tv Squawk Alley CNBC April 1, 2016 11:00am-12:01pm EDT
good morning it's 8:00 a.m. at tesla headquaters and 11:00 a.m. here on wall street and squawk alley is live. ♪ ♪ good friday morning here at post 9. kayla as also. mike is joining us and from one market is recode executive editor kara swisher. shares of tesla rallying after the model 3 was unveiled at an event last night.
more than 150,000 people reportedly making reservations for the car. putting down $1,000. the car won't even go into production until late next year. kara, you wouldn't know that this was a day when a newish iphone was going on sale. we didn't see lines outside the apple stores. that group of people moved to tesla and lined up out there. what do you think this says about the model 3? it's supposed to start at $35,000. probably the people putting this reservation down are going to end up paying more like 54 or 60,000. what does it say about anticipation for the car and just the overall star power of elon muscling. >> i don't think they're going to pay that much. there's federal subsidies associated with the first 200,000 cars. that's the whole point of the model 3. it's part of his master plan was to push out the luxury cars and
then move into this market which is where most people live. he's trying to do a car for the masses. i'm not sure everybody can afford this car. it's still very expensive but it's really fascinating how the consumer demand for this is enormous and especially this particular car which means a lot for tesla and other companies moving into this space. into these vehicles. >> it's a beautiful car like much of what tesla creates but until those customers sign a purchase agreement they're not actually -- they don't actually -- are legally bound to purchase this car. what do the reservations actually mean? all analysts are saying it was a beat but that just means 100,000 plus people are willing to part with $1,000. >> well, that's a lot of money. that's not a small amount of money for a lot of people. it says that people want this car. it's a beautiful car. everybody that has them loves them. i have to say. the wealthy people i know that have them but this is interesting.
you try to move into this market where it's more affordable. again it's not affordable for everybody but it's certainly moving into a space where tesla is trying hard to -- this is for their future they need to be in this larger space because you can't just sell these luxury cars. another part of it is theuper charger stations everywhere a how long these cars go. it's 215 miles that we reported that these things can go which is a tank of gas essentially. so a lot of the stuff is trying to come into place to make this a car that the average person can use. >> you mention it's a fair amount of money for a lot of people and tesla. how many companies can pull in $150 million for a car they can give you in a couple of years. >> it reminded me a lot of the apple. they want to get this car and again there's been like great reviews for all the tesla models so, you know, they feel like it's also a piece of history.
this is the first car company that's been created in a very long time and it's in a very exciting space. ford is here, gm is here, mercedes is here. apple, google, everybody is getting into this space. >> i want to point out even with that $7,500 federal subsidy this is not a camry in the base price is $35,000. this is a bmw. so still, let's move on. more than 100 ceos and business leaders demanding north carolina repeal a law. some companies already reconsidering doing business across the state. it was remarkable to me to see the likes of her signing on to this early on. ibm has been a generally slower company. not necessarily expected to be on the forefront of this social action. also a very large tech employer in north carolina.
what does this signal about this activism. >> actually ibm since the 50s has been very fast forward on issues around tolerance and gay and lesbian rights. you don't realize that but ibm has been very early on the table to this stuff a long, long time ago. i'm not surprised that ibm was here. they and apple are some of the early companies among many companies but especially tech companies. ibm has always been in this space. it's not surprising at all for them to be here. it's going to just grow. we're doing a story now about a group of investors that refuse to invest in north carolina. it's going to have some repercussions for these industries. north carolina has a very vibrant tech industry in the research triangle area. we'll have a lot of repercussions that doesn't think tech is not an important industry and most silicon valley companies and other tech
companies are going to bring a lot of pressure here and they should. as well they should. >> all of these companies have been vocal they don't believe this should be a law but it's different from what disney did in georgia because they were threatening to pull out future business. business that have not been ind yet and i'm wondering to what extent you think ibm, sis coe and a lot of the start ups can really afford to not do business there. >> you feel like they're making a bet that this law is probably not going to survive, maybe legal scrutiny and maybe they don't have to push for real high stakes standoff on this but no, you're right. there's been no kind of stick behind this besides really trying to embarrass an administration that doesn't seem capable of being embarrassed by this publicity. this is an election year. what do you think the impact of that is when you have the huge companies that employ a lot of people. can bring a lot of business or not to a state lining up on a particular side. >> well, the attorney general is
