Notched the first record close since november of 2021. It was up. 90 . It wasnt the only index to set a record. S p was up, too. The 14th record of the year. The dow broke a threeday losing streak and trading off. 75 . Nasdaq 100 set a record yesterday. If you look at treasury yields on this first trading day of march, you see the tenyear yielding 4. 227. Twoyear yield at 4. 58. And Congress Passed the shortterm funding bill sending it to President Bidens desk last night. It averts a partial Government Shutdown that would have happened this weekend. It is part of the broader bipartisan deal to push back the deadline for 6 of the 12 spending bills tofund the agencies until next friday and the remaining six until march 22nd. New York Community bancorp shares plunge after replacing the leadership. Leslie picker has the latest. Reporter andrew, good morning. The latest news is just salt in the wounds of investors who held on to new York Community bancorp shares through the year. The stock plunging 30 after a filing yesterday afternoon revealed that management found weaknesses in the companys inn p te internal controls over the loan review. That is not complete, meaning more problems could arise. Nycb contributes this to ineffective oversight and Risk Assessment and monitoring activities. It needs to delay the annual report and will formulate a remediation plan. Piper sandler is downgrading the stock because there is concern over more issues coming down the pike for the company. That is now the sresponsibility of the new management. Alessandro dinello is the new ceo. Nycb has lost half of the market value this year after earnings reported at the end of january showed a sizeable deterioration in the companys office and multifamily commercial real estate portfolio. Guys. Oh, boy. This is crazy stuff, leslie. Reporter yeah. This is pretty wild. I think there were a lot a lot of thought that when surrounding the downgrade of their credit and surrounding the move to dinello in the chairman role and the call to analysts with the concern and bringing back trust to the institution and people thought they were throwing out the kitchen sink here. Now we know what is going on and we can move past that. The stock had stabilized in recent weeks. There was insider buying to try to shore up confidence here. I think some people thought the worst was behind them. The news from the material weaknesses and material controls is they disclosed what they found and took the hit to Fourth Quarter earnings. Retroactive hit there. The concern is there could be more once you start looking and that concern is what do you find. That is the tremendous drop of the stock price in premarket trading. Excellent. Leslie, we will have more later this hour. The story of the morning. Elon musk filing suit against openai and Ceo Sam Altman alleging they breached the companys founding agreement by putting profit ahead of benefitting humanity. Musk saying openais close relationship with microsoft undermines the original mission. Musk helped fund openai. He has been outspoken about the frustration with openai and the governance and sam altman. He discussed this with me in november. He has been quite public about it. Filing a suit is another situation. Of course, yesterday, we learned the s. E. C. Was investigating openai. I think it was a prerfunctory investigation. I think elon musk can bring a lawsuit for a long time. He can go up against openai and microsoft and he can get it to discovery. Im surprised he did not do this sooner. I think it gets interesting very quickly. I want to know. Those are noble words. Hes very good at making profits. Maybe theyre subsidisubsidized. He is doing well in the cap capi capitalist system. Is he worried it is a forprofit company . Did he put in 1 billion . I know he wants it to be open, but does he not want it to be a money maker . Do you think he is altruistic in this case . I feel comfortable is not because he wants groc or some other version of his a. I. To beat out openai. There will be that view of it. I think this comes from the place of genuine frustration. I interviewed both of these guys, sam and elon together, back in 2017 or 2018 when they first were beginning openai. The effort was completely different frame of mind of what this was supposed to be. People say is elon hurt or feels hurt . This is one of those things that he hurts about. There is, in my view, i dont know if it is in your view, there is a precedent for him that he shows he doesnt always make a profit. This is one of those. Its talking about twitter. Maybe people thought he was going to do it with twitter. Maybe people thought it was a business investment. He was saving the notion of both sides and a public forum and say free speech. He lost his ass. How much money has he lost . I dont think he cares. If he did it then, maybe he is doing it now. Committed to 1 billion and then backed off. He put in 50 million. I think thats the case. He was unhappy with some things. You think that was altruistic let my make two distinctions. For me . You can bring me healong slowly . When he bought twitter, he bought it with his money and investors money. He went to the investors and said this is a business. You need to give me money. We are value x. Im suggesting if that is altruistic, tell everybody who lost money and call me. That explains that. On openai, this is his suit and i can put this in a comparable category as peter thiel did with gawker. It goes to the idea with somebody upset on the personal level and will take it all the way to the very end. I think gawker got shutdown. It did. I dont know what the ultimate ramification, but this is the last individual in the world who can probably take on openai and microsoft. Microsoft will ultimately have a stake in the outcome of this as well and he is probably the only person who can actually do it. We will see what happens. That was another great benefit to society in peter thiels case. Shutting down that crap. Other people argue the en entertainment factor. The grandchildren of walt and roy disney are backing ceo bob