinated to get into the doors 40,000 people came last time

this time cnbc is going to be doing the live streaming of the meeting itself this is five hours of questions, warren buffett gray gable will all be taking questions of the stage, and we'll bring you all of that. plus, we are our own pregame, halftime, and post game shows we'll be showing you too the events kick off tomorrow right here on cnbc go to cnbc.com/buffett, watch it on the cnbc app. those events kick off at 9:45 a.m. eastern time tomorrow and be listening to questions that start at 10:15. we have a big lineup of guests joining us from tomorrow, too, including jimmy buffett, talking about a margaritaville boat with one of the berke shire companies. we'll be talking to bill murray, he's a berkshire shareholder too. we'll send it back to you, but this is something we're building up to.

>> it's a busy weekend the content has been so great already so far, becky. thanks for joining us and giving us a preview becky quick in omaha. >> sure thing. after the break, we'll talk inflation with the ceo of newell brands, but let's get a check on the markets at session lows, the s&p is down 1.8%, 42.11. the dow is down more than 100 points, and nasdaq is down 2% right now. we're on pace for not only a weekly loss, but a monthly loss. we'll be right back. i am here because they revolutionized immunotherapy. i am here because they saw how cancer adapts to different oxygen levels and starved it. i am here because they switched off egfr gene mutation and stopped the growth of tumor cells.

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(vo) saving you over $350 dollars a year. and for a limited time get a 5g phone on us! no trade-in required. (mom) amazing. (vo) this is the offer you just can't miss! verizon is going ultra, so you can get more. welcome back to "squawk on the street." diving into the state of the consumer, newell brands, the stock rising on better than expected, first quarter results, and joining us now exclusively, ravi saligram, great to have you back on the show

i do want to start a little more macro with you, and that is how inflation and higher costs, supply chain issues, have been affecting the company across your different brands, and how you've been able to push that out in terms of pricing power to consumers. >> thank you so much, morgan pleasure to be back. no question inflation remains stubborn we had hoped that this year things would normalize, and we'd be much better, but it's actually gone up and the war in ukraine has not helped that has actually affected some of the commodity prices, oil-based things, like resin in our year end we had talked about 8% cost to goods sold on inflation. we just increased our forecast to 9%. we had $80 million additional incremental inflation. and then you continue to see,

whether it's ocean freight, labor, raw material costs, transportation, et cetera. so definitely an issue but we're mitigating that as we did in the first quarter we had 6.9% organic growth but our operating profits were up 10.4%, and eps just normalized at 20 and a lot of the mitigation actions, we're taking one of them, obviously, is pricing and the pricing has come because we have focused a lot on innovation, and making sure we have good value for consumers. so we've been -- we started taking the increases in anticipation, and we believe that for this year, given the strength of our brands, we're number one or number two in most of the categories. we've been able to sustain it, and so we're trying to -- this year we feel that pricing will help us overcome the inflation

so that the -- >> given the fact that you do have so many brands under your umbrella, whether it's rubbermaid or crock pot or elmer's glue and babe jogger, which i'm focused on right now at nine months pregnant. are you seeing pushback from consumers, and how would you gauge the health of the consumer as we head into another year that's very uncertain? >> so i think, the race, we mitigate that in terms of making sure we have good/better/best in each of our brands, making sure we have things at opening price points to upscale. so you mentioned baby jogger we're doing some great innovations, like city turn. and so those investinovations tn justify the price. so to me it's about value as opposed to the absolute price point. so spending a lot of time on

differentiation, on meaningful consumer benefits. the way we are looking at it, we look at share on certain categories, and making sure that we're not losing share, and our writing business, which is so critical to us, high profitability, we've been gaining shares now over the last year, as well as this quarter, with sharpie, and there again with innovation sharpie has gel. so i think that as we look at the share side, but not on -- like some of our brands, where margins are distressed, we're more concerned about improving margins there, and so even if we lose some volume share, we're okay so i think it depends on the type of brands and the type of categories so that's what i'd say. >> okay. well, ravi saligram. we appreciate your time, shares are up 2%.

thanks for being with us. taking another check of the market right now, the s&p is down 1.6%. 4218 there ever s&p sector is in the red, and of course earnings are the main driver today, the fact you're seeing interest rates move higher, higher than expected data this morning that's going to do it r "squawk on the street. "techcheck" starts now good friday morning, welcome to tech they can, i'm kcarl quintanilla with jon fortt and deirdre bosa what an hour we have ahead the ceos of intel, snap and roku join us in the next 60 minutes plus, apple's red again warning of this $8 billion blind side due to supply constraints. amazon $4 billion loss, bleak guidance and the slowest guidance since the dotcom bubble burst. worst day in over a decade now down 30% since andy jas see took the