on the other side. he won't enforce the law which is fascinating and he's running against this governor. i think the gay issue is of the last election. i think this is an issue of jobs and if these companies start to, you know, walk, you know, use their economic pressure on these states, they're going to have to think twice about these laws. they can certainly have the laws but they have to realize the repercussions and there's going to be a lot more coming down the pike with companies not doing business in north carolina or any other state that passes these laws. north carolina is a very tech fast forward state of all the states in the south. it's a very important industry and so a lot of companies are going to have to think really hard about what they're going to do there. >> indeed and finally the head of the fcc warning the tech community to be war ri of
unicorns. the concern is whether the prestige associated with reaching a sky high valuation fast drives companies to appear more valuable than they actually are. i mean, this is not a surprising statement in general. but coming from mary joe white as opposed to some of the choices we heard say it before, do you think it holds any special significance? >> oh, i do. i was surprised she said it and it's a really important statement. she is saying buyer be ware. not just of the companies but in secondary markets and all kind of things and she was signaling that they'll have a lot more scrutiny of the valuation and investors. a lot of the unicorns are aren't going public on purpose. they're operating like quasi public companies without any regulation or scrutiny and it's really important. she made a joke about these unicorns not being extingt and everything else but what everybody realizes is that the valuations are either out of
line or they're different. there's one example of one valuation being so different from another and so i think it's probably the appropriate place for the fcc to insert itself and i'm not surprised. >> but mike, the problem is when you're a private company you can value yourself on whatever me trick you want. it's not that they're just making these numbers up put thr basing it off of revenue. projected revenue. adjusted earnings. they're adjusting for a million different things including office space and compensation. >> i think most crucially the terms of the individual financing. the fine print that says these investors that put a billion dollars in or put $100 million in didn't buy 10% of the value of the company. so all of that is interesting to me and what mary joe white says is it enhances their prestige. it enables their ability to hire people and get their business
growing. >> yeah. >> and you know, i think they are making it up. i think these valuations are are so out of line with each other a lot of the time and different investors get different deals and everything else. this is something to be concerned about and they're behaving like public companies without the scrutiny. >> i'm curious. taking that a step forward do you think that the fcc would involve itself in regulating private companies and their valuations. >> it's interesting. these companies are not going public for awhile. typically they would have gone public by now or been close to going public and given the enormous amount of capital they can raise without going public. they don't want to go public because why would you? it's an interesting question. the big ones, the ubers, the airbnb, those are the winners.
there could be a lot of investors losing a lot of money here and it's very opaic. i don't mean to say they make it up but i do mean to say they make it up. it's just like some vc is sitting there throwing a dart or whatever. >> i gss the horn on the unicorn helps come up with the valuation. have a good weekend. always great to have you. >> thanks a t. >> meanwhile, stocks are shaking off a 4% drop in oil thanks to a 215,000 print for nonfarm payrolls for the month of march. we are seeing the dow up by a quarter of 1% and the s&p up by a 10th of 1%. and this is coming after first quarter roller coaster but the best march for the s&p since 2009. blackberry shares though falling after revenue missed estimates. we'll have more of john's conversation with the blackberry ceo later on this hour but that stock is down 6% and shares of
starwood falling after china with drew it's $14 billion take over bid. that leaves the company free to go ahead with the planned merger with marriott. that also falling by 5%. if you thought there was going to be a bidding war, it might end here. the government preparing for the zika virus in washington today. the director of the cdc will join us live. the u.s. adding 215,000 jobs in march. we'll break that all down and we are live with some of bernie sanders most high profile fans and supporters. ben and jerry. that's right. they'll join us here at post 9 in just a moment. ♪ there's a lot of places you never want to see "$7.95." [ beep ]
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bernie sanders is looking for another upset on tuesday. despite the complex delegate still needed to hold the nomination clinton holds a 700 delegate lead. $109 million in the first quarter. plenty to keep him a thorn in clinton's side for the months to come. joining us now, co-founders of ben and jerry's ice cream and
bernie sanders backers. gentlemen, welcome. >> how are you doing? >> great to be here, thank you. >> so your support for bernie sanders, is this because he's a vermont guy? you have been his constituent for several decades or does it run deeper now? >> runs a lot deeper. we have supporting bernie. we have never supported any other candidate for president before because we have seen the way he governs. we have seen the way he legislates over the last 35 years as constituents. and you know there's never been a presidential candidate like him. someone who is honest. who has a passion to represent the benefit of every day working americans every day of his life. not just when he's talking about running for president. >> you know, you mentioned all the money. there's tremendous enthusiasm around the country.
