f it that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ good morning. welcome to "street signs." i'm mandy druery in london. the second quarter is in the green with the ftse 100 pinning 8,000 for the first time since february of 2023. treasury yields pull back from two-week highs as u.s. pairs the bets on the june rate

c cut. iran accuses israel of an air strike on the embassy in syria with several revolutionary guards killed. and xiaomi shares surging in hong kong as the tech giant enters the ev space. with byd sales jumping it over 300,000 in march with expectations for tesla later on today. start the show with the breaking news with the pmi. manufacturing activity in the eurozone took a turn for the worse in march with a steeper pace than february. this looks like demand is continuing to fall. this is, of course, according to

the pmi data. it did show a bit of an uptick in optimism. in terms of the actual numbers, the final eurozone pmi dipped to 46.1 in march from february's 46.5. that did beat the preliminary estimate of 45.7. we all know if you watch the show, that the below 50 mark denotes growth is not exact. if we are below 50, we don't have growth. if we are above want to get ba mark. we are seeing comments on that over the last eight months. the manufacturing industry is climbing. nonetheless, it is still on struggle street. we will talk more about this with our guest in a moment. let's look at other data coming out in the form of the north rhine westphalia.

let me take a look here. i'll type in north. the cpi coming in at 2.3% year on year. this is lower than the 2.6% year on year we saw in february. as for the month on month number, it is coming in lower than the february number. 0.3% for cpi in the month of march against 6. 0.6% in februa. let's bring in chris williamson with global market intelligence. a lot of data there. not the news you want to hear on the manufacturing front. let's tackle that before we get off to inflation. what are your thoughts, chris? >> yeah, the numbers are not as bad as it looks. yes, the headline pmi fell in

march deep near contraction territory. this is a composite indicator. it is surprising with the surprise delivery times. this is good news because it is easing of the red sea supply constraints. supply chains are moving faster again. that acts as a drag on the pmi. normally, faster deliveries are associated with people not being busy and you can get stuff to factories quicker. it is one occasion where you get the contrasting signal in that headline pmi. the key thing to focus on here is don't look at the headline pmi, but look at the orders and output index. they are moving in the right direction. they are moving toward stabilization. both of these are around the highest levels for about two years. in fact, we saw the future

output expectations index hitting a one-year high. we are showing the real signs of the downturn starting to perhaps lose momentum and stabilization looming around the mid-year mark. >> chris, the ecb has been keen to get the party started with regards to its cutting cycle. considering last week with the spain, france and italy with the lower inflation prints and the north-rhine figure coming in lower. when do you think the ecb will get the party going? >> we are looking at june, really, as the most realistic time the rate cuts kick in. in the meantime, they are data dependent and signs of inflation are coming down now. that should open the window for

the rate cuts. the headline inflation numbers will give the ecb not just comfort that current inflation is down, but reduced wage negotiations which means workers have less grounds to necessity dp necessi negotiate higher pay. we have seen those flash numbers for march. the service sector cost in price indices coming down as well. the ecb is watching these carefully. the service sector is the main concern. that added to the case for rates to start coming down in june. >> of course, june is the month that a lot of market watchers are focused on for a lift for fed cuts. increasingly with fed members pushing back against the june

t timetable, is the ecb able to move on that fed cut? >> it is quite unusual territory. i think with the fed clearly indicating that rates are going to fall in the second half of the year, there is that leeway in the currency markets that will not cause too much trouble there. in any event, the fed is pricing in really the june rate cut start by the fed. i think they will be in unison by the time we get to june. >> naturally, a follow-up question from there is what about the currency market knock-on effect? we hhave seen the euro drop to the 107 from the 110. the greenback is roaring all of a sudden pushing above 105 for the first time in months. is it still a downward trajectory for the euro and if

the ecb cuts before the fed? >> possibly, yeah. so many factors at play as we head to the middle of the year and the u.s. elections looming and uncertainty there and the debt discussions in the u.s. which are going to dominate the greenbacks longer-term profile. there is so much in that and it is difficult to see where it is going over the next 6 months to 12 months. we can see that growth is starting to firm in the u.s. that will add some support to the dollar. again, on the other hand, in the eur eurozone, we are suggesting the d downturn is already over. that will add some support to the euro as well. it could still go either way. you will see the counteracting

