Transcripts For CNBC Squawk Box 20141015 : vimarsana.com

CNBC Squawk Box October 15, 2014

Took care of Thomas Eric Duncan at that Texas Health Presbyterian hospital. Duncan later died. The latest Health Care Worker reported a fever just yesterday, was immediately isolated at the hospital. Joining us now, meg turrell. Meg. Hey, andrew. Thats right. Were just getting word, of course, for this additional Health Care Worker who just tested positive last night. The cdc saying yesterday theyre monitoring every person who was in contact with Thomas Eric Duncan during his care because the nurse who originally tested positive was exposed. Others could have been, as well. They were warning about this. They were monitoring about 76 people would they say had cac in the hospital. This was pretty quick news that a second person has been diagnosed with ebola. Again, saying that theyre not surprised. They havent yet identified exactly what happened, how they became infected. Theres a lot of questions about that. The cdc saying they sent another team to the hospital in dallas. They wp wish they had sent that team there at the beginning and perhaps we wouldnt be seeing these additional infections of Health Care Workers. Meg, a couple questions. First, this worker, do do we know what this person did in particular, what they were touching that may have been different. We dont have any details about what the Health Care Worker did yet. I imagine they go home and they have families and they have friends and they go to dinner and lunch and things and have been around others, as well. Presumably, thats true. All of the Health Care Workers were instructed to selfmonitor. But, of course, were out and about. As we know, ebola isnt contagious unless you have symptoms and she just reported having a severe yesterday. Not surprise. Thats disengenui eingenuous if saying thee not surprised. Because the first Health Care Worker supposedly followed protocol with the suit and Everything Else. That surprised them. They immediately said, there has to be a break youp in the protocol. Its surprising and disconcerting to me because now i dont know what we can believe. Well, i agree with you. I think everybody is disconcerted by this. This is something that was expected if there was a breach in protocol. Sounds like their protocol maybe there wasnt a protocol. Im hearing more. More, and this is before this latest patient, but just around the twitter sphere and cable and Everything Else about this cdc director that at some point his support is slowly crumbling in terms of whether hes really been that effective so far. Are you hearing any calls for frieden to go . I havent heard that directly. There was a hearing tomorrow in washington. Dr. Frieden is testifying as well as other folks. There will be a lot of questions there. I think the criticisms that weve been hearing a lot about the cdc is they deferred too much to the local hospital and state. They needed to take more control. They say they have new measures in place, that theyll send it to you immediately within hours if there are any more kaes cases in the u. S. Obviously that didnt contain the spread in dallas. Meg, we will be speaking to you throughout the day and throughout the broadcast. Thanks for that report. Back to the markets, now on a fourday losing streak. Quite a day yesterday. Up a hundred, down a hundred. Finally it faded into the close. I dont think this news was out at that point, but im telling you, andrew, this news, its hard for the markets to go up as long as people keep coming down with fevers and testing positive for ebola. Theres something who 10,000 a week. Yesterday we talked about the costs of ebola and the estimates that have been put together. Those estimates were a worst Case Scenario 20,000 people. Sorry, best Case Scenario, 20,000. Worst case 200,000 people. We talked already and i asked you about keeping west africans out. Were going the start hearing an increasing number of people saying instead of just trying to monitor who comes in and pointing a temperature, a thermometer at them, theyre going to just say how far . I dont know what im supposed to think. The argument, andrew, is that somehow theyll be less able to handle it over there if we i dont think that holds water. You sent charter, you send the military over through charter pes thats the way you should do it because then you can monitor when they go and when they come back. Why do you node to use the commercial you say you bring in people by charter . Yeah. Didnt rare france already stop . I think there have been places. We just dont agree on anything. I could come out on the other side of this. Youre not sure . Did you vote for obama . Are you going to punt that, too, like this person in kentucky . She wont admit she she was a delegate to the freaking convention. She wont admit whether she voted for obama. Im a journalist,. And a good one. The tenyear falling to the lowest level since 2011. Then we had the big story in the wall street journal today. You had been right. Im not saying ive been right. Im just saying that i question people about how do we know oil has a right to be at 100. Why is it having Trouble Holding all this. Why cooperate it and thin its not that showed that they were slowly, the supply and demand looks like they were changing, right . Poor putin, all the stuff hes been dealing with. Hes losing all his power. Probably that 80 billion he