Transcripts For CNBC Squawk Box 20240713 : vimarsana.com

Dallas . Years ago. Traveling with a big sales whats interesting is it is a connected supply chain so what were actually discovering here with the coronavirus is those factories outside of china, they person a deal . A few of them i was a stock broker. Also are having supply trouble not able to start production in would you like to buy this or many cases because all it takes would this be better for you is one part to come from china alternative choice questions. So our products are electronics, you do. Fairly complex and parts really she doesnt get on a plane come from all over the world and unless there is money to be those parts that come from china made everything you do should be are affected. Okay. Closing. Bernie, thank you for joining us this morning im closing every day appreciate it. Coming up, can a slick we digress. It is up we are green today multimillion dollar ad blitz translate to success on the up 65 points, the s p indicated debate stage thats the question of the night up about 7, nasdaq indicated up for billionaire Mike Bloomberg his team also announcing hed sell his company if elected about 31 president. I think we want these to go up were going to discuss what to and maybe we are not all going expect tonight and his economic to catch this horrible thing plan here are the futures at this hour we are in the green pretty some day handily. On the 10year, kind of sickly, squawk box will be right back. When we started our business isnt it arent we inverted again on the threemonth, 10year it portends a slow down it will be in this trading range for a while. Is it mostly coronavirus related right now . In this range, yes. I thought i saw oil better today . I think the market is confused there are others that say they would be dealing this well into next year. Explain why the bond market would be a little strange. This is more structural strain i think the bond market wants we were paying an arm and a leg for postage. Support. It needs help. I remember setting up shipstation. One or two clicks and everything was up and running. I think if there is a quick i was printing out labels and saving money. Resolution and vshaped shipstation saves us so much time. Recovery, that will be okay. It makes it really easy and seamless. Pick an order, print everything you need, you are here. Slap the label onto the box, couldnt stay away yesterday and its ready to go. Our costs for shipping were cut in half. You called in. We had some news. Just like that. You did shipstation. The 1 choice of online sellers. Did that work my appeal for you to get a vacation day since go to shipstation. Com tv and get 2 months free. You essentially worked shipstation. The 1 choice of online sellers. Were you not on the same can we go get some ice cream . Alright, we gotta stop here first. Emails i was . You didnt get it from smarter atms, to after hours video tellers i had a half day. We cant let him get too comcast business is connecting thousands of banks to Technology Comfortable with this calling that turns everyday transactions into extraordinary experiences. In how many days is it hi there. How are you . Do you have any lollipops in there . 181 . You have to stay out of the laughing no, sorry. City 180 days. Were helping all kinds of businesses would you come clean or go beyond customer expectations. Pretend you are here would you let him pretend how can we help you . Bingo january Producer Price index coming up. Expecting an increase of 0. 1 . Atlanta, minneapolis, dallas, richmond and cleveland fed president s all have planned speeches well see if they are all singing from the same hymnal well see. Welcome back to squawk a new case of the coronavirus being confirmed in box. Mike bloomberg will take the stage tonight. California the spotlight will be on his 5 a second patient under trillion tax plan and how his investigation. Message changed over the years both had previously been robert frank joins us with a little bit on all of it. Quarantined on the diamond good morning, andrew. Two years ago Mike Bloomberg princess in japan. Took to the stage at an imf overnight, the evacuation of meeting and warned of the dangers of taxing the rich. About 2,500 people began but you can take money from the expected to take several days. Rich and move it over to the poor if you do it too much, then the passengers cleared could be seen rich stock producing and departing here everybody loses. Some received health check forms now that hes running. Asking if they had symptoms. Those tested negative and reported no symptoms were also subject to body temperature checks before leaving. I wonder about the whole theyre imposing it. Cruise industry at this point. Fool me once norovirus. Have we looked at those stocks thats on top of the more than 5 trillion taxes hes proposed who is going to go on a cruise to pay for infrastructure, again . They will health care and hes raising the it is a traveling petri dish. Top tax rate from 37 to 44. 6 and raised a Corporate Tax rate i know you, youll got on from 21 to 28 geffens boat. 16 people. Capital gains will be taxed the same as ordinary income making you and tom and leo. More than 1 million a year. Who is tom . Bloomberg says fixing inequality hanks obviously is my priority and that the there is an imam boat that rewards of the economy are too far concentrated at the top. Goes between two of the islands the Tax Foundation said it will in the maldives. Increase tax burden on saving, thats got my name on it investing and working in the u. S. While reducing global has that caught your eye. Competitiveness in the u. S. I think it is just a day or economy. Question for you. Two but that is my kind of i write some news that suggest speed. The floating speed. That his plan is more aggressive we think this escapism is than Elizabeth Warren, more because the world is so aggressive than Bernie Sanders actually in terms of the daunting we are going to go back now to eunice in china. Ultimate money that will get the death toll has crossed the raised. Not even close. 2,000 mark and the number of new warren is Something Like 20 to 30 trillion compared to 5 infections has daped, trillion and sanders, just the reportedly health care part, is 30 1,700 cases is the lowest new trillion now biden is 3 daily rise since january right. New new questions about how so hes between biden and warren is kind of where he is on transparent the chinese the spectrum but nowhere close. Government has been about the just the debate itself, this is by far this is going to be the big one. As the most andrew, remember when trump tweeted it was scorched earth and it was answered, it was scorched earth outbreak by bloomberg eunice hes not going to be someone eunice yoon joins us with more whos going to avoid getting down into the muck is that a false certainty were cargo called i guess bernie feeling . Called cargo a hack and bernie it is interesting that when it comes to a free flow of said, at least im not a communist. Information, the chinese bloomberg is smart and i government has become more guarantee you he has people with answers to anything that happens aggressive authorities here are departing tonight. Because theres a perception that to take on trump you need three wall street journal to fight fire with fire. Reporters based in beijing for i think hes going to be loaded for bear tonight an opinion piece that they did bernie and bloomberg are going to be loaded for bear. Not write. Were going to see whether they said the opinion piece that he you know, how he brings referred to china as the sick it, meaning he historically is man of asia as racist. Not somebody i know that he needs to bring it. This comes after the is that part have you watched his new york designated several chinese news city debates have you watched those old outlets as exceptions of debates . Not great. Did you need not great. Beijing. Censorship here of the outbreak you needed some meth . Has ratcheted up recently so at the much so that companies have been yeah, hes got to bring it. Well see complaining generally but to me well see if he brings it. Even if he brings it, is it going to ring true specifically that it has been people know he has all of these advisers to come up with lines more difficult to work remotely thats different than people who from home, which is a challenge are bernie ardent supporters. Hes got people who are since they cant go to the giving him lines office the World Health Organization is Elizabeth Warren has people giving her lines. Kellys point is really here as you well know, china has been important because my hit today was about the authenticity and under great scrutiny and under consistency of his positions and fire for not sharing enough bloomberg, whether its on information with the obamacare, whether its about international community. Red lining on wall street the w. H. O. Senior team is in causing the financial crisis, hes done a 180 in three months on so many issues. Beijing. Exactly. This week, very far from the we have guests to talk about this epicenter of the province. For more on the candidates i spoke with the w. H. O. About plans and looking forward to this and they said a trip to Mike Bloombergs first appearance joining us douglas holtzaiken wuhan and hubei is currently not on the agenda, however, they and former budget director and said a trip there is not ruled jose joseph i wish i could i think youre conflicted, jason. Im trying to figure out where out. Guys youre going to come down on i want to talk about these these things knowing you as i do, i feel reporters that were expelled sorry for you. This is tough for you to pick they are asian reporters between a bloomberg and a bernie since i feel your inner conflict, i dont know how to deputy chief josh chin, chow address your feelings on this. What do you think of Bernie Sanders, jason youre a smart guy ming, and another all expelled i mean, you dont want to do any of these things he wants to do, do you i heard andrew say his plan right they have five days to leave the would raise 50 trillion i dont think he was taking into country but they did not write the piece. Account the impact on the are you very careful with how economy. After that i think we would be you phrase things . Lucky to get 5 trillion from i think you are. His plan. I think you have to be youre not disappointing me how about bloomberg . No. Are you okay with a billionaire i dont think so we just report what we feel. Buying an election its a loaded question i look at his plans i like the proposals hes making i personally am not a fan of President Trump, would like to many times they dont like what see him beat President Trump. One of our guests or one of us what . Would like to see who could are saying here. That happens from time to time have a sense of sensible economic policies. I wonder if you feel like you i think bloomberg is one of th are walking a fine line at people that might meet both of those criteria. All right, doug what about bloombergs plan itself anything there that would make things even better than they are times . We are censored once we start today in the economy or would we go the other way no. Talking about something no sensitive say for example the no everything on the democratic hong kong protests side is headed south as far as it is quite common here and im concerned. Especially these days when it theres not one good plan out there. Lots of regulation, lots of big comes to anything sensitive when taxes, lots of big spending. It refers to the government. Not going to do anything good for the economy. Every night, well hear about new cases. Nothing on the democratic i wonder when well be able to side is worth anything at this tell there is an actual slowing point . I dont think so. Honestly, these are not plans and whether there is for economic growth. These are plans for Government Transparency i wonder when well actually growth theyre about government know i think it is going to be programs always and theyre about redistribution and theyre really difficult to know not about the kinds of things we are hoping to see the trend that have relied on the private continue to fall with these new market and inknow vapgs and success. Cases. There has been a lot of hope i find it very dispiriting this is not an election that pinned we talked about it before looks like its going to have a february 20, which is tomorrow good, solid policy core. Jason, it comes back to how we got here, and theres been a later this week because a big controversy this week. Highlevel, wellregarded doctor im loathe to bring it up expected to see a turning point because i think its ludicrous, but do you think some of the in Southern China at least this economic success were having right now can be traced back to week so there are a lot of people that 800 billion cash for here hoping that the number of falling new infections will be klunkers not shovel ready boondoggle is that why we have these reflected and that we would see historic lows in unemployment . A turning point. Again, very difficult to say can you connect any dots from that to where we are here today . We feel like we have a i bet you can. You know, i think about 80 divergence between the stock of the year is in the last market and bond market century, the Unemployment Rate was lower than the last year it is hard to give that type of thats happened in the last two years. You know, joe, you were talking about 3 growth. This last year we got 2. 3. The year before that we got 2. 5. What happened to 2. 9. Wait you told me 2. 9 2. 