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tv   Squawk on the Street  CNBC  April 21, 2014 9:00am-12:01pm EDT

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futures up 12 points, near the lowest levels of the morning. at this point, though, you do see green arrows across the board. the s&p futures turn negative. you'll see what happens when we go closer to the trading day ahead. make sure you join us tomorrow. right now, it's time for "squawk on the street." ♪ good monday morning, welcome to "squawk on the street," i'm carl quintanilla. >> cramer is going to be back tomorrow. stocks coming off their best week since july, although we actually still in the red for april. big week for earnings, 150 s&p companies will report this week, including netflix tonight. ten years, still right around 2.7, we're going to get housing data later in the week. our road map goes like this, the market, stocks poised for a higher open following the easter
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break. the s&p and the dow coming off the best week since july. will the momentum continue? plus, it is a big week for earnings, results expected today from netflix and kimberly clark. mcdonald's, boeing, facebook, apple, all will have reported by the end of the week. >> a lot of tech news, nike reportedly leaving the wearables market. >> and more trouble for general motors. new documents showing that the automaker waited years to recall hundreds of thousands of saturn ions with power steering problems. >> first up, though, we are basing for a barrage of earnings reports. netflix tonight, tomorrow, mcdonald's, travelers, utx, at&t, wednesday, boeing, p & g before the bell and a big night on wednesday, apple and facebook after the bell. on thursday, we'll get c.a.t., gm, 3m, microsoft, visa and amazon. and we'll close out the week with ford results on friday. i mean, this is -- talk about the calm before the storm. not a lot to work with today, but we all know how crazy we're
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going to be in about 48 hours. >> i can't tell which one i'm most excited for. if you have to pick up themes, what to look for out of these companies, guidance for sure, because this quarter was heavily impacted by the weather, especially in some of those consumer names like mcdonald's. tomorrow, china is a big factor because we know the chinese economy has slowed down a bit. we'll see how that impacts corporate america. and any general comments about the weather and the consumer, still in a sub 3% gdp environment. what's that going to do for revenue growth? >> and the bifurcation, where price doesn't matter as much because everybody's believing in growth as we get to the end of the week. as we hear from a facebook, that may embolden those who are believers or perhaps start to impact yet again what we've seen going on in this market over the last let's call it four weeks at this point, at least, five weeks. >> apple perhaps more cash return to shareholders. >> they're going to generate a lot of cash.
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when i think of apple, i think of a value stock conceivably given where the p/e is. nobody would question the multiple being so low so the expectations, perhaps, not quite as great there, but yeah, the cash return always so important for apple. >> and of course, netflix tonight might be an interesting case study. got a stock, it's down 6% so far this year. is there anything they can say regarding subscriber growth, original content? all the metrics we're used to looking for. can that reduce the turn? it'll be an interesting experiment tonight. >> their own target is 38 million subscribers for the quarter. that includes international and u.s. some analysts say that's ambitious. but netflix does tend to be conservative when it comes to its estimates. it's down 20%, actually, since its peak back in february. still up over the last year. >> but again, if you are one of the momentum investors, but certainly one of those investors who have been getting crushed over the last, let's call it month or hedge funds that has been very much engaged in
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believing in the growth stories of many of these companies, this is a very important week when you look at the earnings from those very companies. it may give you the evidence you need to keep believing or, perhaps, the opposite. >> well, on that note, they're also reporting. >> exactly. >> it's been so important. >> yeah. >> joining us this morning, managing director, chief market strategist with oppenheimer asset management. happy monday to both of you guys. good to see you. jim, your general take is we're still in a 2.5 economy and you don't see that changing through the course of the year. >> no, i think the 2.5 to 3 is going to be the growth this year. and that to me gives quite a bit momentum. the first quarter, though, was clearly below trend given the weather, given the inventory cycle, inventories got a bit high at the end of last year. with the first quarter being a bit slow, i think what you saw in the early parts of this month is some hedge funds going short, coming out of the market on the
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basis they might get a weak earnings season. i don't think they're going to get that. i think the earnings over the next week or two will be really quite strong and affirm the momentum in the market. >> the money section today, businesses finally ready to spend, which, of course, for all the bulls hoping for an acceleration in capex, that's what you're looking for if, in fact, this is true. i think more than half of businesses see an increase. it's actually the highest number in about four quarters. >> we'd say it's true. we've been looking for this. and we think that some of the words that we've been hearing from a number of activists over the last quarter would point to enough on the financial engineering and enough of the boosting dividends and now time to invest in the business. and we think the market's ready for it and so is the economy. >> what's different about this earnings season, we go into every earnings season with lowered expectations from analysts and then companies sort of not exactly any kind of
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spectacular growth. but what's different this time around is valuations have gone up. is there a disconnect between what we're seeing in earnings and what we're seeing in valuations? >> i don't think there really is on valuations. valuations are a little bit up. they're a little bit above the long-term averages. but when you get them so close to averages with decent momentum in the economy, that means that you're still in a positive tone to the market. maybe in baseball terms, it's the sixth or seventh innings, but it's certainly not near the end of the game yet. >> i haven't heard anybody mention the fed yet either, though. by the way, i think we've got -- on friday, we kind of saw the yields tick up a bit. >> yeah, we did. >> modestly, though. >> modestly, although the move up on friday at least got people's attention. i mean, the fed is backing off a bit. that is sort of the undercurrent, if you will -- >> yeah. >> that we've seen throughout the market. >> part of it would seem, david, that janet yellen is getting a feel for how she's going to deal with the market with the media. i think she's still relatively
