Market Moving Insight and Analysis. Join Jim Kramer, David Faber and me, Carl Cantonea, on the opening bell hour of CNBC Squawk on the Street. Good Thursday morning, everybody. Welcome to Squawk on the Street. I'm David Faber. Jim Kramer. We're live from post-9 at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures this morning as we get ready to trade one half an hour from now.

I don't know. I guess that means we're going to be down.

Just cross the Dow off. Why do we bother?

Well, because atavistic, I mean, NASDAQ is what matters.

While our viewers look up the word atavistic, I think that's a perfect word for it. Let's give them a roadmap, though, because we do have some other things we're going to talk about. Tesla's under pressure on the pre-market, despite what was a beat on the top and bottom lines. Don't worry, I got a whole wrap on that. I bet you got a wrap on it. Netflix posting strong subgrowth. It cracks down on password sharing. Again, though, that stock also down. In fact, it's one of the biggest laggers on this. Don't wait. I have a wrap on that. He's got a wrap on that too. How about J&J? You got a wrap on that? Yeah, I do actually real good. Earnings, B, hikes its full year guidance as medical technology sales surge. Of course, Jim's been talking about J&J a bit on the litigation fund.

Yeah, but I knew it was going to be down. I told them it's going to be down. It's down big. All right, let's start with Tesla, though. Lower in the pre-market, quarterly results overshadowed by a decrease in gross margins. Of course, many of our viewers are well aware of the price cuts that took place on last night's earnings call. call Elon Musk said investors should think about Tesla on a long-term basis.

The short-term variances in gross margin and profitability really are minor relative to the long-term

picture.

Autonomy will make all of these numbers look silly.

So, you know, I strongly believe Tesla is epic long-term investment,

and don't swear when, you know, things go up and down.

In fact, if the market panics by,

if the market's a little too exuberant, sell at the time, but, but just generally, like,

like, I feel a confident, you know, we will deliver a long term, but can't control short term. So,

and the, the, the autonomy is, it's really where it's at.

Autonomy is where it's at, obviously something he also had, uh, indicated to me during our

interview back on May 16th now, some time ago. But this move to full self-driving when it occurs,

and the, the ultimate accretion of revenues that will occur as a result of what he believes over many years

will be fleets of Tesla robotaxies essentially, and they'll take a piece.

And they'll take a piece of that revenue stream.

But give me your overall take here on the quarter, Jim.

Okay.

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