9. You did it a different way and indication got above 3. Joe, you were the guy who it looks like it is indicating a wanted right. Right. You wanted q4 over q4 until slow down it is hard to extrapolate how long this lasts. Those numbers got revised and then you changed back. I want whatever is best for the country. The numbers have been made up you set a standard. The information flow is really messi the only thing that was really we hear a lot from the top that strong in 2019 was the federal says things are under control. Spending increase. That was the largest federal on the ground, it is really spending increase of the dysfunctional. Recovery you talk to several suppliers. Investment growth, excluding oil and gas, was the slowest of the recovery so i dont think this is looking most people think the disruption a lot like an investment fueled will continue to the spring. Economic boom. We did pay a little because of the disconnect. Okay growth with a lot of we dont know whether or not Government Spending. Its the truth authorities arent sharing keep talking information or if they actually keep telling the voters that dont know what the situation is things suck. Im not saying they suck. On the ground. The america you promised us, because of that, you are getting joe, hasnt showed up. You made us a big promise. A very spotty picture. You deal with 30 years of a renegade china in terms of trade Morgan Stanley indicated a policy and you pay it forward by dealing with some of those issues, there were some Research Report indicating that headwinds but i think we could see a spillover effect. You keep moving the goalposts, joe doug, are things pretty good . Thank you for your reporting the stock markets at highs, from the ground in beijing wages rising, anything to be coming up you want me to these democrats going to run against the economy . No, theyre not, and they dont really read if you listen to the debates, you were applauding my reading theyre not an attack on trumps it was the question. So probing. I missed you yesterday. Economic policies. They know theyve by and large been very successful much more on the impact of the coronavirus on Companies People are very happy with where we are worldwide. Theyre on his conduct and his well highlight some businesses character. That could see some gains from its not about how the economy is doing, not really supply productions related to theyre not going to run on that. Jason, i would even go as far the outbreak if you have questions for warren to say that, you know, to get to when youre at 12 or 10 buffett, now is your chance to unemployment, those first three, ask and tweet them with the four, five points you can do obamacare. You can do redistribution. You can ramp up regulations and its going to happen because the economy recovers but there wasnt a single progrowth policy to point to during the obamas eight years, right hasht hashtag askwarren how do you possibly how do well be right back. You possibly attribute any of the economic successes now at ameriprise our Financial Advisors which program . Klunkers . Which one . Give me one that was progrowth. Can not only recognize you in a crowd, but recognize whats important to you in terms of your goals one that was progrowth get 1to1 goalbased advice where and when you want i think the Affordable Care act and realtime goal tracking online. Helped stop people thats a good one Ameriprise Financial enabled them come on, jason. Enabled them to take more risk you want entrepreneurship. And when you open a new brokerage account, you want people to move from job your cash is automatically invested at a great rate. To job we saw a steady look thats why fidelity leads the industry in value whats happened to health costs. No, no, no. While our competition continues to talk. Years of higher growth rate talk, talk while our competition continues to talk. Under obama than trump. What kind of debate are we we segetting to patientscines in record time. Having here . Im happy to move forward at emerson, when issues become inspiration, creating a better world isnt just a result, i dont know how you have strong its a responsibility. Growth with more investment in science, more investment in emerson. Consider it solved. Infrastructure i think were doing perfectly fine now i think we can do a whole lot better and a whole lot better on a more secure diaper closure. There were babies involved. And they werent saying much. A sustainable basis if we make thats what we do at 3m, we listen to people, the can you believe, doug even those who dont have a voice. Its a rorschach test. We are people helping people. Can we establish a few facts here please. It is a fact that the economy accelerated under President Trump. It hit at a low of year over year growth of 1. 3 in the Mike Bloomberg<\/a> his team also announcing hed sell his company if elected about 31 president. I think we want these to go up were going to discuss what to and maybe we are not all going expect tonight and his economic to catch this horrible thing plan here are the futures at this hour we are in the green pretty some day handily. On the 10year, kind of sickly, squawk box will be right back. When we started our business isnt it arent we inverted again on the threemonth, 10year it portends a slow down it will be in this trading range for a while. Is it mostly coronavirus related right now . In this range, yes. I thought i saw oil better today . I think the market is confused there are others that say they would be dealing this well into next year. Explain why the bond market would be a little strange. This is more structural strain i think the bond market wants we were paying an arm and a leg for postage. Support. It needs help. I remember setting up shipstation. One or two clicks and everything was up and running. I think if there is a quick i was printing out labels and saving money. Resolution and vshaped shipstation saves us so much time. Recovery, that will be okay. It makes it really easy and seamless. Pick an order, print everything you need, you are here. Slap the label onto the box, couldnt stay away yesterday and its ready to go. Our costs for shipping were cut in half. You called in. We had some news. Just like that. You did shipstation. The 1 choice of online sellers. Did that work my appeal for you to get a vacation day since go to shipstation. Com tv and get 2 months free. You essentially worked shipstation. The 1 choice of online sellers. Were you not on the same can we go get some ice cream . Alright, we gotta stop here first. Emails i was . You didnt get it from smarter atms, to after hours video tellers i had a half day. We cant let him get too comcast business is connecting thousands of banks to Technology Comfortable<\/a> with this calling that turns everyday transactions into extraordinary experiences. In how many days is it hi there. How are you . Do you have any lollipops in there . 181 . You have to stay out of the laughing no, sorry. City 180 days. Were helping all kinds of businesses would you come clean or go beyond customer expectations. Pretend you are here would you let him pretend how can we help you . Bingo january Producer Price<\/a> index coming up. Expecting an increase of 0. 1 . Atlanta, minneapolis, dallas, richmond and cleveland fed president s all have planned speeches well see if they are all singing from the same hymnal well see. Welcome back to squawk a new case of the coronavirus being confirmed in box. Mike bloomberg will take the stage tonight. California the spotlight will be on his 5 a second patient under trillion tax plan and how his investigation. Message changed over the years both had previously been robert frank joins us with a little bit on all of it. Quarantined on the diamond good morning, andrew. Two years ago Mike Bloomberg<\/a> princess in japan. Took to the stage at an imf overnight, the evacuation of meeting and warned of the dangers of taxing the rich. About 2,500 people began but you can take money from the expected to take several days. Rich and move it over to the poor if you do it too much, then the passengers cleared could be seen rich stock producing and departing here everybody loses. Some received health check forms now that hes running. Asking if they had symptoms. Those tested negative and reported no symptoms were also subject to body temperature checks before leaving. I wonder about the whole theyre imposing it. Cruise industry at this point. Fool me once norovirus. Have we looked at those stocks thats on top of the more than 5 trillion taxes hes proposed who is going to go on a cruise to pay for infrastructure, again . They will health care and hes raising the it is a traveling petri dish. Top tax rate from 37 to 44. 6 and raised a Corporate Tax<\/a> rate i know you, youll got on from 21 to 28 geffens boat. 16 people. Capital gains will be taxed the same as ordinary income making you and tom and leo. More than 1 million a year. Who is tom . Bloomberg says fixing inequality hanks obviously is my priority and that the there is an imam boat that rewards of the economy are too far concentrated at the top. Goes between two of the islands the Tax Foundation<\/a> said it will in the maldives. Increase tax burden on saving, thats got my name on it investing and working in the u. S. While reducing global has that caught your eye. Competitiveness in the u. S. I think it is just a day or economy. Question for you. Two but that is my kind of i write some news that suggest speed. The floating speed. That his plan is more aggressive we think this escapism is than Elizabeth Warren<\/a>, more because the world is so aggressive than Bernie Sanders<\/a> actually in terms of the daunting we are going to go back now to eunice in china. Ultimate money that will get the death toll has crossed the raised. Not even close. 2,000 mark and the number of new warren is Something Like<\/a> 20 to 30 trillion compared to 5 infections has daped, trillion and sanders, just the reportedly health care part, is 30 1,700 cases is the lowest new trillion now biden is 3 daily rise since january right. New new questions about how so hes between biden and warren is kind of where he is on transparent the chinese the spectrum but nowhere close. Government has been about the just the debate itself, this is by far this is going to be the big one. As the most andrew, remember when trump tweeted it was scorched earth and it was answered, it was scorched earth outbreak by bloomberg eunice hes not going to be someone eunice yoon joins us with more whos going to avoid getting down into the muck is that a false certainty were cargo called i guess bernie feeling . Called cargo a hack and bernie it is interesting that when it comes to a free flow of said, at least im not a communist. Information, the chinese bloomberg is smart and i government has become more guarantee you he has people with answers to anything that happens aggressive authorities here are departing tonight. Because theres a perception that to take on trump you need three wall street journal to fight fire with fire. Reporters based in beijing for i think hes going to be loaded for bear tonight an opinion piece that they did bernie and bloomberg are going to be loaded for bear. Not write. Were going to see whether they said the opinion piece that he you know, how he brings referred to china as the sick it, meaning he historically is man of asia as racist. Not somebody i know that he needs to bring it. This comes after the is that part have you watched his new york designated several chinese news city debates have you watched those old outlets as exceptions of debates . Not great. Did you need not great. Beijing. Censorship here of the outbreak you needed some meth . Has ratcheted up recently so at the much so that companies have been yeah, hes got to bring it. Well see complaining generally but to me well see if he brings it. Even if he brings it, is it going to ring true specifically that it has been people know he has all of these advisers to come up with lines more difficult to work remotely thats different than people who from home, which is a challenge are bernie ardent supporters. Hes got people who are since they cant go to the giving him lines office the World Health Organization<\/a> is Elizabeth Warren<\/a> has people giving her lines. Kellys point is really here as you well know, china has been important because my hit today was about the authenticity and under great scrutiny and under consistency of his positions and fire for not sharing enough bloomberg, whether its on information with the obamacare, whether its about international community. Red lining on wall street the w. H. O. Senior team is in causing the financial crisis, hes done a 180 in three months on so many issues. Beijing. Exactly. This week, very far from the we have guests to talk about this epicenter of the province. For more on the candidates i spoke with the w. H. O. About plans and looking forward to this and they said a trip to Mike Bloomberg<\/a>s first appearance joining us douglas holtzaiken wuhan and hubei is currently not on the agenda, however, they and former budget director and said a trip there is not ruled jose joseph i wish i could i think youre conflicted, jason. Im trying to figure out where out. Guys youre going to come down on i want to talk about these these things knowing you as i do, i feel reporters that were expelled sorry for you. This is tough for you to pick they are asian reporters between a bloomberg and a bernie since i feel your inner conflict, i dont know how to deputy chief josh chin, chow address your feelings on this. What do you think of Bernie Sanders<\/a>, jason youre a smart guy ming, and another all expelled i mean, you dont want to do any of these things he wants to do, do you i heard andrew say his plan right they have five days to leave the would raise 50 trillion i dont think he was taking into country but they did not write the piece. Account the impact on the are you very careful with how economy. After that i think we would be you phrase things . Lucky to get 5 trillion from i think you are. His plan. I think you have to be youre not disappointing me how about bloomberg . No. Are you okay with a billionaire i dont think so we just report what we feel. Buying an election its a loaded question i look at his plans i like the proposals hes making i personally am not a fan of President Trump<\/a>, would like to many times they dont like what see him beat President Trump<\/a>. One of our guests or one of us what . Would like to see who could are saying here. That happens from time to time have a sense of sensible economic policies. I wonder if you feel like you i think bloomberg is one of th are walking a fine line at people that might meet both of those criteria. All right, doug what about bloombergs plan itself anything there that would make things even better than they are times . We are censored once we start today in the economy or would we go the other way no. Talking about something no sensitive say for example the no everything on the democratic hong kong protests side is headed south as far as it is quite common here and im concerned. Especially these days when it theres not one good plan out there. Lots of regulation, lots of big comes to anything sensitive when taxes, lots of big spending. It refers to the government. Not going to do anything good for the economy. Every night, well hear about new cases. Nothing on the democratic i wonder when well be able to side is worth anything at this tell there is an actual slowing point . I dont think so. Honestly, these are not plans and whether there is for economic growth. These are plans for Government Transparency<\/a> i wonder when well actually growth theyre about government know i think it is going to be programs always and theyre about redistribution and theyre really difficult to know not about the kinds of things we are hoping to see the trend that have relied on the private continue to fall with these new market and inknow vapgs and success. Cases. There has been a lot of hope i find it very dispiriting this is not an election that pinned we talked about it before looks like its going to have a february 20, which is tomorrow good, solid policy core. Jason, it comes back to how we got here, and theres been a later this week because a big controversy this week. Highlevel, wellregarded doctor im loathe to bring it up expected to see a turning point because i think its ludicrous, but do you think some of the in Southern China<\/a> at least this economic success were having right now can be traced back to week so there are a lot of people that 800 billion cash for here hoping that the number of falling new infections will be klunkers not shovel ready boondoggle is that why we have these reflected and that we would see historic lows in unemployment . A turning point. Again, very difficult to say can you connect any dots from that to where we are here today . We feel like we have a i bet you can. You know, i think about 80 divergence between the stock of the year is in the last market and bond market century, the Unemployment Rate<\/a> was lower than the last year it is hard to give that type of thats happened in the last two years. You know, joe, you were talking about 3 growth. This last year we got 2. 3. The year before that we got 2. 5. What happened to 2. 9. Wait you told me 2. 9 2. 