10 in its debut, valued at 1. 9 trillion the largest listed company in the world. Plus, the fed and a trade waiting game stocks poised for a muted open as investors seek further tea leaves on trade and the fate of monopolies arent bad if they are not abused tim cook coming to the defense of business but said apple isnt one. Saudi aramco strong public debut. Shares jumpedon the open, the maximum 10 on the Stock Exchange in riyadh limit up. The state owned oil giant is the worlds most valuable company list at 1. 9 trillion, thats about 6 exxons and above apple which has a market cap of almost 1. 2 trillion. Well placed deal. A lot of people in saudi arabia decided to buy this stock. And that boosted it. I think sometimes you get deals and they pretty much determine where it is going to be. So now the question is, yield. And whether the yield exceeds what mike worth is offering on chevron. I think it will. I dont think it makes people suddenly all excited about the oil stocks, but it does say that there is appetite for equities at least in one country. Definitely true all the hand wringing about esg, and how that might weigh on demand has not turned out to be a story today. No. And yet talk about esg for a second, a piece from Morgan Stanley evaluate very serious, evaluating our information technology, hardware coverage to an esg lens. Do you know there are machines, actual software, dedicated to find out how many times you mention esg it a Conference Call and if it mentions a huge number, then the stock gets bought it is listen, it comes up here in a way that we, a year ago, you could measure it with us what is still awaited, i think, largely is a ability to compare across industries and even within industries, metrics that can be used to measure progress that companies are making on their sustainability goals that doesnt exist. Think about a fasby but for esg. They are working on it there are efforts being made for essentially what we call sasby, sustainability, and then be able to look at and believe all the different numbers youre getting to measure this because it is becoming such an important input for investors. 10 Million People have accounts in robin hood and before they look at how the earnings are, they look at how the esg scores are times person of the year this morning, greta thunberg. I was there had they picked her. You were where . It was didnt really happen, because it was, you know, background but what i thought was amazing, it was almost by unanimous unanimous one guy said tim cook. They do have they do have business person of the year. Ended up being iger this year. I like that that good book he wrote. Really good book. Really good. Should have retired before he wrote that book. It is very critical of certain people. Very well, nice did he mention viacom no, he didnt keeps going down back to oil for a second, back to chevron. Okay. And saudi by the way, the saudis, if youre an individual investor, you buy ten shares, you hold it six months, you get one addition additional. Do you really thats fantastic. Not bad, right . Yeah. It was not sold around the world. Goldman did that. It was sold largely in the saudi market it is up 10 it is the most widely highly valued company in the world. How is that versus uber in terms of big ipos . What do you mean . One did better than the other. Unicorn versus did you know there were no financials to this company until recently no financials. On aramco yes you mean prior to the s1 . Yes we didnt know if they were doing well or badly. How do we know they do if oil go down so amazed that attack happened, and never responded to what are you some sort of just fascinating to think about it can you imagine if one of our Oil Facilities was attacked in this country, what we would do. It would be different yeah. Would be different but that continues to be a concern for investor as well, but not within the country they have equity they can buy this saudi arabia. By way, not dissimilar from aliba alibabas listing in hong kong where the main customers of the service were able to buy the stock. It is funny, i initially thought maybe theyll use this equity to be able to make some acquisitions a lot of times people just tell me they use it to be able to diversify away from oil. Right though that doesnt always work in the case of chevron, for example. Diversifying it to natural gas or exxonmobil, not necessarily the best move. Remember when exxon diversified into no. They diversified into information technology. When was that 1983, 19 84. That withonei missed. Before our time. I was in college. 10 to 11 billion, charged this quarter down the value of some assets. Theyre citing lower commodity price and Michael Worth was on squawk few moments ago. Business is good. Were leading our peers in total shareholder return this year, we have seen record production and Free Cash Flow is growing. But good isnt good enough were setting the standard higher for ourselves were streamlining our operational footprint, were harnessing technology to drive efficiencies in our business and were simplifying our organization to get the right people on the right work all of which are actions that will deliver even better results. Simply not counting on a structural lift in prices. No, i like mike very much i would have done it different subtext. First of all, we were not so stupid to buy anadarko right or xto. Or xto. Not allowed to talk about that they get angry when you talk about that, both sides why exxon doesnt like tough it is about friends, not money. I see well, a terrible deal. Terrible. Natural gas was 9 9. Now it is 2. 