Transcripts For CNBC Squawk On The Street 20171129 : vimarsa

CNBC Squawk On The Street November 29, 2017

A powell boost and metcoin above 11k. And snap snubs social media a blistering ped about facebook and spread of fake news. And amazons growing influence, we have an exclusive interview with andy jassy. Stocks are on track for more record high. Boosted by advancement of the tax reform bill to the senate floor. Financials obviously rallied following comments by fed chair nominee Jerome Powell at his confirmation hearing he did say bank rules are tough enough he also got bitcoin surpassing 11k, after breaking 10k about 24 hours ago, jim. Yeah, i know ill get heat on this but even if you believe in bitcoin, the velocity of the move is a sign that its parabolic and parabolic moves dont last and i know that when i look at that i say to myself, okay, if i owned it, what would i really be doing . The answer is when you have that big a gain you have to take profits. That velocity is crazy that velocity is not right. Whos buying this thing some arguments say its people in venezuela that want to buy nike and adidas and need a currently to do it to avoid inflation. I dont know i post ulated that nobody has seen a currently move like this. Ive seen them go down. I shouldnt say never, zimbabwe but thats the other way. I remember i owned a stock, turkish stock, whirlpool of turkey, doing great going up every day. I didnt realize currentlies devalued by 30 . Ive never seen anything like this that doesnt necessarily mean its wrong it does mean its qualcomm going to 1,000, remember that call of course i do. Pizec. Whats it there was another guy too. We used to have a voiceover on the old squawk box. I remember i was asked about a stock and i said that stock is going to zero an sec investigated me. Before it was finished the stock went to zero it was moot. Cramer, maybe we have to stop that but going to minus 5 i would assume as Joseph Stigletz said bitcoin is successful because of lack of oversight, it seems it ought to be outlawed which is not an impossibility. When i speak with fed officials, you got your head in the sand this is a way i should talk to jack lew. I heard. Former treasury secretary of the United States. If i were the head of the irs, i would say, okay, listen, we asked for anybody who withdraws 10,000 from a bank you know they have to ask. Yes, im aware. This is 11,000. Did you if someone spent 10,000 or taking out 10,000, id like the irs to know you know what a betting window ever win big at the horse race. Maybe once. Wheres the irs not big enough for the irs to care. You dont think so . I think its big. No, it is big, never won big enough for the irs to care. I hit it in the old days before i became a statesman. Elder statesman. Before a game begguandy liken my views, its crazy they are not on this thing. Four minutes in weve done a lot of bitcoin talking should we talk about yesterdays rally, regional banks, best day in months . All of the headlines are the advancement, really quick, bitcoin is on the front page of of the wall street journal first time, we havent seen that yet. I walk down the street, how about that United Health did you see travelers. No, they want to talk about block chain. Theres a Company Called riot block chain. I want to know everything about riot and why they changed their name, havent they how about laugh riot block chain. Theres odd things going on. But the bank move is to give a remultiplization on the banks with the acknowledgement theyll be able to return a lot of capital. That was the code j powell gave yesterday. In the old days they used to yield 5 maybe thats whats going to happen replace colgate as a yielder how much of the move yesterday was due to progress on tax reform well, big taxpayers, a lot of the move just in general too the market gained strength as it got out of committee, the bill. But you look at bank of america and look at the base they have. If they can return some of that cash large asset base and deposit base. Yes, look at bank of america, under valued at 27. I thought the point of the tax bill was to invest and create jobs not return cash. You thought that . Really i looked at it, open an italian restaurant, got a mexican, now open italian, get a big break. Have you figured out a way to be pass through . We dont need you have a team on accountants on it. We dont need to go into each persons personal right. But ill tell you that theres a lot of things in the tax bill that when you call your accountant, they dont know. I think this thing is going very quickly. Very quickly. More quickly to put it in perspective, it took two years the last time. It was a bipartisan effort if you recall, 84 to 86 on all sides, you had bradley and packwood, oneill and reagan, youve got them all in there. Whats in thiseni thing were talking about a month. Whats in it . The nondeductibility of state and local income taxes all ive been aware of and focused on our taxes obviously go up potentially dramatically where rich people in red states, their taxes go down and corporate taxes go to 20 . I do point out, theres a lot of people who say how can stocks move on this i look at jp morgan, it was a 14 times earnings now if they offer a much bigger dividend, ill pay for that. Right now im yield starved. Its not like the rates are so high you see cd rates no, what are they doing do you shop anywhere . I shop cds. They are all blanket as being a fraction of what your rates are. Banks are doing great on your cds. Banks should be doing better i think that thats a perfectly reasonable thing im far more worried about block chain, cloud, look at this, good company but they had slowing so it was real slowing, it wasnt like that made up slowing. They did not have the same average per revenue user i was looking for. Sales force upgrade in price target raised by 9 people and it is two below where it reported im seeing cracks in the highest end of this market and boost in the lowest end but im seeing cracks in the highest end. Sales force should be higher i dont get it. We have some news at home here this morning, nbc news announcing it is terminated today show host matt lauer for