had is probably 79 billion now. Among tests for the market today, Economic Data, Earnings Report at 8 30 eastern. Thats an important number, i think. Last months Producer Price index, were going to get as well and the october empire state. Survey, then at 10 00 how do you rank them on important . The one zip that happens on our show it could take a wire. Oh, no. This afternoon the feds beige book. On the earnings front, were going to hear from blackrock, bank of america before the bell. This afternoon, quarterly reports due from american express, ebay and netflix among others. Them you see how exciting its going to be for the rest of the week. Shire is now calling on abbvie to continue its takeover plan. An inversion transaction that the u. S. Government is managering such tieups attractive. Reuters is saying hp may announce the development as soon as today officially. Actor elliott has been pushing producerses to push and said. Yes it was pretty interesting to watch. But then again, it had a chance to semester off. The dows big rally, almost 150 points, ended as a sixpoint loss. The s p, though, and the nasdaq managed to post slight gains, although its hard for the averages to move higher with energy which makes up a large part of the s p and actually the dow itself. Energy is tough. It continues to be the biggest eye opening part of the market. Oil continues to sell off sharply. Now down 24 from its june highs. What does this all mean for stocks in the economy . Joining us is howard silverblatt. Dow jones industry. On the set, we have jillian. Oil and Energy Related are a big part of it. What could be good for the a lot of companies looks negative because they dont start spending and feeling slush bart of that. Energy here is the poster child. All 43 issues are down. Consumers are being help, but energy is taking a hit. There was low demands, high spry and a stronger dollar. Energy is about 9 of the s p 5 500. And were off starting earnings season now and that is whats going to hopefully dominate the market. Weve got 42 issues in the s p 500. If they disappoint at this point in time, were going to see more than that correction. Yeah. Ill trade the energy issues, sorkin, for the other Everything Else going higher and consumers having more money. Especially, especially when people are Still Holding these emitters. Even the rockefellers, they pointed out how they found religion. Everybody should be out of these stocks. Were at 0. 04 now. We could be at 0. 041 before long. So people should have gotten out of these already, right . No meat and youre okay with these going down . Also a good investment piece. So youre on board totally, right there. What were looking at the last couple of weeks, obviously, the large cap, the s p 500 has started selling off. Technology has started selling off. They were essentially the leaders. Stramgly enough, were starting to see the signs of small cap stocks trying to find the bottom here. For us, the end is closer to the beginning. What about oil . I think in the back of investors minds, theres a rerun from 2008. To under 35 a barrel in five months and people just feel like theres this growth scare mentality which weve seen several times in the last few years that have been but you know what, andrew . And that was the part of the Good Cop Bad Cop yen and yang b but if its notice just the man we may not able to have both. But theres a lot of supply. Once you get below 80, youll see supply responses. But at this point, people think of fracking as natural gas. We have obviously added to our production of crude in a big way because of horizontal fracturing, as well, right . Theres no doubt. This shale revolution adds on average it will add 0. 5 to gdp through the rest of the decade. So its a positive. But, you know, you have to get through the shortterm to get to the longterm. Andrew, the firm reporting Third Quarter profits, 5. 20 a share. Beating estimates of 4. 66 a share. Blackrock saw a 10 rise in assets under management compared to a year earlier. So theyre kind of still killing it overthere. In just a couple of minutes, were going to get more from the man who is killing it, blackrocks chairman and chief executive who is going to join us and is with the one and only becky quick. Our format is different in the high def. I dont know with looking at me whether i like it. But our picture of people look gorgeous, they ready good. And i will say forer for you, good job. What did you do today . Today i used a i used a gillett fusion. Clean it up with the with a harrys shaving cream. Oh, you did . Yeah. You need to be able to press hard. Today thats like a babys behind. So soft. Very good. Howard, its a threehour show, howard. We do focus on important things occasionally. Blackrocks number is here . I think we all have to focus on the. That cash flow looks like its going to do well. So earnings, you know, will be the dominating factor here outside of oil, which can still continue to go down. But if the earnings are good and the forecast not too bad Going Forward again, weve got to worry about the dollar in detail. We should be able to support the market on there. The fundamentals are there. Companies are in decent shape. The concern is where were going for here. The forecast right now is the dollar and oil. Julian, last question. I saw people yesterday saying coming, q5 and then qe6. Because the fed is going to stumble. If inflation filters through. I dont think theyre wog go see qe anytime soon. What we are thinking we might see is some form from the ecb. Youre saying when theyre done here, they may keep rates youre telling me definitively . Never say never again, but yeah, and i would recommend that view right now in terms of the fed. Because i dont know we have any idea what theyre wouldnt you say . They could do a qe5, 6, 7, couldnt they . No . Theyre done . If with he slow down, they dont want to do that already. Coming up next, intel telling the world that the pc isnt quite dead yet. The numbers after the break. Plus, we are just minutes away from beckys exclusive interview with blackrocks ceo. Stick around. Squawk box will be right back with all that and a lot more. 