. >> mike, thank you for more "options action" tune in friday at 5:30 eastern time >>> lennar, sharesafter a beat on the bottom lines home deliveries up 9% from a year ago let's go inside the numbers with diana olick. diana? >> they beat in tough market conditions, but it really, really about mortgage rates. delivery is up 9% while new orders were down 10% that's not actually that bad given the market take a look at mortgage rates during that quarter that started at the end of november they started falling and then were decidedly down in january that's when we saw both sales of newly built home and pending sales of existing homes jump nationally then came february rates got ugly again but lennar's chairman stewart miller said while traffic dropped in february, sales helped he said home buyers are considering the possibilities that today's interest rate environment may be the new normal and we've seen wide swings now in rates due to the banking rates. rates plunged and came back today on the cpi report. experts tell me unless we see more big pain in the banking sector, rates will likel

i think that what you're going to learn this afternoon when lennar reports is that very surprisingly for many the housing market and particularly the sales by the public builders actually strengthened in february despite rates which moved as diana pointed out back up to close to 7%. you're not going to hear that that created any softness at all for home builder sales and in fact quite the opposite. and we think that what's happening here is that the buyer has moved from a fear of buying at the top to now beginning to see a fear of missing out. it was the case six months ago that rising rates gave everyone the concern that home prices were going to be falling and they were making a grave mistake if they bought a home. and so they waited what you're hearing now is that people are saying i can afford the home now but if i wait much longer, i'm hearing rates are going up, i might not be able to afford later, we are seeing that the builders are actually having product i can move into quickly. and you know what? i'm getting some deals too and so you know what i'm going to buy today because

stuart: the homebuilder lennar reported yesterday surprisingly upbeat earnings.t improvements in earnings as the buying season gets in? >> up until the crisis in california we expect an upbeat, pretty good spring but really good latter part of the year, that is the ultimate prediction and that is buoying things. stuart: i am hoping for a rebound, come all the way down and back up you go. it is not going to be like that. >> it to too early to tell, we have to wait and see but from your lips to god's years. stuart: we will take it. we will see you again soon. the administration wants new efficiency standards for washing machines in the name of combating climate change. who better than jeff flock. is this going to make doing laundry more expensive? >> the thing that worries me, it might not clean has well, this is by work shirt? it needs high-powered detergent. i thought i had a high efficiency washer but the administration says they need to be more efficient, less water, less detergent but here is the problem, talk about cost, here's what the industry says it will

it's time for your big money movier lennar is expecting first quarter results caused by rising coststerials and a labor crunch lennar's chairman said they've been impacted by the housing rates, but there continues to be a housing shortage nationwide and he says there's still demanltd shares are up 3.5% >> sentinelone posting a smaller fourth quarter loss. it's 50% below analysts. i spoke with the ceo last night who says the company has been gaining major attraction in cloud security and opportunity in that space could be even larger down the road >> with the turmoil, you can see they're trying to take advantage of that. >> for more with the interview of the sentinelone ceo head over to the cnbc page. >>> guess in quarter one says their profits are below expectations it's weighing against a strong performance in europe. that's its biggest market. >>> let's get a check on the other headlines. nbc's phillip mena is in new york with the very latest. >> good morning. the pentagon said a russian fighter plane brought down one of their drones over the black sea. the unmanned american drone

that means mortgage rates will fall so lennar might be actually bullish for the housing business but not so good for the fed. score one for the macro bears, the micro bulls will keep making money in the stock wednesday is important action comes from adeebo. this is a company trying to make a deal that could keep the creative cloud offering creative the regulator haves been fighting the merchant level at the same time adobe could be challenged by chat gbt which has the potential to be real bad for copy writers who are core users of adeadobe's product and we he from five below. this is fun, inexpensive retail, all the kids love it in part because of the low price points. by the way, it tends to trade with ulta that had a terrific quarter yesterday. hey, speaking of super growth, dollar general reports on thursday and, you know, this is a favorite of wall street, which seems to be chantransfixed on t trade down a strong numbers shows a cash strapped consumer, which means another aero in the bank hike. after the close we hear from fedex. until today, the stock seems unstoppable but got s

