Will the rising tide help other stocked. The overhaul now reportedly to be done in stage. And a new echo device likely to be unveiled thor. First up, markets are aiming for new milestones. The nasdaq mitt record highs. As well, briefly surpassing 800 billion in market cap. Then theres the vix. Some people say it takes you back to 93. Jim, our number indicate 2006, but it doesnt fall below ten very often. Remember theres a correlation thats actually not that negative. You should have this in a bull market. Warren buffett says just keep contributing to your 401 k . Im not saying thats complacent. Im saying thats the way people save, and you may say, well, they shouldnt save like that and they have forgotten how much you can lose, but Warren Buffett would say how much did you lose . You didnt lose anything even during the great recession. I think theres a level november the complacency, but a recognition this is how you invest, because we dont have any other plate to invest. His comments about the treasuries, about bonds . They were basic lil saying youre an idiot if you do anything than put it in an index fund. Warren buffett was on his game every year hes great, but i think people were listening to that. We had jack on the show, talking about what what a 25 roughly of the float of every stock. The index at an etf, passively managed, and you get to a pretty big number. We all know actively managed fun funds. They keep saying our time is coming. Count you worry about analog and other things that got us in trouble in the past . I think its entirely possible. I also know at this moment, none of the hedge funds really like the market. Its like a piece of real estate, or they are betting against certain stocks the. There seems to be this cohort of big money that has one foot out the door, then theres this other that says, look, what am i going to do with my money . I cant put it in treasuries. So that may be the response. You never want to say the vix is wrong, but what you do want to say is theres a different kind of visiting going on now versus what weve had for the last 30 years, which is, put it in an index fund. Warren buffett has said put it in an index fund a long time. Its really resonated. Right, its vanguard and then you get blackrock. Its more or less, yeah, thats your shareholder base. We talk about that sometimes in this vets activist environment, because they also become the very important shareholders when it comes to decisions on a board of directors and or a proxy fight, but they also offer very slim fees, which is another part of it as well. Youre not paying a lot for that, either, so youre making more moan on the return. Ive given up the idea you should try to time it. Peter lynch told you theres always going to be declines and you just have to keep the great money manager from im not saying theres a level of complacency, but a recognition what the heck else are we supposed to do . We can keep it in cash, or keep it in the checking account, or we can do and go some of it in the index fund. Its going to go up and down. Its almost like people really understand stocks . But maybe they do, because when you have 401 k buyers and i. R. A. Buyers, they put it in index funds and say, okay, ill contribute. The way my father used to. People are wondering what theyre doing instead. I think the big hedge funds are managing risk by betting jeffrey gunlock, you bet against the u. S. Short the s p onetime leverage. Or these triple December Bob Pisani was talking about the fourtime leverage. They are blessed by the s. E. C. Just to ruin you, because people dont understand how they work. They reset every day. Another way to lose money, unless you just go and you do what buffett says and you go what vogue vogel says. I told people to get out at 11,000, and i just followed mark haines to the haines bottom, and they said, so what . It made me pay taxes, theres people in the white house who said i heard some guy i dont want to get to but getting out and getting in. It show longest even has any cachet. Each being right is wrong. Watson, come here, i need you, no, its thomas watson. Just stay innant dont do anything. If youre approaching it as something thats the bedrock way you invest, youre not going to be fearful. Youre going to say, well, this is what happens, im going to lose money now, make money later. This is a different kind. The hedge funds, they hate it. They just hate it. Did you ever seen a Hedge Fund Guy come out and say im really long, heres five great ideas. Its like, i want to be in and short that and again that. But hes not a Hedge Fund Guy. And buy coals. I want to buy the u. S. , but i want to short the u. S. Is another form. They guys are like they just twist and theyre houdini, david blaine. Theyre burying themselves for 17 minutes hoping to come up for air, shooting themselves in the mouth and know you have the king of hearts. You dont need to be david blaine to invest. You were one of them once. Well, that was a different kind of market. People used to go in and out. Not anymore. Hell, you needed blaine back then. Something we have to state vigilant on. We dont want to ever feel so confident, we want to be skeptical, but not cynical. I keep thinking about apple. At 193, these guys just buried it. Remember when carl icahn, the great carl icahn, he sudden you have to get tough it because of china. That was a huge call. He missed a lot of up side. Not to take away from a very strong track record from mr. Icahn over a loren period of time, but the last three years have been difficult for him. Hes gotry of a lot of people on his staff, trying to mix things up. That was an illadvised stock. As was getting out of the netflix. You can never say when youve made money it was a bad sale. He made money on both of those, unlike some other names. Remember the hedge funds were betting against f. A. N. G. . Facebook does the number, and then doesnt quick. Amazon was supposed to be overvalued. And then alphabet, that was supposed to be ruined that youre advertise youre advertising against very bad that is why they account for such a large percentage of at least the nas 100. Results ahead of disney after the bell. Discovery is already out reported a quarterly miss. Pandora, a narrower than expected loss, but also announcing that kkr has agreed to invest 150 million in the service while it explores strategic alternatives, including a sale. Kkr now a money in pandora, money in lyft . Listen, its private invest to public equity, 115 million, convertibility that gets 7. 