Steve cohen had to say about markets and a. I. , especially. Plus, it is a pivotal day for disney. The companys battle with nelson peltz is set to conclude at its annual meeting. That is set for this afternoon when we will get the vote totals. And tomorrow, 9 00 a. M. , right here, dont miss an exclusive with bob iger. Is it right here or out there . Its out there. Its out there. I will be going out there, hoping that the high winds that are blanketing the area wont prevent my travel to see mr. Iger. And by the way, just to make a point here, this is not saying anything one way or the other about the vote. Hes going to do the interview either way. Huh. Okay. Okay . Is that okay with you . Well, id be more inclined to do the interview if i won. I think thats his expectation and or disneys as ive been saying all along, at least. They have had a lot of confidence they will win. But you wanted to make it clear that it is not do you share that confidence . I do. The reporting i have been able to do i understand that theyre going to most likely win. I was saying this yesterday on scotts show on halftime, and it continues to be what i am hearing. That they are going to win. Where will they end up percentagewise . Its clearly above 50 . Will it be high 50s . Could they get as high as 60 . Other news organizations have been reporting on some of the large shareholders, you know, im just giving you sort of the overview that i am getting in terms of their confidence. Im giving you the overview. Youre giving me the j overview . Do you have an underview too . No, i dont. And im not going to trade the whole team away because theyre old and just get new players that i dont care about. Im not doing that either. I wanted to hear about alonso, man. Come on, andrew. And i want to hear about alonko. Anyway, well get to that. It was a great interview with andrew and steve cohen on squawk. Bostic said, and as adp says at 184, economy keeps to chug along here. Its a good economy. Yesterday was really classic. Paychex was down 10 points because there was this line which says, look, we may not be able to do the number that people thought and it turned out it was because of some change in federal Government Program and business is quite good, and companies are still finding it hard to get the right people. Now its a little bit off. But there was absolutely no letup. I was surprised the south wasnt that strong, but the nation was strong. The only real decline is because of the minimum wage law in california where a lot of companies have said, you know what . Im going to get below the 50restaurant threshold, or im going to lay off people. So, theres a place where i heard of unemployment. California. Did you decent story today in the journal about the discrepancy in terms of measuring where we are in terms of overall employment because of immigration and the household versus the employment and the difference in the surveys because we may simply be undercounting the number of immigrants. I think that thats definitely happening. Its also moving up the price of rent. The cities are renting it have just overall demand . Yeah. I dont know. Its not that i dont trust the numbers. I just think the economy is strong. There isnt any area of the economy that im seeing real weakness in. Not one. Not one. I keep looking. I dont have any areas. The calendar is loaded today. Well get more fed speak. Powell speaks at noon. Well get ism services at the top of the hour. The interview with steve cohen talked about economic resilience, a lot of it related to almost to his golf trade and that is involving artificial intelligence. Take a listen. Bubble. I mean, i think the markets are discounting some of what we they think a. I. Is going to do for companies you think its discounting . Discounting. You think that theres even more upside . I do. As a result of a. I. . My view is, this is a really durable theme. Ill give you one little anecdote. My cto comes to me and says i can save the firm 25 million by doing using these llms to improve our efficiency. Now, were a nicesize firm. Were not a huge firm. So, imagine what Big Companies can do. Thats just one thing. It gives you a little bit of a look into whats possible. On top of that, jim, argues that the fourday workweek is coming. That was shocking. Not sure where he gets that, but hes steve cohen, and i like him very much. Always have. I know that michael had a piece out yesterday from jpmorgan talking about how he doesnt think that things have gotten out of control yet. That the stocks that are doing the best are the companies that provide a. I. , that, therefore, you dont have anything hes not talking about a year 2000 bubble. No bubble. Right. And having reported throughout that period, it doesnt feel like that now. No, no. Companies arent doing better because of a. I. To your point, you can make an argument all you want about multiples and whether they are overdone versus the potential growth rate of some of these companies, but were not talking about a slew of companies that will never make any money having a Business Model funded regardless. That is its the opposite. Were talking about the Biggest Companies with the deepest pockets, the most capital being coming in, going out. In the history of the country. Nvidias making a fortune, okay . The stocks going to describe and and drab down. This is why you had such a radical move up. It just kind of didnt do anything. People gave up on jensen huang. Theyre going to give up again, because they see the stock goes down. They take care cue from the stock, and they say, oh my god, thats a bubble. Well, i think that the amount of money that nvidias making is extraordinary. And you dont know how to value it other than to give it a higher multiple. Next year, well look at it and its 16 times this years earnings. Cohens point is going to be one that we discuss a lot as well, which is, is the stock market already accounting for the productivity gains of so Many Companies that eventually will really incorporate the use of Large Language Models in their daily operations . Its starting. We know that. But its very much unclear whether it really has gained that much momentum that