place to work congratulations. >> thank you >> tremendous honor to be the number one thank you, chuck robbinsrman and ceo of is coe >> great to be with you. >> so good to have you here in person, chuck. thank you. >> so good thank you guys >>> looking at futures as we kick off this thursday morning "squawk on the street" continues tea orbrk. i'm dan o'dowd and i approved this message. tesla's full self- driving technology. the washington post reported on "owners of teslas fighting for control..." "i'm trying..." watch this tesla "slam into a bike lane bollard..." "oh [bleeped f***]" this one "fails to stop for a pedestrian in a crosswalk." "experts see deep flaws." "that was the worst thing i've ever seen in my life." to stop tesla's full self-driving software... vote dan o'dowd for u.s. senate. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire fortitude gold producing high grade low cost gold matchinin nevada usa. aiptio

chuck robbins, thank you so much for the lack of news.: my team is going to appreciate the fact that i did not make any news. tom: that is true. lisa: i think it is actually important to note that the valuations have changed for the founders of some of these companies, and yet the idea of a changed reality for financing paving the way for some of these acquisitions. tom: if we get to january, i wonder with the bond adjustment is going to be like for people. lisa: who knows? i wonder with the acquisition is going to be like because there finally might be some that are willing to sell. tom: coming up, the swedish finance minister. there will be more news then there was with chuck robbins. this is bloomberg. good morning. [laughter] ♪ at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. xfinity mobile runs on america's most reliable 5g network, designed t

tom: maybe chuck robbins can borrow elon musk's fleet of jets.you give me an update? i am lost in switzerland. alex: elon will no longer be on a margin loan from tesla. that means he will have to pony up more in equity. it stands at about $33 billion. he has $7 billion or so in commitments from private equity firms. there have been whispers he my tried every negotiate even though he is tied to this deal and has a big breakup fee if he does not make that happen. social media stocks are down so he might try to renegotiate. lisa: shares are up in premarket trading but they are well below the 54.20 mark. why are people so still so skeptical? alex: elon has said multiple times himself that he might not be able to do this deal. loads of questions about bots. matt did a piece said this is a red herring. he said he wants to do the deal in some form. if he did not want to do the deal at all, he would not be rearranging his financing options. tom: alex, everyone i spoke to thought $54 is a gift, take the money and run. where does take the money and run end

revenue was flat on the year ceo chuck robbins says the war in ukraine cut revenue and china's covid policy worsened the challenges check out chuck robbins interview at 15:00 cet. >>> and target and lowe's with disappointing results. citing high fuel costs and inventory. the big tbox retailer posted a share below estimates. lowe's with weaker revenue as the home improvement chain blamed cooler weather for the spring cou courtney reagan filled this report >> reporter: missing profits by a wide margin as revenue and sales came in stronger than expected like walmart, target had higher costs eating into the bottom line ex compensation and head count and distribution centers was higher than expected. cost of fuel and freight to transport goods was significantly higher than expected ceo brian cornell doesn't expect the question to abate anytime soon >> fuel and diesel costs will hit us about $1 billion of costs in the fiscal year a significant increase that we did not anticipate >> reporter: on the media call, cornell says the consumer is still healthy and engaged, but shifting what they a

. >> coming up, chuck robbins. we'll talk supply chain woes, china. hour, north island chairman, glenn hutchens joins us live. i saw him on the floor the other night. >> at the celtics game >> yes, and it's a huge, huge game tonight, and i don't know what the hell he's doing over there. >> maybe he's sleeping rate after this interview >> maybe >>> time now for today's aflac trivia qstn.ueio what is barbie'sofficial birthday the answer when cnbc's "squawk box" continues paul is about to suffer a shelf-inflicted injury. luckily, aflac will help cover his unexpected medical bills. aflac! maybe you could use the money to buy a step stool. i have a step stool. so why are you climbing a shelf? the stool's on top of the shelf, isn't it paul... (shelf crashing) yeah... ♪ ♪ aflac! how will your business adapt to change? you could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investm

. >> chuck robbins yesterday indicated he's concerned about port backups in l.a. again if in fact the chinese do follow your advice and open things up again. >> no, that interview with chuck was basically, listen, we got to -- everything's too hot, we've just got to slow things down, we've got to get rid of inflation by crushing inflation. we can do it because the american consumer is more flush. and because it's easy to get a job. a lot of these retailers are talking about the stimulus being over it's very illuminating the ross stores was an out of body, horrible call. it was horrible. >> okay. >> but they said one of the reasons people aren't buying things is -- >> ukraine >> i get that when gary freeman says it. >> we're spending a lot of money on ukraine and not on covid -- covid relief -- >> ross stores is like, it's not like $500 furniture. >> no, but bed bath, home, is a quarter of their revenue which you've been talking about a while ago. >> it was a horrible call. there was absolutely nothing that was positive about the ross stores call. nothing. >> it's b

speaking of cisco, we'll talk to ceo chuck robbins on set in a few moments. yesterday's sell-off, the major indices extending their losses from record high