9. You did it a different way and indication got above 3. Joe, you were the guy who it looks like it is indicating a wanted right. Right. You wanted q4 over q4 until slow down it is hard to extrapolate how long this lasts. Those numbers got revised and then you changed back. I want whatever is best for the country. The numbers have been made up you set a standard. The information flow is really messi the only thing that was really we hear a lot from the top that strong in 2019 was the federal says things are under control. Spending increase. That was the largest federal on the ground, it is really spending increase of the dysfunctional. Recovery you talk to several suppliers. Investment growth, excluding oil and gas, was the slowest of the recovery so i dont think this is looking most people think the disruption a lot like an investment fueled will continue to the spring. Economic boom. We did pay a little because of the disconnect. Okay growth with a lot of we dont know whether or not Government Spending<\/a>. Its the truth authorities arent sharing keep talking information or if they actually keep telling the voters that dont know what the situation is things suck. Im not saying they suck. On the ground. The america you promised us, because of that, you are getting joe, hasnt showed up. You made us a big promise. A very spotty picture. You deal with 30 years of a renegade china in terms of trade Morgan Stanley<\/a> indicated a policy and you pay it forward by dealing with some of those issues, there were some Research Report<\/a> indicating that headwinds but i think we could see a spillover effect. You keep moving the goalposts, joe doug, are things pretty good . Thank you for your reporting the stock markets at highs, from the ground in beijing wages rising, anything to be coming up you want me to these democrats going to run against the economy . No, theyre not, and they dont really read if you listen to the debates, you were applauding my reading theyre not an attack on trumps it was the question. So probing. I missed you yesterday. Economic policies. They know theyve by and large been very successful much more on the impact of the coronavirus on Companies People<\/a> are very happy with where we are worldwide. Theyre on his conduct and his well highlight some businesses character. That could see some gains from its not about how the economy is doing, not really supply productions related to theyre not going to run on that. Jason, i would even go as far the outbreak if you have questions for warren to say that, you know, to get to when youre at 12 or 10 buffett, now is your chance to unemployment, those first three, ask and tweet them with the four, five points you can do obamacare. You can do redistribution. You can ramp up regulations and its going to happen because the economy recovers but there wasnt a single progrowth policy to point to during the obamas eight years, right hasht hashtag askwarren how do you possibly how do well be right back. You possibly attribute any of the economic successes now at ameriprise our Financial Advisors<\/a> which program . Klunkers . Which one . Give me one that was progrowth. Can not only recognize you in a crowd, but recognize whats important to you in terms of your goals one that was progrowth get 1to1 goalbased advice where and when you want i think the Affordable Care<\/a> act and realtime goal tracking online. Helped stop people thats a good one Ameriprise Financial<\/a> enabled them come on, jason. Enabled them to take more risk you want entrepreneurship. And when you open a new brokerage account, you want people to move from job your cash is automatically invested at a great rate. To job we saw a steady look thats why fidelity leads the industry in value whats happened to health costs. No, no, no. While our competition continues to talk. Years of higher growth rate talk, talk while our competition continues to talk. Under obama than trump. What kind of debate are we we segetting to patientscines in record time. Having here . Im happy to move forward at emerson, when issues become inspiration, creating a better world isnt just a result, i dont know how you have strong its a responsibility. Growth with more investment in science, more investment in emerson. Consider it solved. Infrastructure i think were doing perfectly fine now i think we can do a whole lot better and a whole lot better on a more secure diaper closure. There were babies involved. And they werent saying much. A sustainable basis if we make thats what we do at 3m, we listen to people, the can you believe, doug even those who dont have a voice. Its a rorschach test. We are people helping people. Can we establish a few facts here please. It is a fact that the economy accelerated under President Trump<\/a>. It hit at a low of year over year growth of 1. 3 in the Second Quarter<\/a> of 2016 and it grew faster every quarter year over year until the Second Quarter<\/a> of 2018. That was less regulation, that was tax cuts and tax reform. Sugar high. Government spending. Hang on there was some Government Spending<\/a> in there. And then exactly at the peak growth when it was growing at 3. 1 he went at china with a big even those who dont have a voice. Trade war. Which of your devices are protected it has decelerated since by daily security updates . The idea that nothing has daily security updates. Changed is wrong its changed dramatically and he daily . I dont know. The only thing. Then stepped on it with the im struggling with this. Trade war. Theres no question about it some providers you have to manually download updates Going Forward<\/a> the issue is what to each device. Will be the trade policy comcast business securityedge updates every 10 minutes will he get some results for what he did or will we continue to help keep your connected devices protected to shoot ourselves in the foot against new ransomware, malware and phishing threats. Thats the big issue theres no doubt about it. One of the biggest problems every 10 minutes feels pretty good. That weve had here is there get secure, reliable internet and voice for an amazing price. Hasnt been a lot of private investment i dont know what the answer to call today. Comcast business. That is there was a lot of private beyond fast. Investment. The answer isnt enough. Id do another round of business tax reform. To actually drive growth from a private perspective. Cash for klunkers 2, jason. Was that your idea i still think thats why were here. I dont remember very well, but why dont you ask austin im sure it was his. I get done with this and then gools goolsbys going to be here. I keep hitting my head against the wall and when i stop, it feels awesome. Thank you, furman and douglas holtzeakin. Furman is tough. Because he has facts. The truth on my side. Alternative facts yeah. All right and we wanted to thank liz young for being with us this whole hour she has to get off to dallas welcome back we have a couple of stocks to make haste, make deals. Always closing. Coffees for folks highlight this morning on behalf of the client joining us now, portfolio manager. Always whats best for the i want to kick things off right client client first now. Coming up, our exclusive you like air Lease Corporation<\/a> interview with the dojs why do you like them great it leases airlines globally. Antitrust chief makan delrahim. What has been under pressure, hell sign off on the tmobile the names are under pressure you do see some pull back. They are taking advantage of venture. Heres the market. Tesla is back over 900 this to work with partners and were back in tw move inventory all around. It has been the opportunity to buy a Great Company<\/a> at value prices what do you think it is worth . Wed like to see it above 50, 55 it is below 40 right now. We think the health scare, once that abates, this will be great. It has also taken advantage of what is going on with boeing how much lost in the last four or five months . You look for those opportunities and do your Due Diligence<\/a> before it hits the i got that vibe, got that vibe bottom some other stocks on your got that vibe, yeah, i aint petty, list the second is lam research looking fly, looking fly, that is more of a larger looking fly, yeah, they aint ready. I can shine, i can shine, Company Company<\/a> for smaller i can shine. Imma do what im made to do. Semicap companies. They are a leader but will imma do what im made to do. Built for excellence. You start from the foundation up. Probably be impacted about what is going on in china and also the excellence is reaching dreams and chasing them at the same time. Some of the noise around huawei we are beginning to hear what is the risks in taiwan . Look at the run it has been on right where we are doing our Due Diligence<\/a>, which is the next slide we are bringing up to be clear on lam, you still think this is a screaming buy at that price no. This is and indicator of the next name which has been under pressure again what a tease you are. Bring up the third name. I feel like vana pho pho pho phototronics they do have operations in china. We dont know how much it has been impacted. As china begins to develop their own semiconductor industry, these guys are positioned for that we are seeing the bounce small caps do that on lighter volume we are watching for the Earnings Call<\/a> what the guidance would be there. You have to be prepared. What do you think this is worth . I think there could be significant pull back . Im telling people to do their homework and be prepared for this moment but this moment is not here. An exclusive interview with not today looking at your watch and the head of antitrust at the department of justice. Thinking of calling your the doj joins us live on the broker this is why you hire active managers to pay attention. Tmobile sprint merger. Tesla surging again is that your birthday suit theres a new top bull Piper Sandler<\/a> ups the price that you are wearing target by almost 200. And the brewing battles this is my birthday suit. Ahead of tonights democratic debate is it your birthday a surging Bernie Sanders<\/a>, rising Mike Bloomberg<\/a> and what people it is only 6 19 in the need to know the final hour of squawk box begins right now morning. A little birdie happy birthday, mr. Sorkin well celebrate later thank you for celebrating with me and talking with me good morning and welcome back to squawk box on cnbc they want me to go over here the highprofile pardon from mr. From the Nasdaq Market<\/a> site in times square im joe kernen along with andrew trump yesterday, namely mr. Ross sorkin and social media main kelly evans milken and why oracle is facing becky is off today 4400. U. S. Equity futures a backlash over something hes planning to do with the president. Thats next after this some people are not stopping following me and following you i dont know what they think theyre getting out of that. I dont know. I blocked them i did. Youre right youre not going to follow me because youre blocked. Were up 88 points now on the dow. The nasdaq up 48 s p up almost 10 points. Treasury yield, 156. Crazy bond yields, we have more to talk about stopping the deal yes im stuck in the middle with you, the third and fourth largest no one likes to feel stuck, boxed in, or held back. Guards especially by Something Like<\/a> your cloud. Its a problem. But the ibm cloud is different. All of this is maki its the most open and secure public cloud for business. It can manage all your apps and data from anywhere. Makin dalrahim, from the department of justice. The man in the middle and we are so it can help take on anything, thrilled to have you here today. From rebooking flights, on the fly makin, thank you for being with to restocking shelves on demand. Us thanks so much for having me, without getting in your way. Andrew. Good morning to you help us understand this. A lot of people have looked at the states suing you had obviously reached an and when you open a new brokerage account, agreement with the companies and then the states came in over the your cash is automatically invested at a great rate. Thats why fidelity leads the industry in value top. A judge is has now obviously while our competition continues to talk. Talk, talk sided with the companies, i could argue sided with you but the larger implications of the states suing and what that means Going Forward<\/a> for transactions in deal making. Well, i think it would have raised some serious issues of uncertainty had the states won in this case i think in a long, wellreasoned opinion said that what we do in the at the federal level at the antitrust division or federal Communications Division<\/a> is not conclusive but it deserves a level of deference and he went throughout his opinion explaining that but had that gone the other way you would have had 53 antitrust agencies i cant imagine being in one of those investment banks or private equity firms trying to handicap a transaction getting through the regulatory process when youhave 52 whacks at the pinata this is not going to prevent states from bringing suits in the future or do you think that this ends that you know, i dont know. I think theyll still be some appetite if the federal agencies are absent, but in this case it was such a comprehensive set of recommend zis that were there and the judge appropriately looked and said, you know, my job is not to look at the underlying transaction, its the underlying transaction as remedied by the Justice Department<\/a> so i think the bar is going to be high. Whether or not the states, you know, go down this route and spend the type of resources. I do hope that folks kind of step back and take a look at this they call this a game of star wars and call themselves Luke Skywalker<\/a> and darth vader. It affects millions of jobs and we took a lot of work. I was proud of the work of the men and women of the Justice Department<\/a> to a degree we have people who say states have rights too, when do you think a state should be able to jump into a situation like this. They do and our filing stated more than 2,300 oracle that congress contemplated the employees have signed a petition states having a role against the fundraiser for President Trump<\/a> reportedly being held later today at Larry Ellisons<\/a> personal property. Former cia chief has held a seat states are not preempted by federal Action Congress<\/a> said states are almost on the board and in 2016, oracle like private plaintiffs and so they have a higher burden to seek an injunction than the federal government does. Ceo was on President Trump<\/a>s transition team. That was the appropriate one look, whether or not it is a long process of a judge taking a if it was purely not wanting year or two years to determine their leaders on either side to an outcome or the uncertainty of stay out of politics, i could understand it. States jumping in, were dealing but it is the same woke with an asperatus that creates resistors. It is a valid situation some uncertainty. Makin, should consumers be there areother americans worried about pricing in this space Going Forward<\/a> . The reason i ask is uniquely and interestingly, once this transaction looked like it was that deserve to be heard Going Forward<\/a>, meaning once the it is a valley situation . Judge the judge ruled, the or valid he would say it is a valid stocks in at t and verizon didnt go down, they actually thing for them to do, i went up. What does that say about all of guarantee. Does it irritate you did you see me doing anything this i dont pretend to know how to play the markets. If i did, id be doing something during the last eight years like else right now but, remember, a lot of the this protesting or anything folks in the market also handicapped at 70 that this every morning transaction would be blocked and they got it wrong. I think by the end of the day im not carrying a sign verizon and at t stocks were pretty much actually down i think 1 or 2 . President trump issued some so the market and the price discovery, you know, will work itself out i dont second guess that, but i highprofile pardons and can tell you one thing, right now we have two premium comutations is the world providers in at t and verizon. With this transaction going do you remember this guy rod forward and the remedies we put in, youre going to have a third premium thats going to innovate for the first time for the consumers. Youre going to have a fourth blagojevich arrived after his thats unencumbered by 3g and 4g 14year sentence was cut short convicted in 2011 of crimes customers whos going to be entering through dish with some including attempting to sell the incredibly valuable spectrum that theyre going to have and appointment to Barack Obama Senate<\/a> seat. Theyre going to be super here is what he said as he boosted by the remedies that we put in place and