John fort is back from the mobile World Congress in barcelona. Tired but here. Its good to have you back. Great stuff this week. Along with kara swisher, executive editor at recode that joins us here today. First up apples annual Shareholder Meeting is set to start a little under an hour from now. Josh is there live. Hey, josh. Well, apple shareholders have been lining up all morning and coming in from all around the country i spoke to one guy that drove 8 hours from southern california. Another man that actually flew in from nashville. Of course the big issue here today is this fight between apple and the u. S. Government. When i asked the shareholders did they think the government should be able to force apple to write new software to bypass those security features, give the fbi access to this encrypted locked iphone they said no. It was pretty unanimous. Of course these are am shareholders and investors and believers but you heard them echo the same comments we heard from tim cook. They talked about what was the undo risk here. If you allow am to do this. Also they would say whats to stop the government from making apple take other action or other Tech Companies from doing this. Pretty unanimous. I did say are you concerned at all about what this could mean for stocks . Some of them did expression some caution but believed apple would right the ship. In terms of other proposals on the docket, shareholder propo l proposals on issues from diversity to the environment to human rights and the big topic will be the fight and tim cook will get questions from shareholders. Well be inside the briefing and bring you headlines as they come. Back to you. Thank you. It comes a day after apple filed that motion saying the governments request to unlock the iphone violates the First Amendment rights. Apple cited the interview saying as the president has recognized these issues are part of a public conversation that we should end up having. Heres the full quote from the president in the interview last year. This is a public conversation that we should end up having. I lean probably further in the direction of strong encryption than some do inside of Law Enforcement. But i am sympathetic to Law Enforcement because i know the kind of pressure theyre under to keep us safe. Wow. Kara, how this has gone from sort of the theoretical to the very very practical now. Absolutely. I was pressing him on that issue because this was going to become a more important issue as more and more people rely on their phones and Law Enforcement officials try to get ahold of these phones and they feel out of control over control of these devices. Kara, were starting to see more and more i think unqualified or at least specific support from other Tech Companies saying theyre going to file briefs in support of apple here. Among them, microsoft i believe google. I might leave a couple off. What impact do you expect that to have . Not just on the process but on the conversation were having about the merits of apples push back here. Its a larger front. If they come to apple theyll come to all of them. All of them have information that might have Law Enforcement. They want to make sure that theres legal methodologies. They dont want to be the place where Law Enforcement comes to grab things because it effects their consumers and apple is making the consumer case that this opens up consumers to more hacking and privacy issues and their information being taken ill l illegally. They all have enormous amounts of data about their customers. The deadlines for the companies to file the briefs is next thursday march 3rd. But twitter, amazon, said it looks to explore its own options. Do these companies have anything to lose by doing this . Or is it only things to gain. No, to lose is Public Perception that theyre not being cooperative, that they side with the terrorists. Thats one of the lines and the political things ive seen and the fbi director has been pretty straightforward about those claims. Theres been some very emotional claims that if it would benefit a son or daughter of one of the executives they would open the phones. It doesnt pertain here. But the issue is where are we going to fall in the privacy issue around these new devices and as they become more encrypted what should be the rules around them for Law Enforcement to gain access to them. This is a very complicated issue and again i have to say a agree with apple. Its not about one phone and that the government is saying that it seems disingenuous. What kind of grade would you give. Were not legal analysts but how would you grade their response and the language in their filing yesterday . This new notion of a government os . All of that. I think thats what it is. If you build this thing it will be huge. Theres no other way around that. And the consumers and the general population here. And its a complicated issue. And to me its ridiculous. Its an easy argument to make when you are helping terrorists and its hard to be nuisanced and apple is trying to be nuisanced here and i think its 100 what the president said when he interviewed, this is a complicated issue that deserves debate. Its as plainly as possible inla english. E fors tnotust. Have to spend all the time and the resources to create essentially a new operating system. They try and simplify the matter as much as