Three day strike which had cut production by nearly half. In the meantime back in the United States data showed that stockpiles actually rose last week. Despite all you see oil prices down about 2 . The biggest intel earnings topping estimates. That is the good news, revenues were in line. The chip maker giving weak Current Quarter revenue guidance and as a result cutting its full year profit margin outlook. Shares under some pressure. But intel also announcementing it is going to be cutting 12,000 jobs globally as it works to diversify away from the struggle pc industry. This restructuring is a tool to do that. And what it allows us to do is to be more forget, to be more profitable and to increase investments in some of these new areas, things like the data center and memory, internet of things, 5g and opportunities in the client space where we can concentrate investments on areas we think we have great return and can generate for intel in the future. New roles and a formal search process will begin for a successor. And intels Ceo Brian Krzanich on squawk on the street this morning at 9 00 eastern time. And one thing they have effectively given up on mobile. But the other component of this is they have basically said were not going to win that space. So that is a totally different business and the margins are totally different. And by the way they still may get some business from apple. There are they are in some apple devices but not always the way they want to be. Things have moved past and something you probably should have seen a little while earlier. What did they lower the margins to . The forecast . I dont know. Everybody over the years, margins are going up. Stock goes up. Margins coming up. Stocks going down. I just like the number we usually talk about with 30 something sh. No. Much higher than that. Whats that . The margins. I know what im saying the numbers are usually to sixty. Right there somebody should do something about them. The eu or antitrust somewhere. Because it is a monopoly. Well it is just so unfair. Gross margin joe and what did they lower it too because you said that was one of the problems because they they tried to get a foot but for many years had to be because no one right. And now by default hard. It had to got the chipmaking manufacturing process. Great big chips and they cut them up and get a yield of a certain amount. And it was mixed in with the manufacturing process and how effectively they were able to do it but also kind of a monofulpo. I mean hows amd doing this now. That is like a penny stock. Lot of areas though intel though. Intel. The new mac book yesterday. Has an intel chip in it. With cramer. Yeah. Were watching technology closely this earnings period. Now im wondering what is technology because ibm is horrible but is that technology . No. Intel, is that technology anymore . Kind of. Not great. Yeah you look at the fang stuff. Thats technology now. And even stuff that arent public yet. And social media. Thats what he referred to. Certainly not talking about hewlett packard. The world isnt dependent on hult or i dare say yahoo. Well we spend too much time talking about yahoo. Thats my . Yes. I dont know why. The media and silicon valleys obsession with yahoo and. Because its the original. Because it is the first and because it was sort of iconic everybody thinks its somehow fixable. Because we all know Everything Else is gone. Excite is gone. Even aol. Thank god verizon i dont know what it costs to put that out of its misery. And now. Well see given the state of the auction but that auction may also change a little bit after these earnings. Yahoo posted yesterday topped estimates but revenue tumbled in a big way in the pharms latest quarter. Take a look at shares of yahoo there. 36. 58. Even was hoping for comments on the companys search for a suitor. Mars ra miissa mayer saying it p priority. This as news that verizon is said to make yahoos bitter short list. And unfortunately for them it also is a short short list. There was a view that 40 investors might come to the table and now they are down to 2 or 3. We talked about yp yesterday. Ross levinson by the what i who was up for the job is now part of one of those deals. So it could get intriguing for those hand full of people still watching. And i also this morning, europes antitrust chief has officially charged google with violating competition rules. And do you think the margins there are too much . Right. Too much . No. Google is way too good at a what they do. And the eu is going to take care of that and turn it into a European Company if they can. Because they are way too good. Let me just way out what the eu says and then you can make the argument. The eu saying that the company abused its market dominance by infairly favoring Google Services on number one google would never do anything evil, because it is in their corporate charter to never do anything evil. I only hope this is sarcasm. Well no. Peter teal once again if you can get a legally monopoly because you are so good at what you do that is the perfect kind of business to have. And id say google is pretty darn good at who writes those things. I dont know how it works. And i put questions in and it immediately understands my question. Its amazing. Who wrote those algorithms. It is almost art for me google is the closest thing to the artificial intelligence. And it keeps Getting Better and they keep hiring more people and must be just can you imagine them just looking at i dont know how it works. Be happy with google that its an aamerican company and were not being strangled by a Foreign Company that owns google. You had to get all the way to the eu to i was just going to write lets see what happens if is joe kernen what the next thing would be. What do they think im asking for . We got to you got who has better hair . Joe kernen or donald trump . Who has a better comb over . Who has a better