. >> reporter: builder lennar's nextgen homes come with a separate wing and account for a nearly 30%n the phoenix area alone. >> to be able to have that privacy and the pride of ownership of their own separate space, but at the same time, it is c theest of the home. >> reporter: another option, accessory dwelling units, or 80s, like this garage in l.a. converted into a mini apartment with her grandparents. that's how to like a great idea to jennie olsen. >> right here is where my house is going to go. >> reporter: she is putting a modular home and her daughter's backyard. >> your family will be just a few steps away. >> yes, they will, but they will be falling away, i will have my solitude, still. >> reporter: and your beautiful mountain view. >> that's right, it will be like i'm back up in the mountains, kind of. >> reporter: carter evans, cbs news, california. >> margaret: boston subway system is getting a check up after a falling ceiling tile narrowly missed hitting a woman. that's next. so does covid-19. how recent is your booster? there are updated boosters designed to better pr

a number of housing names are getting hit hard dr horton and lennar down between 7% and 9% the last month builders and manufacturers. let's check on oil prices as well u.s. benchmark wti crude still below $80. that is off roughly .50% ice brent crude is $84.33. that is off 42 cents about 1.5% gain for natural gas prices at $2.80 btu. >>> let's check on the top stores with pippa stevens. >> dom, arm is rejecting calls for a dual listing for the ipo and choosing only to list in the u.s. the softbank group owned by chip technology company announced it would make the u.s. move only this year. it is the best path forward for the company after holding talks with british and regulatory officials. the uk had been working to keep the semiconductor company tied close to home, but arm saying it may consider a second listing down the road. >>> citi is the latest wall street bank to slash head count. according to reports, the bank is cutting hundreds of jobs, including those in the investment banking and mortgage units. reduction representing less than 1% of the total staff. if confirmed, the move fol

lennar is up, they are homebuilder. moving on, i don't know this one, generation -- lauren: they make drugs, 25%. like mud dharna, up 3%, to develop things other than covid vaccines. the covid vaccine is the only commercial product mud dharna has on the market and they will use the technology behind it for other diseases. they got bit yesterday for charging too much, $130 for their covid shot when the covid pandemic emergency ends so they have other products to work on. stuart: what is with match? dating apps? >> expensive. match owns tinder -- tinder -- >> i've never done online dating. i know you are married now but for those of us who aren't we need to be friends. stuart: tell me more. >> i may be a dinosaur. stuart: do you ever want to appear on this show again? neil: they are increasing prices and it stinks if you want to use it but is it good for shareholders? raising revenue. >> i'm done for good. stuart: doing all right. now this. can't believe it. is your refrigerator spying on you? the senate is pushing a bill

i've known him, knew his father at lennar, the great home builder in this country, and i was shockedive -- you also had diane talking this morning, people buying >> yep >> people buying with cash david, if we could just go to 11:40 this morning -- >> you want europe to close. >> i want to see when europe's closed, because we're such a great source of -- and you know, right about that time, maybe even earlier, ryan reynolds will be here. >> i'm very excited. i know you are >> yeah. >> yeah. >> well, because he's a great man, and i don't think that -- i know it's not time for levity, ted lasso, but there is a life outside of this where there are companies like mint, which is being bought for more than a billion dollars, which is ryan reynolds' company, by mike sievert. that's happening today that's happening whether the swiss make better cuckoo clocks than anybody else in the world >> you can ask ryan, where is he going to put that money, in a regional bank? >> remember, he's canadian a lot of people thought rbc was going to buy who floated that rumor don't you hate that? >> in a marke

are dropping we siptously at the moment -- precipitously at the moment, but look at everyone from lennar, d.r 2.25% here. some of these names are flagging. we've known that mortgage rates have beeng, but beyond that you just mentioned goods. what i find really perplexing especially considering that people have become much more savvy shoppers and frugal shoppers, it's the discount retailers that are now saying, hold on, we're seeing a much more fastidious consumer? target, dollar tree, what do you make of that in. >> so i think you're seeing it up and down the wage spectrum in a slower demand environment in reaction to very elevated levels of inflation. you're either -- it's becoming an affordability problem for lower income folks that are just really pulling back. but there's also kind of a shift down from higher income investors especially because where we are seeing weakness in the labor market, significant increase in high profile layoff announcements also making this cycle unique sort of top down. it's managerial level, it's supervisory level, it's the white collar workers. and norma