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new even though she's been at the fed for a lock -- >> forever. she's the best at communicating -- >> but not as the lead dog, so to speak. and that's a big difference. and when you're drawing the sled, everybody's trying to get an idea to interpret. do you say what you mean? do you mean what you say? >> i'm not too worried about the fed, david, but i'm concerned about the international aspects. you know, as the fed pulls back, someone else has got to increase the monetary base and emerging markets in europe. and it doesn't seem that their central banks, either the ecb or in the emerging markets are doing enough. if i was to look at something that might be negative over the next six months, it's the lack of growth in europe, the bumpy slowdown in emerging markets. those are the things that the slightly more negative people should be watching for. but i remain pretty positive on u.s. equities. >> would you continue to withdrawal from some of these growth names in favor of value
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names? >> i think probably. >> you don't think it's done yet? >> no. i don't think it was done. there was a bit of a bubble in the social media stock. facebook is a real company. it will, actually, i mean, like google, it'll be a long-term prospect. but it may have got ahead of itself whereas apple's probably cheap. probably playing value is a better idea than playing growth stocks right now. >> john, you buy that idea into rotation, into slower growing, perhaps less sexy stocks than the high fliers we've been seeing? >> well, it's basically a different mode in the market. it's a thematic that's being played now. and i think we're going to continue to see people coming back into equity markets. everything is relative. and if you consider all the asset classes, do you want to be in cash, do you want to be in stocks, in bonds? it keeps coming back. i want to be in stocks. >> your target for year end of 2014 is -- >> it's 2014, 2014 in 2014. >> nobody gave you a hard time
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about that? >> oh, you bet they did. jeff cox originally gave us a hard time and reminded everybody we were the first on the street with it later on. >> what leads you to that number? >> what led us to that number was a dividend discount model as well as a quantitative analysis. and then we put it right in the middle. it was a good number for us to remember. that's a laugh. >> yes. >> but it also -- what we do think is that the market is taking advantage of an economic recovery that now is beyond recovery and is an economic expansion. >> it feels different this time, certainly the stock market. is there any sign the volatility we've been witnessing over the last weeks is ebbing and things will go smoothly? >> i think it most certainly has been ebbing. it could always come back. what we have noticed over the last 4 1/2, 5 years, whenever it gets a little sleepy, something happens to get a catalyst, but it's mostly for technical reasons. >> you expecting bumps along the way?
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>> yeah. there will be bumps. i tend to be more of the volatility will continue school of thought. some of that is the trading structure that's been talked about a lot in the last few weeks, some of that is the bumps in the roads for the policy issues abroad. so i don't think the market's going to be calm. but i think it's going to be quite good. and i started the year thinking 10%. i didn't actually catch the 2014 number. it would be about 14%, actually. so i'm not far apart. i do think there is room for optimism here. >> jim, john, thanks so much for kicking us off on this week. meantime, mobile payments started square, denying acquisition talks. this after the "wall street journal" reported that square whose ceo is jack dorsey has discussed the sale of companies including to google. cnet reporting that nike will exit the wearable market and concentrate instead on software.
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and we do have a content sharing partnership. a lot of tech news today. the square stuff, obviously, has been getting notice because they did raise -- they got a credit facility a couple of weeks ago. the general thinking at the time, eat when the food is passed not when you're hungry. >> right. it is available. take it when you can. >> makes it sound like they are burning cash and will use that money by the end of the year. >> yeah, in terms of -- we've got a lot of different reports of various potential deals that aren't going to happen. taking this to an entirely different place, quickly. the one that i think is true this morning is the journal story about barrack and newmont from this weekend, there are significant synergies there. you can't rule out the idea, at least, those two gold mining giants would come together. as for technology, i will pass that baton to you. >> well, i'm interested in the nike story because nike's made a really big push strategically for a while and investment in
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digital. and the fuel band, of course. so this is a scene, they're getting rid of all of their staff, at least a majority of it. interesting to see as the article suggesting it's pushing from hardware to software in an increasingly crowded hardware space, especially in wearable technology. the question is, can nike make inroads in getting these devices. tim cook is on nike's board. >> that is interesting and, of course, we know apple is looking heavily at wearables. and then there's the jawbones of the world and so many others. perhaps they don't see it as a core competency. >> it's a nice endorsement for nike, as well. >> yeah, but your point about being critical mass in terms of hardware in the market and maybe the smarter thing is to -- when facebook thought about doing the phone briefly and then said you know what, we're not going to get into the very vertical business of trying to get gadget in people's hands and just back it up with software instead.
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>> and that's interesting, actually, in light of the facebook news that you mentioned earlier, getting into the ad market. because this is a move that people were waiting for a long time. from facebook. perhaps unveiled at the conference that it holds, unveiling some new technology. >> and we'll talk to a well-known analyst about nike's plans later on this morning. when it rains, it pours for general motors. more fallout from the recall crisis. the details when we return. also ahead, mobile satellite company global star listing today here at the nyse. we'll talk to the company's chairman and ceo later on. one more look at futures, coming off the best week since july, but nasdaq has just more than 2% to getting back to break even for the month of april. th.
