Tesla in the Crosshairs, Shopify Pres. Reacts to Tumbling Stock, Reddit Jumps, Uber Falls 05/08/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 8 May 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber discussed a report that sent Tesla shares lower: According to Reuters' sources, U.S. prosecutors are examining whether the EV maker committed securities or wire fraud in their Autopilot probe. Shopify President Harley Finkelstein joined the program to talk about the company's Q1 earnings beat -- and the stock tumbling on guidance. The anchors also reacted to Reddit shares rising and Uber shares down sharply following the release of the companies’ respective quarterly results. Also in focus: Microsoft's $3.3 billion AI investment, Disney the morning after its stock fell 9.5% post-earnings. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:10.7	Good Wednesday morning. Welcome to Squawk of the Street. I'm Carl Kinteneo with Jim Kramer. David Fabers back at post-9 of the New York Stock Exchange.
0:16.8	Little equity pressure pre-market has some well-known names guide lower. Shopify, Uber, Intel, Twilio, oil below 77 for a moment.
0:25.2	That's almost a three-month low.
0:27.0	Our roadmap begins with Tesla, though, under the microscope today as federal prosecutors reportedly examining whether the company committed securities or wire fraud in their autopilot probe.
0:36.5	Also ahead, we've got some bro stocks that are moving in different directions.
0:40.6	Reddit, for example, recent IPO surging, Uber's down sharply, Shopify, really down sharply.
0:46.7	The president will join us this hour.
0:48.4	And on the AI front, President Biden is going to announce the plans by Microsoft.
0:55.6	This is Microsoft money,
1:00.2	not federal money. They're going to build a $3.3 billion data center in Wisconsin.
1:05.4	Let's start with Tesla, though. A source is telling Reuters the Justice Department is investigating whether the EV maker committed securities or wire fraud by misleading investors and consumers over its vehicle's
1:12.3	self-driving capabilities.
1:13.9	Tesla's autopilot and self-driving systems assist with things like steering and lane changes
1:18.8	but are not fully autonomous.
1:21.1	The report also says the SEC is investigating Tesla's representation about driver assistance
1:26.4	systems to investors.
1:28.3	So Jim, I think they're quoting three sources over at Reuters.
1:31.3	Right. Look, and I know David, we can go into this.
1:35.3	I don't want to, this is obviously serious news.
1:38.3	The problem is that I've always found that when you're talking about what the Justice Department is
1:43.3	and isn't going to do, it's a really high-risk endeavor. I'm not saying at 9-02 I should be disputing a story. I'm not disputing a story. I am saying that the Justice Department examining is very different from the Justice Department indict. And I just think I should point that out because it's only fair to do that. Without a doubt. And that's the way it's supposed to work.
	...

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