the structural prepared to leave from the Denver Airport<\/a> changes so i think they will get in and i think the consumer is President Trump<\/a> is the one who did this going to be a winner over the im profoundly grateful. Next couple of years. When do you think well know one way or the other my gratitude i think within, you know, 12 he is forever. He has a big fan in me to 16 months we will see because if you ask me my party youll youll begin seeing affiliation, im a trump ocrate. Dishs network to be built out. Right so they immediately come in largely the face. With the nvno deal where theyre basically riding on the back of he wasnt convicted. The Insider Trading<\/a> scandal of the t mobile network but pretty soon theyll be able to have the 1980s. Core control and prop up their President Trump<\/a> cited the work own Network Within<\/a> certain states. What do you think of the idea hes done on Cancer Research<\/a> of the government looking back, separate from Insider Trading<\/a> meaning looking back even ten charges he did not plead guilty years ago, and this is now something thats going to happen apparently from what we hear in to some prominent people supported the tech world, looking back at transactions that happened, you him. A long, boldfaced list. Know, many, many years ago and deciding that that was a good most interesting, rudy giuliani, idea, a bad idea, and what you do about that . Who was his prosecutor saying he you know, look, i think youre referring to the federal deserved the pardon. Trade commissions mention of a study looking at all of the little transactions that were not reportable within, you know, Rupert Murdoch<\/a> as well i think four or five tech companies. Look, i think if we can learn and former nyc who was the face from that to hone our enforcement tools, thats a positive endeavor. The problem is theyre counter of the nypd after 9 11 factual. How could you tell the but for of google buying youtube what would that have been if they didnt buy it did they crush a competitor or did they actually save a competitor i dont know the answer. Also close to giuliani who is i think it is important for us and both agencies to have the resources to go back and look. Godfather to two of his children i remember really well. Especially in big transactions where we have whats called a i remember there is a stark competitive impact statement we filed with the courts and take a difference the difference look and see if our presumptions between the guys carried around were correct maybe they were incorrect. Money in suitcases and i know and then adjust our future enforcement. You think any s p company that you dont look at this as a take a look back and then decide to break things up afterwards . And how difficult that very well would be given how integrated so many of these businesses now are . I think it would be very difficult and theres some core precedent that says that type of remedy would be a challenge. Couldnt revolutionize to me, it did not seem like it in the Parker Hanifan<\/a> case in a went along with Insider Trading<\/a>. Merger that was closed and the department had reviewed it a few years ago. However, we found out that there was a monopoly this had to deal with fuel true scum bags and then hes led filters for planes and we brought a suit and got a divestiture out of that business i think its a very difficult endeavor to go back and try to an exemplary life. Second guess the facts and try to figure out how to make them i thought giuliani with his better. Should the law be changed so political ambitions forced him that the doj and the ftc can to chase milken around look at smaller transactions i thought the love gov, spitzer that historically they may not have looked at i was involved 20 years ago when we changed the threshold from 15 million to what it was, 50 and now going up with inflation to about 93 million followed as well while visiting now for reported transactions. Hookers. He asked for that music. By the way, let me quickly get off that topic i went back to read what your our jurisdiction is not limited by the reporting threshold paper had written up we have jurisdiction for any he spent about two years size of a deal where we find theres a substantial lessening sentenced to 10. Part of what appeared to be the of competition we already have that Authority Case<\/a> is that he didnt cooperate right what is reportable is different. We exempted out 58 of to the extent and he was fined transactions from government reporting that never, ever even 600 million as well he was one of the first guys got a second look. So i think thats an unnecessary that made like a half a billion tax. Makin, how about this in a year. One of the things people talk about is if you go over 10 of it is an interesting case. Deposits, you cant make anymore acquisitions youre done. The question is for a google, an hes on tape saying, hey, this is a really interesting senate apple, an amazon, i dont know what size it is, you say to seat yourself, they should be done or isnt milken still banned not . I dont know i raise it as a question from the industry . I believe if he wanted to go back to the industry now, given the pardon it effectively erases the if a company is efficient and innovative and providing competitive use, you dont want record i imagine if he wanted to get to put an artificial limit back to the securities industry, saying, wait a minute, guys, he could were too successful i got an email from one of his senior advisors yesterday lets slow down. Hold on, youre going too fast because a lot of people were here you dont want to do that. Asking that question i think thats a wrong move for would he try to get back the government the answer was, this is the however, there are areas where furthest thing from his mind you can tinker with burdens of to his credit, he has done proof if a company is at a certain market share right now, you know, the justice remarkable things for Cancer Department<\/a> and ftc bear the research the relationship he had with burden of proof to proving that giuliani if you remember, rudy had a transactions anticompetitive there are areas that we should prostate cancer. Study and take a look they got in touch. Particularly in the areas like thats when the relationship or in the high tech where there are Major Network<\/a> effects. Friendship emerged actually so if you were able to force then he changed the world the divestiture of that park eer economically in terms of getting people access to loans that hanifan monopoly, couldnt the otherwise never would have creating an entire industry at divestiture of facebook be the the time there were problems same basis it could be there though was a merger from a there. There would be no industry two to one of a monopoly of a certain kind of business that with that. Was overlooked we are going to talk in a little bit to the man who wrote whether or not the government the book, literally, den of can prove and review the thieves. Facebook and instagram that one of my favorites. Somehow they overlooked a he has a more skeptical view particular market or information wasnt there having sat in that courtroom remember, these are this is every day and heard all of the going to be a very hotly contested issue of whether or evidence not that particular transaction i think it is going to be a little more was instagram the competitor you wither in college back then or was it facebooks i went to the Beverly Hills<\/a> office and interviewed there resources that added to that company that they bought for 1 it was herb dunn billion and, frankly, i think it was the competition from snap i could have gone to the newport chat that forced a lot of the changes to instagram to make it as popular as it has been. If they had violated the law, the law does allow for the beach drexel divestiture, structural remedy to restructure that. The dc has warned there has to be a high bar and the government i ended up here with you has to meet that. Makin, quick question where are the fire works and there was a report that you have recused yourself from the google balloons we got nothing antitrust inquiry we got some big things planned why did you do that . I did that out of an you do . Abundance of caution we do now the Justice Department<\/a> had singing happy birthday. Reviewed that. I had represented google in the Marlin Monroe<\/a> style. Oh, boy coming up, the turn around double click as the investigation proceeded, i did not want these are efforts at one of our favorite important investigations that are much more important than me, frankly. And i wanted that to be from companies, bed, bath beyond. And more on blue apron as free from any appearance of an impropriety so i did that out of an abundance of caution. Whats the time line look like, do you think, for the big part of our stocks to watch, after this fang stock investigations that corner of your growing business. Are taking place i dont really know since ive recused myself from a number of those. From finding out whats selling best. To managing your fleet. I think the attorney general has commented hed like to fish or cut bait this year, so i think to collaborating remotely with your teams. That is one that might be a time line you have to let the facts play giving you a nice big edge over your competition. Themselves out in an investigation. And then ive got to ask you, thats the power of edgetoedge intelligence. Bill barr has now publicly said that the president makes his life and work harder given some of the tweeting that he has wewithout the planet cooler getting warmer. Done the president has tweeted a lot at emerson, when issues become inspiration, about different deals and creating a better world isnt just a result, different companies. Its a responsibility. Has he made your life harder you know, my life continues emerson. Consider it solved. On, as ive said before, the president has the right to comment just like any other [mus ive got so muchut lack of love to give for love] ive got so much more to give, baby senator or member of the public does to me about a lot of the transactions to start your retirement plan, the important thing is not to find an advisor at massmutual. Com let anything interfere with the [sfx mnemonic] facts and the Law Enforcement<\/a> duties that i have taken an oath to do. Its a good conversation. We have like 40 years of data thats incredibly valuable i hope we get to do it again. I. I dont know. Makin, thank you so much thank you so much happy birthday to you by the way. Thank you very much makin, follow kelly kelly when did we introduce siracha . Not soon enough. On twitter these are our sales. By product, by region. Youre almost 5,000. Is it. Set against evolving demographics. Coming up, 3 stocks on the move this morning you can actually see taste trends. Were going to dig into an since when can we do that . Electric car maker you might since we started working with bdends. Know bigname retailer and apparel announcer people who know, know bdo. Company making big executive changes. Programming note, if you have questions for legendary investor warren buffet. Nows your chance to ask with askwarren the oracle of omaha might answer thison mday from 6 a. M. To 9 a. M. Eastern were coming right back. Dont get mad. Get e trade, dawg. These are our sales. By product, by region. Good morning you can actually see taste trends. Welcome back to squawk box. Take a look at u. S. Equity since when can we do that . Since we started working with bdo. Futures this morning announcer people who know, know bdo. Dow looking to open about 60 points higher, nasdaq about 30 and s p about six. Talking about shares of blue apron. The company said it is exploring strategic options, usually means which of your devices are protected by daily security updates . Daily security updates. Putting itself on the block. Daily . I dont know. The only thing. Im struggling with this. Fourth quarter showed 94 some providers you have to manually download updates to each device. Comcast business securityedge updates every 10 minutes million of sales and losses. It fell to 351,000 by the end to help keep your connected devices protected against new ransomware, malware and phishing threats. Of 2019. The Delivery Service<\/a> is every 10 minutes feels pretty good. Get secure, reliable internet and voice for an amazing price. Considered merging with other services and raising more money. Call today. Comcast business. You can see that stock is down beyond fast. 8 thats what happens when you pushup your sales through marketing. They were spending, spending here is what blows me away. I get advertising for these companies all the time i never used it. I have used it from time to time to get a free week. I dont know who thinks they are going to make money unless they are were constantly marketing. Thats the problem for all of the direct to consumer companies. They are realizing if we dont plaster the world with ads welcome back to squawk we should get them on the box. Time for a few stocks you need to be watching this morning. Squawk pod. If i do a meal kit, it will joining me for that is cnbc contributor stephanie link good morning. Good morning. Quite a few names here be nutrisystem. Catching everybodys attention tesla, first of all, is over 900 thats different. Bucks this morning, this on a thats a diet kit. Piper sandler, we say now, price nutrisystem for men. Target at 928. Highest on the street. Were just about 10 below that i see guys get really thin on level. I thought the interesting thing is hes focusing on the tv solar business and battery ive watched business which was only 6 of they advertise a lot does it work total revenues but he sees a total addressable anyway, shares of bed, bath and market at 165 billion thats the real opportunity that i dont think is priced into the stock. Yo beyond everybody else is talking about planning to invest 1 billion. The automobile side of the business. Right. This is sort of an and spending on remodelling. Interesting call would you get involved with store designs will slash tesla . It doesnt seem like a stephanie link stock inventory to cut the clutter and i wouldnt. I missed it. Add marketing signage. They reported a pretty good quarter, right thats when the momentum really do you ever tweet anything that took off is interesting that is when people got i have a merry band of 2,500 confidence in their balance sheet, right that kind of thing so it tells you everything that they did a secondary and the stock was up on the day. Followers. I know you do right im going to appeal to people to absolutely didnt even go down for one day and here it is up 61 this please follow. Morning, just under 920. Is it kellycnbc how about some bed, bath and beyond big news the ceo telling cnbc yes that fixing physical stores i tweet quotes remains a focus. No wonder no one follows me. Investing 400 million on i only have 1,200 remodeling and supply chain there you go. Upgrades 6 billion in debt share and buy it is legit to have fewer. Backs. That gets the stock up just under 5 . Of course it was down 26 on i tweet pictures of my dogs friday so this is a turn around they make fun of me for using my story. Youre expecting asset sales instagram on twitter youre expecting asset sale can i tweet pictures of my dogs . Proceeds to be buying back stock and the dividends. I like the fact that theyre the president highfiving the going to buy more stock versus the dividend payout, especially at this price, right queen or something this is a new ceo. No, no. And Hillary Clinton<\/a> at a book hes from target very good reputation he says, just going to take signing at walmart or something. Time, i think, to really work. Someone with trump what do you think the market is saying this morning derangement syndrome are crazy its up 5 is it perhaps suggesting these i put a picture. Moves are not enough trump in a tux talking to the yeah, i think its a wait and see. Its going to take time to see queen and below that, hillary comps and margins improve. We need to see the strategy of signing books at costco with one how were going to see sales person sitting there theres always the amazon how many followers do you threat, right . Thats the problem have hes the one with a million right i think youve got time i dont have a million. You know im all about a turn around story this one is going to take time. Finally today, nikes new ceo john donoho is shuffling the please follow kellycnbc. Ranks. The current ceo will switch to this is getting more coo. Pathetic nike shares, this is a getting to 5,000 fractional move up 3 4 of a it will be effective. Percent. Hes building his bench some of andrews followers, new ceo, thats what theyre going to do. I worry more about the multiple. Switch from andrew to kelly. I worry about china andthe we are doing yours next exposure coming up, democratic i sold the stock right around these levels i think at 31 times thats candidates will face off tonight pretty fully valued. The high end of what nike has in las vegas what to tell you about michael ever traded at valuation wise . It is at the upper end. Bloomberg from the national the shares up a little less debate stage than 1 . After this stef, thanks. Used for hiv in certain adults. Thank you. New Consumer Price<\/a> data and the latest breaking numbers from its not a cure, but with one small pill, biktarvy fights the housing sector well have that for you. Hiv to help you get to and stay undetectable. Plus, instant reaction from thats when the amount of virus is so low it cant be measured by a lab test. Austan goolsbee. Research shows people who take hiv treatment every day you can watch us live on the go and get to and stay undetectabe can no longer transmit hiv on the cnbc app. Squawk box will be right back. Through sex. Serious side effects can occur, including kidney problems and kidney failure. Rare, lifethreatening side effects include a buildup of lactic acid and liver problems. 