with we peaked the 420 on the ten-year, you had lennar at a two-year low and up 49%. we have seen some construction costs go down. i know you're not seeing it at home depot but lumber prices are down and when you hear from builders they're talking about profitability. even if you have single home family starts down 15 to 20%, ebitda and margins are as good as they've been and i think that's what it is. i till think it's interest rates. >> labor availability one piece of this. skepticism? >> home builders versus the last crisis they were way out over their skis with so many lots of land and the balance sheets looked terrible. this is a complete -- and the supply/demand was out of whack. where we are now it's a totally different story and people are so spooked that now you can see, all right, even though they've traded up, it's not like they're crazy expensive and maybe rates have peaked. if that's the case you generally want to buy them before they actually, you know, rates will be down six months from now and that's maybe where they're looking at. >> what about bank l

i want to speak in a language lennar understands. (indiscernible) and wilson understanding because i'm tired, so i hope this next year goes well for all of us. thank you. >> thank you. >> carol harvey again. thanks for letting me speak. i want to underscore what was said here about talking about individuals. i think mark dunlop talked about that. individuals and difference from households in the statistics in the numbers. because these are individual people, and generally you talk about households, bob talks about households and if is good to have that broken down and talk about individual people. the other thing i wanted to underscore, i have to think about because i think i have forgotten it. thank you. i'll be back later. >> thank you. >> good afternoon. my name is paula (indiscernible) a resident on treasure island. to the panel, hello. answer to your question, mrs. howard u i want to say everything has been segregateed. not on racial segregation, but economic segregation. as far as could you afford the unit if you stayed on we a

all the development before is lennar development so that is significant. we'll update the commission on those projectss in the future. and then replacement housing, want to update on that. our efforts to restart that. we have been working with senator wiener's office on state legislation to reauthrise replacing the 6 thousand units of affordable housing demolished. february senator wiener introduced sb593, and that was at the state and senate and the billed reauthorize replacement housing and allow ocii to restart the program to right a historic wrong. it contributed greatly to today's housing crisis in san francisco. it allows the city to meet its housing element goals of 46 thousand affordable units over the next 8 years. we'll provide you information on those senate hearings. some are occurring next week. i want to especially acknowledge members of the team. rosa torres, john daigal and mina- (indiscernible) jim morales general counsel. their leadership powered the initiative to the point it has been. closing, i want to just make a statement about 35 mo

all the development before is lennar development so that is significant. we'll update the commission on those projectss in the future. and then replacement housing, want to update on that. our efforts to restart that. we have been working with senator wiener's office on state legislation to reauthrise replacing the 6 thousand units of affordable housing demolished. february senator wiener introduced sb593, and that was at the state and senate and the billed reauthorize replacement housing and allow ocii to restart the program to right a historic wrong. it contributed greatly to today's housing crisis in san francisco. it allows the city to meet its housing element goals of 46 thousand affordable units over the next 8 years. we'll provide you information on those senate hearings. some are occurring next week. i want to especially acknowledge members of the team. rosa torres, john daigal and mina- (indiscernible) jim morales general counsel. their leadership powered the initiative to the point it has been. closing, i want to just make a statement about 35 mo

even lennar did not give a high sign that housing is going down.sing is going -- i think this is a crucial moment where the fed can declare victory for once it's winning in every single front. why not declare victory? go home? a "w" is a "w. >> we'll take a break here quick reminder, you can get in on the cnbc investing club with jim. sign up and find out more at cnbc.com, or you can use the qr code on your screen. it takes you right there s&p down about 20. holding 3,872. and as we said, treasuries, despite the ecb moving 50 today, yields pretty much lower across the board with the two-year back below 3.94%. (swords clashing) >> announcer: the bond report is brought to you by pimco. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your busine

bit now, perhaps because they're concerned that rates will go even higher and we heard that from lennarrgest home builder, which posted better than expected earnings after the bell yesterday. the company's chairman stewart miller said in the release, he said home buyers are considering the possibility that today's interest rate environment may be the new normal now, applications to refinance a home loan increased 5% for the week, still down 74% from a year ago. mortgage rates dropped again monday, then bounced higher again tuesday after the monthly release of the cpi and renewed expectations that the fed will raise rates again next week. back to you guys. >> okay. diana, we'll see about whether they raise rates again next week and this news out of europe, i think, is going to be added into the mix of thoughts about what to do. thanks >>> still to come, former senator pat toomey joins us with his thoughts on the silicon valley bank collapse, including why he says it is all the fed's fault. let's look at futures right now. we're off the session lows the s&p looking to lose about 62 at the