5 in cash. The thing is pandora needed the money. We skid wester about it. They did. They needed it. They got is it. I dont know why the market sees it as more likely guys, its less likely. Youre ruining the narrative. So. Were they eries investigate rating. I dont know why thats a positive. This is a lot of 70 million ebitda. I dont quite follow this one. I take to mcfay about it last week at, and he said bike it at ten bubbles maybe. He didnt quite say that, but thats what it was like and alexis, wow, shes better than the dog, better than the well, lets leave it at that. We have them cutting the price from 150 to 180. We do expect another version to be announced today. According to this were talking about the echo. Echo scratches my back. Were at the very, very beginning of it. You can ask it business questions, Foreign Policy request hes. Well so what the announcement you know that would be more you than me. Im going to the rangers game. What time do i have to be there . Im going. Going tonight . Didnt you learned . No. Did you have my ticket there, too . Well ask alexa. Well go and so he if you can get the bleacher. Nothing wrong with the bleachers. Okay. Matt harvey. Well be watching for the new john cully will join us. The company once ran at report highs. The s p got a record close yesterday, but but moving up 0. 1 of a point. Back in a minute. Ck in a minute. Rays always been different. Ck in a minute. Last year, he said he was going to dig a hole to china. At t is working with farmers to improve irrigation techniques. Remote moisture sensors use a Reliable Network to tell them when and where to water. So that farmers like ray can compete in big ways. China. Oh. He got there. Thats the power of and. I count on my dell small for tech advice. With one phone call, i get products that suit my needs and i get back to business. View of dodd frank reportedly will not be due until june. They will give priorities to banking regulation. Well see how it affects the space today. Look, maybe its reflecting the fact that france theres not a lot of money to keep money in europe for a while. Weve had all these great quarters, we did have a good employment number. Reality is a bit better. I think things were before the French Election. The French Election was bringing money here like mad. You do . Does that bring this recovery to a screeching halt for exporters in europe . Thats interesting. Thats a good question. I dont know. I think theres still a lot of room, but i think theyre going to have a hard time keeping that euro down. This Commerce Bank number this morning, just a terrific bank null better. Really fabulous 12 1 2 equity, nice profit, second largest banbank in germany. This is like when bank of america turns around. Very amazing. Were going to Start Talking about italy the next . No, italy is not the next. Frank was the big domino, and it didnt fall. I think thats a much more significant story than were actually talking about. This may be i know the vix is also reflecting that we dont have another big domino in europe. There could be a lot of dominos in asia, but the fact we have chinese leverage, north korea. But we kind of took europe off the table for a while. The numbers are too good. Look at marriotts numbers. Marriotts figures, even united and their revenue guidance, the unit revenue guide for the q2 is priceline every day. These are just united and expedia on last week. Europe is very, very strong. I just think thats going to be one of the big things we talk about this year, because the industrials have just a real run of the its been great. Travel is doing so well, yet hertz cant get around whats happening to car prices, right . Hertz is just sheesh, pricing down 3 , revenues down 4 , negative ebitda. We talked earlier about hedge funds and their inable to beat the s p. This was such a favorite name three years ago. They all had go gotten sup an on the gopik pricing. Nots has helped. And they kept denying that uber was hurting their business. No, not at all. People arent going to the airport and orton an uberer though all still what . Its crushing their business. The die nile continues toss the river that runs through hertz. The release is like, many, ive got to get into hertz. No, no, dont. Its bad. No, just its not like it had a good year last year or the year prior to that. Where were they are on the other side of that . They are fearful. All that risk adjustment. We should have a placesancy hedge fund index. Theyre so short. What do you think of that . You work on that. Ill work on it. Well have cramers mad dash. More squawk on the street in a moment. Moment. Its all yours. Wow record time. At cognizant, were helping todays leading Life Sciences companies go beyond developing prescriptions to offering subscriptions with personalized, realtime advice for lifelong, healthy living. Honey . You almost done . Nope. Get ready, because were helping leading Companies Lead with digital. Sort of failed hedge fund investments, which leads us to todays mad dash, actually good news for valuant . This is a bill ackman name. Was. I should switch the transitional verbal there. Im just going to tell you, a good quarter. Nice cash flow. They want bausch lomb is fine, so theres no real time frame in the near term that theyre in trouble. They dont have a nearterm deal, something to deal with in terms of a maturity that they cant meet. If youre short the stock, it may not work out for you, and this was a favorite hedge fund short. I think they should have covered. Belong term, when they start having to pay, maybe theres an issue, but they did a good job. Is there a full to speak of . Is it more that you keep locking and tackling. 