inappropriate Workplace Behavior julia borsten has details on that. Reporter thats right, nbc news firing today show anchor matt lauer after a review of Sexual Misconduct saying nbc news a detailed complaint by a colleague prompted a review and represented a clear violation of the companys standards. While it is the first complaint about his behavior in over 20 years. We were presented with reason to believe this may not have been an isolated incident he was one of the most highly paid men in Television News in the flagship property today show, signing a new twoyear deal with lauer to continue paying his salary reportedly more than 20 million per year into 2018 now lauer is credited with helping nbc maintain its lead among the morning shows with the highest ratings and most valuable 25 to 54yearold demographic. And lauers firing is certainly major shakeup for the today show, which is the most valuable ad time in the nbc news lineup the show bringing in over 334 million in ad revenue in 2017, thats just through september, according to ad Research Company smi. Lauer has survived various overhauls of the today show so his absence will be in focus for the more than 4 Million Viewers who tune in to the today show every morning. And this worth noting this comes just a week after rival morning show cbs this morning fired anchor charlie rose following an investigation into his Sexual Misconduct as well a lot of people asking, whos going to be next to go julia, well cover that all morning long we appreciate that very much when we come back, john fortes exclusive with web services ceo andy jassy, futures the biggest gain in three months yesterday and dow and s p are up almost exactly 2 for the month back after a break [lance] monica, it is absolute chaos out here gale force winds, accumulations up to 8 inches. Dont know if you can hear me, but [monica] whats he doing . [lance] can we get a shot of this cold front, right here. Winter has arrived. Whooo hahaha [vo] progress is an unstoppable force. Brace yourself for the season of audi sales event. Audi will cover your first months lease payment on select models during the season of audi sales event. [ click ] [ keyboard clacking ] [ clacking continues ] good questions lead to good answers. Our advisors can help you find both. Talk to one today and see why were bullish on the future. Yours. Some breaks news from amazon, Amazon Web Services announcing new customer agreements with disney, the nfl and expedia, holding its reinvent conference in vegas in which john forte just sat down with andy jassy, well hear sound later on this morning. Good to have you back. I think were going to hear sound now. Thanks for kicking teeing that off i just got back from vegas, i was out there for an interview with andy and its interesting disney is going to use the cloud from aws for presumably some of this netflix like service they want to role out in the future amazon saying disney is going to shut down the Larger Data Centers and switch over to amazon interesting because netflix was awss first big customer expaid yan, going to use this across all of xpeexpedias 200 brands i asked andy what he thought got disney over the hump into using this he said flexibility was a big piece of it. I think its a big reason, not only does disney know they are going to save money, but the ability to innovate at the pace they want to innovate is a big factor and it just in the media space, if you look at all of the innovation happening there and the number of companies that are participating there, if you dont have the ability to think of new ideas and then to be able to act on them really quickly, youre not going to be able to compete favorably. I asked him about Net Neutrality given that hes got netflix and disney as big customers trying to push a lot of data through the pipes. He said amazon is working behind the scenes to try to get its point of view about Net Neutrality across but wouldnt elaborate exactly how political amazon is looking to be but it is an interest that they have. Got the price target increase yesterday from goldman, largely about Pricing Power and innovation at aws, new products that we heard about or mostly about new clients . Andy is getting on stage in under two hours, so i cant spill all of the beans quite yet but well continue to roll out sound from him Machine Learning is a big topic and they are also mounting this approach in the face of microsoft and oracle and others saying hybrid clud is the way to go michael dell also told us thats his approach a specific rebuttal. I think the vm wear makes it so amazon is fabulous. We did talk about the hybrid approach but it doesnt seem like hes doubling down there. Thats what i was pushing him on, trying to ask, where do you think this is going to go . We have sound later on what he thinks where he thinks the cloud is going to be in 5 to 10 yees years. It sounds like that particular assault any more than they have already. I want to congratulate you, this is s black box, the division worth 250 billion but working around it. You got right to the heart of the story, im trying to figure out red hat and what walmart is doing with them. But you got the heart of the story, congratulations. Thanks, jim well see you again in the next hour. Such a big story. This changed the world, Amazon Web Services, it changed the world because its just too good its too good. I mean, read the snapchat piece, its aboutal al go rigorithm an learning. And brought down the costs enormously. What walmart did to the country. On the 15year anniversary on the birth of are you serious born internally. When did they start breaking it out only started breaking it out a couple of years ago. Remember when they broke it out, thats when the stock started going up, like wait a second this thing is andy jassy was the chief of staff for jeff bezos, you can hear about it on the fort north podcast, jim. You know what, i used to think ft. Knox was jp morgan Amazon Web Services. Isnt that where they keep the bitcoins ft. Knox. Its also my podcast, andy jassy will be on this week and hear the full interview. You can see it here first. Does this guy know that his mystique, does he