iger in the proxy battle with nelson peltz. Nine heirs lined up behind iger, one includes abigail disney. She put together a movie which put out Pay Practices there. Abigail disney says i have my differences with bob iger, but i know the worst thing that can happen to the company is nelson peltz. Peltz is campaigning for two seats on the disney board and urging the company to cut costs and revamp the streaming business and clean up the suck suggest succession planning. Enemy of my enemy. This is back if bob iger is not woke enough for you, theres no and you bring nelson peltz in. At least she knows what a real problem looks like. The heirs called peltz and other activist investors circling disney wolves in sheep clothing. Exactly. Iger looks good. Shes a piece of work. Whoa. We had her on many times. When you are born on third base and you hit a triple. Coming up, the biggest movers this morning. Later, dont miss our interview with richmond fed president tom barkin. That is coming up in the 00 8 hour. Squawk box will be right back. Announcer this cnbc program is sponsored by baird. Visit bairddifference. Com. Real r rock star . What do you know about rock stars . Billy idol . I mean wheres the skintight leather . My shoes are leather. Wheres the unnecessary zippers . That thing billy, rock star is just how doug feels when he uses workday. Thanks, rory. Ill show you rock star be a finance and hr rock star. Workday. For a changing world. Billy idol just stole your golf cart ameritrade is now part of schwab. Bringing you an elevated experience, tailormade for trader minds. Go deeper with thinkorswim our awardwining trading platforms. Unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. And sharpen your skills with an immersive Online Education crafted just for traders. All so you can trade brilliantly. Welcome back. Mattel is delaying the filing of the 2023 annual report. The company identified material weaknesses in the internal control of the Financial Reporting relating to information it technology. It is not expected to impact the information in the report. Mattel is working to file the report no later than march 15th. Shares this morning are down 1. 5 . There are shares of hpe that are falling significantly. Down close to 6. 5 . The company cut outlook for sales growth and profit for the fiscal year citing lower demand for the networking products. The company warned of the shortage of graphic processor units. Well speak to the ceoantonio neri at 8 10 a. M. Eastern time. Shares of Dell Technology soaring. Company reported 2. 20 a share which is above the estimate of 1. 73. Revenue is better than expected. Orders for the a. I. Servers increased 40 quarter over quarter and backlog doubled. The company warned that some customers were cautious about infrastructure costs because of the challenging macroeconomics environment. Joining us now is stephanie link. Chief strategist at hightower investments. I saw the stocks and companies you want to talk about today, stephanie. I thought they were interesting. Lets get into them. They remind me of deep cyclicals. They are. I think the economy that the data we have been getting for the last several weeks and months and quarters is better than expected. Were running 3 gdp. Consumption in the gdp number was up 3 . Personal income up 5 . Savings up 3. 7 . Consumer is just fine. Manufacturing is what we dont talk about that often. Last week, we actually got the s p Global Manufacturing pmi that had new orders, joe, of 53 . That is a leading cater. Indicator. We had 2 trillion in infrastructure spends coming our way this year and next year. You want to own more industrials and cyclicals. That is why the names i have chosen for today is that theme. The macro picture in the last week and we have seen a double of data points which are interesting. Now is inflation back under control . Well, the inflation is the lowest since 2021. We saw in terms of the peak in pce, core pce being 5. 6 to 2. 8 . Were making progress. We may not get to the 2 f. The last mile is challenging. We are getting there. The fed is definitely done in raising rates, but the question is how many times will they cut . They can cut. They have a dual mandate of jobs and inflation and both give them the okay to do that. Stephanie, the nasdaq as we have been talking about finally regained alltime high ground. Thats with the benefit of a. I. I dont know if we would be there without that glow or animal spirits. How would you describe what technology has been through the last two or three years . Its amaziamazing. A. I. , we have been talking about a. I. For years, but obviously got jazzed about it last year as generative a. I. Took over and gained momentum. It is 1 trillion total Addressable Market by 2030 probably at a minimum, joe. You want exposure. We talked about it. Im not sure you want to go out and buy nvidia up 270 in the last year. There are plenty of names. Dell. These numbers were huge last night. The stock trades 14 teams forward estimates. The numbers will go higher. When you have a. I. Orders up 40 , you have a doubling of the backlog in a. I. The pc cycle has been dead the last couple years and now starting to see recovery. You can buy dell up and you can buy a cdw which iss something i own. Testistephanie, i try to rem everything you say. We have a lot of people that come on. If there was one trade that almost across the board over the past few years and people felt safe recommending healthcare. Everyone was going to get older and always a place to be. Recently, we had people on talking about there will be margin compression. It is happening. We saw some of the regulatory issues facing one of the greatest healthcare stocks. United healthcare. Didnt you like healthcare in the past . Are you changing . Have we hit the nader . Have we hit the peak and on the other side . Healthcare has been frustrating. Yet, you have seen healthcare earnings up about 8 in the past quarter. We had a lot of laggards there other than biotech. Biotech has done nicely. One of my biggest positions is ge healthcare. It is a spin from ge and i think that the hospital utilization rates are going up. We are seeing it. Cap ex from hospitals will be 2. 