Transcripts For CNBC Squawk Box 20240713 : vimarsana.com

CNBC Squawk Box July 13, 2024

In europe, also watching what has been happening there, you will also see just like yesterday europe is down across the board. The biggest declines coming from france and london. The cac off 1. 6 among the big market themes, momentum stocks outperform, some momentum factor er, etf up on pace for the best ever launch since 2016 we are going to have a technical analysts on. I was distracted i asked the analyst whether it works like this with the outliar. They insist, no matter what, they did bounce off the level. The ones they mention. It hit exactly and bounced off it we have bleakly here lets say this, we manage 6 billion of assets. We want that to go up. It is risk management. We need p emto worry. We have a lot of them around today. Including me burgon county, the first presumptive case of coronavirus. Energy is in a bare market off from its high in april industrials also in correction territory. Gold on pace for its best performance. Looking at prices this morning, youll see they are up to 1,674 an ounce oil is attempting to cut production to stem the market, which has been under pressure. People assume the economy is slowing worldwide because of the virus. Wti is down. As weve been mentioning, cnbc contributor, good morning to you help us with what you think transpired we had the federally monday the fed is panicking, sell up tuesday. Okay, the fed is back stocking up the biden win helping Health Stocks an everythi stocks and everything will be okay until the virus count plateaus it hasnt even picked up at this point we are worried about where it goes from here t of the world matters. South korea has another big number of cases. China, every time we think th r thathaf theyve handled it in italy, we saw a decline when they closed the schools we are close to 30,000. It is just a number but also shows you things are really volatile people are flying blind human nature, you are going to get these emotional swings now sto china, you look at the Johns Hopkins website. We have 1. 4 Million People and we are obsessing about the 80,000 there is hysteria here but has real world impact. It is a run on the bank essentially. Or the grocery store. Exactly the fed tries to believe they can somehow cushion us do you think it is a fiscal package . Occurring the virus, that is the stimulus do you think well get to the point where we are stemming the travel, the Airlines Industry . I had my eye on hong kong and singapore because it is getting warmer if things do get worse, we wont be standing in medicare for all lines like the va. I talked yesterday to lloyd blankfine. Are you name dropping now i am. We were saying yesterday was strictly political day both of you were talking the book no. We werent talking the book. On monday, there wasnt any news and what about hft, what is that but Health Care Stocks led the way. This flipped faster from 70 to 10 it was 70 bernie, 10 biden. That day that will live on. It is faster than the dow this week. Always finds a way. It is funny that medicare for all line do you really want to see the coronavirus outbreak the question is what will we do when we come back from the break . The question is this, the longer this goes on, the bigger it gets, the issue of health care will become in america, no question or no doubt thats wrong, the 170 million provided with private insurance. How many people are not covered . We would like to see the people who arent insured tested for free on this. Thats what we would like to see happen health care is going to be a massive issue. You have no solution, just criticism. When we come back, more on the coronavirus outbreak the best performing today, Johnson Johnson leading the way. Then merck and United Technology you are watching squawk box on cnbc these days you need faster internet that does all you expect and way more. Thats xfinity xfi. Get powerful wifi coverage that leaves no room behind with xfi pods. And now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device thats connected is protected. Thats a 72 a year value. No one else offers this. Faster speed, coverage, and free advanced security at an unbeatable value. Get the xfi gateway and download the xfi app today. Welcome back if you are just waking up right now. Take a look at futures dow would open off 514 points down actually gotten marginally better there s p 500 off 67 points and nasdaq off 203 points want to talk about the latest of coronavirus. California declaring a state of emergency as the number of cases skyrockets to more than 50 the spike is linked to a cruise ship that returned to San Francisco from hawaii. In new jersey, reporting the first presumptive case making it the 17th state the house approved a 8 billion spending bill in response to stem the outbreak. The president has indicated he will sign it into law. More than twice the amount President Trump originally requested. Our guest, he led the u. S. Response to ebola. Thank you for being with us. Can you tell us where things stand now. They are saying it is a 4. 3 mortality rate this virus still seems to be on the upswing in the United States and worldwide i would sound a note of caution. I think the figure was 3. 