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Wenot the exception. Sh food being the global norm, at emerson, when issues become inspiration, creating a better world isnt just a result, its a responsibility. Emerson. Consider it solved. Welcome back to squawk box. The futures about where theyve been for most of the premarket session. About 80 points on the dow nasdaq indicated up 47 and you can see the s p is indicated up 9 points shares of Virgin Galactic<\/a> up 200 this year alone analysts say the stock of launching a company the company launching a commercial space vehicle soon and retail welcome back investors getting into the stock. Fidelity, td and sofi. Candidates will meet in vegas they say Virgin Galactic<\/a> is the most popular stock on their with a look ahead of what we trading program. Might expect i wonder if its a gen z mayor bloomberg has not appeared on a single page or mania. Millennials. Coming up, breaking economic ballot that will change tonight data from january Producer Price<\/a>s but first a special delivery to the squawk staff our friends at the nasdaq are his decision to fund the bringing donuts in honor of andrews birthday. Campaign thank you noting the qualifications only you guys know me too well. Of course. How many are you going to eat . Wheres ours . Theyre for all of you. No, no, you dont know. Game he spent about 400 million in you dont know me well enough. You have a hollow leg. There we go advertising and would fund his thank you. And so it begins. Agenda with a new transaction spells happy birthday tax. Did you see that ease a massed a staff of more now its appy birthday than 2,400 people. Thanks. The Campaign Says<\/a> sanders and trump in that arena are the only competitors that are viable. Bloomberg has passed biden in National Polls<\/a> in the latest nbc news wall street journal poll. All of that largely companying at the expense of the former Vice President<\/a> joe biden mayor Pete Buttigieg<\/a> is up others are roughly unchanged here in nevada where bloomberg will not appear as a choice on saturday members for the influential Culinary Union<\/a> say this is their priority right now, we are focused on the goals. We are really hard and committed at the end on whatever candidate are elected. We want to relive the field. I cowe can do theyour screening at her house. Nationwide, about twothirds of voters will be their authority. Hi. Just like in new hampshire, this is the man thats going to check your eyes grandma. Candidates will change the Cognizant Ai Solutions<\/a> are helping Healthcare Companies<\/a> course on how Voters Decide<\/a> on the coming case here advance diagnostics and prevent blindness now as people are asking in patients with diabetes. Everything looks good. Bloomberg about his business and you have beautiful eyes. If he will sell it he used to say that if he even ran for president , why is there more pressure to sell this thing and move away from it more fully at this point . Kelly, bloomberg told a radio host that he would sell his company, the wall street giant to a buyer if he were to run for try to win by attacking, now, we know the trump strategy distorting, dividing. President. I asked that question of a mr. President it. Wont. Work. Handful of wall street sources newspapers report bloomberg is when he decided to get in the the democrat trump fears most. As president , universal race i was told then by people who healthcare that lets people keep had spoken with campaign their coverage if they like it. A record on job creation. Officials about this issue that a doable plan to combat climate because the company is so big in change. I led a complex, diverse city terms of valuation that any sale through 911 and i have would trigger antitrust concerns common sense plans to move america away from chaos to and there is a worry about progress im Mike Bloomberg<\/a> President Trump<\/a> that the and i approve this message. Antitrust apparatus could quash that deal. He didnt want to cross that bridge until it were a sure thing that he were in office he doesnt want to sell it until he is for sure in office he cant tell them not to do any negative stories hold on for the last three years, those of us who have had concerns of President Trump<\/a> making money off his presidency or using his business i would keep it too so i could tell my reporters invest gate trump but dont investigate me then sell it once you get in those reporters are not happy because there is an impression you are kidding he told them i pay your paycheck. Welcome back to squawk box dont say anything bad about me. On cnbc live from the Nasdaq Market<\/a> site in times square. Im 62 lets talk more about the were seconds away from the january Producer Price<\/a> index and debate this evening. Housing starts data and just joining us now mike allen. Checked with them. The ten year is at about 155 or 156. We do have some time though since we came back early lets start with us, does it come down to whether it will be maybe Rick Santelli<\/a> has other comments you have 40 seconds to tell me a moderate like bloomberg or a the state of the world more progressive like bernie and hows chicago . Reporter chicago is normal this time of year. Elizabeth . Its not very warm, but really i think thats the breakdown. The heat thats all going to change. Mike bloombergs Financial Plan<\/a> the heat is about the economy here was not some sort of centrist ill tell you what, andrew, in the grand scheme of things, it Financial Plan<\/a> looks to me like europe and it was pretty radical. Japan are going to continue to he doesnt go as far as bernie be kind of skiddish with regard sanders because he doesnt want to Economic Activity<\/a> for 2020. To smash the banks the coronavirus of course is but it was pretty radical. Going to be a lingering issue they are not talking about the although we may keep our fingers fact that he seems to like the crossed be on the back side of that within the next week or so. Minneapolis fed plan to all things considered, im still looking at Interest Rates<\/a> as dramatically raise bank rates. This weird anomaly that is a pretty radical plans here we go january numbers coming out for but obviously investors think Housing Starts<\/a> down 3. 6 at 1 point be point 567 million Bernie Sanders<\/a>, hes a socialist. He really means it seasonally adjusted annualized if he gets in tomorrow, if units. This is definitely a number that all we are talking about is is better than we expected democrats like bloomberg and how so why is it down . They took a chunk out of bernie its down more because of a revision were expecting a number around sanders, investors are going to get Bernie Sanders<\/a> as a nominee. 1. 423 and we ended up, like i they thought there would be a said, 1. 567. Revision last month was rather brokered convention that substantial. If we look at whats going on with regard to permits, it ultimately picked Bernie Sanders<\/a>. Do you think that is a path this jumped over 9 to 1. 5 million could go for sure. Seasonally adjusted annualized for the moment, bernie of coursr units. It was also a positive revision is going to try to change that to those numbers which moved tonight. This is going to be by far the from down 3. 9 to only down 3. 7 . Juiciest debate. Joe is definitely going to want now lets look at ppi, shall we . To break out the popcorn. Unreal. Up half of 1 and thats both on emoji for his twitter gram. Headline and oncor a couple of story lines. This is a big number a bit of a surprise. One, look for Mike Bloomberg<\/a> to so core up. 5. Pull out oppo on stand ders. Headline up. 5 these follow. 2 and. 1 he, too, recognizes someone respectively lets look at month over month needs to disrupt him or hes on trade going to rack up probably that is up. 4, also much hotter unsurmountable lead after super than expected. Final demand year over year up tuesday. Two, watch joe biden he has the most incentive to 2. 1. Much bigger than the 1. 3 in the directly attack to go right Rearview Mirror<\/a> if you look at core energy at bloomberg one, he doesnt want a job in thats up 1. 7. Any Bloomberg Administration<\/a> two, they wont both want to be the electability guy as everybody around that table no matter how you slice this, is biden is furious that he got andrew, where we didnt see much on the cpi on the producers in bloomberg said he would not get in as long as biden were viable. Side, definitely see some jumping there. This is going to be hard to a third story line, the decades interpret. Between phase 1 and all the of oppo against bloomberg that issues relating to trade and theyre all going to pull out tonight. Right right into the coronavirus, this so weve got to go, but, again, is going to be hard to calibrate if that happens and bernies the into strategy but all things guy, does the market then panic considered, its not surprising because of that or think theres to see yields. No way hes elected over trump now they havent jumped because weve got to go. Nothing makes them jump lately thats the risk they think theres no way we move from 1. 56 to 1. 57 and sanders can beat trump if it starts to look like he basically half a basis point can, thats the black swan. Lets let it simmer. The dollar index continues to happy 30th, mr. Sorkin. Thank you, mike so kind. Keep me so young yup i wish you hadnt kelly, you hover at 30 highs and euro are i am kitang off currencies in the 10th or 11th liz is next. Follow kelly. Session down in a row. That gives us a quick glimpse of its them, calling us. How the globe feels about the its going to be a week before they can get through on these roads european economy shhh, sorry, i didnt catch that. Kelly, back to you. Rick, we appreciate it. I said ask how soon they can be here right now . Rick santelli in chicago whats now . Steve liesman has more context he says theyre surveying our property now theyre probably at the wrong house on these numbers steve, what jumps out to you i dont see any hovering first of all, i want to talk his name is hovering . About the housing numbers which look up . By automating claims with Machine Learning<\/a> and analytics, come off that really strong january where we had cognizant is helping Insurance Companies<\/a> advance december was up 17. 7 . How they serve even hard to reach customers. A little bit of give back is not cool too bad here you have this big surge in the northeast up 32 thats the other side of the negative we talked about yesterday when we had utility production fall because of warmer than expected weather on the ppi, rick is right, very hard to interpret. A lot of weird things in there im going to put it aside for a minute and say theres not a lot of inflation on the wholesale level especially with whats going on with the coronavirus. If it comes back next month and we have this rise in prices we may think it, but i think for now id give it a pass a lot of anomalies in it i do want to talk about a new Research Paper<\/a> thats out which pegs the cost of the coronavirus at potentially 400 billion to as much as 1 trillion 400 billion is if it stays in asia, 1 trillion is if it comes over let me read you what they wrote. In the asian pandemic scenario the impacts on output are centered in asia in the Global Scenario<\/a> the g7 shows notable negative impacts with technical recessions in the u. S. And eurozone in the first half of 2020 that is a worse case scenario. Meanwhile, jpmorgan writing our daily trackers of energy use and transportation show no material sign of increases thus far we expect these to rise measurably over the next several days as production comes back online everybody is closely watching things like traffic indicators, electricity output, pollution indicators to get a feel for where, when and how china is coming back online if it is. Very quick, take a look at the rate cut probability this is before the number. I dont suspect theyll change much still banking on that rate cut for july 59 . That moves all the way up to 83 . When you are trying to puzzle out, why is the market taking this in stride that is the actions on the peoples bank of china and others banks including the federal reserve. Thanks, steve someones listening in for more on the data and the impact of the coronavirus on global economy, economic themes to watch and tonights democratic debate lets bring in our guest, our friend Austan Goolsbee<\/a> professor at university of booth school austan, i was looking forward to talking to you so much because i really want to focus on tonight and i want to just find out from you who you think has the best chance of succeeding and really who youre leaning towards for the nomination so im just going to concede to you that trumps been impeached. Hes a horrible person anything good in the economy happening right now is because of cash for klunkers and he was all right. Were on unable to do 3 as you forecast. The outbreak of the coronavirus is putting the medical product so im conceding all those supply chain in focus. Things to you so you dont have the fda recently said its to go into any of that stuff tell me who you think can bring reaching out to drug and device this country back to good times manufacturers to identify a possible disruption on shortages. Joining us now, alethia young, economically Mike Bloomberg<\/a>, Bernie Sanders<\/a>, Amy Klobuchar<\/a> . Where are you on that issue . Analyst, head of research and stay away from the other stuff. Theres a bunch of different im almost speechless angles we dont have much time to do this can we talk about whether there all right if you dont talk about trump are any prospective therapeutics being bad. You have voluntarily said on the horizon ready in time that you were actually going to theres vaccines, which i dont buy me the dinner you owe me it know theres therapeutics and theres would have been like the cherry on the sundae. Quick testing. I cover Biotech