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government documents released over the weekend showed that gm waited years to recall nearly 335,000 saturn ions for power steering failures. hey, phil. >> hey, carl. this reinforces the opinion of many people that general motors really has been dragging its feet over the last ten years when it comes to recalls.
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this is involving a recall that was issued on march 31st for the saturn ion 2004 to 2007 models, almost 335,000. they had problems with power steering, and there were thousands of complaints as these documents now show. in fact, saturn ions, steering complaints date back to 2004 with general motors receiving almost 30,000 ion warranty claims. now, in documents that were provided to the federal government just last week, last year said to gm, look, you guys are slow to act when it comes to recalls. the documents that we're seeing today reinforce that. showed that general motors relied on service bulletins instead of actual recalls in order to alert dealerships to a potential problem. as you take a look at shares of general motors, a couple of things to keep in mind. we reached out for a comment. the company says, look, that is part of what we're trying to change here. the culture of the company is being addressed in terms of putting safety as the top priority. also, keep in mind, guys. general motors will be reporting
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earnings on thursday morning. it is going to be a messy earnings report. a lot of charges in there, at least 1.3 billion. i'm looking at those service bulletins right now. if you didn't have a saturn ion or if you had one, you may have been driving around without realizing the dealership was alerted of the problem. but the general public may not have been aware. >> yeah, problematic, phil. i saw comments over the weekend, i think out of china, they're speaking at the beijing auto show saying they're not seeing a big hit on sales from the recall. bold statement, confident, i would think. >> and the data backs that up. we talked with people of the new york auto show, even critics saying traffic in gm showrooms has not fallen off despite this recall crisis over the last month. so far, not a big hit to gm sales here in the united states. >> thanks very much for the update. up next on "squawk on the street," a brand new week of
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trading won't be as volatile as the last few weeks. the one and only art cashin to navigate through it all. take a look at futures ahead of the opening bell. looks set to open higher. coming off four straight sessions of gains. more "squawk on the street" when we come back. we come back. s at your ford dealer think? they think about tires. and what they've been through lately. polar vortexes, road construction, and gaping potholes. so with all that behind you, you might want to make sure you're safe and in control. ford technicians are ready to find the right tires for your vehicle. get up to $120 in mail-in rebates on four select tires when you use the ford service credit card at the big tire event. see what the ford experts think about your tires. at your ford dealer.
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♪ all right. here we are. about 8 1/2 minutes before the opening bell. art cashin wearing his snazzy
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jelly bean easter tie. good to see you, art. >> thank you. >> we're coming off of four days of gains. stocks had the best week last week in months since back in july for the s&p. it's all earnings this week. can we keep it going? >> well, you possibly can. as i said last week, the reversal on tuesday was a pretty solid reversal. and i think that may have cleared up some of the anxiety about liquidations and some of the momentum in high-teches. so you have a decent base. the earnings, i think, people are going to want to see what really are the outlooks. earnings have kept up, but it's been mostly financial engineering. revenues have not really done a heck of a lot of anything. so they'll be looking at that. right above -- i don't expect much today because many markets around the globe are closed. s&p a little resistance at 1869.74. and we'll see where we go.
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i expect a sleepy session. leading indicators, unless there's a huge surprise, i don't see any move out of that. and i think you're right, they're going to wait for earnings probably almost until midweek to get a real handle. >> raises a question. last week, i be, m had a big miss, google had a big miss. and actually, the market rallied or at least finished not so bad. what is the trade off earnings these days. those are big bell weathers. >> they are big bell weathers, but they didn't necessarily carry the day. people trying to figure out whether that financial engineering can keep going. you know, ibm's bought back probably 10% of the outstanding shares. so it is tough for the market to really gauge how to play that. midweek, we'll start to have a stronger handle on where things are. ukraine, i guess, is reasonably quiet. i expect a sleepy session.
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>> if we do blow through some resistance. if you were to set an aggressive target, can this get us to 1900? 1,920? >> it wouldn't take much. you've got this initial resistance here, get through that then 1,880 to 1,882, and then after that, the recent high up at 1897. >> and that ten-eyear, a 2.7 -- >> yeah. for now, quiet, not peace in our time, but relative quiet. but i think you're going to watch the ten-year below 2.6. we'll show some anxiety, above 2.78. we'll show the fact that rates may begin to pressure people. >> you know, we've been watching the nasdaq, biotech index, which is down 20%. we were talking about some of these momentum names. what have we learned about the dynamic in the last few weeks? about whether those momentum
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names, broader market selloff or not? >> well, i think what happened was you had the momentum names and the ipos. and it wasn't carpe diem, seize the day, it was carpe dollar. and i think that kind of weighed on the market. so if you assume there's a pull of available funds, a lot of that was eaten up in a hurry by the big ipos and the heavy late runs in the momentums and the biotechs. >> dollar/yen, better signal for the broader market. >> you are stuck on that yen. >> don't try to get her on the yen. >> well, dollar stronger, yen weaker. >> people write in and say when is sara going to mention the yen again? >> hey, i waited until 9:25. almost a whole half hour. first opening bell of the week is just minutes away. don't go away. don't go away. ♪
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who found a magic seashell. it told him what was happening on the trading floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their trading platform. ♪ [ indistinct talking continues ] [ male announcer ] so the magic shell went back to being a...shell. get live squawks right in your trading platform with think or swim from td ameritrade. you're watching cnbc "squawk on the street," the opening bell in about 90 seconds or so on a monday. quiet today, relatively quiet although the earnings will hit
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us hard. 150 s&p companies report this week, and 2/3 so far have been beating on the bottom line. do have some movers today, hasbro's going to open up about 2.5%, 14 cents beats by 4 cents after mattell had a surprise loss last week. analysts saying this is the better of the two. revenue up two, which has had a tough year in 2013. girls' revenue up 21%, which you and i can relate to that. we know what's going on there. >> i'm somewhat on top. we had young daughters. >> so barbie dolls are out? >> volume wise. challenging, but i got it all going on. >> new transformers movie this year, though, which has a lot of bulls hot on hasbro going forward into the summertime. watch yum as well. jpmorgan cuts it to a neutral saying that the chairs recovered in large part after the troubles in china. now pricing in a china recovery.
