go to bill pulte, pulte capital ceo.ou know the pulte name for real estate but bill is uncaney observer of the financial scene. bill, as we see the drama unfolding i wonder about what the lacks of market impact period? i'm not saying they're disinterested in this. i'm told this is playing out on a lot of screens on the floor of the new york stock exchange but they're more focused on other things. maybe you could step back and help us? >> yeah. i think, day-to-day obviously this is probably not going to matter too much in the short term. i think though, neil, saw lawoffs with mcdonald's, call it s&p 500 companies really jimming costs, i think this only increases the tension in our country. so maybe we're not seeing it necessarily in the markets today but let's say 50% of the population, no matter what you think, thinks one thing about this and the other 50% thinks another thing. on top of it you have layoffs going on, neil, record profits for many companies. it will be very interesting to see what happens with the unemplo

bill pulte joins us, pulte capital ceo. bill, harken back to your pure housing days.t is that difference between some builders whose confidence is building up but the overall real estate world so far looks like it is not? >> it's great question, neil, it can be misleading if you don't know what is going on. the reason builders are doing in my opinion real well, d.r. horton, explosive earnings compared to what a lot of people thought, frankly, neil, they're artificially suppressing mortgage rates for the consumer, neil. why that is important, neil, rates are not 6.75% or 7% for many of these buyers buying from the big homebuilders. they're actually 4.9% or 5%. neil, what you're seeing is a lot of these builders actually pay down these mortgage rates and take market share. that is what really the disconnect going on here, why the builders are doing well but maybe real estate not so much. neil: also i think there is a lot going on, you know this far better than me, bill, i read a prompter, so i think i qualify as an expert like i think a lot of the adjustable rates are n

back to lauren looking at the movers, pulte homes up 2%. lauren: and hit a record high.tronger earnings, i want to color that in a bit. home sales for the month of march, the medium price, $11,000 in the month. it is bad if you're in the market but that if you are pulte group. there stock is a record high. it was the median. the number is 449,800. . stuart: the median price up to that. then we've got jetblue on the other side. lauren: better than expected earnings report. forecast another summer of booming demand but prices are going up. this was fascinating and disturbing because we are paying it. revenue per passenger was $10,200, up from 8,000, one year ago. stuart: is that for the year? lauren: for the quarter, the same quarter one year ago. that was a disappointment they are making so much. stuart: the prices are up, ticket prices are up, they make more money. 2%, $87 a share. lauren: can it keep going up? stuart: can't take it back. lauren: office equipmentmaker, nice gain for the stock. stuart: french fries are a comfort food for a lot of people but new research s

bill pulte, whose family founded one of the largest home development companies in the country, says thisossibly lead to another housing collapse. you gotta watch it very, very carefully. i will say, though a lot of the builders they want to make sure that mortgage standards are tight, and they obviously control a lot of this mortgage volume. i think when it comes to the builders, they're going to be very, very careful. supporters of the plan says it is designed to promote first time homeownership, while the warriors and kings tired at two games apiece after today's big win, and several area businesses are hoping the warriors can advance out of the first round of the nba playoffs, as ktvu is james horace reports when the warriors play when they win. business booms. where the city of champions champions will be on the road again to sacramento this week, hoping to get past the young and energetic kings. the value of the warriors in the postseason is extraordinary. it does something it lifts everyone's spirit. while city morale boost so does business as long as the warriors stay alive in the

they pulte tried to pull a fast one on the way out the door, they've been cut on that so all they canay is that story is not over yet. there is going to be more comin down the pipe. >> the new sheriff in town is the story not over yet. the same thing, disney will say after toy story 11. charlie, what do you think? can you tell me what is going o here? what did disney do. i tried to read this legalese, but basically he tried to put a new board after the disney rulings on and they pulled a fast one. >> it is apprehensible, it goes back to king charles, it is ver confusing and i would recommend but also this, basic politics, disney is it doing ron de santis long favor here. disney to browbeat almost sexualizing children and keep teaching this creepy stuff to young children. it's very popular among republicans. and also among independents. whatever disney is up to, they are helping. >> they are keeping the fight alive. the man delorean kinda stinks down pretty. >> i have several of them watching, i have two issues whe it comes to this whole disney, and it has the largest corporation with