50. It is minus 1 they would rather flare it than send it. I think we got to focus on the fact that this man dropped out of the bidding for anadarko. Yes, he did. And that showed shrewd behavior he actually represents, i think, the traditional people who run chevron. Worldly, also scientific. Talking about the future. Like, okay, listen, the past is the past 10 billion to 11 billion, it is not impacting the stock price. You can see it there it shines a light on the challenges of northeast gas, the appalachian shale plays, they spent over 5 billion, chevron has, probably worth who knows what those numbers are at this point, which is why they need to write it down. When it comes to the permian, they go to 4 billion in terms of what theyre going to actually spend there thats up 11 . Yes where the money is. Thats why i think anadarko there is oil there there is natural gas, take a look at apache if you want to know what natural gas looks like they had a write down one of their assets in the gulf but they did pretty well in the gulf they were the first ones to come in, never gave up. Theyre a very Smart Company and the industry is very terrible. A lot of people saying, now the copper is moving up, oil is next i dont know i dont see it aluminum is not moving whats the play on natural gas dramatic fall is there a way, shorting or some way to semper is good. Con ed, these are pass alongs. The reason why i like sempra is because they have camera, liquefied natural gas. Thats the way you make money. If you say liquefied natural gas, our price is zero, you get countries beholden to us, start taking our natural gas, you mack a lot of money. It is going to take a little bit of a pause, by the way, same thing with mexico, thats the other guy. Mexico is more natural gas than almost any other country but mexico has been underinvesting we send our natural you say country beholden to us, which ones poland is buying some natural gas, korea, countries that have had good trade, have had the run of the table of trade with us. Of course, merkel continues to buy japan also is a buyer of our everything. We got the yes, i think it is one of thegreat export stories of all time. No one likes to talk about it. I think it is just really boring but there are some new gigantic train they call them of camera, sempra, starts in january, one more huge amount of natural gas. We have so much natural gas in this country, everyone felt the sagists said if we start exporting 8 billion, the price would go up. As you heard from chevron, marcellus, utica, aubrey mcclenen said ohio would be the biggest source of natural gas. Everyone laughed no one is laughing now. No. Big picture, sometimes we talk so often about technology companies, but the technology that has been brought to bear in the oil business over the last 20 years in terms of fracturing and horizontal drilling has dramatically changed it in so many ways. And it is funny, also, again, technology, talking about biotechnology lately all part of it is part of the advances in tech that are reflected in various movements. Thats why the rig counts, we used to i was at Goldman Sachs, i mentioned constantly, i dont know why, they used to look at the rig count of baker hughes now the count is irrelevant. Frankly we get so much more oil and natural gas out of a rig than we used to. I think it is great that you mentioned the technology it is an underlying theme that technology is made remember how many people say peek oil, 15 years ago by the way, chairman greenspan was talking about peek natural gas, turns out thats when we were thinking we have to become an importer and then fabulous fired, engineer, became im talking. Sorry i apologize. I know, occasionally i like to consult my texts because i do have more people know more than i do. I know, but in the middle of when im talking, sometimes i find it humiliating. Well, i think you should get a thicker skin okay. Thank you. Anyway, what we were saying stocks, on track for a modest open, got some retail names under pressure today a trio of disappointments if you count home depot. Im getting tired of home depot. Childrens place and aeo. Childrens place, they had some they lowered the boom on themselves, just saying, look, the mall, childrens place is interesting. Jane says basically that well, lets just say the mall is going to keep us from making a lot of money. Not as bad as game stop. That may be the benchmark of bad. But i dont like what childrens places do. Weaker than planned mall traffic quarter to date, were long on outlook for q 4. Home depot, i said my travel trust owns home depot. I was critical of the last quarter and they were critical of me. He who laughs last laughs last they lowered their estimate. I think it represents great value. They didnt like when you were so praising ellison so much at lowes. Thats probably part of it. Marvin ellison is doing great. Not a dramatic similar spread on comps. Not that far of what they said. We have to hear more. I dont really think that theyre guide can be that quickly down from when they were reported last time Marvin Ellison is back, he worked at home depot brief stop at jcpenney, decided that was not going to turn. Jcpenney is problematic retailer in the mall. Yeah. Im getting a lot of good report in my twitter feed about the kohls amazon deal, you can return things to amazon, from kohls get kohls cash, a discount, people are talking about kohls as being a destination once again. Chiefly to return things from amazon. People were looking for some sort of return on that deal. Youre saying it is questions on the call and michelle goss, so far, disappointing. I think my twitter feed, which is anecdotal, does say a lot of people like to return things there. I dont know im looking for retailers other than walmart, amazon, target, costco that are doing well you want to bring others into the watch fold. Yes i think lowes is. I would like to do kohls. I cant. Because it is brick and mortar ma macys no, childrens place no, american eagle, no game stop, did you see the numbers at game stop. Gap, no. Gap, no game stop, people are looking for 1. 15 to 1. 