they're probably even more conservative than that if you look at where people are positioned, and chuck robbins is standing in the pocket, saying that's not the issue the reasons for the drop in forward are things you can't necessarily forecast you just adopt know what the end is there would be up side do it, but there also could be down side. >> absolutely. i've been of the few that they can't lock people done too far, but phone makers are cutting protection 20% because of lockdown creating problems when it comes to cisco, tim pointed it out, this wasn't a margin issue this was a revenue issue, so this is very different this is something that's not something you can fix with financial engineering. i think you can probably extrapolate this to other tech companies. that's where i was going to go with this, jeff mills. we're getting a better sort of more realtime view, if you will, of where things stand. >> yeah, there's no question about it you know, maybe we there i think this is indicative of the fact with the valuation you know, i think that any sort of reductions in expectation, this is the

they are set to report after the bell chairman and ceo chuck robbins will join us tomorrow in an exclusivet to miss at 9:00 a.m. eastern time. in the meantime, dow down 540. back in a moment stay with us welcome to your world. your why. what drives you? what do you want to leave behind? what do you want to give back? what do you want to be remembered for? that's your why. it's your purpose, and we will work with you every step of the way to achieve it. at pnc private bank, we'll help you take care of the how. so tell us - what's your why? ♪♪ do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

on the conference call, chuck robbins said supply issues were e exacerbated by the china shutdown and inventory issues. he said we did not have a plan for the country to shutdown. robbins will be on "squawk on the street" today. >>> and under armour ceo patrick frisk is stepping down he says it is a mutual separation he will be replaced by coo colin brown. >>> stock three is bath and body works. also down after the rough session yesterday. stock fell 8%. cutting guidance for the year. bath & body works is facing higher costs for raw materials and shipping and labor a rough run for stocks that stock fell nearly 9% on wednesday. >>> so much left to do and coming up, social media companies under pressure this morning as well as the new york attorney general ramps up the investigation. full story and the fallout when we come back >>> first, who has been hit the hardest this week in the s&p 500? well, target, obviously on that list wiping out a quarter of the value just yesterday the rest mostly all retail walmart, bath & body works and dollar tree. those are the declines this week with th

lisa: there's some people who think it will actually allow more sales because of what chuck robbins was saying yesterday, where he basically was saying for so long, these founders had so much hubris and thought that their values were so high that they would not sell. now they might be starting to get willing to sell. tom: we will never have robbins on again. he refused to give us a signal. lisa: he looked at us like, are you kidding? tom: very important. look for our technology coverage across bloomberg intelligence on vmware and broadcom. futures up 25%. -- up 25. always an important conversation, geoffrey yu, bny mellon. ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. huge transaction in the tech industry. broadcom has agreed to buy cloud computing software company vmware. the price, about $61 billion in cash and stock. vmware created the market for a type of software that lets businesses run corporate networks more efficiently. in china, the premier warned of dire consequences if officials don't move decisively to prevent the eco

coming up on technology, chuck robbins of cisco.itika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. in uvalde, texas, a teenage gunman went from classroom to classroom at an elementary school, opening fire. at least 19 children were killed, along with two adults. a number of others were wounded. president biden demanded action to curb the violence. gun-control legislation has stalled on capitol hill. cranes president volodymyr zelenskyy says there are no prospects or diplomacy unless russia pulls troops back to their preinvasion positions. he vowed that ukraine will fight until moscow returns all of its territory. zelenskyy spoke to a breakfast meeting in davos. the u.s. treasury led a key sections waiver expire. american banks are barred from receiving russian payments. chinese premier says the country is facing economic difficult is much worse than the start of the pandemic. he urged that efforts be taken to ensure reasonable growth in the second quarter. china is all but set to mi

we know the impact it's having on companies we talked about it with nvidia and heard from chuck robbinslast week at cisco, a strong indicator of the broader issues in terms of getting product out of china or the lack thereof for apple as well in terms of sales. we've talked a lot about nobody bought a car in the entire month. >> in shanghai >> in shanghai tesla's shanghai factory is back up and running but we still don't have the full impact here. >> secretary blinken giving that speech on u.s./china roeelations and how things shape up. a long-awaited speech that was rescheduled due to covid but an important indicator to watch >> there's tesla speaking of china and execution risk jeffries cuts. they keep the buy but cite what they're calling a pileup of negative news. a lot of execution they sasolly depends on musk. speaking of musk, still working through this amended 13d >> more things to tell you about in terms of elon musk and his pending purchase of twitter, but it also relates to tesla because he may be trying to take a little bit of pressure off tesla shares because there's no lon

we talked to chuck robbins of what he sees coming.r consumer demand, client demand. >> yes, i do believe when vmware came free from dem remember dell controlled 81/82% of the company spun, tax-free completed last fall. there are any number of people who believed at some point and probably wouldn't be too long before vmware would be a co consolidation place. >> that's something we will watch closely with the potential mna news of the morning. as we go to break, eu trading higher sources tell our julia baoorsti that they didn't advance beyond preliminary stages a lot more still ahead, stay with us. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-376-4376. we'll send you our exclusive bond gu