4 yesterday. We dont know the denominator yet. In general, we do see a decline. We now have indications in multiple metro areas, greater seattle, the bay area, l. A. , new york city and a number of other states we still dont have anywhere near full visibility on total cases in the u. S what we are seeing is probably just the tip of the iceberg. In china, when they first started reporting, they shut down the entire province we are not going to see those shut downs here because of civil liberties, correct i dont think the oous could or would want to do. In seattle, they are doing social distance being measures to keep people from interacting in higher risk ways. Canceling gatherings, advising people not to use transit, microsoft has advised people to work from home for the next three weeks. We are now looking at what china did because it was so extreme, it probably kept it from getting around the globe faflter. It bought us a few weeks if the United States is not going to do those measure res, does that mean it will spread in the the United States. The question is how far, how fast can we keep that spread to a manager rate so it doesnt overload hospitals thats the hope going forward. The challenge, we dont know how best to apply the best from china. China took a sledge hammer approach in other areas theyve taken a exact scalpal approach the u. S. Approach will be somewhere in the middle. We have not heard any clear plan from the government of what p that looks like. Still claiming he think theres is only 100 cases in this country. That was the point made that this is being left up to the local authorities. New york authorities being more reactive frmt. You want to have a consistent approach you dont want some areas stronger and others weaker thats where we are heading right now. I worked on the Ebola Response in 2014. We saw at the outset, we left a vacuum we began to see on things like travel measures, states began to freelance. The government stepped in with guidance and the states got on board and we had a consistent national approach. We are not seen that yet despite the fact that it is posing a far larger threat than ebola evekee level that u. S. Health care can handle what is that level it is not a very high level a few years ago when flu season hit hard, hospitals were treating people on gurnies and in hallways. We are not out of flu season we are already hearing from seattle that just with the 40 to 50 cases identified, that has put a strain on the Health System there thank you for your time today. Hes the former director thank you for your time. Reuters is reporting opec ministers have agreed to an oil cut of 1. 5 million we will have more from vienna just ahead coming up, how much Mike Bloomberg spent on his run and the implay indications did he spend more . I think he sment more hes keeping his staff until november call it the biden staff thats what it is now. Half a billion just on advertising. Dont forget to subscribe to our podcast. You get interviews behind the scenes or muchdown loads stay tuned, well be right back. We cant calculate our total taxes . Do you realize how many otal different taxes we pay . Sales tax, different pos systems in all seven countries. And online sales . Thats a whole other system. And different regulations. Therererealal eate e crits,s,. And we have no way to integrate all that . No. But bdo does. Peopopleho k kno knonow o. When i switched to geico. This is how it made me feel. It was like that feeling when you go to highfive a coworker, and you do a perfect highfive. Everyone is really excited for you because it was such a great highfive. And then. The boss comes in. And she wants one too. Geico. Fifteen minutes could save you fifteen percent or more on car insurance. Fifteen minutes could save you apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com if you are just waking up, check out the u. S. Equity futures. Yesterday, you saw a gain of more than 1,100. Right now, down about 560 points s p off by 73 and the nasdaq off by 220 the twoyear note sitting at 0. 968 former new york city mayor Mike Bloomberg ending his bid for president. A costly bid adds bought for halfy billion. Robert frank with us he could have bought a couple of really nice sports cars. He spent over 500 million just on tv and radio you add in digital adds and offices. Total likely 600 million making it the most expensive selffinanced campaign ever. He spent twice the total number of trump, biden, buttigieg and sanders. 300,000 an hour what did he get for it he got 24 delegates, over 222 million on super tuesday ads that return was close to 10 billion per delegate compared to biden who spent about 5,000 and Bernie Sanders who spent about 26,000 per delegate he can spend whatever he wants now in support of biden. Local broadcasters have benefits but to his spending. Youll not only get bloomberg wore biden to continue to spend. Biden wasnt spending through this now youve got essentially two candidates in one spending thats the benefit. And he got samoa. It was pointed out, he spent the equivalent of the samoa gdp. He said if he got the nomination, he would try to sell his company. If he became president . Were there any expressions of interest buffett was always the name. He came on air with becky that said absolutely not he knew that someone would pay more that was the big question they dominate. All of the staff that went from bloomberg to the campaign can all return and go back to work you cant win the presidency with independent and ross perot. His point was he didnt want to split the vote and draw away from the democratic vote it was not a miscalculation that a billionaire never gaz going to incur this was two campaigns one to nominate bloomberg. The second is just get rid of trump no matter what it takes. People saying this was a failure, we dont know yet if it gets reversed, and sanders becomes the nominee, i cant imagine the must be that would have been for biden being there. Right were you surprised were you surprised he ended that campaign the reason he ran is because he didnt want to see Bernie Sanders in that. Have you looked at the betting markets . Youve seen where bernie is what is his number now . 