phil lebeau on boeing's bounce back.teve on instacart filing for the market day pew in the last hour or so. mike santoli, you first. sum up this day and maybe even this week. >> i think today is at least a little bit of an exhale. mostly because yesterday's downside reversal was seen as potentially ominous, one of those things that really does kind of demoralize people who have been betting on at the fact that we might be able to buy this dip. today more or less unwound most of it. so i think at least it was an absence of a new negative in the markets today and also a roughly as expected message from jay powell in jackson hole. bond yields are where they are. they have been a challenge but haven't burst higher for, you know, in the last couple of days. i think all that together, you know, leaves the s&p 500 up a little for the week and the middle of its weekly range and still kind of in wait-and-see mode. not really showing too much stress yet. >> phil lebeau, boeing was down about 3% or so yesterday. at least at one poi

phil lebeau, thank you. and as we've been talking about, big week nvidia earnings coming up, not tomorrow, but the day after, and jackson hole at the end of the week. that's going to do it for "overtime." "fast money" starts now. >>> it doesn't, indeed. jon, thank you. right now on "fast," mortgage rates hit their highest level since 2000. and the ten-year keeps climbing. but at the same time, growthy tech names like nvidia keep rocketing higher. >>> plus, beijing bummer. china cuts a key interest rate again, as their slowdown and ru troubled real estate market get worse. >>> and later, inside bitcoin's summer slump. a monday turnaround at tesla. and the not so beautiful options action at coty. good evening, everyone, i'm tyler mathieson, this is "fast money," live from the nasdaq market site. and we start with two market moves you sort of wouldn't think should happen at the same time. let's start in the bond market. the ten-year treasury yield rising again today, hitting its highest level in almost 16 years

and phil lebeau. being there's a lot of bears around >> that is true. got four weeks where the market did nothing they will bouncing today in terms of a little rebound in nvidia and some of the other nasdaq stock it didn't settle anything. you broke momentum a bit there hasn't been any disorderly worrisome vulnerability in the market the if we get a little respite it seems very much a digestion type market. it has worked against the big nasdaq stock some of that being taken up again today. i wouldn't necessarily say all that is over >> leslie picker, to you the man made famous by the big short, has a new big short >> it's pretty big showing a combined notion value of $1.5 billion for some of the bearish bets against the broader market indexes mic micha michael burry, with the s&p. that puts 2 million shares of the invesco qqq, that cracked the nasdaq and it's a limited revelation. my colleague e-mailed burry for additional e-mails he puts his portfolio protection we spoke about that earlier today. that's what david einhorn is doing at green light he add

. >>> jetblue out with results this morning with frontier on deck phil lebeau as more on the big miss melissa, they did beat with the q2 eps a penny better than expectations but it's the guidance that pushes jetblue shares down as much as 8, 8.5% today. when you compare their guidance with what the street was expecting, you can see a big difference there and a couple reasons for this you have the head winds of unwinding the northeast alliance that will hit revenue out of your biggest market in new york and in the northeast, and at the same time you have slower domestic travel growth there's been a pivot to international and that's hurt those carriers more oriented to domestic growth. jetblue versus american, delta and united and the reason we're showing you this, it's hard to tell but there's a bit of a difference in performance in large part because those other three, american, delta and united, have oriented more towards international and they have had big quarters and they're expecting a big second half. you have frontier reporting later today after the bell, and the focus will be,

let's get to phil lebeau phil >> reporter: that's a starting point, but what a starting point.entioned a 40% increase in pay. 20% signing bonus when the contract would be ratified and the uaw wants a 5% raise per year over the life of the contract they would also like the members to work 32 hours instead of 40 hour a week. make the adjustment on the hours comes out to a 46% pay increase. in justifying the request or demand for a 40% increase, the u a aw said the ceos saw their pay rise 40% on average. we believe uaw members deserve the same, if not more. as you can imagine, the big three don't exactly agree to this when i talked to a few people they said, this is nuts. by the way, if this is a strike, this is what it would cost, an estimate of what it would cost the big three per week up to $70 million for general motors that comes to us from bank of america. as you take a look at shares keep in mind, the contract goes through periods like this where you'll see a big demand from the union and pushback from the auto makers we know they're not going to see a 40% raise. but compar