forces and factors in play. with those interest rates and probably both markets starting to see that pivot in june. i don't know how much movement you get from where we are given those pulls on the pair. >> really quickly, we have seen a number of false starts from the chinese economy. maybe this is real with the good data coming from the month of march. chris, might a stronger chinese economy help lift the eurozone? >> certainly. one of the big drags we have at the moment is the weak demand for investment with machinery and equipment. those export orders out of germany. this is the main driver of germany's manufacturing dproeth. growth. a lot of the orders used to go to whine. cutting investment for german

capital goods. if this turns around, that will lift germany's growth. it is still the major drag. if you look at the eurozone excluding germany, the rest of the region is virtually stabilization now. you have already got growth in markets like in spain and netherlands and italy. they are back in manufacturing growth. it is the german production that is the real big weight or anchor on the eurozone recovery. if we get the export orders for the equipment as china's recovery gains ground, that will be a help to the area. >> indeed. we need everyone pulling on the ropes at the same time. chris williamson, thank you. consumer expectations for inflation in the year ahead have fallen to 3.1%. that is down from 3.3% a month

ago. it is the latest expectation since the russian invasion of ukraine in early of 2022. the u.s. manufacturing sector expanded in march for the first time since september of 2022. the index came in at 50.3 for the month and moving higher from the 47.8 level we saw in february. as a result, you know, there is no such as a free lunch. good data on the economy means we get pared back expectations on the rate cuts. there's more key data due out this week. we have the private sector pmi from china and inflation data from germany as a whole and also the eurozone. the u.s. jolts report kicks off

the figures headlined by the jobs report coming out on friday. those payroll numbers will be closely watched with traders split on the timing of the cuts from the fed and the slew of fed speakers. they are all lining up. ten policymakers this week. everyone wants their two cents worth. this includes jay powell on wednesday. let's look at we can expect at the implied open. the dow can be down 150 points. for the european markmarkets, l look at the picture. they were off yesterday and they did not do anything except digest the easter eggs. ftse 100 is up po.70%. great start to the week for the ftse 100. cac 40 issing moving higher

by .40%. dax has been scaling new heights. the smi and ftse mib is sitting below the line. let's look at the european sectors and flip over the big board and look at what is going on. oil and gas up 2%. we have been watching oil. it is sitting at five-month highs after we got the good manufacturing data in the u.s. and the better numbers coming out of china as well. we saw manufacturing and non-manufacturing bouncing in china. that is giving hope on the demand side.have basic resource up. a bounce from copper and iron ore. technology is up 1.5%. on the bottom end of the scale,

real estate is down .8%. maybe not a great start to the week there. let's take a look at some other assets. crypto heis a fascinating story. bitcoin is gaining. the halving event is widely seen as a bullish catalyst. bitcoin prices have been on a run in 2024. rising over 60% this year following the launch of the spot etfs in january. head of research at coinshares emphasized the importance of bitcoin supply in its pricing >> in the longer term, there is a finite amount of bitcoin. you have a better chance of calling jay powell and changing policy in the u.s. than over bitcoin. there is the demand short akin

to the commodities market and the upcoming supply shock. that should push up the prices. bitcoin is volatile. i think in the longer term it spells quite a positive price expectation. >> let's get to arjun who knows everything about bitcoin. is there anything you don't know? what is the likely impact of the halving with the wide ld ride? as you know, all good things come to an end. >> look, we have to go back and look at past cycles and what we have seen typically with the halving events every four years with the supply on the market being harmed. this time around is slightly different. we had the etf approvals earlier this year.

that was what already propelled the excitement. as we got forward to halving, we have highs with bitcoin and we are volatile on the trade. i think the general consensus is the halving in typical cycles will proceed further highs. a number of large calls on bitcoin this year to potentially hit the $100,000 level. again, the question is will the cycles withbitcoin continue and will we push to all-time highs? the idea is with the halving and because of the lack of supply that tends to be supportive, ha the question is how much higher can bitcoin go this year? >> you mentioned the launch of the etfs. you cannot deny that. that broader institutional acceptance of bitcoin.