30. It will be ten to 20 cents same store sales down 23 . Game stop. Web bush, Michael Packer sticking by it. Wow. What . I havent looked at game stop in a while it is below 600 million market cap going lower today. The end of cycle on hardware and then the broader move to digital, a lot of people in my travel home depot, you guys geez, home depot where is carol thome when we need her. Retired. We need mel torme at this point. Game stop, i dont know i think it is too early to buy i liked mel torme. Yes got to meet him once. Did you really . Yes, just a prince. Really . Amazing man was he really did he write that Christmas Song yes, one of the hottest days of the year. Makes a fortune every christmas. I met vic damone. Who have you met nobody. Thank you even Barbra Streisand never met Barbra Streisand. I met Barbra Streisand. Back in the day when she used to watch squawk box. Fantastic big morning on tap. Exclusive interviews with the coceo of carlisle group, the ceos of u. P. S. , cvs health, b of a. Well get cramers mad dash as we count down to the opening bell on this wednesday dont go away. At fidelity, online u. S. Stocks and etfs are commissionfree. And when you open a new brokerage account, your cash is automatically invested at a great rate. Thats why fidelity leads the industry in value while our competition continues to talk. Talk, talk doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. It is hump day, what we like to call wednesday here at squawk on the street. Opening bell 11 minutes from now. Lets get to a mad dash. Where are you headed mkm partners, i dont mention them enough, they are saying be careful of cannabis, that the little cushion to cover payables, capital raises needed. The only two theyre highlighting being okay, Canopy Growth and kronos. When david kline runs canopy, hes where is he taking the money . Yeah, higher. David kline, very good cfo, constellation coming in there, when the smoke clears, they will be the winner. I like that. That was a good one. Like one of those teases in the business, but really funny things on our outthrow to commercials. I dont know they want the smoke to clear. They dont. If you insist on being in cannab cannabis, i would recommend Canopy Growth, they have a flight path so to speak. The bloom came off the plant for all of these oh, my. What happens, they planted too much apparently there is 100 year supply of cannabis in canada like natural gas in our country. It is wow. Thats good. Maybe there is something i remember when my daughter lived in o ed ioregon, they ripl the great pinot noir grapes and put cannabis in. They should have kept the pinot noir, but the northern is bert than the southern pinot noir. Youre saying if you want to bottom fish, canopy is the name to go in yes, and also kronos because theyre capitalized. The one that is a little bit suspect is tilray. Tilray likes to come on tv i would like to see tilrays response because theyre saying that all tilray may have after everything is 20 million available for inventory,the promise of port dpal operatiuga could help raise a spike up. You couldnt borrow the stock. People wanted to short it, but borrow was so prohibitive. Thats the one they say could be questioned. I pass that on along with home depot. Okay. Im just yeah, funny, sometimes you lose sight of how bad the moves have been. Versus the Drug Companies. The traditional Drug Companies like merck. The move up, warrens poll numbers and the Drug Companies, boom were coming right back. Well take a look at some of the Pharma Companies were talking about. Squawk on the street counting down to the opening bell were back after this. Most people think of verizon as a reliable phone company. But to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. second man virtualize their operations. woman and build ai customer experiences. second woman we also keep them ready for the next big opportunity. Like 5g. Almost all of the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. Coming off two takes of losses for the major indices it is fed day. A presser with jay powell at 2 30 the opening bell in five minutes. Youre watching cnbcs squawk on the street live from the Financial Capital of the world. Opening bell in two and a half minutes. Busy wednesday morning as we wait for the fed decision at 2 00 dow will have to operate without the benefit of boeing, jim, as the faa administrator told phil lebeau that certification for the max not going to come this year as boeing had hoped. Boeing have to be careful they had to make this determination because of the way that they do accounting. About whether it would be certified. But when i was watching phils interview, once again, i was struck by this discord nature of hope at boeing, versus reality with the faa and think about all the airlines that are owed money and phils been doing this reporting that basically says, you may think boeing will come out unscathed, but not yet. Not yet. Journal has this piece about an faa analysis which might be released today in which they found given the initial problems after the first crash could have averaged a crash every one to two years without agency intervention well you hear more about that. Breathtaking. Boeings going to come through this, come through this. Youre going to want to youre going to fly one of the planes but theyre in the going to be done until everybody is sure that this thing is the most like the safest place on earth a lot of the chatter is, well, the military would never have allowed this, like, the pushback was, but were commercial. My friends who i have a friend who is in the involved with actual redundancy in the military, who would tell you, look, theyre going to have to end up being like the military and if thats the case, well, it is going to take a little while. And also retraining, retrain, which they mentioned, after you do simulation work, nvidia is the way to invest in simulation if you want to be in how to do simulations. Nvidia does simulations. They do. Nvidia is running millions of car crashes a day in simulation in order to figure out what Autonomous Vehicles will do. I think nvidia keeps coming up as a way to talk about all the good things that keep happening. To the opening bell here, with all that in mind, the s p 500, the cnbc real time exchange, the big board, Software AnalyticsCompany New Relic celebrating the fifth listing anniversary. Nasdaq, brazils x