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Org would i be. Stairs for intel are up slightly. About 22 cents after the market. Afternoon that, the ceo spoke to cnbc after the numbers. Record ever revenue. And we were grew operating profit by 30 . So we saw a pretty strong quartzer, better than we expected. Here to walk us through the quarter is chris casso. I thought the pc was dead and intel was never going to be able to figure out what to do after that. Feel, most of this year, the pc has been remark blgly resilient. Tablet growth has flattened out a little bit now. Weve seen some improvement in gdp. And intel would say that, you know, theres a lot of older pcs that need on to be refreshed. Have we overstated the import of the tablet market . Well, i mean, the tablet, its interesting when you look at the growth rate of computing in total. But the trend line has been fairley constant since the ipad came out. But actually, about six months after the ipad came out, is when the pc started to decline. The tablet has had an impact on it. The question is do you remember literally 18 months ago, maybe even less when we used to have conversations about michael dell and his interest in taking that company private, there was a view that Companies Like a dell were going to be lost for good. Im just uncleaver what happens. And now, by the way, it looks like that was a it turns out to be a trend. We dont know yet, but corporations are with pcs. And intel, their chips are theyre trying to get into this internet of things, right . Theyre still ceiling cpus. The pc is still the biggest part of this. Thats cloud. I just wrote everything up to the cloud. But if someone does well, theyre apparently taking advantage of the cloud. I just said that. But intel, they still need the pc to be help. They at least need the pc to be stable because its such a big part of their profitability. Within the ecosystem, they have the advantage. Youre pretty much stuck with buying intel, youre going to get paid for that. Thats the concern over time you know. Where are you on microsoft, then . Right now, at the anniversary of windows 8 now, which is not a successful product. On windows 10, it should be out sometime next year. There is hope, as well, that that will reinvigorate things. The other thing is the tablet thing. Its probably looking at it in too small a fashion. We will see what they end up doing. Good to spin off, bad . Yes, no . I dont cover hp, so thank you. Thank you. Becky is live from 30 rock. And after the break, shes got a special guest. Becky, you know, we think of blackrock and we know that do bonds, but we think of equity. But that is more like like one of those guys in the whole mortgage and mortgagebacked area. Thats right. Hes going to explain the tenyear to us. And global Interest Rates and Everything Else. Joe, you are stealing my thunder. Larry fink is sitting right here. Blackrock is out with much betterthanexpected earnings. Well be watching that slowsly. As you said, joe, this is the perfect time to have larry fink here to talk us through all the questions we have. Stick around. When squawk box comes back, we have the one, the only larry fink. Th universities across the state. For better access to talent, cutting edge research, and state of the art facilities. And you pay no taxes for ten years. From biotech in brooklyn, to next gen energy in binghamton, to manufacturing in buffalo. Startupny has new businesses popping up across the state. See how startupny can help your business grow at startup. Ny. Gov philosophy is, reynolds . No. Not exactly. To attain success, one must project success. Thats why we use fedex one rateĀ®. Their flat rate shipping. Exactly. It makes us look topnotch but we know its affordable. garage door opening sighs honey, havent i asked you to please use the. We dont have a reception entrance. 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Good morning and welcome back to squawk box here on cnbc. Im joe kernen along with andrew ross sorkin. Becky, as you know, is in new york. And this morning, shes going to join us in a second with blackrock chairman and Ceo Larry Fink. But first, lets get up to speed on some of the top stories of this morning. This is one that, like we said, not surprised, but not a good one. A second Health Care Worker in texas has tested positive for ebola. She is among those who took care of Thomas Eric Duncan at the Texas Health Presbyterian hospital. Duncan later died. The latest Health Care Worker reported a fever yesterday and was immediately isolated at the hospital. We dont know, andrew, what he did, what part of the sup

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