they can and where they come from. Im wondering if they have this on their mind today. What more possibly could they hope to learn from a company and its directors including former Vice President al gore today . Theyre going to continue with those arguments. Its difficult to make. Its dangerous once we make es issn e future. And the general population cant really say some day when the government comes in gets this. So its a much easier argument to say youre helping the terrorists. So its a very hard issue to simplify it and make people imagine what a Government Armed with those millions of phones is about. It may or may not happen. So i think apple will continue to push on the First Amendment issues. All of these issues around privacy and the idea that the government will get a Natural Power over phones. And thats the argument that theyre making and that theyll continue to make. Apple is making the Jurassic Park argument. You cant make us craft mutant dinosaurs and say its just for this one theme park. It will be fine. It never works that way. That ended badly. Yeah. That ended badly for everybody. Kara, very interesting and were going to see where it goes. There was some discussion last week when we had john why tech wasnt coming around with these guys. I wonder why the delay. Why was bill gates run of press interviews interpreted so badly. Watch it. We dont know what hes saying here. I think microsoft is different than bill gates. He is on the board of microsoft. But i think hes just complicated. They have to figure out the Public Perception issues. They have to discuss and debate it so it would be nice if they jumped immediately on apples side but they didnt. They have to figure it out. Theyre going to back apple. I think were going to move on to Mark Zuckerberg of book holding a town hall in berlin. Streamed on book this morning. This question was probably the highlight. Take a listen. I dont think we have the sound ready. Well talk about it. I can read briefly from what he said. Have you guys heard this . If you were the ceo of twitter, what would you do right now . Theres no right way for me to answer this question. Long pause. I have no idea what to say to that without getting myself in a whole lot of trouble. Kara. Yeah and then he spoke and then he talked about instagram. He did answer it in a lot of ways. He was talking about the success of instagram and what they did and made a comparison to twitter. It was comparable and how they made easy tools for celebrities especially to broadcast on that platform and then also how easy it was for the users to get access to those celebrities. He was saying that twitter botched that or that we have done it so well and that made us successful. Twitter can look at what weve done. I think that was the message. When i talked to javier in barcelona, bofacebooks head of growth. We werent talking about twitter specifically but the context was clear. He talked about the importance of retention. He said you cant basically fill a leaky bucket. You have to make sure that that experience is sticky enough and good enough for the first period of time that they stick around. Otherwise it doesnt matter how many new users you pour in, its not going to work for you. One way that facebook is trying to retain their users is something we havent talked that much this week is the changing reactions. Have you loved something yet . Im not a big emoji fan. I like the hand. I still like the hand. But theyre fine. The more interesting is the video stuff that theyre rolling out all over the world. Book s i got to tell you, what a juggernaut it is is. It shas them and book is deploying this product really well and the emojis are the same thing. Everybody is doing them and facebook took a long time and theyre pretty good. Theyre fine but i havent used a lot of them. Someone was posting a chart of weekly close on facebook for the last few years. Its defying gravity in so many ways. Good weekend. Good to see you again. Thanks so much. Meanwhile the markets have given back some of their gains as the gains in oil have been given back as well. Wti and brent still in positive territory. The markets are too because we did get that better than expected q4 second read on gdp better than expected Consumer Sentiment and personal income data as well. Broke through their 50 day moving average. Dow at 16,736. Shares of baidu rallying. The company did post the quarterly growth in more than seven years. They also layed out guidance worst than analyst expected but you can see that revenue number did surprise the street. When we come back this morning, tech stocks having a rough start to 16. But there could be buying opportunities. Mark is going to pick up a few names. Hilton confirming plans to spin off its hotel. The ceo will join us in a rare exclusive interview ahead of the oscars on sunday. A look at hollywoods fight against the streaming competition. That story live when squawk alley continues. Theres a lot of places you never want to see 7. 