Funding. And twitter Ceos Jack Dorsey purchasing more stock. Are investors buying it . As we said some big earnings from the likes of apple and facebook. We have the fed meeting two days. We have the jobs number. The french Elections Come up this weekend, jim. Everybody is looking at seasonality trying to figure out what may means for stocks. What are your thoughts . Well, for years i always felt that you do not want to be in tech because were about to go into the summer slowdown for europe. Actually, europe is much stronger this year and i no longer feel like theres a sell in may problem with tech. We know that sell in may doesnt work. Its 5050. But there was a basis for it and the basis for it was most companies in europe just shut down for july and august. So you have to anticipate that. Thats not going to happen. Instead, it might be the other way. I think europe leads us right here. Meanwhile, guys, obviously, big week in congress. David, i know youre going to tackle some of the issues, looking at the investment climate, not only from the macro standpoint and what congress is trying to tell us. Yeah. Well be hearing from milken later on today and questions continue to rattle around about the tax reform heat plan that we got last week from the Trump Administration. Certainly over the weekend as you guys know a lot of people looking at that and waiting for the real details to come. And the debate to come between the administration and congress and where we actually end up given that it does seem to generate significant potential deficits despite what of course is the treasury secretarys claim of Significant Growth that would come along with it and take care of them. But that, carl, is certainly something that the market is still trying to digest in terms of where it goes and what the likelihood is of what we end up with. Something we have been december kug now for discussing now for a number of months and will for months to come. Im sure you saw some of squawk this morning, ben bernanke, talking about a number of things. Saying on qe so far, so good. And then also tackled the idea of whether or not 3 growth is sustainable over the long term. Lets take a listen. On a sustained basis, its certainly possible but probably not that likely. I think if there is a big tax cut that lowers tax rates, you might have a bump because of the increased demand, increased consumer spending. That gets you over 3 . Um, probably not. I would say take the under on that. Interestingly, jim, he did say the b. A. T. Is interesting to him as a consent. If you created it from structure, its smart policy, called Corporate Tax the low hanging fruit. Did we learn anything today . Well, i think that this is a former fed chair who really does not believe this economy is basically ever going to be able to return. I felt to some sort of incredible growth. What did he talk about . He talked about pretty full employment. He talked about the things are sanguine after the obama recovery. If this is all the economy can skr generate its surprising. I dont think that 3 is not in the cards this year. Next year, theres a dead on arrival notion and what congress will do. I think david referenced the one page sheet. There are a lot of people i spoke to this weekend that said one page sheet was kind of embarrassing. After all of the talk about repeal and replace, nothing. After all of the talk of taxation and how it will be reformed, one page, this makes you feel like nothing will happen this year. David, you had to feel and maybe the people out there are saying the same thing. Is this all there is . Yeah. I mean, i think thats the key question. You know, youre right, jim. I think theres been a lot of reporting going own from our network and others that indicate that treasury was not expecting when the president actually said theyd plan a present a plan last wednesday. I think it was the friday prior to that. This is rushed. Its very much unclear where treasurys team on tax policy actually stands and how much time they had to work on this. I think there was an expectation perhaps that youd have a much more seasoned rollout come lets call it june with a lot more details. We didnt get that. We have to see how that gets baked in over the next few months. But right now the debate is on a one sheet piece of paper that indicates you know there will be deductions. Many of which we dont know. But theres significant cuts that will of course generate potentially massive deficits, but also potentially a lot of growth. Thats where the debate is going to lie. Yeah. You know, guys, gary cohn on cbs this morning talked about that one page. And he said, look, we understand how hard it is to get things through congress. And were not going to box ourselves in with microdetails. But he tried to frame it in the larger context of taxing more dollars, jim, at a lower rate. Right . That does seem to be the starting point. Yeah, look, i think that Everyone Wants to be able to say this is a tax cut for the people who arent rich. I think they all want to try to make a case this is going to spur growth. I think the problem is were not done with health care. I dont think that there isnt a coordination with the house that makes me feel like you should be buying stocks because something good is about to happen. We have been in the earnings season where its incredible to see such fantastic numbers and no gdp growth. I think that they want gdp growth up. I dont know if they know how to do it. I think that the house is thinking that maybe gdp growth goes up if we somehow repealed obamacare. I think that cohn, mnuchin well hear from with david, they believe its tax reform. No one seems to be on the same page about what gets this economy back to say 2. 