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they say the risk/reward is probably better in mcdonald's, starbucks and chipotle which had the monster numbers last week. >> numbers out of chipotle. yum and mcdonald's are reporting this week. the breakfast wars is what's going to be key to watch. that's what investors are talking about as taco bell makes a move. that's owned by yum into mcdonald's turf into breakfast. >> there's the opening bell, a look at the s&p. down here at the big board on this monday, global star celebrating the listing on this nyse today. we'll talk to the ceo in moments. celebrating its partnership with the nasdaq. looking at a couple of other earnings. kimberly clark, did beat by a penny. volume growth of 3%.
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>> their numbers on volume matched up in q4, and that stock is awfully closed to record highs on knp. >> a lot with these household products companies, the consumer names like p & g like kimberly clark. kimberly clark actually saw growth and that was part of the reason they beat. it'll be interesting to watch p & g. they've taken down the forecast. >> i mentioned before the bell, newmont eddid appear to be up indicating the two had been in extensive talks. i can confirm much of what was in that story. again, those talks no longer take i taking -- as you look at that
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stock. newmont, i believe, is the one that may be up this morning even more so. again, when you talk about 1 billion in synergies, you put a multiple on that, pretty big numbers there in terms of what that deal would mean. and that is why they would at least consider talks began, i think, in the earlier part of february. but, of course, are no longer going on. again, the journal is the one that had the story originally. but of all the swirling things today, including pfizer, getting a lot of attention, which is really -- >> that number attached to it. >> really a stretch in many ways. and this is the one that certainly has at least the most chance of actually becoming a reality. even though, again, they are not currently in talks. but they did have very significant talks and were fairly close to a transaction. >> gold prices -- >> the adr is up almost 6% here this morning. that's going to take it almost to the highs of the year so far.
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even though with all the caveats on this story. out of the "sunday times," by the way. >> you have to be careful. you have to consider the source when you see these things. but i know, it's funny, there's a lot of analysts with time on their hands. we've had a number of them weigh in with notes about it. but, again, the idea of pfizer pursuing a deal of this size. i can tell you right now, there's nothing going on between the two companies in terms of talks whatsoever. but although the story itself said these were informal conversations that are no longer taking place. but the idea of it in and of itself is you have a hard time believing that they would follow through with a deal of that size. does not seem to be keeping in the strategy. although they haven't ruled out conceivably doing a gigantic, massive, huge, one of the biggest deals of all time kind of thing. >> the deal they put out there was $100 million -- >> well, it's an enormous company. >> yeah. >> but it is having an impact, as you said, carl. people looking for stuff to do
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this morning. >> i think it's part of it. take micron, the single best performer last week up 2.78. right now, it's the second high highest -- in growth. although, would this fall in the growth category or the value. i'm not sure. they are stripping out a lot of capacity, and that's why prices are coming back. >> and speaks to the interesting dynamic, shifting roles between old-school technology and new school technology. the names like ibm, cisco, intel have outperformed. i don't know if this is in that index or not. i'll have to look. >> transports will continue to be a story. the transport index up almost 4% last week as you've seen things like crude oil back at $104. rails had iffy action.