18 cents 18 cents is not if bernie comes back, hes not coming back he jo is 75. Everybody said we thought biden was bad Everything Else this is not going to change. Bernie sanders said he would support or bow out if joe biden got a plural backing they changed the rules with the super delegates. They also changed the rules to let bloomberg into the debate this is the grassroots, democrats over 35 that are voting and will put biden in as the nominee. Well see. We have a lot more coming up. When we return, continuing coverage futures hitting session lows the dow now indicated down about 600 points in beijing, companies and workers are trying to return to normal all of that. Take a look at yesterdays s p 500 winners and losers through the at t network, edgetoedge intelligence gives you the power to see every corner of your growing business. From managing inventory. To detecting and preventing threats. To scaling up your production. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. Good morning and welcome todays top story, we have another Global Market selloff. Well show you what is going on. We are in the red across the screen looking at the dow down if it would open down about 625. S p down about 81 and the nasdaq down about 237 points. The 10year yield under 1 at. 965. China is attempting to return to work after the outbreak first hit there eunice yoon is live. The commerce has been talking up the resuming of work. Releasing shipping or manufacturing areas that topped 70 or even reached 100 i noticed Walking Around today, business is coming back, sort of im sitting at starbucks, which i couldnt do before today. I had to get a Temperature Check and log in sitting with my colleague who is six feet away. My commute is light. Traffic cops are out foot traffic is more in apple. You have to go through Temperature Checks and wait in line because they wont let in too many customers at lunch time, office staffers are eating out i quarantined myself for 14 days the food at this mall should be clean. What we are really looking for is street food vendors to start serving chinese breakfast. These places are cheap and popular with vendors but still closed we are starting to see more pollution days today, the level was only five times the w. H. O. S recommended amount i watched what you were treating earlier about some cases that people have been cured and left the hospital. One man died a few days and others are being reinfected. It is unclear it looks as though those people werent cured to begin with. There is a lot of caution about people being released. This is the first time someone died after testing negative. There has been a lot of discussion and concern about what this means then for the numbers that china has been releasing. I still think the thinking is if youve had it once and it were to come back that you wont get it again thats the current thinking. You would assume that if your immune system is at full levels. Like if you are a young person or not compromised in a would be bad of course if it mutated eunice, thank you. When you drink the coffee, do you do you take the mask off . Do you drink through the mask then it is no longer sealed and what if the server has it people in the back of the kitchen need to go to work i had kind of a freak out at lunch the other day thinking too much how do you think they watch these . Lets not have the question we are in times square. Coming up, well talk stay at home stocks and companies benefitting as people shun the office and dont miss sam zell on set first, check out the biggest dow losers in premarket trading watch or listen to us live or on the go on the cnbc app the barkins are empty nesters now. Should they downsize . Probably. Will they . Not as long as thanksgiving is a holiday. Planning for the future is about more than just money. Let equitable be your guide. Got a market match hp rejecting xeroxs raised bid. You dont want to miss hps ceo on squawk on the street. In the meantime, Video Conferencing Software Company zoom, reportedly beat on earnings but dropped as much as 10 . Zoom had a massive run up as coronavirus rose fears and had Companies Working from home. More on stay at home stocks. Covering the wireless providers. Did we just get too excited about these stay at home stocks and put zoom on a list still with secular drivers, in terms of zoom this is a stock that would be 70 year to date putting up big numbers that was at most recent count down, probably a win a good outcome how much do you wore yoi about competition. Announcing that google was going to make Google Hangouts free because of coronavirus for the next several months. That would be a clear competitor to zoom. And there are many others out there. This has been a competitive market for some time taking the share from cisco and other providers with just an easy solution. Looking at the those in the institutions that the opportunity and part of the fly wheel effect. You bring them on and over time, they add security and usage, you bring them out as paid users one of the comments made, they are seeing a surge in demand in china. Only one or two weeks, have they started to see the surge in the u. S. Questioning the valuation prospects very bright. Seeing the Company Valued three to five times in revenue a good question no question, this one is at a valuation premium. The way we look at it is, this is a platform. We are talking the Video Conference today also moving to a zoom phone. The interesting thing, this is rare tied air. They go at 80 you cant find profit margins. Theyve still got these new products on the horizon. What do you see there the real opportunity there is to replace your phone systems. They are trying to replace those names like vonnage that we know. Going after the cloud based solution that provides more at home from the field. What other stay at home stocks do you like we like the slack story on line Team Messaging do you think slack stays independent . I think we are assuming it does we are not aware of a buyer. Long term, they could be rolled up ring centrals, the eight by eights, the vonnages another interesting thing i was with an analyst with a Company Called the ucla lab, you can test your speed. They are seeing stresses globally that leads up to name

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