95. [ beep ] but youll be glad to see it here. Fidelity where smarter investors will always be. If only the signs were as obvious when you trade. Fidelitys active trader pro can help you find smarter entry and exit points and can help protect your potential profits. Fidelity where smarter investors will always be. Lead internet analyst and Rbc Capital Markets and mark what are some of the better opportunities that you see based on the beaten down names that have suffered thus far through 2016. So john, youre right. The internet sector has largely traded off. But theres a couple of names that are interesting here. Amazon at the top of the list. Q4 excess demand cost issue that we think they can solve. That one has traded off. That comes to the top of the list. Number two is google or alphabet. That was number one on our list. Opportunities a little more attractive with amazon and then a little bit of a surprise. Taking price line and making it our favorite long in the space. We think we can see a shift of the Online Travel agency dollars. Thats our number three pick. What about smaller names . I recall you were impressed with go daddy consistency. Its not a name that people talk about as much as the bigger titans . Yeah and the small cap space we also shuffled our list there too. Lending tree which had a blowout quarter yesterday is our number two pick and Rubicon Project and tech names at number three pick. Its not for sale. We like it. Its smaller if you will. Its one of the best Business Models in the small cap internet space. 14 million paying subscribers in global reach. Margins are expanding. The market largely agrees with us on this. We continue to like it. We think there is more upside in the other three names. A couple of weeks ago we all sat here and rung our hands about linkedin and the enterprise and now we get sales force so where are expectations versus where we were. Those stocks also traded off and we had a week or two of really sharp negative price actions on just about any print. That does happen. We also had quarters and periods where stocks shoot up on prints so we have these unnatural swings from time to time. A very interesting macro read. You have very large read in the consumer demand globally. U. S. And outside of the u. S. And it was benign from this group. Revenue growth rates stayed the same or accelerated and you had Companies Like expedia and price line both benefitting from Falling Oil Prices because air fair is coming down and consumers are traveling more. So surprising given how the stocks have traded year to date. The read through is benign. I felt like being over in spain theres a Big International opportunity. I remember the past couple of years i was there catching a cab is just a pain. Now have the halo app. The experience is a couple of years behind what we have in the u. S. With the ride for Hire Services but its coming over there. Theres potentially big demand. How do you play the International Angle . Especially in todays market where people are feeling shaky about international in general . So, you know, this large cap tech generally has pretty substantial international exposure. They have very material exposure to europe. Much less so in asia and china but most of them offer that. Thats why the last 18 months you had what was essentially a major tax on this business. Consumers that were using the amazon products from overseas. Were paying 20 or 25 more than they had 12 months earlier. It was a drag on growth rates and cross border trade companies. If they start to stabilize, the euro has. The pound hasnt. But youll see demand snap back and thats what really happened with the Online Travel agencies. It snapped back in a matter of weeks and thats become what was a head wind last year can become a tail wind this year. Thanks as always for your insight. Have a good weekend. Lead internet analyst at rbc. When we come back, marco rubio and ted cruz going hard after donald trump in last nights gop debate. Is it enough to move the needle ahead of super tuesday . Well have more on that when we come back. Hi, kayla. Whenever we heard the word contagion its always about bad things. That makes sense. Its like the old days. Then we had to wait years before regulators said theyre not good things. Sometimes it is all about a name of any color and any aroma. But when it comes to contagion i look at policy contagion. Look at the following charts. Its referred to its relative value trade. You can argue about who leads but it doesnt really matter because theyre trading the dynamics of policy in the ecb in many respects because its a post qe world in the states for the most part. So their policy is our policy. I had the congressman on. Hes the chairman of the committee that asked janet yellen on the 11th is it legal to do negative rates . Why do i bring that up . Because it almost becomes a moot point when you think that the bad policy of negative rates is altering the relationship of the market. So were dragged in just like the god father and this is porn because no matter what happens its a sealed system water balloon. They kweez, we pop out. This is something to think about. The other thing, used to be apple and oranges but in my mind its apples and emails. The on going issue between the fbi director and tim cook is fascinating. Whats even more fascinating is how its gotten record speed. You read about this not that long ago. Now everybody thinks its headed to the supreme court. Things are moving fast. As fbi director i want you to ponder this. Hes also in charge of looking at the issues regarding hilarys emails. How long has this been going on . Seems like forever. I dont care what your answer or