he's had over 5 million individual contributions. >> maybe from you guys? >> oh, yeah. although many of our contributions come in the -- as ice cream. but his contributions average $27 each and as been said he is representing every day working americans. >> he struck quite a cord mentioning statistics like that. the average donation $27 but i'm curious as we proceed through the election cycle, do you think that appeal is wide enough to stand up to hillary clinton when the nomination comes time or to donald trump or another candidate that emerges from the gop? >> you know, bernie's support is actually getting stronger and if you look at the polling of him versus hilary over the months, bernie keeps going higher and higher and he is now leading hilary nationally at polling.
i think the difficult part as he has been talking about is to get enough delegates and he has always said it was a tough road and it's still a tough road but it's doable. >> yeah. i think you have to focus on the pledge delegates. not the ones that are the so-called super delegates that can switch their votes any time they want. >> we are literally here on wall street. bernie calls out wall street a lot in his speeches and not in a good way. so as you're walking around the floor of the stock exchange with that lit up bernie sign you're not getting a lot of love. how do you square the facts that you guys are entrepreneurs. you benefitted from the free market system. from a larger company with public investors that bought you out and yet bernie sanders is constantly calling out that system and not necessarily emphasizing the positive aspects of it as much as the negatives he perceives. is that fine with you? how do you square it? >> so we are not only start up
guys, entrepreneurs, ben and jerrys got bought about 15 years ago by unilever which is a multinational conglomerant. and what bernie is talking about is business still succeeding but paying it's fair share. when we had the recession in 2008, the american people, the middle class essentially bailed out wall street and now it's time for wall street to be supporting working americans. >> the standard profile of sanders is he's knocked around congress for 25 years and not really a lead legislator. you knew him as a mayor of berliber berliber berliber berliber berling -- burlington.
>> he's very pragmatic and realistic. when he was mayor there in the 1980s was a slope piano little town and he created community economic development that put them on the path to becoming, you know, a -- what's one of the best most lovable cities in the country today. >> he talked a lot about trade and how he's against free trade. you guys agree with that despite being owned by a company that largely benefits in free trade. what about the american consumer. you buy clothes. you buy appliances. would you be okay with those items becoming much more expensive if our trade policy changes. >> i would be okay with those items being made in the united states and providing jobs for our people and when you have more people working, you have people that are able to afford to buy more goods? probably the best thing you can do for the economy is to put
more dollars into the hands of working people and one of the things bernie is talking about doing is raising the minimum wage to $15 and then that stimulates the whole economy. >> there's a key question. >> the people on the trading floor of the new york stock exchange were not going to be the most enthusiastic but from talking to people what i found is that there's a lot of misconceptions around bernie and what bernie is talking about is government that works for everyone. are you going to make a hilary sign and come back with that? >> we have never been enthraled enough to make a sign for anything else. >> you're selling that sign which you made yourself. >> at cost. >> an ice cream called bernie's yearning that you just released.
a lot of fans will be purchasing that. we appreciate both of you guys being here. >> we're feeling the bern. >> hopefully you can convert some people for your sake here on the trading floor. >> for sake of the country. >> good luck. >> up next, happy 40th birthday to apple. that's a live shot at apple's headquaters. a look back at the last few decades in just a moment. don't two away.
apple is entering middle age. the company celebrating it's 40th birthday founded on this day in 1976. their first product, the apple 1, only 200 for produced followed by a wider release of the apple ii. four years later the company's ipo on december 12th, 1980. since then it's up 28,000% on a split adjusted basis not including buy backs or
dividends. that's what you call pretty good performance. >> they should thank the iphone for that in a big way. >> and the ipod and the mac. quite a few to thank. >> coming up, stocks seeing a big reversal after the u.s. added 215,000 jobs in the month of march. the dow is down 117 but now it's back in positive territory up 30 points. we'll break it all down when we return.