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but that will be another one to look for, too. people's appetites after a torrid week. follow through to thursday's earnings reports, notable, not huge moves by any means, but nonetheless, positive. general electric, i'm watching, now $26 and let's call it 63 cents, up a bit after what were fairly strong numbers on thursday. and morgan stanley also. alone amongst the big financials this morning with positive performance of about .5% or so. that is at least notable when you have the likes of jpmorgan, bank of america, citi, goldman sachs, all slightly down. again, not a lot of movement in the financials. morgan did and, of course, it came off of what was a strong earnings performance last week, as well. >> halliburton, 3% gainer, services provider, did beat by 2 cents, 73 cents a share. revenue, actually, one of the stories we continue to look for. companies that are able to beat on the top line, did beat on growth, and all regions except
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for latin america. that's going to be a nice gainer at the open. i'm hearing from s&p capital iq on this pfizer thing, if it were to happen, the deal would be the biggest health care deal -- >> ever. >> yeah. >> and one of the biggest deals. >> yeah, i'm going to go and say it's probably not going to happen. >> we'll wait to hear from you. i believe mary thompson is here. hey, mary. >> hey there, carl. after a mixed open, we do have all the major indices higher after a very strong week last week, the dow and s&p posting the best weekly gains in a year. the nasdaq, actually, posting the best gain in two months. so after a shoppy start, the dow's up 25, we've got the s&p up 2.5% and the nasdaq up 9 cents. gains across the board in early trade today. we are seeing a bit of a pullback in gold. of course, it is expected to be a quiet session because so many of the markets, europe as well
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as the uk, australia and new zealand, closed, as well, for an extended easter holiday. this week, of course, the focus continues to be earnings. as carl mentioned, 150 of the s&p 500 companies will be reporting this week. among them, companies like facebook and netflix. in the session today, we've already had results up from hasbro. girls' sales were very strong. we also saw expanded gross margins there. cost cuts also helping that company's earnings today. halliburton seeing improved margins in the north american region. that helped the better than expected numbers. and then suntrust came in with better than expected results, as well. the bank reporting a decline in costs. so that helped to boost its bottom line. you guys were mentioning micron earlier today. actually had the price target raised to 50 at a company. they are expecting gross margins to improve here in part because of the mobile and server trends and some stability in the pc
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market. and advance micro devices came in with slightly better than expected earnings, 2 cents a share. it was expected to rural route break even results. and that is helping to contribute to a bit of a pick up in the semiconductor index today. again, we're seeing modest gains in what is expected to be a quiet session today. back to you. >> thanks very much, mary thompson. with netflix in focus, let's get a check over at the nasdaq. hey, sheila. >> good morning. well, we are kicking off this monday with green on the screen here at the nasdaq. both the composite and the nasdaq 100 out of the gate up about .1%. this is building upon a big weekly sell last week. the nasdaq gained about 2.5% on the week. so, yes, we've had a couple of good days here at the nasdaq. but keep in mind, we are still down about 2.5% for the month and about 2% for the year. i think it was put best when he talked about what people were thinking about here. the big question is, is this it?
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is this selloff over the past few weeks, is the volatility, is it over? is this the end of it? starting on a new uptrend? or are we going to see more to come? a huge swing factor in answering that question. we have big ones coming out this week. we've been talking about netflix after the bell today. don't forget, facebook and apple, they are later this week on wednesday. and the biotechs, this has been one of the big groups that has been pushing the nasdaq forward. we're going to be hearing from gilead very soon. i want to add, if you take a look at trading out of the gate, you see that tesla, green mountain coffee, netflix, down, perhaps goes to show you some of the jitters when it comes to the momentum stocks, high-flying stocks aren't quite over yet. earnings, earnings, earnings. >> thanks very much for the rundown. from the nasdaq, now if you look at energy, a little pressure there on energy and gold. let's get a check on commodities. jackie?
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>> good morning to you. we're actually turning a corner on energy. in positive territory after selling pressure this morning. prices now $104.37. now, that selling pressure we saw early on with some profit taking. but traders were a little skeptical and there was price support. now they're talking about what we saw over the weekend in eastern ukraine, the gunfire there. they're worried about what could happen to russia's oil output. and that is what they're focusing on at this point. it's interesting that we do have a stronger dollar today, that coordinated with the selling this morning but now, of course, seeing that stronger dollar not having an impact on crude prices. meantime, i do want to talk about nat gas because we had a very bullish storage report last week. that strength continues. what traders are watching now are the yearly figures and wondering if it's possible to potentially catch up if we have a very hot summer and then another cold winter ahead. they are saying that the nat gas yearly figures are lagging the five-year average that they're watching very closely.
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nat gas prices right now, $4.75, well above that $4.50 technical price. i do want to talk about the metals, we are seeing selling pressure across the board there. gold prices under the key technical level of 1300. and traders are say they're not expecting to go higher. they are expecting to go lower. the technical levels to watch, 1,278. if we breakthrough there, 1,255 is your next stop. >> thank you so much. when we come back, the company that says its products will make it impossible to lose a plane. mobile satellite company global star listing shares today on the nyse. we'll talk to the ceo live here on post9:00. and later, the first of its kind, the pot vending machine that lets customers buy directly from it and does not have to be in a marijuana dispensary. more on that when "squawk on the street" comes right back. comes . all stations come over to mission a for a final go.
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this is for real this time. step seven point two one two.
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make a my financial priorities appointment today. i hate when my computer gets grouchy. it's probably due to lack of sleep. set your computers to hibernate after 30 minutes. the rest will do it some good, and save energy. the more you know. take a look at the dow 30, almost evenly split. home depot and pfizer leading the charge. busy week for earnings. a lot of dow components as well as 150 s&p names reporting later in the week. the mobile satellite company global star listing the common
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shares on the big board today. the company uses signals not only to connect people around the world but also to track data including the locations of planes. jay, congratulations, good to see you. >> thank you. >> obviously, that's going to get people's attention, the notion that this might have altered the search for flight 370. how would it have worked? >> well, if this technology were on the plane at that time and not disconnected because we had intelligent rules for that kind of issue, then you would have known every second where that plane was. and you would have known if the plane went up a few feet, down a few feet, had gone left or disappeared. and know within a few feet. >> based on data coming from areas on the planet that are currently dark, so to speak? >> they are. and what adsb is, is a technology to deliver information to ground stations to track very accurately where aircraft are. but, adsb does not work in certain parts of the world where
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either there won't be a ground station's ocean or won't be ground stations because of economic reasons because the ground stations are expensive to own and operate. so if you also send that signal over satellite at the same time, then you get full coverage. and that's what global star is all about. >> and you do not have faa approval yet. >> we do not. that's a process which is ongoing now. it's probably one year to 18 months away, but afterwards, it would be available on any aircraft. the underlying technology of adsb is being delivered today on every aircraft that is newly delivered for the commercial airline or market. >> i want to talk about one of your latest offerings. essentially bringing wi-fi, i guess, also to somewhat remote areas. this is the same constellation of satellites put up many years ago. enormous amounts of money raised by bernard swartz, isn't it? >> that's correct.