thoughts are about either issue. Heres what i want you the viewer and listener to think about. Whatever your thought is about hilarys email, think about fbi director james comey in charge of the investigation. Does that relationship on what he has done or hasnt done yet give you confidence that hes trustworthy with average citizens on their devices. Think about it that way. Im done. I hope everybody has a good weekend. John fort back to you. You too rick as always. Rick just mentioned apple. Up next a former fbi agent is going to tell us why he thinks apple creating a back door not a major Security Threat. Hes going to join us to explain in just a moment. The td ameritre trader group, they work all the time. Sup jj, working hard . Working 24 7 on mobile trader, rated 1 trading app on the app store. It lets you trade stocks, options, futures. Even advanced orders. And it offers more charts than a lot of other competitors do on desktop. You work so late. I guess you dont see your family very much . I see them all the time. Did you finish your derivatives pricing model, honey . Td ameritrade. Good morning, everyone. Here is your cnbc news update this hour. He cast his ballot in irans first elections since last Years Nuclear deal with western powers. The elections pit the moderate president against conservatives that are opposed to the western powers. Two suicide bombers attacked am a mosque in baghdad killing 15 people and wounding 50 others. The second blew himself up when Security Forces gathered at the site of the initial blast. Crews are willing to move into the migrant camp. A french court gave the green light to dismantle the cap. Instagram founder and ceo meeting with pope francis at the vatican to discuss the power of images. Its the latest move by instagram to assert itself as the dominant platform for visual communication. He brought a book of ten instagram images. Pope francis has his own instagram account. Interesting docket of visitors at the vatican. Pope francis is quite the guy. Yes. Sue herrera thanks so much. Markets about the close in the u. K. And across europe stocks will end the week in raleigh mode. On the economic front, german inflation did go below zero for the first time in five months. That raised some eyebrows. Rbs down sharply after posting its 8th consecutive annual loss. Delaying dividend pay outs in the next year and then a gain for the week but down 3 so far for the month and that underperforming the s p. Ted cruz and marco rubio going hard after donald trump in last nights gop debate. John is in washington with more. It looked sometimes more like an Elementary School playground than a president ial debate stage. You had terms like liar and choke artist floating around. Heres what happened. Donald, you can get back its been a lot of fun up here tonight. I have to tell you. Donald, relax. Im relaxed. Your a basket case. Go ahead. Now there was some serious policy there. In particular the issue of apple and its standoff with the u. S. Government came up. While there was some recognition of the principled issues that apple was raising marco rubio came down strongly that theyre ultimate hi going to have to yield to the issue of National Security. That apple phone didnt even belong to the killer. It belonged to the killers employee who agreed to allow them to try to do this. Thats all theyre asking them to do is disable the selfdestruct mode or auto erase mode on one phone in the entire world but apple doesnt want to do it because they think it hurts their brand. Their brand is not superior to the National Security of the United States of america. Now this is one issue where republicans and democrats are considerably in agreement because the Democratic CandidatesHillary Clinton and Bernie Sanders also said there needs to be a compromise but that National Security is something that simply cant be ignored. That is an indication of the public pressure thats likely to be brought to bear on apple overtime. Interestingly, the next hearing with apple and the fbi happens on, when else . Super tuesday. It will be interesting for sure, thanks. Meanwhile, our next guest is no stranger to cyber and Data Security threats and says while its true apple would be forced to intentionally degrade one of its security features creating a back door is not as wide of a Security Threat as apple claims. Special agent in charge of cyber and special operations is now chief Security Officer with the Data Security firm. Lets jump in because apple says this is not just one phone. The fbi says it is. Apple says it would be burdensome to create this. The fbi says it wouldnt. How do you close an impasse that seems to get wider by the day. Thanks. Its a shame that this is being framed as a contest between the fbi and apple. Law enforcement needs the Tech Community and the Tech Community needs Law Enforcement. These are two very important interests that are represented by two very important american institutions so it shouldnt be viewed as a contest where we have a winner and a loser. At the end of the day there will be a reasonable accommodation where National Security and privacy come together and both interests are met. In terms of the degradation of the security features requested by the fbi apple claims that this will create an unnecessary and extreme danger for apple consumers. I just dont