phil lebeau is here with more. > reporter: kelly, the prices for used vehicles are high, but they are also coming down. this is the latest report from cox automotive which has the used vehicle index what they found in july is prices came down 1.2%, down 11.2% compared to the same time last year. this is the fourth straight month that prices have fallen on the used vehicle lot keep in mind there is improved supply, so when you're looking at use odd vehicles in the u.s., greater supply from the new vehicle manufacturers means greater supply when it comes to the used vehicle auction, and demand is still strong in terms of volume, retail volume, it was up 6% in june, so as you take a look at some of the larger auto dalership stocks, car max as well as lithia and sonic over the last six months, the overall pace of used vehicle sales in this country for the whole year, it's expected to come in at 35.7 million vehicles, not all retail, not all dealership, a lot of them are second-party, you and me selling vehicles to each

phil lebeau, thanks. >>> let's get a news update. >> carl, good morning.rce investigating the so-called gilgo beach killings on long island, new york, identifying another victim today. 11 sets of remains have been found along the ocean parkway area since 2010. police today identified a woman who's remains were found as far back as 1996 in different spots along the long island coast, including the gilgo beach area where police say bodies were left by a serial killer. police have charged a new york architect with three of those murders already. >>> 19 more years in year for alexei navalny he was charged with six more navalny, an outspoken critic of vladimir putin, is already serving a nine-year sentence. >>> a new shipment of supplies has successfully reached the international space station. docked at the iss this morning carrying 8200 pounds of cargo. that includes a new dispenser that will provide sanitized and hot water to the astronauts and scientific gear for research projects julia? >> thanks so much. 8200 pounds, wow >>> meanwhile, the ceo of stryker

deliveries fell in july as the aircraft maker struggles to keep up with customers clambering for new jet phil lebeauas more details for us hi, phil. >> hey, kelly. yes, the numbers were down in july, but you can't really go month to month with boeing you have to look at the progress over the course of the year. they're going to be passing the total for orders some time this fall, relative to where they were last year for july, they logged orders of 52 planes. that brings their year to date total up to 467 and the backlog now stands at just under 5,000 planes the deliveries are really what wall street is more focussed on. the deliveries in july, 43 planes most of those being 737 maxes. the year to date, 309 planes have been delivered they will probably pass last year's delivery total some time in the next couple months. shares of boeing, keep in mind they are increasing not just 737 max production and 787 production so their delivery numbers will be greater in the second half of this year. as you look at boeing and airbus, also keep in mind that these guys both expect several larged orers to be place

phil lebeau, thanks. speaking of industries where there has opinion some labor strife, another note on our radar today, some upbeat commentary on fedex. citi calls the stock one of its top picks in the transports, bullish on the company's pricing powers and tailwinds stemming from the u.p.s. contract negotiations and the closure of yellow. our frank collins is watching this. frank, i heard you talking about it with the guys on "squawk" today. really looking at sort of the fee increases and what's usual and what's not usual. >> fedex moving higher right now, carl, on the back of that note from citi, where citi, those analysts basically spell out how fedex is a direct beneficiary of a lot of turmoil in the transport space, you hit on one of the big ones right there, that uncertainty around the u.p.s. team pushed a lot of business away from u.p.s., possibly temporarily, but fedex was a direct ben fishefbenefici. 5.9% for the second straight year. that's proof that demand for capacity, when it comes to ecomme

keep us posted phil lebeau. point the cash they have a little more than $11 billion, if you look at their expected losses over the next few years, that kind of taps it right now. they don't have a ton of debt for a company that's losing money right now. you think about that investor, that amazon, and they have orders, flight what was it, 100,000 vans, that's what we heard a couple years ago, a year ago when they went public. so, if you are tesla, you probably have, like, prefer a competitor like rivian than you would maybe, like, detroit, if you will, and so, i think there's a lot of, like, interest in keeping these things alive. don't forget that tesla lost money for many, many years as they were ramping up, so these are good-looking cars, too i think this one is okay we talk about lucid last night, i mean, they have a real competitor on the high end to the germans, when you think about the cars they're making and tesla's model s, too, so, i think you're going to see rivian and lucid pull through this difficult

our phil lebeau sat down with the ceos earlier, and joins us with the details i get uptake hasn't beeneat the past year. >> it's not that the uptake hasn't been great, it's that what hertz, general motors, everybody in the auto industry is finding is that when you have people charging an ev at home, no problem i'm confident i've got the juice to go where i need to go you want me to go on a long ride -- eh, i'm not so sure about the public charging network. look at a survey that was released today from jd power they do this every year, where they talk with ev owners, tell us your thoughts when it comes to public chargers and you know what they found this year? people don't like it they don't like it at all. in fact, the survey found over 15,000 people were asked and every single metric they were asked about, they were lower in terms of their responses main complaints, cost too much, the chargers are too slow, and they have long lines now, against this backdrop, hertz is releasing a video series, the first of them coming out this week with general motors ceo mary barra and the ceo of her