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it was first launched beginning in 1999. we acquired the company after the end of a bankruptcy proceeding in 2004. and we have just launched a new constellation to augment what was there before. and that constellation was completed last year with the last satellites in service in august. so it's all new and a 15-year run ahead of it. >> what's that going to allow you to do that you weren't able to do previously? >> well, the old satellites were worn out from old age. it replaces that. but as a service offering, you can do higher speed data today, you can deliver services in a more robust fashion. but more importantly, the planet -- a land mass of the planet, 75% of it has no coverage whatsoever. and people don't think about it because we live in an area that's blanketed by cellular coverage. but it doesn't exist. there are 2 billion people that live there or work there or play there. and so if you can have robust but inexpensive consumer products to address that market
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instead of clunky, expensive satellite phones days of old, then you've got a real killer app for that 75% of the planet. >> what's capex like for a company like yours? how many new satellites do you launch in the course of the year? is it getting crowded up there? >> it's not crowded where we are. we have just launched 24 new satellites. we launch them six at a time. soyuz rockets. so it's a wonderful business, but it is expensive. >> yeah. >> got a big r & d bill. i'm curious about your decision to go public now. did you have trepidation for the ipo given the volatility in the last few weeks? >> it was a public company previously and then it was ultimately de-listed for not meeting the $1 rule. so in the last year or so, there was an overhang that existed for global star. we had to restructure some convertible notes, we did that, we had to get the last of the
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satellite launches up, we did it. we had to recalibrate our debt with a group of five french banks. we did it. we had to have the fcc put out a notice of proposed rule making which came out unanimously in the fall. and the result has been that the stock went from about 25 cents a year ago to $2.5 more or less today and we meet the listed requirements. >> but market value at this point. back to this plan to sort of bring wi-fi hot spots to somewhat remote areas. how far along are you in terms of actually bringing that to fruition, something that's a revenue-producing product? >> sure. the fcc put out what's called a notice of proposed rule making in the fall. it was voted out and the sec statement on what they want to have happen. and what they want to have happen is for global star to create a fourth wi-fi channel. right now, all wi-fi plus many other things we do inhabit three basic channels.
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it's extremely crowded and extremely noisy from a spectrum perspective. if you look right to the right of that spectrum, there is a swath of spectrum which is the width of one more wi-fi channel which is actually granted to global star globally because of the satellite network. interestingly, it's already embedded in every wi-fi chip set never used. so we went to the fcc, you got a wi-fi traffic jam, a partial solution to that. they looked at it, agreed and put it out for a notice. and we hope that by june 5th, the last of the comments will be in and we'll be well on our way to getting a final order. >> all right. we'll be watching. >> yeah. >> i just like that we always say it's not rocket science, this actually is rocket science. jay, thank you so much. >> thank you. i appreciate it. up next on the show, executives from ford and general motors are speaking out at the
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beijing auto show. beijing auto . e
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. some of the biggest execs in the auto industry speaking out at the beijing auto show. live with all the details. good morning. >> reporter: good morning, carl. well, china's economy may be gearing down, but you wouldn't have known it at the beijing auto show. this is the largest car market in the world. but all the car makers are here. and they want to be here, including gm, gm is one of the biggest players here. and it is investing heavily, $12 billion over the next three years, opening new factories, as well, and sees the sales growth in china in line with the rest of the industry for the year. somewhere between 8% and 10%, and that's despite all of the recall problems it's been having in the united states. in fact, the president told me that the recalls are not having an impact on their image or their sales in china so far. >> we haven't seen any impact,
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and i haven't heard a lot of discussion around that in my couple days here so far. but clearly, what we're doing in the u.s. is we're putting the customer in the middle of everything we're doing. working very quickly to address and repair the vehicles involved and make sure our customers feel good about how we've handled this. >> and other trends at the beijing auto show despite the nation's drive as well as the polluted skies, chinese people love bigger, better cars. luxury cars are still very hot. and, in fact, ford wants to jump on that bandwagon by unveiling the lincoln brand here. this is what the ceo had to say about the debut. >> well, in the united states, we're bringing all the new lincolns out because we're investing in transforming lincoln. and i would characterize all the technology that ford brings to bear, plus the elegance, plus it's affordable. affordable luxury. that's what people want today.