how much is it general risk taking? the first quarter in the stock market has been incredible for so many markets around the world now scaling record highs. has it been the risk taking propelling it? >> bitcoin, for a long time was correlated to equities. particularly the nasdaq. those tech h-heavy index in the u.s. if the nasdaq was up, bitcoin was up. then a decoupling that took place and bitcoin had its own story last year. it was up, i think, 150% last year alone. really out performing a lot of the other markets as well. this year, that decoupling has continued. you are slightly seeing that risk-on persona taking place with bitcoin as well. >> speed answer. some of the other cryptos have

been lagging cbitcoin. why is that? >> they are waiting for an etf. they are waiting on the s.e.c. decision in the u.s. that could be positive for ethereum and other crypto assets. >> thanks so much, arjun. you will come back and talk about tesla. >> i'll be here. >> i believe so. >> i'm ready. >> necessws to you. >> i've got my notes ready. coming up on the show, tensions flare as there is an embassy stkeri. we'll have the latest after this break. smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the

best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope

for when life tosses lemons your way. cirkul is your gateway back home. so what is cirkul? it's your water, your way. cirkul, available at walmart and drinkcirkul.com. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name!

it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. welcome back to "street signs." turkey's opposition party sweeped to victory dealing a blow to recep tayyip erdogan. the chp victory handed the justice party the worst defeat in two decades. elsewhere, world's central

kitchen confirmed several members of the team including british have been killed in the air strike in gaza. this is after a separate strike which killed several officials. let's get to dan murphy for more on this. dan, what do we know so far? >> reporter: mandy, we are following the twin stories in the region. concerning from the international perspective and what we see right now is escalation risk continuing to play out here. the first incident refers to the tragic situation with seven people now confirmed dead. they are from australia and poland and they are from the united kingdom. one is a dual scitizen of unite states and canada. they are from the world central kitchen aid agency. the team says they were traveling in the deconflicted zone in two armored cars with the wck logo.

despite coordinated movements, the convoy was hit leaving the warehouse where the team was unloading 100 tons of humanitarian food aid brought to ga gaza. this food is being used as a weapon of war. we have a statement which has come in from the australian department of foreign affairs re referring to the australian killed. the foreign affairs minister saying the tributes are flowing for the volunteers dedicated to the life of others during natural disasters. the minister said the tireless work should never have cost this life. they are carrying out an investigation to understand the circumstances of the tragic incident. it does nothing to help israel's

cause on the ground. the other story we're following is iran accusing israel of carrying out the strike near the embassy in syria. tehran says the strike killed several military advisers and a top commander and revolutionary guard. this latest strike is particularly concerning because it could mark a significant escalation in the war. if it is confirmed that israel is targeting iranian targets inside syria, it marks the expansion of the war. the ambassador to syria has vowed to respond to the attack which is causing fears of escalation. the united states has jumped in to day that washington had no involvement in the attack or pry knowledge of it. that is significant. it speaks to the rift with the

united states and israel and israel may go it alone to attempt to dismantle hamas and push back on iranian proxy activity in the region. back to you. >> thank you for the update, dan murphy. donald trump has posted a $175 million bond in the deal which prevents him from paying more than $500 million judgment in the civil fraud case for now. the deal means the new york attorney general will not collect until this is resolved by trump. the presumptive republican nominee is on trial for inflating his net worth to get better loan terms. separately, trump media shares plunged on monday after the social media company reported a $158 million loss. in the filing, the firm expects

losses to continue for the foreseeable future and it is flagging doubt over its ability to continue. let's take a look at the pre-market trade for trump media. it looks like it will be further losses at the moment indicated with the loss of 4.4%. disney is possibly pulling ahead in the proxy battle with nelson peltz and the trian group. blackrock is the major supporter with more than half of shares voted. blackrock support would come as welcome news as the ceo bob iger with trian gunning to take two seats on the board as he tries to turn disney's fortunes around. there is no guarantee that disney would win the vote since investors have until tomorrow's shareholder meeting to make the decision. this as people familiar with the process tell cnbc that iger is considering tapping dana walden

the successor. that would be the first female ceo in the existence of the company. you can find more on the story with the twists and turns all on the cnbc web site for you to read. coming up on the show, we will take a look back at the big first quarter for markets. big is an understatement. the s&p is posting the best first quarter in five years.

hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free

welcome back to the second half of "street signs." i'm mandy drury. the ftse 100 highing 8,000 for the first time since 2023. treasury yields pull back from two-week highs as they pare the bets from the june rate cuts and manufacturing moves for the first time. and the air strike on the embassy in syria with the

several senior guard commanders killed and tehran pledging a harsh response. xiaomi shares surge as the tech giant enters the ev race and they beat delivery forecasts. let's start with data from the uk in the form of the manufacturing pmi. let me get a closer look at this. coming in at 50.3 against the 49.9 flash. this is the final s&p global final march for the uk. this comes after the eurozone pmi a half hour ago showing the factory down turn deepened in march. this one, however, in terms of the uk, coming in at 50.3 against the flash 49.9.

the forecast was 49.9. coming in better than expected. it also is persbetter than the february number at 47.5. manufacturing number in the uk is improved. sterling is at 59.9 against the greenback. let's do a look back on the markets. the first quarter was kind to a number of these markets. look at this. you have the dax up by over 10% in the first quarter. scaling new heights there. you also have the ftse 100 which is a laggard compared to the ot others on the board. up 2% in the first quarter. the best performance was the ftse mib with the gain of 14.4%. over in asia, very different

story there. you can't just lump asia as asia. every market has a different story. the hang seng was down nearly 3% in the first quarter. i do believe the hang seng is still mired in bear market territory. the nikkei 225 is continuing to scale to new heights over 20% in the first quarter. a really interesting story with japan. it started taking off early last year. it's a structural story and cyclical story and a story of corporates really coming back to the table in japan and animal spirits taking hold. japan is doing well. you can't under estimate the impact of the weakness of the japanese yen which is at a 53-year low. shanghai up 2.2% in the first quarter after doing terribly for a long time.

the shenzhen in correction territory. the australian market which hit record highs in the first quarter is up 4% to the end of march. as for the u.s. markets? take a look at this. the dow was the laggard, but the s&p is up over 10% in the first quarter. the nasdaq is up by over 9%. that is interesting. i think the tech names like magnificent seven got the lion's share of attention. maybe a bit of loss of momentum as of late. the nasdaq lagged the s&p in terms of the first quarter gains. industrials up 5.6% on the dow. talking about the magnificent seven, let's show you how they are doing. which one of these is not like the other? apple and tesla. we will talk about tesla in a minute. down 30%. apple down 11%. you know, you guessed it. nvidia takes the gold cup with the gain of 82%.

how much longer will it continue? let's find out. let's bring in ed smith with rathbone. ed, i don't know where to begin. so much in the first quarter. if you give it an umbrella summary, do you think what we saw in terms of the markets as we're scaling new heights, was it on fundamentals or momentum or just on hope? hope that rate cuts are coming down the line. >> good morning. i think there is a lot of hope in there. there are plenty of evidence this hope should reflected higher. participation in the market rally has broadened out. despite that greater breath, profit growth is narrow. it is concentrated in the largest companies and tech-oriented ones. that has been fueled by hope. hope of greater profits to come

down the line and hope capital will be cheaper. now hope of greater profits has been confirmed by better macro data or macroeconomics ind indicators. the key ones have inflinflicted. it is the turning point that is most important to markets histo historically. it is right that you have seen that greater amount of hope coming through. markets do look rather overextended relative to the macro picture. historically, the extent of the returns would have been associated with pmis around 60. we're pretty wage ell short of . we are looking back in nine months time and see returns front loaded in the opening quarter. >> good growth is a double-edged

sword. you don't want to be too hot and not too weak. that is terrible for corporate profits. we heard from powell on friday saying they are seeing strong growth in the united states. is the narrative starting to change with the pushback from voting members liking waller and bostic and powell himself being less commit al for sticking to the june timeframe? is the market going to start to revolt? >> we're not there yet. i think there's been a lot of faith in the fed by the market recently. we had a couple of pretties that

nasty cpi prints. look underneath the bonnet and it is still not great. you have the range of changes. the fed has really said it is the only game in town which has been about 6% for two months in a row. that measure had fallen back to 2% last year. that's quite a reversal. i think markets took some solace in the pce on friday. look at the super core measure. services and ex-energy and ex-shelter. on the six-month annualized and you are back to almost 4%. they have been buying powell's narrative that progress on inflation has continued probably because they can't think it could be anything else. it means next month and the month after the inflation releases until the next fed meeting is scrutinized heavily.