color . And whos color is real. And whos is. So yesterday the dow was up. And dow. Goldman sachs down. Another United Health was a little higher. Even though it was committing well thats why. They lost 650 million in that business. And they are small players. They are exiting a bunch. Staying in a few. But the more exit the fewer left. So higher prices go. Premiums go up even more. Really interesting information here on google about you. I was asking some questions in google. Yeah lets not start. Yeah please you are not immune either. Are you actually from earth originally . Nope. Mars. All right. Back to our are through people that think that. The results are in and the people of new york have spoken. Donald trump and Hillary Clinton claiming victory in the empire state. Billionaire investor carl icahn was on hand to celebrate last night. Trump the only candidate who can stop gridlock in washington and make Congress Work again. John joins us now with the latest from the campaign trail and im wondering whether you are getting your resume ready. Bypassen disgust and hate for wall street. So like 80 of both parties really hate wall street. Should we start covering it in a more oppositional way than we already do . What do you think . Should we join . We got to just tell the truth like we always have, joe. I agree. But the mainstream media, the narrative of what caused the financial crisis, they have made a living saying it was the big banks and now the media will at least in our case, now well pay the price for that. I think it was fannie, freddie, a societal thing but at this point it is just pervasive. A big theme running throw both campaigns and the sweeping victories of trump and clinton both last night are going to allow them to move past some of the negative headlines. And you had both of them trying to turn towards being scene as the presumptive nominees. First here is donald trump. Even though we are leading by a lot and we cant be caught, it is impossible to catch us. Nobody should take delegates and claim victory unless they get those delegates with voters and voting. And that is whats going to happen. And you watch. Because the people arent going to stand for it. It is a crooked system. It is a system thats rigged. And were going to go back to the old way. It is called you vote and you win. So hes trying to foreclose the possibility of any kind of contested convention which has been full of speculation within republican circles lately. Hillary clinton for her part tried to shut down this idea that Bernie Sanders is going to be able to take this fight all the way to the convention. We are going to keep our families safe and our country strong and we are going to defend our rights. Civil right, voting right, workers right, lgbt rights and rights for people with disabilitie disabilities. Those are after all new york values and they are american values. Now weve also got the postnew york delegate counts. Donald trump has a lead almost 300 over ted cruz. And you have projections now showing donald trump right about at the 1237 he needs to be nominated. Could end up a little over or under but the closer he gets the more difficult it is going to be to stop him. Hillary clinton for her part has a 700 vote lead over Bernie Sanders when you count the super delegates. Going to be very difficult to flip those as you get closer to the convention. Democratic race looks definitively over. The republican race only has a tiny bit of life in it guys. I just cant imagine you heard secretary clintons speech there, when we know the two, if its trump and Hillary Clinton, this is going to be unbelievable, john. It is going to be interesting to cover. An all new york values race. We had one with tom dewey and franken roosevelt. Nothing is going to be off limit. They are going to go after trump obviously so hard. Like the daily news this morning. Calling it, its own state. The evil empire gives the hateful narcissist that is going to be the kind of stuff. And you are going to hear crooked hillary. Bills pick dill lowes. This is going to be unbelievable to watch. Gloves are definitely going to be off guys. Holy unbelievable. Did story . Effectively wants to get rid of janet yellen. Wants to take back fed. It was a bit confusing. Donald trump has been flexible on policy. Hell articulate something and then hell adjust when there is some blowback. And i would expect that is the case with the federal reserve. But, you know, donald trump has an operating style which makes a lot of people nervous and i think Hillary Clinton is certainly going with wall street and the Business Community going to do everything she can to try to exploit that and make an incursion on some turf that republicans would like given how much everybody hates the Business Community and particularly wall street which i think they probably attach to the federal reserve, do you score points by saying i want to get rid of janet yelen at this point . I dont know. First nobody knows who janet yellen is. Watchers of our network do but the average american doesnt. You are going to hear rhetoric on both so im not sure how much advantage trump can get on that issue in a narrow way. If you gave me a choice of Interest Rates and where i stand on Interest Rates, my choice would be i like low Interest Rates but a i think they should be higher. I think i agree with that statement. I like low Interest Rates but i think they should probably be higher. Who doesnt like low Interest Rates. The i believe he said the best thing we have going for us in this country is that Interest Rate are so low. There are lots of good things that could be done that arent being done. Is he talking about fracture and then he says people who think start adding then he goes on to explain why it is a good thing. It should be higher at this point. If we had an economy that could stand it, that is the normalized level of Interest Rates. The problem