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here's your cnbc news update at this hour. president obama speaking with world leaders at the nuclear summit in washington. the iran nuclear deal has been successful so far but it will take time to resintegrate into the economy. some of the toughest measures in the sanctions target north carolina's shipping network which has long been suspected of moving weapons banned by previous un resolutions. the cdc bathering doctors, public health officials and mosquito experts from all over the country as well as representatives from the white house. starting today american airlines will no longer let travellers hold flight reservations for 24 hours for free. instead they'll have 24 hours to cancel it without charge. that's in line with what other
airlines do. that's our cnbc news update for this hour. back to squawk alley. >> thank you, michelle. meantime, europe is about to close a shortened trading week. let's bring in simon to show us what's going on there. >> there's a lot of red. the first day of the quarter. european negative territory beyond a low. so the major concern is what's happening to currencies and oil below $40 barrel on brent. hit the oil majors right from the off but those automotives are in negative territory. we continue of course to have the euro looking particularly strong and yes moved on the dollar today but it's no real address pi respite from the fact that the
euro continues to ride high against a lot of the currencies. a lot of the big french expo exporters were in negative territory. whether it's coming out of paris i'm not sure. just on the subject of currencies as the euro rides high it's interesting to see that the u.k. pound continues to lose ground against dollar but also on one of the key exchange rates which is obviously with the rest of the european neighbors. it continues to move into negative territory. this is reestablishing a 15 month low in advance of course of the referendum on exiting the european union and potential probabilities around that. june 23 and also because the trade data was not very good today from the united kingdom. i just want to mention two stocks that went to the upside today. it's in the steel sector. they may be looking to deal a deal with the german steel maker. both of those are higher. of course they look to exit the
steel business in the u.k. have a good weekend. >> i'll see you in 10. >> have a good weekend. >> happy friday rick. >> happy friday. i like to welcome my special guest. we try to have ed whenever we have the big reports. thank you for taking the time. >> my pleasure to be with you. thank you. >> quickly, why don't you summarize your thoughts on today's report before we get into the nitty-gritty. >> the report is a descent report. i think it's just fine. job growth is pretty much normal. what we have been seeing for the past few months. a couple hundred thousand. the biggest positive this month was the growth in wages which we haven't seen over the past
couple of months. we'll see if that's sustained. that will be the most positive piece of news this month. >> all right. you know there's a lot of talk that people that have been disinfranchised and not counted and disappeared off the face of the earth with regard to being not employed. the best thing was to talk about the employment to population ratio. currently 59.9. why don't you run us through what we need to know and why that's so important. >> okay. absolutely. the number that i look at and by the way i'm not alone in this. this is pretty much standard in the labor economist community. the number that we like to look at is the ratio of the people that have jobs to the people that could have jobs. so that's the number of employed relative to the working age population. the reason you look at that is that it cuts through everything. it doesn't worry about whether workers are discouraged or not.
we're up about 1.5 percentage points. the issue is where should we be. >> wasn't the high at 63.5? wasn't the high 63.5. >> that's right. >> okay. just wanted to get that out there. >> that's where i was going. so 63.5 right before the recession started. so we should be down 1.5 percentage points. when people tell you it just looks like a 5% unemployment in the economy. they're seeing this is not an
economy where the labor force and labor market is booming and you'd see wage growth and all kinds of employment opportunities and we aren't seeing that right now and that's reflected in the employment to population ratio. >> we have a half a minute left and i want to get to something important. we had a big discussion about the quality of jobs and you pointed out it is difficult to quantify part time full time. quality is the way to go. manufacturing jobs are down about 1.5 million. waitresses, waiters and bartenders and you looked at it for the hours worked. haven't got that to a 34.4. but how many jobs is .2 ed? >> that's a big deal. so .2 hour across the work force is the equivalent of 800,000
jobs. that wipes out 3 to 4 months of job gain and in particular the problem that you just pointed to with individuals at the bottom of the wage distribution not doing so well is a huge problem because productive growth down there has not been what it needs to be and without that we're not going to get demand for their services and we're not going to see wage growth at the bottom. >> ed, you're always refreshing to listen to. thank you for your thoughts today. john forte back to you. >> thank you, rick. that was a key point he made right there at the end. moving on earlier this morning, blackberry ceo joined us on the heels of earnings. revenue fell short of expectations on hardware sales. here's what he had to say about what kind of hardware growth we should expect for them going forward and when they might cut out hardware all together if we don't see it. >> software done well. hardware underperformed and helped my overall margin. so my margin is in the high 40s.