pulte had strong demand there. lack of existing homes out there is helping them. about pepsi, prices up 16% good numbers there but they only mod list raised their guidance this is a trend we've been seeing sherwin williams, the stock on a tear same-store sales up 14%. but only afirm their full guidance a lack of visibility the ceo said this, take a look at what they said on visibility. visibility remains limited we continue to expect a challenging demand environment in the back half of 2023 against difficult comparison that's the issue the lack of visibility here. here's where we are. a quarter of the s&p, 125 companies so far, 79% are beating, about average the average beat 6.8%. nobody is raising the system that's the problem only 29% are raising the numbers here finally want to quickly note, kenvue is coming, the johnson & johnson spinoff, we've been waiting for this for a long time, and it's, of course, one of a number of spin-offs we've seen in the last year, and sara, the bottom line, and the real problem here is, the ipo market is still essentially shut, ev

autos, gm beats and raises, ge health care, henet, and pulte group as well. in all, they beat 77%. only two companies lowered their guidance the question is what that tells us about the state of the market and whether investors were too bearish going into at least today's print. mike santoli is with us to weigh in on that. >> a combination of downgraded expectations going into this if you look at the industrial outperformers today like ge, 3m, the earnings they beat with today were below what the estimates were supposed to be, let's say, six months ago. that's always a dynamic. i think it's a combination of companies being good at managing expectations and nominal gdp growth has not fallen apart. you have sales growth. actually, sales beats are running above historic levels. and you have everybody focused on cost. i think there's room for companies to make numbers. the thing is on a year-over-year basis we're not talking about gains for 3m sherwin-williams was a beat above last year but the same as two years ago. i think it's the story of, innin in aggregate, there's a flattening o

. >> bill pulte worries the new fee structure will allow more home loans to people who have trouble paying watch it very, very carefully. i will say though a lot of the builders they want to make sure that mortgage standards are tight and they obviously control a lot of this mortgage volume. i think when it comes to the builders they are going to be very, very careful. >> a white house spokesperson tells fox that this would promote first time home ownership adding this could help folks who have been locked out of buying a home because of fees, the ability to achieve their dream, bret? >> bret: edward, thank you. senate majority whip dick temperature intestine inviting u.s. supreme court chief justice john roberts to testify public hearing about ethics reform. senator durbin writes that the status quo regarding justice ethics is no longer acceptable. he cites what he calls a steady stream of revelations about justices falling short of ethical standards, expected of other federal judges and public servants. the letter does not specifically mention justice clarence thomas who has been the sub

to the upside we're seeing a little breakout in housing-related stuff there's no new highs here but pultebeen strong the last few days we've seen lennar strong, whirlpool strong, mohawk moving up so, carl, you get the combination here of some moves up consumer discretionary as well as moves up in deep cyclicals, industrials and material names and you have suddenly the making of a nice little rotation. tech is a little weaker but not dramatically weaker. the volumes do not indicate are selling in a tremendous way. just a little less buying interest in tech overall, very good outlook going into earnings season. >> i was going to say, last three earning cycles, bob, market has done pretty well on the front end of it. we don't talk a lot about the seasonality about how strong the month of april typically is. >> yes april is an extremely strong month. it's the number one month for the dow jones industrial average. it has been for a very long time then you get into the six-month period, may through october, which historically underperforms. right now, though, covid has messed these old indicato