phil lebeau joins us with what is at stake for companies like waymo and cruise a big one. t will happen in terms of ride hail services, autonomous ride hail services in san francisco. let me run down what the vote is today, it is being held by the california public utilities commission that is the agency in california that regulates all ride hail companies, not just the autonomous ones, cruise and waymo are applying to expand their services in the city of san francisco. not state wide, just in the city of san francisco they would like to have many more vehicles, 24/7 service, and they can go anywhere in the city as part of the application here's the problem while there are many letters of support for an expansion of their services, there are some heavy hitters within san francisco. city leaders who have complained about high profile incidents where emergency vehicles have been blocked because an autonomous vehicle has stopped in the middle of a road, there have been a few accidents been reported where people have said, look, this was not working the way it was supposed to w

phil lebeau.e will get to some of the estimates this morning out of citi about what a strike would mean for the automakers. got some price cuts at tesla as well in china. we'll get cramer's "mad dash" and countdown to the opening bell in a moment if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. >>> all right, it's time for a "mad dash. got about seven minutes before we get started with trading here at the new york stock exchange and why not? let's talk some more nvidia. >> okay, so nvidia has been going down it's the leader of the decline in the nasdaq, arguably even more than apple. this morning, morgan stanley says it's going to be beat and raise. nobody likes nvidia more than i d

phil lebeau has the numbers. phil, what's up? we have slightly better results on the bottom line smaller than expected loss of 25 cents a share. the street was expecting a loss of 28 cents a share. revenue, we are trying to dig through, 825,000 the estimate was 159 million a huge difference there. we will get to the bottom in figuring out the balance sheet two pieces of news that will move the stock the most important is the company cut production guidance for the year facing supply chain challenges that is the reason for the cut it wil it is now going to be a range of 20 to 23,000 vehicles produced this year as opposed to 42,000 vehicles the gross margin is the other piece of news expected to come in in a range of 8% to 12% for the entire year. as you take a look at fisker up fractionally the real news is that they have cut their guidance for full-year production from 42,000 down to a range of 20 to 23,000. back to you. we have henrik fisker coming up a little later on. >> we look forward to that interview. thank you. >>> motoro

phil lebeau, excuse me, phil joins me, he's got more on elon mode and a lot of other things, too. >>ere was a filing released as part of the investigation, saying that it has asked tesla about more information about its auto pilot software and the prompts that are given to drivers. when a tesla is in auto pilot mode, you are prompted as the driver every so often to put your hands on the wheel to show that you are engaged. according to the filing, there is something known as or referred to as elon mode, where, you may be able to turn off that prompt. so, mitsa wants to know how many people had that ability. meanwhile, when it comes to autonomous drive technology, a lot of focus what's happening with cruz in san francisco. three weeks ago, it was given approval to expand across the entire city of san francisco, 24/7 autonomous ride-hailing service. about ten days ago, they had to dial that back, because the dmv said, wait a second, we saw the accident where a cruise vehicle hit a fire truck and have seen some of the other incidents. we want to do a further investigation about what's ha

stay with us >>> welcome back to "squawk on the street vin fas getting public let's get to phil lebeauood morning, phil >> let's bring in ceo of vinfast. you just started trading a of people have this question -- why do public through a speck right now? why not pursue a traditional ipo? >> thank you very much >> it's a big milestone today and get the company vested in the u.s. we were ready to do a traditional ipo. we pursued the path for almost two years. but the markets have been challenging. we decided to decouple the listing. we got the backing from our parent company and we went ahead with the listing. >> as you know, specks have did withaled for the last two years. is this a smart time to bring it back to market i know you want to raise funds for your expansion but is this a smart time >> you saw how the market reacted when we opened today i think it's a way to get listed in the u.s we didn't think about the anticipation we would change today with us, hopefully. >> you are building a plant in north carolina, where you expect to begin manufacturing, with the first models rolling o

. >>> getting boeing orders and deliveries for july, let's get to phil lebeau hey, phil. >> hey, carl these are the numbers for july remember, this is when we start to cease an increase in the number of deliveries we're not seeing it reflected in these numbers but we will over the course of the next six months in terms of orders last month, the company logged 52 orders, 467 year to date deliveries coming in at 43 the vast majority being 737 maxs 32 were there. 309 deliveries this year by the way, that's up 30% compared to where they were last year the backlog stands at 4,928 planes that's not quite -- it's close but not quite to the all-time high as they continue to expect big orders in the second half of this year. guys, back to you. >> thank you watching boeing down 0.25% on this that news. >>> the share of lending by large u.s. banks has been declining steadily for years could it lead to a problem down the road for the sector? we'll discuss with meredith whitney. >>> take a look at lilly, shares surging again. what a monster this has been raises their guide that's an all-time high.