5, 3, that bernanke doesnt think is possible. Jim, youre there out west celebrating two years of our one market studio. Youre going to be there for a week where earnings from facebook and apple come in. A lot of chatter today about the levels of cash at those five enormous tech giants and what repatriation could mean. Thats going to be a big story this week. Yes. I mean, i think that this is where the growth is going to come from. I think people really underestimated what happened with alphabet last week. I thought that number was rather amazing. Its the first take on Autonomous Cars being mainstream. I think the people have to realize that the chip market is better. I do not want to associate what happened with intel. I think it was too down beat. Thats where the action is in terms of the hard assets. I think software is doing incredibly well here. I have to tell you if you thought about the idea that theyre only going to get to 2 here, i mean, these people are experiencing double digit growth according to every single line item. I cant believe how strong tech is and tech is selling in asia, in europe, in latin america. United states is good. But theres just a whole different attitude out here than there is on the rest of the country. Because this is where the growth is. And its youre going to see it with apple. More important youll see it with facebook. You see these stocks going up in the Early Morning hours now. Then they are going higher because last week amazon had such growth and alphabets growth which across the board was extraordinary. Yeah. Speaking of amazon, david, New York Times does a big piece this morning essential i will saying essentially saying am on is on the cusp amazon is on the cusp of changing on the apparel and the accessory side the entire retail model for the world. Its quite an amazing story. Right. Right. With the camera. I mean, you know these imbedded devices that are starting to proliferate in peoples homes, whether its alexa or the google product, there was discussion here yesterday about that. In a panel, in terms of their expectations that these are only going to grow exponentially. And what will you be able to do. I think youre referencing a story in which of course i believe amazon would be using a camera inside alexa to actually take your measurements so they can send you your clothing. Custom made. Hard to imagine in some ways but others, here we are, right . Yeah. And jim, thats one reason we Pay Attention to all these cash levels because doing that is going to be expensive for these big guys. These guys have so much money. I think that we can talk about how much repatriation, what they would do with their money. I think that the orientation here out here is other than apple they just want to spend because they are still in the scrum. They still want to be able to build the best data centers because they want to go to the cloud. They still want to be able to move out of the businesses theyre pigeon holed in, whether its alphabet, advertising. Whether its amazon or retail. Facebook and just advertising. They just have so much money they can really do what they want and obviously none of these companies is really regulated like the banks who have so much money. Theyre very, very circumscribed about what they can do with it. Thats why everyone is still optic out here. Quite a contrast. You feel energized when you get out here. Yeah. Yeah, you know carl, we have to go out there with him. I mean, we have to stop letting him go out there just to without us. I think he needs our company. Yeah. Because you know what hes doing, dont you . Hes quietly stealing all of the guests from this show, theyre going straight to the 6. Right. You nailed it. Its happening every time. Look at him. Look at how healthy he looks too. I look pale, you look fabulous. Hes always waking up at 4 00 in the morning, so hes happy out there. Jim, next time were with you. First of all, it was 2 30 out here. You know, you have to understand when you ask for that wakeup call, thats what time youre supposed to go to sleep. But i feel out here, the world is their oyster. I think its a little intimidating because the companies that are going at it want to destroy each other. But at the same time, theres so many people who havent moved to the cloud. There was a Conference Call last week that was one of the most blowout calls. No one paid attention to it. It was grubhub. And grubhub was about how people have stopped going out. They want pickup and delivery. Why . Because they want to be on facebook, they want to be on netflix, order clothes on amazon. Nobody wants to go out anymore. They want to play grand theft auto. Part of your long standing thesis, jim. Keep continuing to work every single day. I like going out. When we come back, murdoch versus sinclair in this potential bidding war for tribune. Later on the commerce secretary wilbur ross on renegotiating nafta, enhancing americas trade position. Look at the premarket. We talk about jack dorsey buying some more twitter shares and jim announcing the 118th draft pick for the eagles over the weekend. A lot more squawk on the street from post 9 in a minute. [pony neighing] what . Hey gary. Oh. Whats with the dogsized horse . Im crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. Isnt that right warren . Well, you could get support from thinkorswims inapp chat. It lets you chat and share your screen directly with a live person right from the app, so you dont need a comfort pony. Oh, so what about my motivational meerkat . Inapp chat on thinkorswim. Only at td ameritrade. Its your glass of willpower that helps keep cravings. Far, far away. Feel less hungry with the natural fiber in clinically. Proven meta appetite control. From metamucil. Usaa gives me the and the security just like the marines did. The process through usaa is so effortless, that you feel like youre a part of the family. I love that i can pass the membership to my children. Were the williams family, and were usaa members for life. Sgho published reports say 21st century fox and black stone are teaming up in a bid to acquire Tribune Media setting up a bidding war with both sinclair broadcast and nexstar media. News today regarding twitter. According to the s. E. C. Filing, jack dorsey has added 574,000 more shares to his holdings and that brings it to 1 million shares. David, two media stories to keep you busy out there today. Yeah. You know, listen up, its interesting when you see a partnership between fox and the black stone of course. But it can make sense in terms of structure where you create a new one and you have the Station Group in there. And fox contributes its and they are therefore able to make the bid without having to part with any additional cash. These stations are