the regional banks guys >> so taylor morrison out with numbers this morning following the horton and pulteare they doing this? >> solid beats they're getting them in the door because they're doing the mortgage rate buydowns that's helping a lot interestingly, it's all about supply i know like this was kelly's favorite number, she says, but usually the homebuilders' supply makes up between 9% and 10% of all the supply in the market the rest existing. they're making up over 30% now of the inventory in the market because the existing home inventory is just so low >> it's just so low. and the sellers don't want to sell because they know they're going to have to pay -- trade up >> twice as much >> wow >> i was thinking about like, okay, if i bought a piece of land now and spec built a house, do you think i could sell it for a lot of money >> oh, yeah. >> are you kidding >> do you think a lot of people would be doing this if they look at the market and say, wait a minute -- and we know -- >> it depends on where first, if you're talking about northern new jersey, where are you going to find a pie

back housing related, sara mentioned doing a lot better modest breakouts in horton and lennar and pulteirlpool had a couple good days, mohawk, all housing related and looking stronger the modest lag in techs, given how much they have rallied recently, it's nice to see a little rotation and it was at the open three to one advancing to declining stock what strikes me is how gloomy everyone was, you were right, asking kostin, you looked like you were going to downgrade the whole s&p 500, and he demurred on that. but this morning, everybody is tripping all over themselves trying to downgrade their expectations brian belski, come on, he's been an optimist for years and years, this morning has a 4300 year end price target we believe it will be difficult for stocks to finish this year near the all-time highs. >> don't be cynical. >> watch when guys who are always bullish turn on you. >> that's my point. >> that's my point. >> i'm being serious belski is always bullish. >> i know. everybody. chris harvey, listen, also got a 4200 price target. we believe the risk-reward over the next six months

chipotle, mcdonald's, pulte, yum, mondelez, pepsi, even exxon.dyarmor lyte. more than a sports drink. >>> one of the last trading days of the month the dow and s&p big month in may with the fed decision let's bring in devon kaclue who oversees $470 billion. we got q1 gdp under our belts and i guess the question in the back half will be about recession. is it your base case >> i think so. when we think about devising interest rates and the issues in the u.s. it will feed to through slower growth in the u.s >> for how long. >> i think it's going to be difficult where it bottoms out and that's one of the big questions the market is trying to determine i expect it going into 2024. >> and how much can be offset globally by any kind of resurgence in china, for example? >> i think that's one of the interesting things china's recovery is pretty tepid. one of the things we hope is it's going to build up a head of steam, but so far, it's not doing that yet it's going to be hard to say that's able to offset the slowdown. >> it's remarkable when they first s

we see pulte and lennar.ies reporting for the s&p, almost 20%. 4.9% beat on the earnings overall. it's not bad but it's not as good as it was a couple of days ago. q2-q2 stable but estimates not as good as they were even two days ago. >> we'll see if the market keeps skating by bob pisani. >>> that does it for this hour of "squawk on the street." stay with us for the next hour >>> good thursday morning. welcome to another hour of "squawk on the street. i'm carl quintanilla and sara eisen. setting the agenda, bernstein remaining bearish on tesla after what he calls a meaningful shift in rhetoric. >>> plus, citi's nathan sheets pushing back the timeline for recession in the u.s he joins us to

bill pulte, whose family founded one of the largest home development companies in our country, says thatcarefully. i will say, though a lot of the builders they want to make sure that mortgage standards are tight, and they obviously control a lot of this mortgage volume. i think when it comes to the builders, they're going to be very, very careful. supporters of that plant seeds designed to promote first time home ownership. they say the changes will help people who ever been able to afford to buy their own home because of high loan fees. well. the late nineties and the early 2000 were the age of pokemon cards and beanie babies. few of those and now websites like ebay or finding nostalgic items from that era, and they're selling for big bucks. foxes. rebecca castor has more so we've got denim on denim on denim for days . this is what the girls loved back in the day bam, that with a pair of denim shoes and a couple of big necklaces, and you were in bridge house thrift store in new orleans' the store manager says clothes from the nineties. don't stay on the rack for long . they're looking

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