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>> reporter: and ford is going to be rolling out those lincoln cars in seven cities in china this year and 50 cities if ford gets its way by 2016. guys? >> all right. eunice, thank you so much. eunice talking some autos in china. in the past half hour, we are going to get gm numbers. we'll see how cluttered it is with charges related to these recalls and we'll get ford on friday, too. a lot of numbers going to come in on the auto front. >> and china's obviously hugely important. i found it interesting, saying a lot of the automakers are rolling out suvs and luxury still continues to be a hot seller. even though we're seeing weaker numbers when it comes to chinese growth. >> forget the number, but it's literally in the thousands. the number of new vehicles add to the streets of beijing every single day. >> probably mind boggling. >> with that, we'll get some breaking news on leading economic indicators in a moment. stocks edging higher here, dow's up 38. plus, some speculation
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. welcome back to "squawk on the street." dow's up about 40 points or so on this monday morning. a lot going on in terms of earnings. and data later in the week going to focus on housing, existing homes tomorrow, new home sales the day after that. right now, though, leading economic indicators. jim at the cme. >> leading indicators as you said. in the context of three weeks of decent numbers. and this is a decent number, as well. comes in as plus .8, we were looking for plus .7. the stocks were up 4.5, they stay there. the ten-year stays where it was, which was about 270 1/2. this is a pretty decent number. back to you, sara. >> thank you very much, jim, for bringing us those leading numbers. let's talk about the markets. stocks are continuing to edge higher this morning. set for the fifth session of games. the chief investment strategist there. jim, it's going to be all earnings. really a parade of earnings this week.
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setting tone for the markets. can the rally keep going given the recent bouts of volatility we've been having week to week? >> i think so, sara. i think the market is going to pay more attention to the economic reports right now, right on the ground outside the windshield than it is through the rearview mirror at an earnings season that was as everyone knows highly distorted by weather. and so far, you know, they're coming in, i think, about 70% have been beating the estimates that we have. and i think that's probably what they're going to continue to be. people are going to pay attention to ceo forecasts as they look forward. i think that will be the most important aspect of the earnings season. >> you mentioned, the economy's going to take center stage. carl just said we've got existing home sales tomorrow then new home sales. what is going on with housing? because this is supposed to be the spring selling season, the time when the weather warms up and the housing market heats up. and we're not really seeing it
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this time around. >> i agree. but i think also it's -- maybe i'm bias living here in minneapolis, but you're not going to look for many houses when we had the weather we had here. and we were getting the spring thaw and we're going to see bigger numbers. if you look at the economy, it's been awful good. we've got clay numbers that have been good, retail sales numbers better than expected. industrial numbers better than expected, confidence moved to the highest level of the cycle. i really think the economy might be growing close to 4% here in the second quarter. and if it is anywhere as close to that. that is what is ultimately going to bring a bid back to wall street and push it towards 2,000. >> can you take the fed out of the equation? what we're not seeing is inflation, wage gains, the sharp drop in unemployment for the right reasons. and some of the longer term indicators that janet yellen is looking at.
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all of the things that could signal higher rates and a change in fed policy. >> yes. i think before the year's out, we're going to bring the fed back into the equation in a big way. and i think what's going to do that is economic growth. i think if the economy's probably going to grow about 3.5% this year, far more than people expected. and that initially is going to push stocks higher. good news is good news for the stock market. but i also think it's going to start to push bond yields higher. and at some point, good news may become bad news for stocks. and part of that equation will be people may come to the opinion that the fed's behind the curve. and we may -- we may have a mini overheat panic in the second half with the fed playing center stage on that in terms of how fast if they have to accelerate their tapering program, for example. >> well, certainly reminds us of what yellen said last week, jim, and that is she's still more worried about inflation undershooting instead of overshooting. when do they get religion if the
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economy heats up like you think it will? >> well, there's a part of me, carl, that believes we're stirring an overheated cocktail. we give her an unprecedented stimulative policy never before done, then we give her the tightest resource markets of the entire recover with utilization soon to rise above 80, the unemployment rate rising above 6, the greatest global synchronized growth of the recovery. you know, we give her a little bit of rise in wage rates and suddenly we've got a little bit of a panic. commodity prices are up 12% off their lows. in mid january. i think there's just enough out there that the fed's going to have to change from fighting deflation to inflation. >> so chairman paulsen might in a meeting talk about changing forward guidance, raising rates this year? what would you do? >> i think it's a long shot they
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raise rates. they are going to accelerate tapering and there could be a lot of discussion in guidance. and i think the market whether they move them up or not, the market's going to react more to the bond yield, moving above 3.5% at this point. >> yes, we saw higher yields, we're talking about a ten-year at 2.70. >> what it does is bore you to death and kills you. >> isn't the bond market always right? >> well, i don't necessarily agree with that. i think last year, the stock market rallied big and the bond market didn't do much and then suddenly within about two months, it went from 1.5% to 3%. it could do that again this year. it could sort of sit there and stall and have a big move at some point later in the year.
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certainly, the fed's got to be wondering about the great stream of data that's much more suggestive of 4% than 2% growth. and i know that wages overall are pretty calm. but if you look at 80% of the wage earners, it's gone from a 1.2% rate, several, a few months ago to now a 2.3% rate and heading straight upwards. i think there's a chance that we have the fed behind the eight ball before the year's out. >> always good to see you. chief investment strategist and the bull on the stock market and the economy with wells capital management. meantime, the drip of news on the gm recall continues. this time a set of documents posted on the website. in chicago with more. and that comes after that big times piece over the weekend. >> right, and all of it ties into the basic question is whether or not general motors has had a culture where it has dragged its feet.