Companies<\/a> so do you want me to send you like door dash Companies Like<\/a> gilead and ill accept breakfast at regeneron. And gilead is looking for an mcdonalds. Grub hub. Send me your address ill send something to you have a taste tester. Antiretroviral product go ahead the person im for is mayor pete so those are kind of two it seems like with mike predominant ones but a lot of bloomberg coming in, hes kind of taking some of the oxygen away from the middle lane of the other paharma companies are looking at it. The gilead news that you Democratic Party<\/a> im going to be interested to pointed out to us, theyre see tonight i havent seen having trouble filling a 700 Mike Bloomberg<\/a> in a debate patient trial. I dont understand setting. You guys may be having seen him and they need really sick people, average sick people and as the mayor have a better mild symptom people. Theyre in china trying to do sense. My sense is hes a little bit it why is it so hard . Thin skinned and its a bit of a is the Chinese Government<\/a> preventing enrollment in the weird environment to be running trial . I dont know if the Chinese Government<\/a> is preventing it per for president and enter se, but i think obviously mobilizing that amount of president ial debates if youre thin skinned because theyre patients very rapidly. Definitely going to come after people are being found in Emergency Rooms<\/a> and all you. Austan, honestly, i think different sorts of places. It may be particularly tricky were together on this for them to get the mix of trial im interested to see the bernie they need. And the mix of patients they sanders versus bloomberg dynamic need to basically get the trial tonight. Arent you to be run in an effective are we are we voyeurs in manner at the end of the day it needs to be safe and efficacious wanting to see we are. If we have a major outbreak in i cant look away i am a little nervous. China, it has to be safe for i know. That they turned the patients. We introed the segment Democratic Party<\/a> contest here into oh, this is between mike talking about supply chains. Are any companies being affected bloomberg and kind of is though. Negatively by not being able to and Bernie Sanders<\/a>. Get the reagents or products its come down to that that they need from china . Not yet, but i do think its thats where the betting something that a lot of people are talking about right now, markets are right now, and they which is youve had small change Elizabeth Warren<\/a> was leading for biotech, even big, right a while. Mayor pete was doing well for a the small guys do discovery, while. What about joe biden Preclinical Development<\/a> in china you were never a biden guy, with contract resource organizations and then on the austan you served in his Administration Large<\/a> side, you know, a lot of with president obama it was Vice President<\/a>. Companies like all of the ive always been a biden guy companies of the world that we and i love the Vice President<\/a> cover like the amgens, gileads, and i loved working with him i think for me, mayor pete is they get pharmaceutical product the smartest from china i think its something if this hes got the most sensible plan. Were to continue for another hes not from washington, d. C. , three to six months it might become a bigger problem. And hes of the next generation right now i think people are very focused on putting so its more about the future, contingency plans in place thats why i went to mayor pete. We need to have you back. I love the Vice President<\/a>. We should know more in a couple it seems like he theyve of weeks on some of these stumbled a bit, his campaign theyve got to get up if they potential drugs or even tests or vaccines. Certainly, thanks. Want two big hours ahead on squawk. You would be unhappy with we have a federal judge bloomberg or Bernie Sanders<\/a> it rejecting a legal argument from sounds like . Look, as you know, i have not aw a we will be talking to been a fan of Bernie Sanders<\/a> program and his people have meagan back in the 8 clk hour. The bernie bros have come after me multiple times. And Building Workforce<\/a> development and tuitionfree College Programs<\/a> i have some problems with to generate the talent Companies Need<\/a>. Bloomberg walking in with a 150 billion investment in state of the art, he spent 500 million i think so far on tv ads. Modern infrastructure, and a nationleading commitment i just think if hed of spent to lowcost clean energy, new york is doing more than any other state 50 million on ten battleground to build for the future of your business. Senate races he could be new york state, the state of the future. Changing the world at this point. Right now it feels like hes learn more at esd. Ny. Gov. Just trying to weigh in and buy the nomination i find it a little weird. Austan, if i were andrew, i would now ask you if it came down to bernie versus trump, who would you vote for there you go. Hey, 100 id vote for bernie i mean, id rather have a socialist than somebody whos an authoritarian so its wouldnt a socialist be more authoritarian. For sure im against trump. Even for bernie even for bernie. Booth school of business professor. Im not a fan of bernies, but just look at President Trump<\/a> yesterday pardoning corrupt officials, pardoning people guilty of gambling fraud i mean, the way the president s taking us is far more dangerous than Bernie Sanders<\/a> would take you probably knew blagojevich, didnt you . I didnt know him, but he he extorted a childrens hospital. Right for money you want to build a childrens hospital, you have to pay me. Okay. What about okay so mayor pete, i see Different Things<\/a> you know, on my twitter feed, i have different people that follow me, believe me, but i hear that the moderate label does not fit mayor pete if you look really closely at a lot of his economic policies. In fact, hes some of the people say hes way, way far too far left let me guess, joe you and your friends think hes a socialist whos going to destroy democratic socialist. Democratic socialist. I think his program is very sensible and i invite you, joe, to go look at it i think if you werent already in the tank for the president , i think you would be pretty impressed with mayor pete. Austan, let me ask you something. This proposal the white house has floated that kaylas reported about which would give people basically a tax break to put 10 grand into the market if they make under 200 grand, you know, what do you think about that idea . Theyre definitely leaning against all the kinds of proposals coming from the left do you think that has broad appeal would it be good for america i dont think it would be that good for america. I mean, its just theyre proposing an unfunded tax cut. Coronavirus cases in china slowing but investors remain now theyre trying to aim for people with less than 200,000 a vigilant about numbers and the impact on the economy. Year we already just had a 2 the latest is straight ahead. Mike bloomberg take the trillion tax cut that was stage tonight when democrats massively geared towards face off in las vegas. Millionaires, billionaires and what to expect in his first big corporations appearance on the national if they were proposing to do debate stage and what it means for money. That, to fund it, by getting rid u. S. Judge rejecting of the high income tax breaks, huaweis case rejecting a then we could talk, but i in challenge on the products. My view, this is more of a well speak to a chief security gimme. Officer about the latest move and the second hour of squawk all right box begins right now. Were you back here have you been back here where you didnt let me know you were back here so you can continue with this harangue about me not paying my what harangue debts are debts, joe i didnt peg you as a deficit good morning guy but, you know, here we are welcome to squawk box right here on cnbc i went republican kelly evans is hanging out with im a deficit guy. Us today you say that all the time. Becky has the day off. Exactly our guest host, liz young is exactly. If you come back here also spending some time with us. Look, theres a whole new list of menu items at taco bell that director of Market Strategy<\/a> at i tell you about they have doritos flavored stuff dny melon. U. S. Equity futures at this and we can eat very well. Hour lets show you whats going on green across the screen. Its going to be on my list exactly dow looks like to would open up if you come back here, well go. 7 points higher. Kfc, whatever you want to do nasdaq looking to open 35 points whatever you want to do. You name it. You name it. Higher meantime, the u. S. And huawei well do it. Have long had a complicated see ya, austan. See ya later. History. Weve talked about it on this top stocks ahead of the show the pressure on huawei ratcheted opening bell tesla, the electric car maker, up at the end of 2018 when the getting a price target increase cfo was arrested at Piper Sandler<\/a> ever since the Chinese Telecom<\/a> 928 its up from 729 company has been in the cross the firm has the highest price hairs of u. S. Regulators its considering further legal target on wall street on that options after a federal judge stock. Well speak to a top dismissed its lawsuit challenging a federal ban of the strategist that says apples company. Joining us is andrew purdy warning from the coronavirus may be the tip of the iceberg. Stay tuned youre watching squawk box on cnbc. Dont forget to subscribe to weve had conversations about this, andy our podcast. It does feel like we are now at youll get interviews, original an Inflection Point<\/a> and the real content, a behind the scenes question i have more than access look for us on apple podcasts or anything else is about the on your favorite podcast app and subscribe to squawk pod today. At fidelity, online u. S. Stocks and etfs are commissionfree. Perception of huawei and what huawei needs to do not what the u. S. Government needs to do and what huawei needs to do if it is to do business not just here in the United States<\/a> but to change the perception in the west. Well, i think its two things weve seen some greater attention on one of those things, which is the impact of this campaign to carpet bomb huawei out of existence. The impact on america. I saw a tech leader on tuesday talked about huawei derangement syndrome accusing the Trump Administration<\/a> of blocking exports, basically hurting american companies, nearly 300 american Companies Want<\/a> to sell to huawei. Were talking 40,000 jobs. You talk about in the United States<\/a> you talk about a lot of jobs on this program on cnbc generally, but the fact is i dont know of numbers that large that are impacted and theres no National Security<\/a> reason its blocking the ability of us to export this technology and its already cleared National Security<\/a> review. Its crazy so what we need to do if youre huawei is we need to have a and when you open a new brokerage account, transparency initiative. Your cash is automatically invested at a great rate. And thats what we need to have the carriers and the operators thats why fidelity leads the industry in value to call on the equipment while our competition continues to talk. Talk, talk suppliers for each of us because its a shared responsibility in cyber space. Invite us in to the experts. Lets talk about what it is we do to provide assurance, integrated Product Development<\/a> and in fact our Software Engineering<\/a> processes. Lets get the experts to hear the truth, the facts, lets talk about where we are and where we need to go. Andy, the conundrum is as long as this is a Chinese Company<\/a> thats seen as an arm of the government, i know you dont believe it is an arm of the government, but so long as china is china, it seems to me that while our competition continues to talk. Theres always going to be a we see eat emerson,mulating when issues become inspiration, skepticism and a worry, if not a creating a better world isnt just a result, cynicism, that if the government were to want be to use huawei in its a responsibility. Emerson. Consider it solved. Untowardways that they could. And as a number of u. S. Government officials said in the last year, its not really about the company, itss about the country. China is the issue we can put in place the kinds of measures that the United Kingdom<\/a> has decided on, that germany, the e. U. , france are deciding on we can put in measures circumstances that show were not under just so we understand what is it exactly that you did in the case of the u. K. . The u. K. Has government monitored evaluation of our products and the u. K. For a long time, more recently in the decision that was announced, under an hour until the opening bell on wall street. They are concerned about the dom chu rejoins us with a look role of the telecom and mobile operators because they run the at some of the mornings top stock movers networks so they control the hey, dom. Joe, we have some of these equipment and the access so they require, and theyve morning movers like whats happened with shares of nvidia identified the critical nodes in the u. K. Up 1. 5 . Roughly 175,000 shares of theyve required diversity of premarket volume. The computer chip maker gets an each supplier and put limits on the market share theyve said if huawei is not upgrade by bernstein it was market perform. The target price at 360. Allowed to participate in the it was 300 they admit they made a mistake in not being as bullish on u. K. , then it will be less secure nvidia over the last year. We cant send data to china that we dont have access to they see more price stability regardless of what the chinese and more product mix going Government Order<\/a> us to do. Andy, theres the national forward. Then youve got shares of adobe security piece and then theres which are up about 1 or so. A separate piece of being a good roughly 1,000 shares of or bad actor in the world of premarket volume. The software and Digital Media<\/a> company gets the price target up by analysts to 430 from 360. Technology huaweis reputation has been it remains a buy rating. Less of a good actor and more of they conducted a survey that Shows Positive<\/a> trends in a bad one. Whats changed at the company, adoption those shares catching a bit of a if something has changed, that bid. Then we have shares of tencent might ultimately change that perception well, briefly, the context. Music. Falling roughly 15,000 shares of in industry where in the last premarket volume after analysts five years apple has been over at oppenheimer downgraded involved in 596 intellectual it to market perform from outperform property cases they cited among others things samsung has been involved in 519. Weve been involved in 209 uncertainty around Live Streaming<\/a> regulations and since ten years ago theres been increasingly competitive environment over short form great progress by the industry video platforms. Pretty specific, kelly we have 11,000 patents in the those shares are down. Ill send it back over to you. United states. Dom, thank you. Were already getting the debate we purchase over 1. 