see it that way. The fact is that theyre not seeing large scale attacks against individual iphones. The cyberattacks that we head about involve large data bases held by companies an government agencies. So by degrading and allowing Law Enforcement into that phone i dont think that were exposing consumers to the traditional and common cyberattacks that were reading about on a daily basis. I dont see the extend of the danger that apple is claiming. One of the points that the company is trying to make is that its unclear where the line stops. If you ask the company to override the limit to how many pass codes you can enter what is stopping the government from gaining access to the microphone or camera at a later date . And they site the fact that theres some pending cases in new york and other jurisdiction where is the government is seeking to unlock other phones that have nothing to do with terrorism. What would you say to that . Lets break that down into two things. For one, this is data at rest. That already exists on the phone. So there are certain requirements the government has to meet in order to have a judge order that apple provide assistance to view and download this information. If youre talking about a camera. If youre talking about a microphone, those are communications and data in motion, if you will. And those have a different set of requirements. A much higher standard. So i dont see the slippery slope argument in this case as coming to fruition because theres judicial review in every one of these cases. A magistrate judge. A judge of some sort has to decide theres probable cause and that the standards are met. So it would have to involve a complete break down of the judicial system for apples fears to come to reality. I dont see it. But were in uncharted territory. Apple is in effect arguing this is like asking some company to create a super virus to kill one person. Once you create code that compromises the iphones fundamental security maybe just for one case then what do you do with the code . Does it sit on apple servers . What if theres a Foreign Government snooping on Apples Service or gain access. The federal government had its own it systems compromised. They cant be trusted to hold this code. Then what happens to it . Thats the open perhaps unanswerable question that could make creating such code that compromises a system for a one off case a dangerous precedent. Well, there are a lot of dangers out there and maintaining security is something that apple is pretty good at. I agree with apple that this is not about one phone. This is sadly not the last time we will see a major crime and major terrorist act committed by someone that uses an iphone or a smartphone that has similar security features. We have to balance the interests of victims with the interest of privacy and in this particular case, the dangers that apple raises just dont seem to me to be real and present as the types of crimes we are seeing every day. We have to remember that this is just a mass, one of many Mass Shootings that we have seen recently and we will likely see others and to deny Law Enforcement the ability to figure out who did it, why they did it and whether anyone else is planning to do something similar is to really create risks that are present and real today. Not some perceived cyber risk that may or may not happen. Apple can choose to destroy the code after its created. I dont think thats going to happen because as you said other Law Enforcement agencies will want to access similar phones in similar situations so were looking at a longterm where apple is going to have to come to some accommodation. I just dont see them coming out and explaining every time we have a headline crime or headline terrorist act apple is going to have to come out and say we are not assisting Law Enforcement because we believe your privacy is at stake. At some point that wears thin on people that have been victimized and the families of these victims. Leo, you know your way around these circles. Is there any part of you that said this argument that just because we havent seen it yet means we won see it again or in the future, doesnt that feel a little bit naive to you . We will see it again. We will see Law Enforcement. This isnt the last time Law Enforcement is going to ask for access. Absolutely. But the argument that we havent seen consumer directed hacking. Its been large scale data hacking. Thats like saying black swans dont exist because ive never seen one yet. It can happen. But cyber criminals are among the most rational criminals out there. They do a cost benefit analysis. The value of the information on an individual phone is not worth the effort it takes to break the encryption in that phone. Remember, what the fbi is asking for is access to the pass code input port. Its not asking for any degradation of encryption. Its asking to try to break the code. A cyber criminal would have to do the same thing and expend enormous resources. The pay off isnt there for the cyber criminals. What if its just the fbi directors phone . Well, the fbi directors phone is already under great scrutiny by many, many very competent intelligence agencies so this is not a risk that we will create by degrading this phone. We have a lot of questions to get answered in that building right behind you on capitol hill. On tuesday, the encryption tightrope balancing americans security and privacy. Former cyber chief for the fbi thanks to you. Meanwhile, 28,000,000,007 year notes. Santelli has the response. Think a full moon. This was a real dog. D for dog. You dont see auctions this nasty. I could have given it a d plus but i need to save the lower grades for the future. 