5 . They have a great product cycle story. They do have a margin improvement story because theyre spun out from ge where they were underinvested when they were part of ge. I like spins, as you know. I like to be selective in health care. You dont broad brush. I think United Healthcare is interesting because it is down a lot in the last couple of days on regulatory issues. I think its a lot of noise and p i think they will have pricing power. They will not let the mlr go up much more without offsetting with price increases. I like that one, too. I like bristol myers. That is dead on arrival. Stock trading seven times earnings. There are places within healthcare. If i have to tell you, i prefer some of the cyclicals that we were talking about in the beginning of the show. I like the ge now they are spinning out. We knew this would happen. That is good news they are getting that past them. I like masko. There is a lot to do in the market beyond tech. I like tech, but there is a lot beyond tech. Im thinking the weight loss and that sector of healthcare is a. I. Almost. Sure. Now supposedly and i dont know if i believe it. Obesity is past hunger . That is a blessing and a curse. If we get to the point where the biggest thing we have to worry about is people are too well fed. Fed with the wrong things, obviously. If that is true, it is hard not to think that is the silver lining. Stephanie, thanks. Nader, the word itself sounds, but its not. Its the dip. Doesnt it sound high . Apex . The definition in the dictionary is the lowest point in the fortunes of the person or organization. Then they wrap it up with the quote thatsays they reached the nader of the suffering. The height of the suffering. A negative on a negative. Its complicated. All right. Ill use it properly from here on out. I promise. Coming up, news from several electric vehicle companies, including fiskers warning about the ability to stay in business. Well talk about that in just a littlebit. In the 8 00 hour, we will speak with mayor eric adams about all that is going on in new york city and the Politics Around the country. Squawk box is coming right back. Pga of america and tmobile are partnering on 5gpowered analytics to help improve player performance. Tmobiles Network Helps aaa stay connected nationwide. To get their members back on the road. And Las Vegas Grand Prix chose tmobile to help fuel operations for one of the Worlds Largest racing events. Now is the time to see what americas largest 5g network can do for your business. luke this will be a gold mine of local intel. Just you wait. Now is marci e to see what amright. S largest so, tell us about this corn festival . stylist 1 oooh you got your corn pudding. You got your corn chowder. marci so. Is it safe around here . stylist 2 sometimes. luke if a family of eight were to need a cold plunge, where would they find it . stylist 1 . And then they dip it in butter, then bam, it goes right in. stylist 2 . Really cute vampire bar. stylist 1 the reverend does like a blessing on the corn. luke donut shops. How far from here . marci no eyebrows . luke think of how light itll feel in the summer. Weve got to run. Eleven thousand more neighborhoods to go vo ding dong homesdotcom. I am here because they revolutionized immunotherapy. I am here because they saw how cancer adapts to different oxygen levels and starved it. I am here because they switched off egfr gene mutation and stopped the growth of tumor cells. Theres a place thats making one advanced Cancer Discovery after another for 75 years. I am here. I am here. Because of danafarber. What we do here changes lives everywhere. I am here. Welcome back to squawk box. Fisker is announcing a warning with the concerns and the company laying off 15 of the staff. The after hours move bringing the market cap to 250 million. Sp separately, s. E. C. Names lo lordstown over the sales of the flag trip truck. Lordstown agreed to the cease and desist order. Lordstown did not admit or deny the s. E. C. Findings. I just drove by lordstown. The plant is now foxconn. You drive by it and that is what the plant is there. When we come back, we will talk about the potential regulation for Regional Banks a year after the collapse of svb. A market flash for you. Beyond meat is not able to file the report on time because of technical difficulties. The stock which jumped sharply on better than expected results when it did report, is down 1 . As we head to break, lets look at the s p 500 winners and losers. Announcer executive edge is sponsored by at t business. Next level moments need the next level network. And this must be the ocean view . Of aruba . Huh. This listing is misleading. Well, when at t says we give businesses get our best deal, on the iphone 15 pro made with titanium. We mean it. Amazing. All my agents want it. Says here. inviting pool. Come on over too inviting. Only at t gives businesses our best deals on any iphone. Get iphone 15 pro on us. fresh, warm hot dogs when im not selling hot dogs, i invest in a fund that advances innovations like robotics. Fresh, warm hot dogs, straight out of my torso one for you, one for you. Oh, youre a messy one. Cool, right . So cool. Anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. Hot dogs fresh, warm hot dogs before investing carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com. Good morning. Welcome back to squawk box. Were live from the Nasdaq Market site in times square. The futures are indicated weaker. Dow down 50 points and s p down 6. It is coming after another day of significant gains. S p set another record yesterday. Dow was at a higher level and nasdaq set a record as well. It has now been one year since the collapse of Silicon Valley bank and the banking crisis. Our next guest authored a paper on how to focus on future banba banking regulations. We have tomas with the National Bank of economic research. We are a year out. Im curious, do you think anything has changed in the past year, to