. >> our phil lebeau covering that for boeing. eunice yoon, great to see you. >>> more to come on "worldwide exchange," including the one word that investors have to know today. first, what my next guest sees as an inflection point for the markets. >>> and why the i.t. spending slowdown could be nearing an end and what earnings from hp could provide. >>> later, when chuck schumer plans to discuss when he meets slth the heads of google and tea next month. we have a very busy hour when "worldwide exchange" returns. i may be known for my legendary football career, but truth is, i love a bunch of sports. the only trouble is knowing where to find them. that's why i got xfinity. so, i can easily find and watch whatever sport i'm into all in one place without missing a thing. even if it's football, australian football, or football football. in a word—it's fitz-credible. i got to trademark that one. this season, eligible xfinity rewards members can get up to $100 off nfl sunday ticket from youtube. sign up for xfinity rewards now. the pow

thank you >>> joe terranova is here to break down the crucial moments, and courtney regan, and phil lebeaull-off on ford and gm shares. hello to you all kind of the gears slipping in all of this. it feels like some of the intraday declines have been picked up. what do you make of the churn? >> we seem to have a pattern where any rally attempt is being met with sellers, and clearly post the 30-year auction at 1:00 p.m., we saw the long end of the curve. equities fall back, you know, mike, people can talk ad nauseam about the fact you can replace the leadership, but can you really we haven't done that in the last ten days clearly, and it looks like the price wants to go down and shake the hand of the moving average. 50 days off 4432, it's about time we touch it. >> the yield pressure, do you feel it's we're recognizing there's a lot of supply out here >> i think there's two dynamics. there is the increase in issuance, clearly leading to a bit of nervousness it's less about the fitch downgrade, but there's this dynamic. the asset management industry wants to get longer duration hedge fund spe

phil lebeau. speaking of companies in transition, jim. cvs comes to mind.we fail to explain what transition has taken place there, still from what many americans think of, as their drugstore, their pharmacy to a broad provider of health care services and insurance. obviously they own aetna, they own signify health they just completed a large acquisition of a home health company. and on from there. they're also laying off 5,000 workers, as you pointed out earlier. >> karen lynch understand the hand she's been given. the stock is down 20% for the year i think people recognize, david, you can get your -- some of your products faster from achlson than it takes to get that person with the key to open the plastic. they make it so it's one of the least hospitable place to shop in america other than its competitor walgreens. >> when you want an ice cream sandwich, although it's hard to find a good one nowadays and then you have to ask someone with the key to open the freezer. >> it's a darn good health care company. it doesn't get credit and i'm glad you brought it

which could have a huge impact on the industry, on the experience we all have on roadways get to phil lebeau with details. what do we know so far >> reporter: meeting just begun. towards bottom of agenda last time we checked might be awail before a final decision from the cpuc recap what you said in terms what this vote is. that's the number of people saying, this is going to allow them to put autonomous vehicles over the state of california no strictly 24/7 service within san francisco and other things like might be ale to add fare routes in the future. for cruise and waymo they are only ones applying why for expanded service in san francisco? the last several years testing their vehicles and testing autonomous vehicle technology on the streets of san francisco, they have expanded the number of vehicles you will see out there. if you go out to san francisco it's not uncommon top see a cruise vehicle or a waymo vehicle. there are 300 in operation for cruise, 250. for waymo, and issue here is whether or not they should be allowed to go 24/7 allowing autonomous ride share. city leaders within

group zone and there's more trouble ahead and leslie pick or what to watch in lyft results and phil lebeau rivian so, nicole, we actually have this firming of the market intraday and we are back at this 4500 level on the s&p, but a lot of things have been in place coming into august where you should have expected the potential for a little bit of down side choppiness do you still expect something like that because of the seasonal factors we priced in a lot, but also what would you do with that kind of a pullback? >> i think there's a lot to unpack here and august is generally a lack of liquidity month. so as we close out it will be interesting to see just how choppy it gets or if we go into a bit of a holding pattern and a tight range and then september is gearing up for, okay, that's probably not going to be as easy as the first half of the year. i think the most interesting takeaway has been with as many economic surprises as we've had to the upside, we are not getting earnings revisions following suit we've stepped back and taken a look at, okay, the markets have never priced in what th