we always model our mid 40s but if i do exactly what we said, hardware being profitable and software continue to grow and the subscription continue to go up from 78%, you will see our margin line trimmed up. >> not what i was looking for but i asked him in the next question, he said that he wants to see hardware reach 3 million units a year, an average selling point of $300 if he's going to continue to make hardware. i asked him when do you pull the trigger on that? he said september. september they're going to make the call. if they're not on track for those goals he might have to -- you have to understand, that's a huge chunk of revenue. so to get the cost out to compensate for that, blackberry would have to slash it's work force. september is a key date. >> isn't there a question or has been a question about exactly how robust continuing software sales could be if you didn't have the hardware out there. are they fully independent of
one another? >> that what he is has working toward is a growth in enterprise software. he pointed to five growth drivers during the call. a lot of those are going well. buying good was part of that. buying secure communications apps was part of that but make no mistake, blackberry would be a much, much slimmer company without the hardware. >> but the problem with sending a 3 million unit target is that hardware sales are declining so you have to reverse that going into september which is a pretty dramatic change for the direction the company has been headed in. >> you can't get there just through price cuts because the 3 million have to come at an average selling price of $300 when apple just lowered the entry price of the iphone from 650 to $400 from the se literally yesterday. >> the company did reiterate that it would be cash flow positive for 2017. that has to count for something. >> for years now the story has been look blackberry has the cash to survive for a long time.
if they're cash flow neutral they had net cash on the balance sheet. can it be put to good profitable use? >> and does blackberry even need to build a smartphone. software is plenty profitable if they can make a go at it. >> the stock is sinking today. we'll see what the next chapter holds for blackberry. a major summit going on in washington today. trying to prevent the spread of the zika virus as we head into the spring and summer prime season for mosquitos. the director will join us on a first on cnbc interview. that's in just a moment. don't go away.
coming up, tesla's new car getting rave reviews and a bunch of preorders but what about the stock? we speak with apple co-founder steve woziak as that company turns 40 and what steve found when he travelled to abu dabi this week. we'll see you in 15 minutes. >> sounds good. federal state and local leaders are gathered to stop the spread of the zika virus. it's a matter of when and not if it comes to the mainland united states. meg is joined by the cdc director. over to you. >> thank you. thank you for joining us.
>> thank you. >> today is about preparing the united states but what should folks here be really expecting in terms of zika. we had hundreds of americans come back from zika effected areas with zika. hundreds of cases in puerto rico and other u.s. territories. we need a few things to be really clear. first if you're pregnant don't travel to somewhere that has zika spreading. if you're a male that travelled to somewhere where there's been zika and your sexual partner is pregnant use a condom every time. we're learning more every day but much more needs to get done. >> as we approach the warmer months here and we do have the mosquito and what we have been talking about up in new york and the northern parts of the country, how much should we be worried about transmission here. >> it's all about preparedness.
figuring out how to reduce the risk to americans. it's so important that we have the resources we need to provide the protections that americans deserve. >> talking about resources, you have an op-ed this morning saying congress needs to fund our fight against zika and we don't have it. people are going to leave here today with plans. will they have money to do anything about the plans? >> we wish we had more resour s resources. we're going to look under every rock for every nickel and time to have a response but that's no way to have a response to an emergency and for pregnant women in particular this is potentially an emergency because the zika virus can have devastating impacts and why not use that up before we give you more money. >> ebola is not over.