28 billion of 7 years. Yield 1. 568 at auction. The high of the one issue market was 155. 5. 154 is trading. This thing has a long tail. It would reach three different counts in illinois. If we look at t did the cover, it was a little white going all the way back to february 09 to find a lower than 2. 25 bid to cover. The 10 auction average is very close to 250. Normally 2. 5 dollars. 53. 5 just light. One glimmer of positive and sort of strong at 14. 2. So 1. 568, d for bog. Were glad to say goodbye to the 7 year which by the way hawes postponed. Was it worth the wait . You answer that question. Back to you. Thank you, rick. Rick santelli. The ceo of hilton will join us to talk about the latest quarter. The timeshare business ahead of the oscars. Looking at hollywoods fight against its streaming competition live on the red carpet in a moment. Kicking off with a lot of the agenda today. Well bring you the headlines of what it could mean for the stock. Plus stocks are in the green but does the rally really have more legs . And herbal life and the government in talks about a resolution to the probe of that company. We talk to someone that calls that news historic. That stock is surging at this hour. Well see you in about 15. What a story. Thank you so much, scott. Well see you soon. Take a look at shares of hilton worldwide. Announcing this morning it plans to get out of the real estate business spinning off its timeshare unit and most of its assets. Joining us exclusively today is hiltons president and ceo. Chris its good to have you back. Good morning. Thanks, carl. Great to be with you. Weve seen this trend in hotels. Other industries its been, its gotten less traction because they dont feel the economics work. Why does hilton feel it will . This is all about hong term value so we think theres a huge amount of value aappreciation over the longterm and that comes from three fundamental things. Having three pure play companies with dedicated management teams and for that matter the ability to have dedicated investor bases from having three businesses fully activated and imbedded inside of one big company and are not fully activated and importantly from a Capital Markets point of view, lower cost of capital and more tax efficiency. When you put all of those three things together over the next 5, 10, 15, 20 years we think theres a huge amount of value in doing this. Were obviously doing it in that kind of time perspective and not leslie for today or tomorrow. The timeshare business youre following in the footsteps of some of your other rivals. Walk us through the economics of that. What is the argument to own that kind of business over that period . Well, the timeshare business is incredibly successful for us. Our customers love it. We have through thick and thin grown that business. We actually doubled the sales in that business. And we grew that business and i think thats fundamentally because we have a great product that our customers like and we find when they buy timeshare products they become even more loyal to the hotel side of the business. So unlike others we transformed that business over the last five years into a business that has required a lot less capital and thats because we have been working with Third Party Owners who are building essentially the real estate component of it and were doing the sales and marketing and operating piece of the business. So, you know, the net of all of that is i think our timeshare business is fundamentally very different than others in the sense of the margins and the return on capital being much higher than the competitive set that exists today. Were very excited about it. That business is going to have a great run. Its going to be run by mark wang who is 30 years in the industry. He has run that business for us. Hes the absolute best in the business and i think if you look at the margins and you look at sales growth and Customer Satisfaction and you look at bottom line growth in that business its the best timeshare business out there. Well, chris, i know that the structure is important to shareholders but when they think about the structure the most important word is tax free and i know that you said that you have assurances from the irs that it will be a tax free spin off but the irs has changed its tune as weve seen in other high profile deals and industries. Im just wondering if you can elaborate on how sure you are that this will be tax free and what exactly the irs told you. Right. Well, we are very confident that it will be. There was both regulatory change in september of last year and legislative change in december of last year that i think would make it very difficult on a go forward basis to do it but since we were already in the process of getting a private letter ruling we were essentially grandfathered in with the old rules and we actually have a private letter ruling in our hands as of about 24 hours ago so were very confident in our ability to get the transaction done. Finally on