if they are strong again and the u.s. economy is too strong for the price data to get back down to where it needs to be, the narrative may start to unravel and you may see more market volatility. >> let's go over to japan. i'm fascinated by the market. it did incredibly well in the first half of last year, but again, this year is up by over 20% which is better than most major markets around the world. will it continue to be able to take flight even if the yen stops weakening? >> that's a great question. when you summarize the markets around the world and you focused on japan, you said it is not just a cyclical story with structural things going on with the catch-up in return on equity is that side of things which is why japan is the top pick. we love it.

we have for some time. it is not always been plain sailing, but markets are really coming through. we just have taken off our yen hedge. japan's trade wages and exchange rate is at the 53-year low. any yen appreciation is clearly something of the head wind. given it is at a 53-year low, it has to be pronounced to erode the global competitiveness. the yen correlation does breakdown from time to time. you do see it every few years. it is possible that a mild depression at the time of the structure improvements and governments with return of equity and renewed for interest

in investing in japan with the data may mean we are about to go through that breakdown and it is not such a headwind or appreciation is not such a headwind as people fear. >> it has gained 36% against the currency in the last couple of years. ed, quickly on china where we see green shoots on the economy. does that mean green on the screen for the stock markets in china? >> we have been long-term china bears and contrarian for quite a wh while. we remain this as all factors are bearing down on the china mode of growth and the fallout from the property sector. it doesn't like authorities which have done enough to stabilize the economy.

the economic data is improving. not universally. we have private confidence weak. bank loan growth is the slowest pace on record. stabilization seems to be achieved. that should help sentiment in the region. those green shoots are fair enough. we don't expect china to be a big out performer on the one or two year view. >> it doesn't have a huge amount of structure tailwinds. ed, thank you. coming up on the show, ev rivals around the world report their sales this week with tesla expected to lag behind the counterpart. we will have more on that and our guest after the break. my name is ashley cortez and i'm the founder of the stay beautiful foundation

when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul is your gateway back home. so what is cirkul? it's your water, your way. cirkul, available at walmart and drinkcirkul.com. switch to shopify and sell smarter at every stage of

your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. not all caitlin clarks are the same. caitlin clark. city planner.

just like not all internet providers are the same. don't settle. you want fast. get fast. you want reliable. get reliable. you want powerful. get powerful. get real deal speed, reliability and power with xfinity. she shoots from here? that's kinda my thing. hope you like evs because we have news for you. chinese maker li auto and by

sdrks have met or beaten forecasts kicking off a busy week for the sales data. the numbers come as the china's ev makers are launching aggressive prices to boost flagging demand and everyone wants a chunk of the pie and market share. shares of xiaomi jumped 16% following the launch of the tech giant's first electric vehicle. the company received orders of 90,000 units in the first 24 hours of release. then we have tesla. it is on slate to report its global first quarter numbers this weith the number of report of slowing sales and high interest rates. the consensus is for 457,000 deliveries in the period which

could be the rip the band-aid quarter. that is according to dan ives. he had great turns of phrase. arjun, we have seen a number come out and cut share prices for tesla as well. it is not a smooth ride. >> it is a cnumber of factors facing tesla. the prices in the ev market which is sparked by tesla at the end of 2022. you are seeing the chinese players aggressively cutting prices. tesla margins are under pressure. teslas have high margins and done well. those are also under pressure. now you have increased competition. xiaomi and they priced that at $4,000 less than tesla's model 3. then the broader demand story. you look at tesla and china is the huge chunk of the deliveries. there is an issue with thecompe.

all of that is hitting tesla and they are behind the price cuts. >> let's bring in the guest and you will stay and join in. john blank with the investment research firm. tesla had it good for a long time. it had breakneck sales growth numbers. now we are seeing the other players like byd eat tesla's lunch. >> we are. it is not just they are eating their lunch, but byd is going after the destruction of internal combustion engines. they have a battery vehicle for $15,000. they have another vehicle, dmi, a plug-in hybrid, for $11,000. the problem here is in the model

framework in mid 2025 to $25,000, they are still $10,000 away from where byd is now and that market. that is slowing down their progress in china. byd is not targeting to be in front of them, but the volume leader in excess of tesla. the story is tesla is the toller of byd right now. >> john, one of the interesting things of the upstarts is how aggressive they have been on launching new vehicles to market. it was three years ago that xiaomi is entering the market. a number of other vehicles from nio as well. china demands the latest in terms of technology and new product. >> you are hitting the nail on the head.