valuable. They have been. They continue to be. And changes in the fcc ownership rules are allowing for this potential, guys. So well see. There has been some talk in the marketplace about this possibility. But you dont typically see the high kind of transactions. Well see if theyre successful in what has been sinclair what do you make of the dorsey purchases . I think i was talk going back and forth with the coo today. They have to deal with bloomberg talking about two quarters of twitter live experience and then doing well. I think that the quarter last week was good. I think people hate twitter so much that people just i think they nonwall streeters will continue to be surprised that dorsey is putting so much money in because he has a lot of stock. I think this announcement with bloomberg with our competitor does make a lot of sense in terms of what theyre doing which is trying to be a news source for everybody as opposed to the slag source that people trash you and try to get your response. I think this is a higher end advertising environment theyll be getting. Last year might be a trough quarter in terms of advertising. If they continue to do live video like this. Yeah. Live video including streaming some of the likes of some business competitors of ours, this new deal to stream Bloomberg Business news, thats going to feed the number of live hours that they put up a month. Look, i think that what they really want to be is a news source for worldwide. Look, i dont know if they can pull it off, but theyre teaming with people. They have gotten a very different kind of niche away from facebook and snap. Hes teasing what theyll do with the upfronts tonight. What i would say is this. They have something to tease. I mean, were so used to disappointment from them. We have insider buying. We have them doing some new stuff. We have them doing things that were unexpected. Which are all about making it so much its a more conducive environment to advertise. Thats where the money is. Thats what facebook is doing so well about. Thats why people are excited about snap. I think the stock this is the second time now we have good news. Last week the earnings. I dont know, the stock does seem cheap this they have some momentum. Well get some media this week. Time warner wednesday. Along with viacom thursday. Cbs thursday. Yeah. And well see. You know, viacom of the three you mentioned may be the most interesting given how much the stock reacted positively to the appointment of bob backes a while back now and each quarter of course sort of becomes more of a report card on his ability to turn that company around. Cbs, we expect fairly strong numbers and time warner is of course its an at t deal. The question for time warner is much more about the continued review of that transaction by the department of justice and what if anything at t is going to need to do in order to get it through as most people expect will be the case. But will there be some sort of Consent Decree associated with that . Yeah. Can i ask david a question about dish, carl, do we have a second . Yeah, go ahead. Dish reported numbers today. They missed. Theyre losing subscribers. But david, people still love it. Is it still just a charm stock or they have a master plan that jives with what john legere was talking about at tmobile. He praised dish as a good operation. If you lose subscribers, the stock keeps trading up. Im mystified. Will you explain it to me . I wish i could fully, of course, but i cant get into the mind of charlie urgen and decide what hell do if anything. Youre right, the core business is being depleted. He knows that which is why he has spent billions upon billions in buying spectrum on the overall belief that its going to have enormous value. He very may end up be right in that. How does he realize that value, by partnering with somebody to give him the capital he needs to that or by potentially selling the company or spinning the spectrum . But that seems to be where the market is focused. In a weird way, i think each time their underlying subscriber metrics come down from the old satellite business, it emboldens investors to believe hell act soon. As i reported, that was the big surprise how much dish spent in the broadcast spectrum auction but were still waiting, jim. I dont have answers for you, im sorry. All right. Well get cramers mad dash and count down to the opening bell in a couple of minutes. Kicking off the month of may, a split edition of squawk on the street continues in a moment. Hey. Pass please. Im here to fix the elevator. Nothings wrong with the elevator. Right. But you want to fix it. Right. So who sent you . New guy. What new guy . Watson. My analysis of sensor and Maintenance Data indicates elevator 3 will malfunction in 2 days. There you go. You still need a pass. With e trade you see things your way. You have access to the right information at the right moment. And when you filter out the noise, its easy to turn your vision into action. Its your trade. E trade. Start trading today at etrade. Com just about 6 1 2 minutes before the opening bell. Lets get cramers mad dash. Estee lauder reports on when and wells has some thoughts on it. Yeah. Theyre talking about the upside surprise, and that would be the first in a long time. This company has had some problems in asia. The ceo is the man who i think uniquely understands what technology has done in terms of trying to make people look good. This is all about the selfie generation. Thats one of the themes i have besides the stay at home. When you go outside, carl, you must be made up. You cant be spraying like me, because that is too hard. It takes another person to make you look good. But estee lauder you need their stuff before you go out. Its about highdef, this is highdef selfie. I have to tell you, carl, highdef can destroy your whole image if you do not have estee lauder cosmetics. Thats why i think the quarter is going to be great. Thats good. The cameras keep Getting Better which means you need to catch up. At the same time, jim, we did get income and spending. Spending not a surprise. Basically unchanged. Saving rate goes to 5. 9, the highest since august. You think this is immune to any consumer pressures . Yes, i do. Look, we want to see Intere