phil lebeau joints me with how the union might use that leverage. s than three weeks away from september 15th, which would be the first day we theoretically could see a strike by the united auto workers. there are approximately 150,000 members between general motors, ford, and still lantus. last week, they voted overwhelmingly to authorize leadership to call for a strike if there is no negotiation or an agreement on a contract by midnight on the 14th. what does that mean for production in mexico ? keep in mind, mexico plans for gm, stellantis and affordable they are not under uaw representation. however, despite that fact, as you take a look at the production, which is about 20% of north american volume overall for the big three, keep in mind that they receive key components in mexico from north of the border, from uaw shops. engines, transmissions, and, ultimately, if some of those plans are cut down because of a strike or if there is a strike that limits no production, well, then you would see production ultimately stop or be severely limited out o

ubs's julie fox is here, phil lebeau on the rebound in tesla shares, pippa stevens looking at zoom earningsn just a few min minutes. let's begin with julie. i would love to get your view sort of going into year end where it doesn't seem like you think there's a lot more wood to chop, and also shorter term it doesn't sound like you think there are major surprises headed our way out of jarckson hole. >> the market is taking a breather, stocks have done well so far, august is a seasonably weak period of time for the market. we want to hear if powell is more dovish or hawkish in his commentary. this isn't a fed meeting in august and the next is still a month away, so we think this month's jackson hole meeting will be important. if you look at the meeting last year, powell said the fed's inflation fight could bring pain, and he was largely talking about job losses, and the market didn't like that phrase. we've seen job losses over the past year, but the unemployment rate is still very low. if you take a step back, we think that most of the market's gains are in for the year. our year-end s&p 500

business delta airlines have a 20% stake, they will provide a short-term capital infusion i talked to phil lebeau more like a short-term loan probably backed by aircraft or other assets wheels up also selling the aircraft management business and said they are involved in discussions around strategic business partnership, unclear what that will mean. wheels up was valued at $2 billion when it went public just two years ago. the founder promised to become the uber or airbnb of private jets but it never posted a profit, lost over $500 million last year, over $10 o 1 $100 mi the first quarter. private jet demand surged during the pandemic but analysts say it has cooled charter prices and memberships have been falling. we will see whether they can find a path to get a little altitude but right now as you can see that stock way down over 40% today, it's market cap under $40 million now. >> wow robert, in contrast, we mentioned with cramer this morning blade and their earnings and the way they've been able to pivot away from, say, the leisure private aviation market. >> yeah, and blade has pivoted more

phil lebeau with what it might mean for tesla phil >> i'm not sure how much this is going to mean for tesla because that's basically a deal structured for the chinese market, but when you talk about tesla the shares were moving earlier in the day, scott, in part because of a note from canicord looking at full self-driving technology and how far along tesla is and optimism that, well, look, as they continue to develop this, especially as they focus on a.i. neuromets, the potential is going to be substantial. there is a buy rating by canicord on shares of tesla. earlier in the session the stock moved higher today in the last hour they've given a little bit of that back. not a whole lot of movement in shares of tesla. whether it was the x paying dues or you look at other news out of china, the fact that we'll get the neo quarterly results tomorrow morning, a number of the foreign ev stocks were moving higher today as you take a look at chairs we're going to show you rivian and fisker vinfast has a very thin float. this is a vol it tile stock. we saw it drop by double digits after its spa

phil lebeau talked to the company. was, there was a collision. >> yeah, an contessa, it has been a weird august for cruise. first they have the expansion that they are granted by regulators in california for 24/7 service in san francisco. they can start offering people to pay for the autonomous raid hailing. and then it is not long after that, you have a couple incidents, one where a number of cruise vehicles were disabled because they ran into con connectivity issues. and then you see this video where a cruise ran into a san francisco fire truck and the dmv then said, you know what, we're going to investigate these and while we do, cruise is dialed back to 50% of it fleet capacity relative to where they were expecting to be. this morning on "squawk box," we talked with cruise ceo about his belief that ultimately cruise will be able to expand. here is what he said. >> it is easy for us to get caught up in the excitement and novelty of avs. anytime they do something different than a human driver would. but if we start i

phil lebeau has news. >> we have the results.ty of the rank and file members of the united autoworkers, approximately 150,000 between gm, ford and stelantis they have voted and overwhelmingly they have authorized their leadership to call for a strike if they deem it is the right move when the contract expires on september 14th. the breakdown on the vote among the three automakers, 98% of uaw members at ford authorized to strike. 96% authorized to strike at general motors if the leadership calls for it and 95% at stellantis. that was the expectation of everybody in the auto industry, even those at the automakers didn't think it would be fewer than 95% of the uaw members who would call for -- or approve a strike if needed. so, that is where we stand. again, this is just a strike authorization vote. doesn't mean there's going to be a strike, just gives them authorization to say we are calling for a strike if there's no contract reached on september 14th. guys, back to you. >> phil, appreciate that. phil lebeau on uaw. looking forwar