the core business, guidance of 3 to 5. We heard from other chains that there might be some moderate pressure on the corporate side. Any macro dynamics weighing on guidance . Yeah. Carl, i would say were pretty optimistic about the fundamentals this year. Clearly the u. S. Economy seems to be slowing down a little bit but what id say is its still growing and what we see really in all segments of our business, whether thats the business side, leaders side or the group side that were still seeing. You put that those two things together and our bottom line growth is growing in the single digits. Fundamentals are still good enough to drive a good same store result. You put those things together around were delivering quite a respectable result on the bottom line. You guys have been busy. Thats for sure. Thanks for coming on air and talking about it. We have. Good to talk to you. Thanks for having me. The ceo of hilton worldwide. And we are just a couple of days away from the oscars. Hollywood facing headaches from Digital Media and tough comps to last year. Julia is live in l. A. With more. Julia. These red carpet preparations are coming as hollywood faces pressure from all sides. The performance is increasingly important as cable. And viacom just put parmont in talks with investors to take a stake. Last year was the Biggest Box Office on record with disneys the force awakens and universals Jurassic World but that does create tough comparisons on top of new issues. First ticket prices continue to rise while consumers have more options than ever to stream or watch on tv at home. Second, for lower budget films studios face new competition from netflix and amazon which have snapped up movies on the festival circuit and third the academy and studios are also under fire for a lack of diversity. All 20 acting nominees are white and oscars so white has been tweeted over half a million times since january. A new study finds that diverse movies out perform at the box office so it seems like the academy and studios could benefit by focussing on bringing in new voices. Guys back over to you. Thank you, julia. Up next, the total value of yahoo is worth far less than the 122 companies it bought over the past few years. A look at those numbers in just a moment. Eric has crunched the numbers and has more back at headquaters. Thats right. Obviously we talk about the yahoo story right now and we include alibaba, yahoo japan. All their cash on hand and talk about a little bit of value left in the core business but you to go back two decades. You have to go back to 1997 and this are 122 Different Companies that yahoo bought since then starting with broadcast. Com. That was about 5 billion. And if you take that 7 billion and 20 years of time and value. They have nothing. The core business is worth maybe a billion dollars and maybe up to six while they get a good multiple like aol and sell it. All of that value disappeared into thin air. Contrast that to gofacebook. Its less than yahoo spent on tumbler. So yahoo they could be a lot like the stock market version of a black hole. Theyre sucking in everything around them. These Companies Just disappeared never to be heard from again. Back to you kayla. All right. How are you supposed to answer that. Black hole. When we come back, this show isnt just bad, it boarders on the on scene. Thats just one of the not so kind reviews of netflixs full house reboot. Well talk about that in a moment. See 7. 95. [ beep ] but youll be glad to see it here. Fidelity where smarter investors will always be. If only the signs were as obvious when you trade. Fidelitys active trader pro can help you find smarter entry and exit points and can help protect your potential profits. Fidelity where smarter investors will always be. Fuller house debuted on netflix and the show returned hoping to capture the nostalgia of the original. Critics not buying it. The show isnt just bad it borders on the on scene. Given the array of multicam classics potentially worth reviving its a little deflating to know this is the old sitcom netflix chose to bring back. Its lazly constructed kitsch that isnt worth your time. Sometimes nostalgia bleeds into necrophilia. Sounds like a must watch. Plus this is full house. Im not sure how good it has to be to rise to the standard. That said with reviews this bad now have to watch it. The oleson twins are probably counting their blessings that they chose not to participate. I think theyre just counting their benjamins in general. Not many benjamins to count in the stock market. Were exactly flat. Zero points on the dow. 16697. Busy week next week though. Well get auto sales and more macro data. Super tuesday. Unbelievable. Good weekend to everybody. Lets get back to headquaters. And breaking news this hour, carl, apple meeting its shareholders out in california with a lot on the agenda today including possible questions about the companys fight with the government over the now notorious iphone and word now that apple has officially asked a court to vacate the judges ruling today. Meantime, focus will also be right there on the stock and thats where we kick things off this hour and with us today, jim, steve, josh, and john. Josh brown, how much is on the line today for apple in a stock that hasnt done all that much . Its really important that the company sets the tone