4 billion in started back here. Lets bring everyone in on this. Licensing rights to products talk about the markets we spend 6 billion to rich bernstein is here at companies, 80 of american companies, rights to use Richard Bernstein<\/a> advisors and a intellectual property. Cnbc contributor before we talk about warning we have strengthened our signs. Yes. How do you think that the internal and Global Compliance<\/a> average person would describe the economy and describe the program. Andy, i dont want to stock market right now relitigate the history because i mean, is it we know there obviously theres a history and are always imbalances, right becky and you have talked about right. Do things feel dangerously it imbalanced to you . It is littered with examples no. Would you say were in an that are less than attractive, economic boom . Lets just suggest, but what im how would you characterize it . First of all, to put it in trying to understand is what do you think has changed in the proper perspective were last several years inside the company when it comes to ip benchmark weight equities so were not bearish. Compliance and all of that the reality is gdp growth has well, i think the been below average strengthened internal compliance the yield curve is inverted. And internal accountability has been following the model that corporate profits growth is 2 the United States<\/a> uses for and were talking about things like tesla and Virgin Galactic<\/a>a strong ethics and compliance program. And the strengthening of the as being the future. Cross licensing with various thats very strange. Thats all true. Companies of america and others battle star galactica where everybodys understanding whos using what and people are its Virgin Galactic<\/a>. Going to pay for it, sometimes whatever it is. I dont think youre going to its an equal swap, so thats a mars any time soon. Heres my point, richard. Very different kind of thing youre absolutely right about andy, weve got to run, but the Financial Markets<\/a>, but in the socalled real world, in the final question whats going to happen next . Unemployment rate we have meaning in terms of the personal basically a historic low. Absolutely. Wages moving so its not me pirm mutations with which you just an artifis of financial see this entire battlefield playing out. Whats the next shoe to drop engineering. How do you square that with the yield curve. The Cabinet Meeting<\/a> set for as an investor you have to sit here and say what will february 28th. The decision on whether the people be talking about 12 months or 18 months now . Efforts that the department of defense and treasury came its not whats going on right now. If you had said to people two forward with calling into question the further limitations years ago or three years ago on the ability of american that we would be in the companies to sell to huawei situation today people would have said youre crazy. Because those Companies Need<\/a> the financial support, they need to you mean with the Unemployment Rate<\/a> . With the Unemployment Rate<\/a>, be able to do r d. With the economy even if you did it five years they need to support the ago people would have said American Defense<\/a> industrial youre crazy i dont think today we should base we need to protect America First<\/a> say oh, wow as investors and foremost the lesson of the u. K. , those we can sit here and say is the economy great today . The economy is fine, yeah, but are going to be very important what are people going to be steps forward because those talking about a year and a half, countries want to use a factbased approach. Two years, three years from now . Andy, its always good to see you. We appreciate your time and do you date your you were perspective. Bullish for a long time. Thanks so much. Coming up, the market we gave you a lot of credit on remains focused on the that do you date your becoming less coronavirus outbreak and its affect on business bullish three quarters ago were going to speak to a roughly i said mid year. Portfolio manager and get some where was the s p then . Investing ideas after the break. I dont even know check out tesla ideas. All right if your point is is the Piper Sanders<\/a> raising the target s p no, lets say that eventually from 928 to 729. That there isnt a day of the new price target makes piper reckoning and that we go on to the biggest tesla bull on the street and a programming note. 3500 or wherever dont forget to join us monday will you look back and say, i for a very special edition of miscalculated something . My miscalculation would be a squawk box. If you have questions for true legendary investor warren for instance the yield curve buffet, nows a chance to tweet them to us with askwarren and ed yield curve inverted and everybody is now saying it doesnt matter which is typical. Follow kellycnbc. At that point, what would you do would you still say, do you ever oracle home at 6 to a. 9 m. Say okay, these signals that i eastern. Squawk box coming right back saw were incorrect and i need do you realize how many different taxes we pay . To im going to go above benchmark weight i dont think for us right sales tax, different pos systems in all seven countries. Now, i think we need to be proven rock in the future. And online sales . Thats whey mean 4,000 or thats a whole other system. And different regulations. If it keeps going up over the therererealal eate e crits,s,. Year its not just the market, though, joe. And we have no way to integrate all that . We can go to 99 and 2000, no. But bdo does. Saying the market kept going up and going up and then it peopopleho k kno knonow o. Crashed. From our perspective its the combination its possible it comes down my point is you want to have a back to the acceleration in the market and i think that is starting to diverge. Other analysts have seen a problem with the fundamental background for five years and guys from last year, wilson or a every year, our analysts guy at ubs, trahan visit thousands of companies, in a multitude of countries, where we get to know the people they had problems for the last that drive a companys growth 40 of the market they had a and gain new perspectives. Problem with the fundamentals. Thats why we go beyond the numbers. If you look at the tradition t. Rowe price. Invest with confidence. Applicators that set up the warning signs one by one by one, if you five years ago that was a stretch to say there was really warning but i think today its a little more realistic. Last year seemed to change the narrative considerably, early last year we had the threemonth, tenyear inverted and a lot of warning signs the fed cut rates three times ultimately steve told us theyre pricing in better than 50 50 odds theres a rate cut coming this summer. Do you think a rate cut is coming why are we talking about one with unemployment the way it is and is that the difference to once again remedy the yiel curve situation and unlock its an interesting question. The fed has a dual mandate, right . Low unemployment, stable prices. Thats why we go beyond the numbers. Which of your devices are protected why would they be so in an by daily security updates . Daily security updates. Easing mode with the daily . I dont know. Unemployment rate of 3. 6 . The only thing. It must be the price sign. Im struggling with this. They must be worried about some providers you have to manually download updates to each device. Deflation. Were turning it around, what comcast business securityedge updates every 10 minutes people are missing is that the fed has a sea change going on to help keep your connected devices protected here, theyre pro inflation. Against new ransomware, malware and phishing threats. This is not the voelker fed every 10 minutes feels pretty good. Anymore, not a fed thats fighting inflation get secure, reliable internet and voice for an amazing price. This is a fed that wants inflation and i think thefixed call today. Comcast business. Beyond fast. Income investors are fighting the fed. Umhum. And i think there is a major sea change going on here in monetary and fiscal policy, by the way. Its proinflation. They sea the see change and think its not going to work not going to get it. Fight the fed thats what it used to be. The fed eases and its never going to work. They cant get the economy going. You look at what happened in japan, they passed that massive increase in sales tax, the economy plunges 6 annualized. Absolutely. Here you have a situation where the pickup we talked about earlier under President Trump<\/a> was progrowth, tax reform, derogd deregulatory and the debate tonight were not hearing that message. Well hear more like what happened in japan. Cnbc has learned that boeing people want inflation and growth, i think its too told employees that it twoextremely different discovered foreign object debris algorithms. Politicians talk about pro in the fuel tanks of several 737 growth and never tell if you max planes that are in storage its real or nominal growth. The Company Plans<\/a> to investigate to a politician, they dont the foreign objects in the tanks care they want growth and i think and said the discovery wont what is starting to happen and impact the planes return to what we will see over the next several years say shift towards service. They said the said it is nominal growth and away from aware that boeing is conducting real growth and i think thats a voluntary inspection and out there. Increased its surveillance based thats the opportunity or the risk, depending on how you want on initial inspection reports. To look at it in the Financial Markets<\/a> over the next several years. Look, the stock is not its going to be spend, trading down on it. Spend, spend what are we talking about youve got consumer here confidence at a high with the someone honestly, you wonder if budget deficit growing theyre becoming scrupulous that has never happened before about every little thing that weve got this huge divergence might go wrong as almost kind going on and the reality of of, hey, we know we messed up on where that growth is coming the big thingment from its not really private sector im sure theyre being super growth right now rich, thank you we appreciate it careful. If theres anything thats rich bernstein time to get down to the new not jet fuel it could be a problem, could clog the line York Stock Exchange<\/a> where jim do you see this story . Cramer our good friend joins us. Can you add anything to this jim, nice to see you, sir. Are you boycotting because its oh, gf doughnuts your birthday. No value add. Nothing nothing. The first time you havent today. Had something to say about its his birthday, jim. On anything down to how many have regot here im usually willing to spout it happy birthday off about whatever it is. Do you think its trumps can you see, i dont know if you can see this, jim. Fault probably somehow if we could connect the Dunkin Donuts<\/a> got a dots back to it probably is the emoluments. Emoluments. Downgrade. You know letters happy birthday we can only hope. Andrew im kidding. I think the glazed are better lets check on the markets than than the chocolate. Which are looking to rebound here is where i want to go with today after the dow fell for you, jim, Virgin Galactic<\/a>. Oh, my. Three consecutive sessions sandy pom roy is a senior stock is on a tear. Its shooting up, if i could be portfolio manager. So bold. Liz young is our guest host and but now look, when i go in to shes director of market twitter and i say look, this is strategy at dny melon. Sandy, real quickly on boeing, a short squeeze. People say no, its not a short not to belabor the point but, squeeze. I would tell them theyre ill you know, its a big member of the dow. Advised. This is what happens when too its been plagued by issues. Many people want a stock around the clock and this thing was at would you do anything with that stock or what do you do with it 12, no ones going to mars that at this point . So we dont own boeing but we i know of. But it cant be stopped right are following it closely because now, and these things tend to end badly but you try to tell it at this point does have a 3 someone that they think that this is tesla. Dividend yield thats about where we get they better put these guys interested we run an Equity Investment<\/a> better put someone on mars like strategy and we are looking at yesterday. This guy is a charm guy. Stocks that pay 2. 5 and might remember its Virgin Galactic<\/a>. Theres nothing he can do thats grow. Boeing totally fits into our wrong, right isnt he an angel or something, otherworldly guy . Not a stock but i want to ask fisching fund. Would you reel it in or is but this, weve had a debate the story too risky for you . About it all morning and you no, were following it lived through it closely. There would be a better buying Michael Miliken<\/a> and the pardon, opportunity. The way were taking interest in what do you think . Im in the jim Stewart School<\/a> it is weve written puts the judge wood analysis. I also think the guy paid their we think if something were to dues not a lot of people paid their happen and we were to get that dues he did serious dues paying so i selloff, we would be comfortable buying at that price dont mind that he was pardoned. Thats where our research tell there are few white collar guys zblus im curious if youre that have ever gone to jail. Doing equity, you have bond this guy did i think there are a lot of market valuations that are so people in 20072009 deserved to high, yields so low, i cant imagine that there are a lot of have his punishment and didnt stocks that look pretty get it and at amazes me. Attractive for people who want some income. Where would you have people look i disagree with jim, i think the guy has done a lot of genuine good since then. I think so hes done more if they say i dont know if it good he certainly spent more time so i dont know. I mean if the people i know looks great for valuations at one point jim said well mark its funny. Rich got a pardon. Stocks relative to bonds look what did mark rich do . Fantastic. The yield spread is just out of did he ever do seminars to try this world to make the country better we only buy stocks that actually did he ever pay the price . Can grow those dividends so i dont mind miliken, i think not only are you not buying fixed income stream, youre buying a growing income stream its fun the guy really suffered. So it has that advantage as he really did pay the price. Well we have a diversified portfolio whats the matter . Dave is giving me some heat. Across a number of sectors the best value is in all the oh, davids talking about some other guy. Really unpleasant areas. We will watch you and david per usual and carl and the rest of the yes all the commodity companies. Gang in just a minute. Happy birthday the Energy Companies<\/a> have big thank you this is a big day, andrew fat dividend yields right now. We own some of them because as i im eating the r in andrew. Said we try to have this he wasnt kidding how many diversified portfolio. Were not all betting one way on doughnuts he eats. For real. Are you going out to see reets, for example, and yielding buffett . Becky is going out to see sector right. We have the diversified buffett. Remember that time you went portfolio. To see buffett my point of view is if we were it was really fun. Yes, years ago. To have a regime change and be i liked that. This other stuff were to start to work, we want to be able to yeah, that was great absolutely participate in that. Happy birthday we used to have a counter how many doughnuts we were eating at were willing to suffer them not one time providing that return right now i dont know what happened in exchange for a time when they anyway squawk on the street in ray could. Couple minutes you and sug aarre a scary do you see in the Energy Industry<\/a> as a potential, not just the dividend yield, going combo. You taking us out . Your mouth is full forward lets call it the next five years, is there potential your neighborbe mad for energy to actually produce always wants to hang out. That return . Are we going through a transformation to the point that and you should be mad your smart fridge is unnecessarily complicated. Energy becomes a smaller and smaller piece of the overall make ice. Index and a smaller piece of making ice. Investors portfolios . But youre not mad because you have e trade its hard to know which isnt complicated. Its under assault in a million their tools make trading quicker and simpler different ways you have esg funds that are so you can take on the markets with confidence. Massively liquidating. You have the coronavirus thats dont get mad get e trade and start trading