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. >> yes, so paypal raising its full year guidance for eps and announcing dan schulman is stepping down and described the ma macro environment as difficult with the overall growth of e-commerce continuing to slow and said they're growing in line with e-commerce despite more competition and holding on to market share and base line assumption consumer spending will remain under pressure but seeing signs inflation will cool he said it's logical to think discretionary spending will continue to increase active accounts and payment volume were a bit light for the quarter. growth is slowing in two key areas, first, total payment volume, that growth of about 5% and that was down from 23% a year ago and then we also have active accounts lower than expected at 2% growth. paypal had mixed guidance for the first quarter but it is raising that full year eps guidance lowering operating expenses as well for the year. it's part of that cost-cutting plan spurred on by activist investor elliott management. i spoke to dan schulman about stepping down and asked was there pressure from that activist he said

ceo dan schulman will step down and retire at your end as we see sales growth slowing. lyft down 25% after hours. market is seizing on the fiscal first quarter forecast. 5,000,000,000-15,000,000,000. the street was looking for a forecast of around 84 million. that is a significant base of expectations. let's bring in rohit kulkami, you have a whole rating on the left -- lyft $20 price target. what's your reaction to the numbers? rohit: this feels like another recent quarter coming from bob. evidence they are probably losing market share, lagging on recovery from west coast exposure, and on top of that there are execution issues. they have their own way of doing -- insurance way of doing things. ed: the uber ceo told bloomberg 24 hours ago he thinks uber is taking market share from lyft. you see the numbers as evidence of that? rohit: absolutely. over the last three quarters looking at the mobility trends what uber is showing on sequential rose, though the disclosures across both companies are highly inconsistent, it's not apples to apples, its apples to pineapples, but,

dan schulman became head in 2015 and will retire after the end of the year, but remain on the board.man came on this past summer, but he didn't experience any pressure from elliott group. this comes amid the fourth quarter results which showed net revenue grew 7% year over year >>> tesla is reversing course. now raising starting prices on its model y vehicles in china. tesla raising prices by under $300 the new move coming after the ev maker rolled out aggressive price cuts at the beginning of the year to fuel demand. brian, another day and another price change i can't keep up. >> well, you better keep up. pippa, you talk a lot about evs. we talked about the minerals yesterday. those prices are going up. you wonder if the price of the cars are going down, but minerals are going up. what happens to the margins? >> exactly this is how we think about it. all of the different directions. >> we just made the "worldwide exchange" x. pippa stevens, thank you we will trademark the x. pippa, thank you >>> meantime in a more serious note layoffs in technology and media continue to accelerate y

finally, strength of the consumer ceo dan schulman talked about people pulling back discretionary spendinguarter and paypal could really be another window into the health of the consumer right now. back to you, mike. >> i'm sure it will be, kate we'll talk to you very soon, as soon as those numbers come out the market's right now set up for a down close, though the s&p 500 a bit up off the lows, down about 9/10 of 1% it is below that 4,100 mark. market breadth has been negative all day. you have seen a turn about in the nasdaq that was a point of strength, and now outside of tesla, you have mostly profit taking in that index as well you see it down about 1% on the day. we are still above where we traded early last week in the s&p 500, so we're still kind of hovering not too far below those recent highs the vix is above 20 again. it seems as if investors are worrying we've lost some upside momentum with this rally attempt, as well as bracing for that cpi release that comes on tuesday. that is going to do it for "closing bell. now back over to "overtime" with scott wapner >>> thank you very

hands-on success ovr sooner rather than later as we got tonight from paypal with the resignation of dan schulmanked the company's stock, elliott management. of course salesforce has seen its stock move up dramatically ever since marc outlined a $10 billion buyback, 10 -- i'm in favor of anything that increases the share price. i'm actually pretty shocked none of these activists have opted to declare victory a la nelson peltz given how much the stock's run in the last couple months. this is not some fiasco like disney before iger took over salesforce has gone from 10 billion in sales five years go to 30 billion on its way to 50 billion. hugely profitable. gold standard in the customer relations management industry. ask anyone what went wrong? i think this salesforce stock had the misfortune of trading with the rest of the cohort the cloud force. it peaked in november 2021 then crashed to 126 just like they all crashed. okay did they hire too many people? not if things had stayed strong but yes if there's a slowdown. and yes, there is. did benioff do a -- salesforce is indeed a public company and

david faber in l.a watch paypal, moving higher here on this earnings beat as ceo dan schulman announceste actually did take out yesterday's high right now right to the 200 day vi ara ayith usvege . >>> welcome back to "squawk on the street." the dow is up slightly 81 points right now and the s&p is also higher china may be reopening but the effect may be delayed for a large infrastructure and machinery stocks, at least that's the question investors are grappling with seema moody is here with us now to explain hi, seema. >> it's interesting, right, because travel is rebounding in china, but the industrials aren't really. jennifer rumsy, ceo of the manufacturer of big trucks and engines is encouraged by the reopening and not seeing any improvement on the ground in china just yet >> our view on china is through last year, really low demand, you know, unexpected and very strike lockdowns that impacted our operation as well as our demand in december as they lifted some of those lockdowns, we saw in our own facility, a big wave of covid within our employees that impacted some of our operation