know that people talk about him and hes the key to the kingdom he does. He also knows he works for jeff bezos though, he knows that. Interesting, we all do. We all do either elon musk or jeff bezos. One or the other. He knows everything he needs to know about you. Were in service to musk or bezos. How about the fact when it was born were talking about were talking about john conner, right . Without a doubt sky net. Speegle says not to fear the ol go rhythms from snap chat. Well talk about the oped, good piece on social media and fake news. See you in a bit when we come back, well get cramers mad dash and count down to the opening bell. Take a look at the premarket futures suggest a record for the dow and s p at the open in about ten minutes. Not rebalancing your portfolio. Focused on what you love, not how your money will last through retirement. We make it easier to plan for retirement with day one target date funds from prudential. Look forward to your 401k plan. Were about seven minutes before the opening bell not sure whos playing the music this morning were going to get to a mad dash, its hump day an we want to talk chipotle. You want to talk about laugh riot block chain steve ells is out, he is chipotle, executive chairman but he actually talks its interesting he says like weve got to move faster you need to execute better can i tell you about the irony here the ceo steps down and says we need to execute better hello, i mean, theyve had since december 7th of 2015 when i thought it was over, when they had the Boston College incident there have been two other incidents. This thing which i used to love, this thing is very worry some. Because okay, so in other words we have a guy who becomes executive chairman and he says weve got to have better execution. Can we go back to two years he was the executioner. He was. He was the executioner. The fact the stock is going up is a reflection perhaps of peoples hopes that somebody else will actually execute. No other restaurant chain will ever mention on or off the record youre still missing all afraid its going to happen. You like that you did when you thought it had anniversary taco bell after a terrible inciden incident jack in the box, i cant want to bring them up and say people say hes trying to knock jack in the box. Had the absolute worst thing that could happen, which was deaths and they came back. They never recovered from this thing. No, they had more incidents you have to set the clock again to 18 months, i guess else is gone we dont know ackmans role. Significant holder. 10 . These guys are like these were kings, david, they strode the world like ulysses and but turns out they are achilles. I like that turned out that food safety, thats a lag. When they were kings. They were. Nothing on block chain . Say again block chain what about it . I went home with my wife last night internet of things. My wife was asleep woke up said block chain i didnt know what else to say. Ai. No, Machine Learning. Robotics. Right back at you. Thank you. Weve got an openingelcong upig aer this. We need to be ready for whatever weather may come our way. My names Scott Strenfel and im a meteorologist at pg e. We make sure that our crews as well as our customers are prepared to how weather may impact their energy. So every single day were monitoring the weather, and when storm events arise our forecast get crews out ahead of the storm to minimize any outages. During storm season we want our customers to be ready and stay safe. Learn how you can be prepared at pge. Com beprepared. Together, were building a better california. Firstthen you put yourselfareer. Through school. Got the degree. Youve given it your all, to reach the goals youve set. Dont let student debt hold you back. Refinancing Student Loans with sofi can save thousands. So you can get where youve always been headed. Sooner. See how much you can save with sofi. The leader in student loan refinancing. And highdividend strategies. Sure, these are investments. But theyre not what people really invest in. What people really invest in, is what they hope to get out of life. But helping them get there takes a pure focus. Because when you invest their money without distraction, hidden agenda or competing interests, Something Wonderful can happen. They might just get what they wanted out of life, and maybe even more. Youre watching cnbc squawk on the street. Live from the Financial Capital of the world opening bell less than two minutes. Busy morning as we watch yellen testifying in about 30 minutes, maybe her last time in front of congress she will say the expansion is broad based and likely reflect transitory factors. I hope someone asks her, where were you with wells fargo . Why did you not put a federal magistrate on the board of wells fargo . Why is there not someone retired judge on the board, distinguished jurors, why isnt ken fineberg on the board. This thing is out of control and this board remains on its own. Wheres the fed . They are trying to talk about looking at it. Are you kidding me the fed is the regulator of wells fargo. Weve seen companies time and again that are serial problems and magistrate is put on then you have dudley at the conference this morning according to dow jones saying the fed is giving thought to having a product like bitcoin for its own. Is this story make any sense at all . I remember whats going on were going to replace the tlar. Where is bit coin, 12,000 11,400 at last count. Regulate it tax it, irs, 5,000 at the window but not bitcoin venezuelans dont have that they are. Casinos the chinese are using a. T. M. Machines but this is bigger than a. T. M. Im astonished theres the opening bell at the bottom of the screen it is ww granger, supplier of maintenance and repair and operating products celebrating 90 years over at the nasdaq. Pledge 1 , helps Companies Give back 500 million in philanthropy to date. Its a good company for a restaurant, you go to granger. Like moes, got to go to granger. Whats the problem . You dont have to just say yes. Thank you just got an announcement out of senanapchat, they separate te social shared by fri

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