just this morning, a new case of ebola was confirmed in liberia. we have a cluster that arose a year after the possible exposure there. this is a very difficult outbreak to control. and we need to protect americans from all the threats that might come to our shores. >> if this could be so a-symptomatic but it can be so dangerous for pregnant women. somebody asked me this morning, shouldn't we be testing everyone? how do you respond to that. >> they have done a fantastic job developing tests. we have now provide nearly a half a million materials for tests around the u.s. and the world to test for acute zika infection and infection in the past. but it's not simple. a newly recognized threat and we
hope that more commercial manufacturers will get into the business and more private labs will be able to do testing. so the antibodies cross react with other antibiotics so the cdc developed tests are highly active. >> it sowns to me like time lines are moving very fast for this area. we have a new test for the blood supply that seemed to have gone very quickly. how soon can we expect things to be ready? >> that is essential and important question. we're moving very fast. they got the blood test for the blood supply in in record time and really a lot of credit goes to them for that. the vaccine is going to take even in the best case a coup m of years if it works out. we need to move fast because the mosquitos multiply rapidly and
the risk is significant and not far from now in terms of the summer months coming. that's why it is a race against time. we have had more than 900 people, 900 doctors and scientists and lab experts and nurses working on the response and one of the things the summit is doing is making sure the public and private sector. thank you so much. >> shares of starwood or marriott with drew it's $14 million bid for starwood. we're talking about what happens next for the top bid in the hotel business in just a moment. ? let me show you. okay. our thinkorswim trading platform aggregates all the options data
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>> my reaction is as follows, you have to look at the deal from two different perspectives. it's pursuant to a long material investment strategy. it was tied to associating it's company. and may have achieved and it's versus the deal that marriott has on the table now which is much more strategically motivated. they're looking at this transaction as something that will give them the dominant place now. it will also drive some synergies and a more broader brand appeal for them. so it's a different value
proposition. >> we understand that. what i need from you is i need to focus down on what it means in particular for real estate assets in this country. you know it's quite clear that just the emergence of the chinese meant that marriott had to pay a billion dollars more as it stands. this is what the ceo said on squawk box this morning. >> we would love to have this company for a billion dollars less. there's no doubt about that but they were real. they came in at $78 a share which is 10, 11, 12% more than the deal on the table. fully financed and incredible. essentially no positions and we got a notice that we were out. >> ken we have for example the plaza hotel going up for auction. and presumably the chinese had to an extent at least boosted these prices. >> absolutely, look at the drivers between the transaction they had on the table and it's
largely because the larger driver of single asset transaction in the lodging space are no longer buyers. they're sellers and it's pursuant to a long-term strategy with these companies. we're late in the cycle. they want long-term assets and sell them at a price where they can buy back their stock. buyers like private equity firms can come in and we believe acquire those assets at very attractive prices even though we are late in the cycle. so i see deal flow picking up this year and it picks up at prices that are far more economically warranted than what we see in the cycle to date. >> well, i'm curious where you would see that activity picking up exactly because while they're feeling the brunt of the selling today the sector as a whole is selling off every single large
publicly traded hotel company is down about 2% or more and i'm curious if you think that valuations just ran ahead of where the market was because of all of this acquisition activity and if we'll see a resetting before it begins. they themselves are now going to fuel a sale process that will be predominated by buyers on the private he equity side willing to pay assets at a 8 or 9% yield on investment or cap rates
versus the 5 or 6% we've seen today. >> you think that prices are got another 20 or 30% down side from here and then you bottom. is that right? >> we haven't seen the end of cycles. i think in general they'll likely trade down until we see a cyclical inflection. when we see a recession come forward the stocks will start to recover but until then i don't see a positive catalyst. >> good to see you, sir. >> thanks for having me on. >> the former ceo now at alpha wave. >> tech getting in on the april fools day joke today. watch your backs viewers. some of the best and maybe not so much in just a moment. ♪ there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be.
youtube. and the ability to watch every youtube video with snoop dogg. >> not bad. >> they get more creative every year. >> the zuckerberg one bumped up against the line of plausibility. >> definitely. one that didn't work involved google and g-mail. there were minions which nbc universal were very familiar with. there was a minion with a mike drop animation. it was a ui problem. people thought they were sending an he e-mail but they sent it with a mike drop in like unfortunate situations. like a death somebody was asking for prayers around a loss in the family or somebody responding to somebody following up on a job application. >> the company had to apologize on its blog and said this year we pranked ourselves. they don't always work exactly as planned. >> even when it's in the culture of google like it is with many companies. >> just a few seconds to go before the end of the show. what you are you watching with
the markets going into the afternoon. >> the firming up of the markets came right with the ism numbers. watch oil. if we can decouple it's a different picture. now let's send it over to scott and the half. >> our top trade this hour, tesla, the stock racing higher so now is it too good to pass up? courtney is with us today. global head of equities. tesla unveiling the latest model last night to rave reviews and big lines. already getting 150,000 preorders in the first 24 hours with some suggesting that number could double through the week d weekend.