is the normal. Central banks. I actually think the more im looking at this. I think he actually wants the Interest Rates to be low. He sort of makes this is interesting back and forth case. I this i he wants the lowest rates im telling you. Real state developer. If you could have your cake and eat it too wed all want lower Interest Rate forever. The problem with low Interest Rates is its unfair to the people who have savered every penny and not that horrible. You are going to hear a lot of it for the next seven or eight months. Maybe then it will be over. Or maybe it wont. Worst nightmare. Coming up. The political effect on the markets. And later steve forbes is going to join us as our special guest right here on squawk box. Were coming back with a lot more in just a moment. President obama is going to be meet category king salman. Take a look at futures at this hour. Dow down about 27. 5. Nasdaq off about 6 and s p 500. Welcome to our hosts. We can talk politics. Have politics impacted . Do you think any of this matters at all . First the research weve done suggests that over long periods of time the party that controls the white house doesnt have that much effect on the stock market. The second thing is my guess is that the market is assuming Hillary Clinton will win, whoever is elected on the republican side and whether you like or dislike their policies shes essentially running for the third term of president obama. The market has a biased towards the status quo. So uncertainty creates volatility in markets and creates the possibility of a downdraft. So a continuation of things the way they are, whether they like it or not tends to be positive for the markets. Chuck, when you hear that donald trump wants to get rid of janet yellen, does that scare you . I think there are folks on the democratic side that feel the same way andrew. And i agree with ed one of the things that the correlation of what we might call red stocks and blue stocks this cycle is, for instance, there is no group that is more red than, say, the energy stocks. But look at this group trying to regain some energy so to speak, regain pricing power, the fact that republicans would help to really gin up infrastructure citing and fracking and all that really doesnt have any near term impact. That is not sort of a binary decision with regard to investors. That is much more longterm and the healthcare equation with obamacare is much more complex as well. It is not as though folks are waiting with bated breath. I think the Hillary Clinton is likely to win. And if trump does win that hell probably come around a bit. Youre saying we push back as hillary. And you push back against alarmialarm ist characterizations of trump. And also you say we expect him to soften his position and ultimately turn into an antiregulation pro business supply cider. Maybe that is why the market is up. Maybe its up because it wouldnt be so bad. When you think things about Hillary Clinton that shell turn and come more to the middle. I i dont have any idea how she would actually govern because i dont know that she believes anything she says. Can i give you another theory. From a wall street perspective you cant get senator sanders off the stage soon enough. Hes begun attacking the bank model as fraudulent. Straight up. If you were just voting on something that will benefit a ostensibly the economy and therefore the market you vote for who . I would probably vote for Hillary Clinton. Because again, as a markets guy, i like continuity. And even though i may disagree with some of her policies, if she continued didnt you . I did, yes. Background. I grew up in the peoples republic of massachusetts. Ask of chuck then. Chuck is not a market guy. Chuck is a political guy. I understand. As long as we have full disclosure. Chuck, if you are playing simply for markets and the economy only. Take all the social issues can you think bernie for a second . No. It was close. I think again there is more certainty with Hillary Clinton and were in the fourth year of a four year election cycle. Or four Year Administration sl cycle. So stocks are likely to do well. They will like that certainty. But again with donald trump, you know, he absolutely will be working, would be working with a Republican House and senate. And you look at the things that are teed up for the next congress to deal with. Where the risk light is on so to speak. It will be tax reform and things like that. Not necessarily trade and protectionism where hes beginning to really frighten our allies. And with a Republican Congress he can do constructive things. He is a supplysider. And i think hed be coopted like you said earlier by a lot of the things a Republican Congress would draw him towards. You say you dont believe anything that hillary says or thinks. We dont even need a studio. We can just move across the street and just broadcast from there. Although they would have two slows on between 6 00 and 9. Anyway. Do you believe donald trump believes what he says . He changes just as often as hillary. He changes just as often i believe. I believe what chuck said that hed be a supplysider and id rather his Corporate Tax reform than hillarys. I would. Okay. Things are getting interesting. Ed, great to see you. When we come back, crude prices falling after oil workers in kuwait ended their strike. President obama is in saudi arabia. Were going to be talking the energy, and more with steve forbes. And the s p 500 winners and losers. Reach for the stars and youre way to fly youre hungry for heaven you can release yourself but the only way is down we dont come alone were fire a good car has to maneuver quickly. Thats also true of a good car company. People have always bought cars. But we saw an opportunity in sharing cars. So we moved fast and launched car2go in 29 cities, all around the world. Doing that required dozens of data centers, designed for speed and performance.