Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintoneo and Jim Kramer. David Faber at post nine of the New York Stock Exchange.

Pre-markets lower on a wave of disappointing corporate results from several financials, Tesla, AT&T, and then some wake eco-data.

Philly Fed, worst in nearly three years, continuing

claims highest in almost a year and a half.

A roadmap begins with that Tesla tumble, posting its lowest quarterly gross margin in two years.

Elon Musk says he will continue to put sales growth ahead of profit.

AT&T's free cash flow fumble. Shares are falling sharply.

The company, though, says it is still on track to meet all of its full-year forecasts.

And SpaceX is set to launch its first test flight of the Starship rocket system.

We're going to bring that to you live if and when it happens.

Let's begin with Tesla, though, down sharply in the pre-market.

These price cuts resulting in the company's lowest quarterly gross margin in about two years.

On last night's call, Elon Musk did highlight that sales growth is still a top priority.

While we reduced prices considerably in early Q1, it's worth noting that our operating margin

remains among the best in the industry.

We've taken a view that pushing for higher volumes and a larger fleet is the right choice

here versus a lower volume and higher margin.

It's better to ship a large number of cars at a lower margin and subsequently harvest that margin in the future as we perfect autonomy.

This is an extremely important point.

Those operating margins, though, Jim, X credits are approaching sort of what legacy OEMs make.

Yeah, and I'm glad you pointed out and put it like that because there is a sense by a lot

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