really shut china down Commission Free<\/a> today. Practically. Dampening demand and you have this transition thats taking place. Renewables, very slowly but its happening. The question is, you know, is there one great bull market still out there in energy before Something Else<\/a> comes to take its place, and if you just look at the supply thats being delivered right now because the shale drillers are being starved more and more for capital, its creating a situation where you could have that one last, you know, opportunity. One last opportunity . Well, its hard to know, right . We have to see how it all but inside every etf. Evolves. You did bring some names here there are untold hours of careful construction. That you think could be interesting for people, infinite what ifs . And contingency plans. Including next air energy, creating funds that help target gaps bristolmyers. Caterpillar and eaton. In client portfolios. Tap untapped potential. You think caterpillar can be an okay stock and strengthen confidence in you. Flexshares. I put that in the same category as boeing powered by over a century of investment expertise we bought it back in the fall. It had a 3 dividend yield before investing consider the Funds Investment<\/a> objectives, things looked rock bottom. Risks, charges and expenses. Go to flexshares. Com the pmi was bottoming out. For a prospectus containing this information. We thought it looked like a read it carefully. Value. The company came out and basically endorsed the fact that they could generate about 10 in precash flow in bond cycle. To us if indeed that is true that represented a good value to us so we bought it the industrials, because they are sort of a stepchild or cousin of some of these more commodity oriented sectors do represent good value in the market right now. Sandy, we appreciate it sandy pom roy. Liz will stick around a little longer. Michael mill kken, pardonedy President Trump<\/a> who pointed out the support milken has given to Cancer Research<\/a>. Well discuss that act of clemency with jim stewart who wrote this book in den of thieves. Coronavirus, many who rely on products from china stay tuned, youre watching squawk on cnbc. Time now for todays aflac trivia question. In what year did Cocacola Company<\/a> purchase minute maid anerhecn uasqwk box continues. But not what the so were answering their questions. Aflac is auto insurance, right . No. Uh uh. Is it Homeowners Insurance<\/a> . No. Uhuhuhuh is it duck insurance . Nope. Ahhh do they pay me money directly when i get sick or injured . Yeah. Aflac lsht, thank you. You got it. You know aflac i dont know if theyre going boom to like it but thank you get help with Expenses Health<\/a> insurance doesnt cover. Make sure you join us tomorrow squawk on the street is next get to know us at. Aflac dot com. Good wednesday morning welcome to squawk on the street. Im Carl Quintanilla<\/a> with jim cramer, david faber at the new York Stock Exchange<\/a>. Future is green after three days of losses for the dow. Investors looking over some of the coronavirus headlines this morning including the smallest number of new confirmed cases since january although the death toll exceeds 2. Europe a surprise up 0. 5, looking for 0. 1 weveryone, looknk isntat your phones. The design thinking, the digital engineering, security, blockchain, and we will be first to market yes. When we do we launch . Unfortunately, in 2 or 3, hours. Why the delay . Cognizant is helping banks use Digital Technologies<\/a> at scale to advance speed to market. 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt<\/a> into one monthly payment. Including your Interest Rate<\/a> right by locking in a fixed low rate today. And you can get your money right with sofi. Check your rate in two minutes or less. Get a nofee personal loan up to 100k. Now the answer to todays aflac trivia question. In what year did Cocacola Company<\/a> purchase minute maid the answer, 1960 President Trump<\/a> is pardon doning Michael Milken<\/a>, the former junk bond king spent years in prison for violating Securities Law<\/a> today hes a prominent philanthropist joining us is jim stewart. Hes a cnbc contributor. He wrote the book on big scandals called den of thieves. I havent talked to you. I havent preinterviewed you on this, jim, but i was in the business back then i thought of going to drexel i always thought that milken changed the world in ways for the better i thought parking stock was not an egregious i dont even know if at the time whether he was absolutely aware that that qualified for jail time compared to bosky, marty siegel, some of these true guys carrying suitcases of money to get inside information. I think the journal talks about it going after wall street greed in an era that caused prosecutors to be over zealous, one of which, giuliani, he was doing it for a reason. He wanted to become mayor, which he did, and he inspired the love gov to become talking about spitzer now yeah. Everybody knows the love gov inspired him to make his political hay by doing the same thing. Am i wrong that milken was positive for society and finance . Im not disputing that milken did a tremendous amount on wall street. Good . Good and bad. Ive never had any quibble with junk bonds theyre thriving today but they were misused in that era the point i would really stress is that the Justice Department<\/a> did very thorough investigation of this case judges oversaw it. I quoted judge who sentenced him talking about how serious these issues were. These particular crimes did create tremendous amount of Collateral Damage<\/a>. I think another important issue that i find troubling is the whole point of having milken going to jail or any white collar criminal for that matter, its not that theyre going to go out in society and commit a crime, its the deterrent factor. You say netnet the Collateral Damage<\/a> is a net negative versus giving financing to i mean, how Many Companies<\/a> could issue bonds before milken . There were about 20 or 30 companies in the entire universe. Based on its not part of the measure in a courtroom of whether you go to jail or not, right . I mean, you could use that was a lot of leeway. Theres a lot of leeway whether someone gets jail time or not for things rapists sometimes get three years and other people get ten. Now youre talking about the sentence or whether or not he was guilty he pled guilty. I understand that but im looking exactly what the infraction was it wasnt Insider Trading<\/a>, it was parking stocks it was not nominally known that he owned that stock so he could build a position. I agree it was not Insider Trading<\/a>. The law is the law its not for us. We may not agree the sentencing for the securities frauds which he pleaded guilty were what they were the law was what it is. Okay. You can disagree. Its not as bad as they say that on many how about prison life that doesnt play into i think it does i give him a great deal of credit. Not enough. All though i point out that he immediately went out and started violating his ban, his securities ban when he got out of jail doing deals for people like ted turner. Even putting that aside, yes, i give him credit. Lets keep in mind the reason he could do this is because he was a multibillionaire. All of these good works were due to the fact that he was so rich. He could afford to do it, and good for him he could have horded the money did you receipt the journal precepts . Its diametrically opposed its like the New York Times<\/a> and the wall street journal. I was doing my milken reporting at 9 journal. They threw you out. I would report the facts. You left them, they didnt leave him. No, i think the facts are different. Thats the thing you can talk about this, the journal is looking at this the way you are. What did he do for society kind of way you can say he did good things and then theres the separate issue did he do the right thing, the wrong thing. I know what he did with parking stock. I never had a problem. By the way i also didnt like the way that the government destroyed drexel, too, because it wasnt part of the wall street sort of establishment. It wasnt white shoe it was an up start and they really did destroy it. I think theres a bit of rewriting of facts. Its true they were an up start. That was part of what made this a very interesting narrative there were a lot of people who were 24re9end by what was going on that to me does not justify the fact to break the law. By the way, drexel also what . What is the i have actually a very different question which is hes pardoned. Whatever was the sentence about Michael Milken<\/a> and the history, whether theres a pardon or not, it will still say that this happened some people will say this whole thing is politically motivated, that trump is the one who gave him the pardon people question trumps credibility and his credibility. Im not so sure. Is this a net benefit to his life i cant imagine his daily life is going to change one bit. I think again one thing i find troubling about this in the broader context is the whole rule of law in this country is seemingly under threat at this point. This is part of a broader narrative. We have the Justice Department<\/a> in turmoil its true all right i mean, did the Justice Department<\/a> we need to bring back the paragon of law eric holder, get him back in charge of justice. Give me a break. Anyway, thank you, tim stewart thanks. Thanks youre safe you havent been here liking the now platform . Every time it takes care of something for us, we celebrate. How often does that. Got it. Servicenow the smarter way to workflow. Welcome back to squawk box. Im dominic chu. We are starting with shares of garmin up over 5 or 5,000 shares after premarket volume the company known for gps location devices reported profits that came in the best. It was helped by strong growth in fitness wearables it helped offset sales and declines in its auto products unit garmin will have a hike to 61 cents per share. Those shares up 7 next up you have shares of dish network up nearly 1. 5 nearly 2,000 shares premarket volume after they reported better than expected profits and revenues as well dish is still losing paid tv subscribers but at a slower pace than the last time last year theyre leaving the streaming service compared to a year ago those shares up 1. 7 not an earnings mover but theres tesla stock which is catching a bit of a bid which is up 7 thanks in part to a price target upgrade at Piper Sandler<\/a> to 928 to 729. By the way, thats a current street high for wall street estimates. Joe, the reasons among them, more optimism and positive commentary about the battery business well see if that keeps that momentum going there tesla still on a wild ride this year. Getting used to that Piper Sandler<\/a>. I said it, too. I keep jaffry. What the hell happened. Never be the second name. Thats why i cant believe they named it viacom cbs it seems like such a demotion. You know, youre right. If you want an answer, kelly, about what she feels there, its kellycnbc. 4300. 4370 something. What do i do in return for this social media . Im doing this purely altruistically youre on instagram, too oh, yeah. Im on tiktok. No. Coming up, the effect of the coronavirus. Kate rogers has a preview. Kate. Small Business Owners<\/a> who import from china are eagerly awaiting factory reopenings. Well have much more coming up after the break on squawk. To infrastructure, were creating state of the art, 21st century transportation hubs, constructing new bridges, bringing highspeed internet to every corner of the state, and committing to lowcost clean energy. With infrastructure built for the future, the companies of tomorrow can thrive here today. See your future at esd. Ny. Gov. A new kind of investor with an app thats changing cthe way we do money. Download robinhood now. Sales tax, real estate credits, solar incentives. And we have no way to integrate all that . No. But bdo does. announcer people who know, know bdo. Welcome back its not just the Major Companies<\/a> watching the coronavirus closely, Small Businesses<\/a> who keep less inventory on hand may be hit even harder. And for those that import from china, which is many of them, the ongoing factory closures mean supplies are dwindling. Kate rogers spoke with two Business Owners<\/a> who are trying to protect themselves. Reporter as the number of coronavirus casesaround the world continues to rise, u. S. Businesses that import from china are eagerly awaiting factory reopenings omg accessories is a lifestyle brand for kids that imports most of its signature unicorn backpacks and accessories from china. Made in a factory outside of wuhan where the virus has been most heavily impacted. She has enough stock until back to school. Her manufacturers reopening date continues to be pushed back. I do communicate every day with my overseas partner and were just day to day following up making sure that everything is moving along. Were just hopeful that they will find a solution. Reporter Kyle Kirshner<\/a> owner of kindly has learned to stock extra inventory ahead of the chinese holidays while he has a threemonth supply on hand, hes eager to put in his next order for backpack coolers if he runs out of product his amazon rankings may drop. We are one of the best sellers on amazon in that category right now i contacted my manufacturer today and their factories are closed right now because in shenzhen the virus is pretty its up there pretty well. The outbreak is out there the group says the Global Impact<\/a> of coronavirus is a threat to Small Business<\/a> sentiment its obviously something that were watching very closely as are the Small Businesses<\/a>. How can you lose your spot on amazon that could be catastrophic. Another Business Owner<\/a> said basically i dont have the capability to say this is back ordered and it will be back in stock. You dont show up for prime and youre not there as a top seller and you lose your ranking. Its important to make sure you have enough supply. It sounds like they have enough inventory now for months. Right. Is there a chance that once people go back to work they work overtime, they work harder and we can build it up i think thats the hope both of these Business Owners<\/a> have been doing business in china for a long time so they increase their imports around the Lunar New Year<\/a> so they were stockpiling. Theyre concerned about the factory reopenings because the dates continue to be pushed back. Get that backpack cooler. Thats right, or unicorn backpack. Thats right. Kate, stick around. Stick around. Want you to be part of this next conversation joining us from seattle, an amazon seller that provides usb blue tooth plugable works with 15 factories in china lets just start here, which is whats the impact been for you and what do you see out there . Right now the factories that we use, our factory partners, are not fully open yet theyre eager to be, but its really amazing whats happening in china over the last few weeks. Theyre being very cautious. Each factory is having to get local government approval to open and then actually each employee, some of whom are traveling, you know, from around china to get back to, would, theyre being individually screened so at this point theres actually only a percentage of factories that are really running and those that are generally have less than 100 of their staff. Whats your inventory look like right now you know, so this is an interconnected Global Supply<\/a> chain that we try to be as lean as we can. So we, as one example, have a top seller that actually sold better than we thought over the holiday of our triple display","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia802807.us.archive.org\/23\/items\/CNBC_20200219_110000_Squawk_Box\/CNBC_20200219_110000_Squawk_Box.thumbs\/CNBC_20200219_110000_Squawk_Box_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240716T12:35:10+00:00"}