New 52-Week Lows for Tesla, Cramer's Market Slump Message, Countdown to Netflix Earnings. 4/18/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 18 April 2024

⏱️ 43 minutes

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Summary

Carl Quintanilla, Jim Cramer and David Faber discussed Tesla falling to a new 52-week low after Deutsche Bank downgraded the EV maker to "Hold" from "Buy." How low can shares go? Hear Cramer elaborate on his message about certain stocks: "We are in a serious correction and no one wants to admit it." Also in focus: 4-day losing streaks for the S&P 500 and Nasdaq, what to expect from Netflix's quarterly results after Thursday's close of trading, chip sector movers and AI, earnings winners and losers, the companies scaling back “work from home” arrangements. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street. Good Thursday morning, welcome to Squawk on the Street. I'm Carl Kintanio with David Faber at Post 9 of the New York Stock Exchange. Kramer's in Philadelphia today. We'll get to Jim in just a second. Future's pretty steady as we get a fresh batch of corporate earnings this morning. Taiwan Semi, Blackstone, CSX.
0:22.9	Philly Fed was a surprise of 15.5. Future is pretty steady as we get a fresh batch of corporate earnings this morning. Taiwan Semi, Blackstone, CSX.
0:22.8	Philly Fed was a surprise of 15-5, best in two years, and prices paid highest since December.
0:28.8	Our roadmap begins with Tesla's troubles, though.
0:30.8	Shares awfully close to a 52-week low this morning as Deutsche cuts on Tesla's, quote,
0:36.8	thesis-changing shift from a lower-cost
0:38.8	EV to Robo. Plus, stocks overall are looking for some traction, this after the S&P
0:44.4	launched its fourth straight down day. The NASDAQ remains on pace for its longest weekly
0:49.1	losing streak since December of 2022. And Las Vegas Sands is amongst the biggest laggards that's ahead of the open.
0:57.0	That's despite an earnings beat.
0:58.6	Blackstone, as Carl just said, Alaska Air, D.R. Horton.
1:02.2	We've got a host of companies that are reporting earnings, and we'll get to all of them.
1:06.0	Let's kick things off with Tesla today.
1:07.8	On track to open awfully close to a fresh 52-week load.
1:11.8	Deutsche cuts to hold today from buy, cuts its target to 123. They were at 189. Jim, they were at 250 in February,
1:18.9	as there's a whole revisiting on what exactly the future model of Tesla is going to be.
1:25.3	Yeah, look, if you're going to roll the dice and decide that what really matters is self-drive, something that has not worked for anyone to tell the truth, then what you really do, you're box yourself in the corner. What people really wanted was a cheaper car to compete against the Chinese. We thought that he was a better manufacturer. We thought that there was no doubt about it, that a cheaper car would be additive to earnings.
1:48.4	And then we would prove that the great American company is better than the rest of the world.
1:51.5	David, what we got was a gamble.
1:52.9	You know what?
1:55.5	Can we win, can he win that gamble?
2:02.1	Because so far, when you have full self-driving, it's not been something that works.
	...

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