we can account for it fully. Right. Bill mcdermott from servicenow would say were nowhere near. Marc benioff has now products coming out that say were nowhere near saturation. Its very early. Theres it is you know, lets accept cohens interview. Someone found 25 million. I think that he sells himself short. He would be the first, because hes got great people. He didnt mention any individual stocks. Thats smart on his part, i think. But they know how to do this stuff. Salesforce, all those stocks are the same chart. If we put up servicenow. The only one thats not the same is adobe, and adobe, im worried about. Why are you worried . Because theyve got a lowend competitor thats come in, basically made it so that their suites very expensive. Thats canva. They pronounce it with a philadelphia accent, im grateful. I think its an australian founder. Hes an australian philadelphian. Do you think thats a real competitor . Their most recent acquisition was good. The suite they just need one Design School to capitulate and lose leave adobe, and youll see that stock go up of sorry. True. You dont have to be sorry. We discussed disney very briefly at the top there, obviously, again, we will be ill be sitting down with bob iger tomorrow from l. A. , but it does appear likely theyre going to prevail in the key shareholder vote that is going to be concluded today with the annual meeting of the company. That will begin at 1 00 eastern, and again, all these different reports about where vote totals are, do want to stress that you can change your vote to the very end. That has happened occasionally. But, i mean, we dont need to have the conversation again, jim. My reporting would indicate theyre going to win. The only question is how sizable where do the index funds come down . Blackrock, i believe, and vanguard are in the disney camp. Thats very interesting. I know that theyre smart guys. They took a look at things. Its not just an absent minded vote. When iss went for peltz, one director for peltz himself, not rasulo, that was seen as a real positive. But retail is important here, as i reported yesterday. 40 . I think disney is confident they would be able to get a significant percentage of the Retail Investor base to go their way. Obviously, having lined up the likes of lucas, for example, or even loreen jobs. Disney family. Yeah, disney family. So many other people who might at least have some influence on a retail base. And then the institutions. Its not going to change what iger does, really, and im looking forward to the opportunity to discuss with him dollar amount . Whats going to be happening. Get a dollar amount . How much they spent . I guess i could ask. Dollar amount on some of the things they may have done with some of these people. Foundations, things like that. Are you bitter . Am i bitter . I happen to be someone bwhos been to disney world ten times. Im not bitter. You were in the peltz camp, right . I voted my shares for peltz for my travel trust. Thats the camp im in. I dont think any viewer would be surprised. No. Not revelatory. Thank you for putting me on the spot, though. I enjoy that. Every so i wasnt able to interview steve cohen, so im taking it out on you. Im keeping the fophillies a they were. What are you going to do with alonso, though . Im glad embiid is back. And olonko . I think they traded that great fish business to merck. Im taking them down on that. Downgrading to the lehigh iron pigs. Final point on disney is we have had bill ackman enter the fray, of course, because how can you do anything without bill ackman being part of it . And elon musk. Elon may be close to nelson these days. Elon came out and said hes in support of nelson, but we know he has this running feud with iger that goes back to when disney pulled advertising on x and when at andrews conference in the fall, he had some choice words for bob iger as we all know. You wouldnt want to compare teslas stock to disney stock since that interview. No. And the tesla the numbers. I mean,hows your Free Cash Flow doing over there . On tesla . Yeah. Did you see Free Cash Flow on the new numbers . Not looking good. The fulcrum. Yeah. Tesla shares look like theyre poised to decline a couple more percent, but were you surprised that it wasnt a more pronounced decline yesterday, based on those numbers . Yes, although adam jonas thought it was not a pronounced decline. As a matter of fact, ive got to tell you that the numbers we thought they were going to make just a couple quarters ago couple weeks ago. Yeah. The flipping never, but investors digesting the negative volume. Your point, carl, good trade if you do your when was the trade . Was it february . It was actually november. Ive got people that made on the ground, cybertruck. What about it . As many as you want. I can have as many as i want . Can i get a good price on it . You have to pay. You have to pay for it. I dont know. Im actually hearing from i actually have dealer contacts that say there are some cybertrucks if you want them. Theyre not the kind of hot as we thought. Jim farley predicted to me what happened. He did not think they would be as well received as the bestselling truck in the world, the f150. Right. Were going to get to more of the tesla reaction, which continues this morning. Well talk about intel shares, why theyre this mornings worst performer on the s p and the nasdaq 100. Got bullish calls on oil today. Ta ngrades of pepsi and some reil names. This earthquake in taiwan moving tsmc. An. Into the vending area. Oh, not the fries wheres the ball . Anybody see it . Oh wait, there it is back into play and. Aw no, its in the water. Wait a minute. Alligator. Are you kidding me . You got to be kidding me. Rolling towards the cup, and its in the hole what an impossible shot brought to you by comcast business. See that . Thats like the gap in my Health Insurance. Gap in your Health Insurance . Yeah, it didnt cover everything when i got hurt. Good thing i had aflac. Hmmm the cash i got from aflac helped pay for medical expenses, groceries, rent. It really helped close that gap. Go, go, go yay go aflac go duck get help with expenses Health Insurance doesnt cover at aflac. Com wish