stock surging after announcing investment from boeing the company reporting quarterly earnings our phil lebeauthe ceo, adam goldstein. phil, take it away >> thank you, melissa. adam, we're not going to talk about the q-2 results, not that operations aren't important, but i think guidance in term or of what you guys are announcing with regard to the beginning flight testing, and this round of fund-raising that including boeing, does this 215 million does that you've just announced that you've raised, does that get you through to the manufacturing on a mass scale for the mid night? >> yeah, thanks, phil, appreciate the question. if we take a step back here, over the last 90 days, you've seen the faa administrator step down and come join archer as our chief safety officer you saw the d.o.d. come out and award archer with the largest contract they've ever given to an ev company. and then, just recently, today, we announced that boeing is going to be our latest strategic partner and making an investment so, hatit has been a great perid for us it really does put us in a position not only just to get

joining us to talk about it more is mary barra and steven shurr and phil lebeau. >> steven, you heardtyler had to say about you and general motors, it has been known that you guys have talked at length about your relationship and the evs you are buying from general motors you guys are putting together a new series and we'll talk about that where you show people who are watching that you can go anywhere when you rent an ev what kind of demand are you seeing from hertz customers when it comes to renting an electric vehicle? >> phil, good to be with you and mary where obviously the relationship between hertz and general motors is only growing you about we're seeing demand in a number of areas. first leisure. and also in the corporate business they want to put their employees in to electric vehicles to satisfy their own sustainability objectives and we're renting electric vehicles to uber, lyft and other rideshare drivers. this is a very profitable venture both for us and for them where drivers can make considerably more money on a weekly basis renting an electric vehicle. and we're just

gm leads the losses down two our phil lebeau joins us tonight with a look at what we might get some resultsight, carl the union shops, and there are dozens of these around the country, they are finishing up their votes. some have already wrapped them up, but a lot are wrapping up today. here's what we expect. all the big three local shops have to finish by the end of today. over 90% of the members are expected to approve a strike authorization. if it's less than 90%, people will be surprised. the results will be announced tomorrow at 11:00 a.m. by the head of the uaw, sean paine, he will be doing a facebook live, where he says, hey, here are the results, and he will once again be hammering what they want. and it's four things they want a 40% pay increase through 2027, including 20% immediately, cost of living adjustments, they haven't been in the contract for at least a decade and then you have job guarantees, which they always are looking for, and instead of a 40-hour work week, they want a 32-hour work week. you look at shares of gm, ford, over the last six months, we cannot say this enou

> welcome back new this hour, a new look into how ev owners feels about public charging station phil lebeaulike it. the latest survey explains why they surveyed more than 15,000 ev owners and the level of dissatisfaction or the if the main complaints last year, too coastly, the large who were surveyed of 15,000 said whe not do whatever the reason they are frustrated and for good reason those are most of the bruck charging stations that people are come plans about you may you a ap and it ranked at number one monday nn and even other public. >> that are now going to when you go by a ses ba frm -- it may be crowded but it it all of has to stocks had even with the government insiders out there. speaking of get people confident when they're chargin on road you we rm they're out on a new campaign to convince people when you rent an electric vehicle at hertz, you can get where you into the it bottom line is this on has to frms. >>> okay phil lebeau, i don't have an electric car yet so i haven't had this experience. what about you, fill until. >>> i've had one and i've tried out some of the public

and we're monitoring two earnings releases after the bell phil lebeau is watching lucid, and julia boorstin. the s&p 500 has gone nowhere in about three or four weeks. it did bump its head against the 4,600 level. you hear a lot of talk about seasonal weakness in august and sentiment got overheated where do you think that leaves us in terms of whether we're in store for a deeper pullback or maybe just a breather? >> i think we're definitely in the terms of breather territory. i agree with you we're seasonality, we're in a couple of challenging months as we get into september. however, i think it's important to take note of the levels that i see on the s&p 500 equal weight we are looking to overcome the first low or high of the downturn, and we need to overcome that level before we can have a new higher high i need to see the equal weight index be above consistently on a weekly basis i need consistent weekly closes. and i see we've failed to make that higher high as we came up to that level, but what i do see is even though we're failing to make higher highs, we're still making higher lows,