in shanghai factories, there is no question. tesla doesn't have the product in china. this is the landscape in china with battery landscape that we have never seen before. it has to be aggressive and very competitive. they are way behind the curve and also not the leader in battery technology in china. there is room for them to realize they have to pick up the speed. by the way, they have a ceo who is doing ceo jobs at six companies simultaneously. >> john, you know, a bit of a risk with the big personality attached to a brand. steve jobs at apple and elon musk falls into that camp as well at tesla. he is fighting climate change

and bringing out sleek models of cars that we have never seen before. not so good if that chief is making questionable publicly. is this a reputational risk for tesla? >> i think one of the things they will do is advertise more. they will try to take the tesla brand away from us and get it more known as a brand. they will basically not acknowledge this situation, but they have created it for themselves and target advertising. they have an opportunity here to get the brand focused on the future and on super charging networks and the power and mega packs and all of the storage with the next generation of vehicles they have coming out. that's what i would be doing. i finally turned to advertising if i were tesla. >> john, one of the big stories

when elon musk and tesla started this price war was how long would investors be okay for tesla to sacrifice margin to chase market share. where are we now? is the market fed up or do they think the lower margins will be here for longer than perhaps was first anticipated? >> you know, i can go on what analysts have it. this is kind of hard to swallow when you think about the earning ra ratio. the eps growth for 2024 is 7%. that incorporates an operating margin in the 8% and 9% and not 17% area. if you have a 17% eps for 2024, the only way out of the story is the eps growth rate that tracks the margin in 2025 and you get up to 15% or 17% maybe.

if that is the case, you are way under selling what your price earnings ratio. they are trying so hard with the full self drive and trying to get the story back they are a technology leader and a.i. leader. they are trying to justify the fee. frankly, i don't think the market is buying it. the story here is bear/bull wise, does tesla get the market to believe the technology story or believe 7% and 17% eps growth rate. that is the issue. >> you are right. the market is not buying it. not even talking about the peak with the chart over the past five years. the first quarter alone is down 30%, john. what is the path to comeback for the shares? >> the path back is actually a trip down to 120 in tesla lows. i don't see the stock doing anything but getting back to the

lows. if it bounces off the lows, there is a chance we can get back to 200 for the stock next year. right now, the shorts are on the stock. the chart is terrible. the pe ratio he is out is way o. it is too big a story right now other than for the shorts. i'm in for 120 before you go higher. >> you have to go down and what goes down comes back up. john, thank you so much for joining us. john blank from zacks. formula 1 owner liberty media announcing plans to take over the motogp parent company dorna. it valued the company at $4.2 billion euro. it is expected to be completed by 2024 and will see 86% of dorna. and ryan reynolds company

nuvei will be purchased by advent. shareholders will receive $34 per share. very nice. according to both firms, the deal is expected to close later this year or in early 2025. microsoft backed cybersecurity firm rubrik has filed for ipo in the united states. the startup is the latest p com company is the next to move. the company could seek to raise $500 million from that listing. microsoft is set to split up chat and teams from the office product globally. it comes six months after it unbundled in europe from the eu

commission ruling. zoom has seen its growth plummet from 350% in 2020 to less than 3% last quarter. that's a massive ouch. as for the european markets, let's look at the board. a little bit of green and red. dax is flat with the down side after the great first quarter. ftse 100 is just now dipped back below the 8,000 mark. it was above that earlier on in trade. 0.3% to the upside. u.s. futures are suggesting a negative start to the trading day there. dow is suggested down 180 points. that's it for today. i'll be back tomorrow. i'm mandy drury. "worldwide exchange" is up next.

her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials.

“the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." no tuesday turn around in sight. stocks continuing their slide after kicking off the new quarter in the red. futures are lower right now. the slide fueled by the stronger than expected economic data reducing the hopes of the fed rate cut. and disney locking in critical support as the boardroom battle with nelson peltz is marching closer to conclusion. a look who is behind bob ige