50 move i would say what you have to do is say, listen, they actually did good stuff with bausch lomb. If it didnt have all this, lets say you cut debt by 10 million, you would say its a hampered drug company, but not desperate. Value valeant is not if desperate not. And having a good day today. Well be watching more that he valeant this morning. Well have the opening bell. Stay with us. Stay with us. Predictable. The comfort in knowing where things are headed. Because as we live longer. And markets continue to rise and fall. Predictable is one thing you need in retirement to help protect what youve earned and ensure it lasts. Introducing brighthouse financial. A new company established by metlife to specialize in annuities life insurance. Talk to your advisor about a brighter financial future. Youre watching cnbc squawk on the street, live from the Financial Capital of the world. The opening bell at 2 1 2 machines. Marriott, hertz, valeant, we have disney tonight, jim, as people take stock of the reports we got last week about ford cutting and what looks like an acceleration of that . I think one of the things thats happened is when everyone knows theres a problem, everyone knows theres a problem, it tends to not be the thing we should worry about. I think if you go back to what he is last quarter, but please at a time attention, its got a decent story to tell. Im they bang it down or in the after hours, tried to make people panic. I would like to hear how much theyre saving by firing all these people, people we watched for years. But dont you think youll end up with a call with a lot of the same questioning about cord cutting, skinny bundles, given, by the way, media has been taken it on the chin for the last week and a half or so. Well, i think the stock did drop precipitously, but could it go back to 109 . 108 . I think we forget how good iger is at telling a story. If we come in and he says, were going to lose this many and were prepared, thats why we made the cuts, people will be able to say, geez, i dont know what to ask them, them the call may go towards movies. They have a lot of product down the pike. Cable is expected to dip back to zero, though. Maybe thats why the stock isnt at 140 . Right . I didnt like the first one im still laughing about the first one, it was so good. The opening bell here at the bottom of your screen. At the big board today. Its biohaven pharmaceutical celebrating mothers day is sunday. Mothers day, thank heavens may be a candle that me and my mother had a picture of us. Since the wife doesnt watch the show, i can give it to her as mothers day. Fantastic. I spent a lot of time on it, you know, wrap it up. Maybe a coach kate spade. You see theyre not going to send them to the Outlet Stores . What will that mean for the ones you get in the bowery . I dont think theyll be affected. Theyre made in china, right . Actually they may be made somewhere else. China may be too expensive now. Yeah. We have early strength in the travelrelated names. Marriott is the biggest. Some airlines on this as well, wynn, priceline all in the green. Were talking about robust travel out of the europe, and its not so bad in the united states, but i think a lot of people who felt had made it so that, what President Trump was doing would cut back on travel. Its not been that way. Its been pretty strong. I think people have to recognize theres still a shortage of hotel rooms, which is kind of amazing. Do you how many marriott has in the pipeline in 430,000 rooms. Middleclass story still has some resonance. The europeans are coming here, traveling like mad. I felt like the airlines got if you go back and look at theres a guy being pulled out of a plane . It was a buying opportunity. Stocks up six. The video of spirit at ft. Lauderdale, where they canceled a bunch of flights and people got arrested. They fights broke out with airline staff. Spirit . Wow. I read that in twitter. Something. How about the rabbit out of a hat david blaine story the giant rabbit . The giant dead rabbit. Pulled out of the hat . Discoveries communication, they have nothing to do with rabbits. Good segue there. No, there wasnt one. A snowshoe, wasnt the rabbit that beat the cougar or weve seen it a million times, and a great white shark . Jersey. There are guys that shoot rabbits . I think i know what you mean. Will you just focus . Im trying to focus on discovery, down 4. 37 . Is it really . They got a mixed back here. The call is good on. Weve been monitoring it, but nothing substantive, at least that im aware of, in terms of comments from the man who runs the company, or skinnedy bund bundles, advertising, though there might have been something overall, it look like adjusted e. P. S. , it does include a sixcent loss of extinguishment of debt, would be so would have been 47, still perhaps a bill below some estimates. Overall the ebitda was above some estimates. So again, kind of a mixed bag. Isi, po continued top improving, but not helping the stock price, as you see. And also. A lot of this, were kind of too old to get into the crutch, and i her talking to jim who is in more touch, the iphone, the apple, the plus, the 7 plus is the cord cutter. Zazlov said there is no skinny bud are bundle. The idea of a 40 offering with Regional Sports and incomplete package is what that would be so you have to buy broadband on top of it, it ends of being 70, its not really a skinny bunding, but just a bundle. It ended up also some overstuffed turkeys, skinny bundles. Discovery is not in a lot of them. Thats the problem. You know, espn in a skinny bundle is not really well represented in the bundle that i have. What does it cost a month seven, eight . At least. I thought it was five. What do i know . The capable bill that bill is not going higher. Thats one of the things we have to focus on. Theres a price war. Theres a price war. Where . In your capable in your cell phone bill, the unlimited . Yeah, theres a price war there. I wish my cell phone its slowed down so appreciably since this unlimited war. They need more towers, which is why American Tower and sba and crown casss castle are unbelieve stocks. Jim, s p record at almost 2402. Some people wonder if weve weve got innocent range since march 1 he. I think a lot of people felt the High Water Mark was the inauguration. Repeal and replace drove the market down and once that got out of the house people were more sanguine. I think it was such a flop the first time around, it does embolden people. It does. I think people feel pretty good. I think Warren Buffett, you a