. >> phil, thank you phil lebeau. >> you bet >> gene munster was quoted as saying that working for teslaow, 13 years is like working at any other company for 50 that's the wear and tear on somebody reporting to elon musk. >> people in relationships with me feel -- i'm sure you feel the same way lucid essentially -- you go back to when they were projecting $5.5 billion of revenue this year for this year. this is two years ago. they just did $150 million for the quarter. you can do that math so, they are nowhere near it and the stock is reflecting that the bounce in the afterhours is just what we lost today, and it's still probably trades close to, 12, 13 times revenue by any metric, it's still expensive. it wasn't a great quarter. >> i mean, if ford and gm are having difficulty in the ev space, the startups are really stacked against them >> well, scale is everything, right? tesla obviously is such enormous scale. but here, you do have this put with the public investment fund, they are there, they seem to be willing to throw, i don't know if you call it good money or bad money, additional

phil lebeau is here with more on the renewed interest of the class of vehicles. saw last month is something we he haven't seen in more than a year hybrids. they outsold pure electric vehicles in the u.s. first time in more than a year we have seen that. in terms of percentages, we are still an internal combustion market it is now for e vvs at $53,000. that is a $5,000 difference compared to the market if you look at the market, they are lower in the $35,000 to 45,000 range toyota is taking advantage of people who said i want a hybrid to get a benefit from battery and i don't want to give up the opportunity on a long road trip to fill up that is why the july sales were up 60% from last year. there is greater production and inconvventory from last year ford has taken notice as it struggles to get the ev platform up to the level of sales that it believes it will achieve the ceo jim farley said we will build more hybrids because the demand is there. the market is there. if you look at shares of ford and toyota and tesla and rivian, keep in mind that the overall ev ma

phil lebeau will join us at the top of the hour.to make investments to shore up systems not up to snuff. >> similar more southwest. >>> pfizer just reported adjusted 67 cents a share. that is 10 cents better than the street estimate. that is on revenue of 12$12.7 p billion. thats was lower even the $13.276 billion. the company p is lowering the revenue guidance on the adjusted earnings for the rest of the year revenue guidance now at 67 tt to $70 billion 67 cents a share for the latest quarter with estimates cut down significantly. six months ago was 81. downgraded expectations and a beat and positive reaction big pharma is a laggard group. >> it is a concern with the government negotiating we will get a chance to talk about this in a minute >>> coming up, we will talk about that with merck ceo robert davis joining us in the interview. that stock up after the narrowly expected loss and full year guidance >>> don't miss former governor chris christie le ivon set to talk about the race for the white house. "squawk box" will be right b

some prices that i think are worth pointing out -- airline fares down 8.1%, the used car prices, phil lebeaumised us cheaper used cars, and he is delivering what does worry me a little bit is the owners of equivalent represent, the housing number, that ticked up and robert frank with a report this morning that new york rents are not coming down it is expected they'll come down and part of the whole inflation is going to be okay story has a lot to do with housing price inflation declining. >> we were kicking around with jim that san francisco fed paper that got circulated this week looking at shelter going negative in mid '24. are you sympathetic to the doves hope that shelter becomes a tailwinds? >> you have to be. i look at, for example, the supply of apartment and rentals coming on, and i've got another thing, and maybe david wants to weigh in on this, but i have this idea, you had a lot of folks come out, these equity firms, and bought up housing i have to believe the cost of the carry of that housing to the extent that some of those places are either not full or vacant or even the rents

numbers for july let get to phil lebeau good morning, phil >> good morning, carl.ghly in line with what some of the analysts were expecting for june, july, excuse me, sales up 6.4%. and it's really the internal combustion engine vehicles and the hybrids that are offsetting the weakness that we're seeing with electric vehicles at ford f-series, up 8.2%. bronco, up 20.1% ev sales overall, down 18.1% hybrids, up 31%. that's part of the story about why they're doing the pivot that they're doing. by the way, lightning sales in july, just 1 is thousand 552 were sold. that was an increase of 9% compared to june, but remember, they had production suspended for most of june we'll see if this pivot, in terms of the price cuts and greater production, actually increases the lightning sales as much as ford is hoping for in the second half of this year again, ford sales for july, down 6.4 -- sorry, up 6.4%. >> phil, just get you for a quick second we talked the other day about how disappointing it could be. we know that they just restarted the f-150 lightning assembly line i mea