we had aflac on our team. You can so this is pickleball . Pickle ah, these guys are intense. With e trade from Morgan Stanley, were ready for whatever gets served up. Dude, you gotta work on your trash talk. Id rather work on saving for retirement. Or college, since you like to get schooled. Thats a pretty good burn, right . Not all Caitlin Clarks are the same. Caitlin clark. City planner. Just like not all internet providers are the same. Dont settle. You want fast. Get fast. You want reliable. Get reliable. You want powerful. Get powerful. Get real deal speed, reliability and power with xfinity. She shoots from here . Thats kinda my thing. Tesla shares under pressure again today, a day after falling almost 5 on those weak q1 delivery numbers. A lot of wall street calls out this morning, including jpmorgan, cuts its target to 115. Guggenheim goes to 122. Even jonas says his own q2 estimate would imply 30 quarter on quarter. A bridge too far, as he says. Yes. And the jpmorgan piece is incredibly damning. We were thinking they were using a bloomberg estimate that tesla would sell 661,000 vehicles. If phil lebeau were to come on and say if ford did x and it was off by 10,000, we would be shocked. This is one of the biggest misses i can recall. Maybe ever. Jpmorgan goes on to say shares still look highly expensive, in their words. If, in fact, the company cant turn around. I was listening to cathie wood this morning, and she thinks that, what, 80 of all vehicles will be ev in a very short period of time, and i thought that was fanciful. In a short time . What period of time . Five years. Five years . I thought it was fanciful. 80 of all sales . You couldnt replace the install base that quickly. All new car sales from what is currently, what, 7 right now . Where are we . Yeah. Its not going to happen. I mean, i dont know. Look, maybe shes even more of a i never want to come on air and just say someone has no idea that theyre talking about. I say theyre very nice. Shes also calling for a 2,000 stock price in that period. That makes her very nice. Nicer than pat gelsinger. Meantime, more stories today, just the pileon continues about their share, teslas share in china. Now below 7 as the chinese are stepping on the gas. Well, the chinese, we know that i remember when bill ford said its the greatest its the existential threat to us. David, you know that i know you know that phil lebeaus excellent piece in chile basically showed you the world. I thought that was eyeopening for many people, just because as phil has pointed out many times not just evs. Theyre competing on i. C. E. Vehicles as well at price points that are far lower. So, yes, in these off markets. In the United States, youre not going to be able to buy a chinese ev. And by the way, our treasury secretary, on her way over there very soon to discuss that. Perhaps that will be part of the discussion janet yellen has with her counterparts in china. And sara will be there as well. I dont know if shes going to be in the negotiations. Its possible. Translating. Sara may be leading negotiations. But the question, of course, as they continue to overproduce for domestic consumption in china. Therefore, surplus of all sorts of goods. Theyre back to what they did in every industry. And their quality is good. At the same time, if you could offer people a decent quality ev in the United States that costs 12,000 i could not get disney to buy land in new mexico, but the chinese are buying land in mexico like you wouldnt believe. New president in mexico, by the way. A scientist. Going to be interesting. Theres going to be an election. Shes up by 17 points. The mayor of mexico city, who is one of the candidates, yes. Yes, but shes a scientist. Itll be interesting to see what she does. Were on the lookout for more auto Sales Numbers from ford today. Well get that to you as soon as we can. In the meantime, cramers mad dash and the opening bell after a short break. Trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the awardwinning trading platforms. Bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. Tailor the platforms to your unique needs with nearly endless customization. And track Market Trends with uptotheminute news and insights. Trade brilliantly with schwab. Upbeat music upbeat music sirens [due at target in 5 ] copy that. Make a hard left down the alley. Networks got you covered. [please confirm requesting backup. ] changing route. Go. Roadblock ahead. Back up, back up. Reverse reverse next level moments, were 30 seconds out. Need the next level network. [north corridor, hurry ] coming through or 3, lets go. The network more businesses choose. Transplant received. At t business. Lets get a mad dash here. Theyre applauding already for your mad dash. How do you like that . They know. We got an opening bell a little more than six minutes from now. Tyson foods. Tyson foods has been one of the worstperforming stocks. Like tesla, but tyson has been bad. They make chicken, ask wnd we a about to have, i think, a chicken price explosion. The input costs are going down, but the actual price of chickens, no. This is your Worst Nightmare if youre the fed. Now, of course, costco slaughters like 2 million chickens a week. Downgraded today, a fatuous downgrade. This is a stock that has been horrendous. Its only been down 2 for the year. Can we see a fiveyear on tyson, please . How about a fiveyear . Ill give you a fiveyear. This is horrendous. Its traded down. But im now saying, its about to go up. But i use it as a metaphor, david. Threeyear would have been even better. Their input costs have gone down. Thats what im worried about if im the fed. Your point here is theyre not lowering prices . To the final consumer. And you think they should be . I think they should, but theyre not. Theyre not a nonprofit. No. Right. But this is the Profitable Companies are trying to do this. By the way, im also calling i also say theyre hershey. I think cocoa price is too high and about to plummet. Hershey could be good despite glp1. Im a fount of good stories. On disney, i like the theme parks. Thats great. Im still trying to understand why if theyre margins are going up, youre not happy wit