phil lebeau joins us with a bit of a breakdown on what's going on with used cars. il. >> yeah. we'll hear from lucid later today. let's start with the used car data we are seeing prices come down this is the latest data coming to us from cox automotive, which has the mannheim used vehicle index. down more than a point compared to june. down 11% compared to the same time last year this is the fourth straight month we have seen used prices fall here in the united states so, this is the cooloff we expected part of this is because, as carl mentioned, what's happening with ev prices. but a bigger factor is overall, as you take a look at the larger auto dealer stocks, what you're seeing is greater supply out there. some of this is because the new vehicle manufacturers are increasing their production. as they have done that, it gives more choices to people who are out on the lot bottom line is this, guys, we expected a cooloff in used vehicle prices that's what we're seeing don't be surprised if we see this extend for a few more months >> phil, specific to lucid and what t

boeing is the biggest drag on the dow this morning following new issues with its 737 max planes our phil lebeauwe're talking about here is a manufacturing defect from a supplier of the 737 max. and here's what the issue is these are holes that are drilled into the aft bulkhead section of the fuselage that were nonc nonconforming. in other words, they didn't live up to the expectations set by the faa in terms of what the compliance they have to reach. it impacts some 737 max-8 model. the boeing is not sure how many may be impacted but it's important to note, it's not a safety of flight problem the maxs can continue flying near-term deliveries are likely to be delayed. production is not changing at this point that's why you don't see shares of boeing under even greater pressure currently they're building 31 a month. they're in the process of transitions this summer up to 38 a month. that is still the plan and by 2025-2026, approximately 50 a month is the expectation that boeing has set for max production they are also not changing their delivery guidance for all of 2023 when it comes to the 737 m

it's that we don't know what, biden's going to get involved and try to solve it i want to hear phil lebeau> teamsters said, stay out. >> everyone thought when that u.p.s. deal was signed, it was going to be incredibly good news well, i got to tell you, if it's incredibly good news, then what the heck is u.p.s. doing at $172 >> let's get to rick santelli. busy morning for data. hey, rick. >> yes, carl, and it's not only out. it's out and up, up and away 1% is our read on july industrial production. that is the second best read of the year outside of january when it was only a whisker better at 1.05%. so, with rounding, basically we're right there, and on utilization rates, well, a bit of a different story yes, it's better than expected at 79.3, but it's only the best going back a couple of months when it was 79.4 in may. this has been on the light side. as a matter of fact, in the rear view mirror, we have 78.9 and it now becomes 78.6 and that actually is the lowest read going all the way back to september of '21 so, yes, even though we bounced just a bit on utilization rates, a very small

negotiations with the united auto workers union whose demands if unchanged could cost each billions phil lebeaune i've talked to the odds of a strike, whether short or long, there will some type come september 15th or a day or two later the impact for the big three could be substantial now we're just talking about an estimate in terms of what it would cost them on a weekly basis. this is according to bank of america it could be as much as $770 million if it's general motors, $470 million if it's stelantis. all are gradually increasing their production and have been for several months since the supply chain has improved. that said, their investors are well below the historic averages so they have some investor that will help them offset the impact of losing production if there's a strike, at least for a week or two, if it gets more extended it becomes a different question entirely this is all about hours or hourly labor costs 63 to 67 is the average for the big three. compare that with foreign automakers this is what big three want to talk about compare with tesla as they transition to an ev por

deadline for the rank-and-file members to vote ahead of the contract expiration in september we have phil lebeaumore on that good morning, phil >> andrew, this is a foregone conclusion that you will see all uaw members to authorize a strike once the contract ends in mid-september. here is what is happening. the last week, dozens of local shops around the country shows membership to give the leadership the right to approve a strike over 90% expected to vote yes. probably 95% the results will be announced tomorrow all of this comes down to the uaw and if they can take the benefits or pay package depending on the big three automakers between $63 to $67 a hour you see the comparison to the foreign automakers and well is what is estimated by tesla line workers. uaw, if you look at the demands, it comes down to a 40% raise through 2027, including immediate 20% bump once the contract is approved cost of living adjustments, job guarantees and they want a 32-hour workweek no more 40-hour workweek they believe this is a quality of life issue for membership unlikely they will get all of thre these or a por

i want to get straight over to phil lebeau.andrew set this up you beat in the second quarter your guidance in the second half for this year coming in below what analysts were expecting paint a picture as far as the landscapeover the last six months >> things have changed a little bit i think versus just a few months ago we have surveyed our customers and we've got a five-point movement just in the frontier customer base. it is traveling to europe on a year-over-year basis that's causing pressure. you're seeing last year was maybe the year for domestic and you're going to see people going more to florida and the caribbean. so that's causing near term pressure in our case we put out a guide at 4 to 7% we're disappointed that number should be double digits another 3 points contributed to the air traffic control challenges we're seeing related to the weather events. until we can get through those and get past that with these temporary challenges, it's going to pressure the near term. >> let me be clear here. there's been a lot of h