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it has not recalled as quickly as it should have. have to do with a saturn ion recall that happened on march 31st. these are saturn ions made between 2004 and 2007. about 335,000 were recalled due to power steering problems. well, the documents show that there were complaints dating all the way back to 2004. general motors received almost 30,000 ion claims. people coming in and saying we've got problems with our steering in this vehicle. we've reached out to general motors and said to them, look, is this emblematic of what we're seeing with general motors? as you try to look at the culture that needs to be changed in this company. the company's vice president of global vehicle safety, a new position, a gentleman who has been put into this position. basically reiterating the same thing he said when he was put in this position. we have recalled some of those vehicles these vehicles for the same issue and offered extended
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offers. we did not do enough. that's all part of what general motors ceo is trying to change. take a look at shares of general motors, keep in mind, guys, these guys report earnings on thursday. there'll be a $1.3 billion charge in there for the ignition switch recall, a bunch of other stuff, as well. it'll be interesting when you peel back those numbers to see what the underlying strength is or weakness is when it comes to earnings. >> got it, phil, gm earnings on thursday, looking guard to it. certainly a question out there right now, the fuel band's days are numbered according to some reports. indication for nike's bottom line, strategy perhaps for google and apple, as well, that's all coming up as we return on "squawk on the street." street." it's chaos out there. but the m-class sees in your blind spot...
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♪ news on nike this morning. there is the shares. the company reportedly firing the majority of the fuel band team, sparking rumors it could be completely getting rid of the products altogether. this all came out of a cnet article over the weekend. what could it mean for nike's stock and business? sam poser joins us, a senior research analyst from stern a.g. on the news line, what do you
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make of this report? given that nike has focused so much attention and investment on technology and on things like the fuel band? >> well, i don't think it's really that material. but, you know, certainly press they don't want to see. they've talked about possibly doing some of the software. you know, they're still going to do nike plus. i think they found that probably some of the other products from other people, and i'm not that familiar with many of them, you know, can give a lot more detail as far as your -- as far as heart rate and things like that. something that the fuel band wasn't doing. and i think that, you know, with nike, one thing, when they can't be the best, they don't play. we've seen them, you know, get out of col haan, we've seen them go away from umbro because they
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found they could do nike soccer better than umbro could do it. this is one of the things that didn't work out the way they wanted to and they're moving on. and i don't see anything wrong with that. >> do you have an indication about how it didn't go well for nike? what sort of numbers it was showing, what sort of growth fuelband was posting for nike? >> what? no, i don't. i don't have any numbers for that. but, you know, again, i can't imagine it was anything, you know, to write home about. they never really had them out there in, you know, in tonnage. i mean, they were around. but, remember, at the beginning, they were very, very limited. and i don't think they got out there as big. you know, if you look at the way they do stuff. if you look at a big production for them. it's very small right now. that has a huge opportunity, it's going to grow more this year, it'll grow more next year. but believe me, if it came out
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of the gate slowly, you would have seen them back away from that, as well. i think it's all just the way they -- >> you mentioned, sam, the relationship with apple or at least that seems to be a big part of this story, getting fuel, the technology, the software into apple products. what do you expect to see from that relationship? >> i don't know if i'm -- i don't know if i mentioned that. i mean, i don't know what it's going to mean for apple. i just mean that other brands. there's a brand called polar that has a watch and a heart rate monitor that bluetooth off each other. there's many different, many different -- many different technologies that i'd probably do what nike tries to do better than they do it and nike decided to move on. again, i think this is making a lot out of something that isn't that big of a deal. >> separate from today's news, sam, how do you characterize the potential for wearables even if it's from a support standpoint for nike?
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>> i think that other companies will be -- will track stuff through using the nike plus technology into, you know, other items of other monitors and stuff will be adaptable to the nike technology. nike plus still is out there and it existed before the fuelband existed. so your iphone, the iphone apps and so on. i don't see that really changing. >> right. we've been sitting here talking about the fact that apple has brought on nike executives to consult unwearables, that tim cook is on nike's board. does it seem like a no-brainer to you to the degree we see a new wearable item from apple, it will be related to nike and vice ver versa?
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>> that wouldn't surprise me. but it also wouldn't surprise me to see other people that do -- that do other wearables adapt to nike, as well. >> all right. sop sounds like a story to be continued. sam, thanks for joining us on the line. on nike, again, no major material impact. sam poser saying when it comes to nike and these reports. meantime, let's get over to dominic. >> hey, carl. still awake for right now. on my second cup of coffee. settling back down a little bit, up about 5%. after the alternative energy in fuel cell battery company saying it entered into a nonbinding memo of understanding or mou with south korea's hyundai. the two companies going to form a joint venture to develop hydrogen fuel cells. both parties have to hammer out details by the end of july.
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roller coaster ride for shareholders, surging as high as 11.72 last month, currently down around 11.75. shares are low, up 400% in 2014. when we come back, a marijuana vending machine. yes, coming to a city near you, perhaps, we'll talk to the man behind what they're calling self-serve pot in a moment. ment.
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take you to the south lawn of the white house for the easter egg roll. 136 years old. i did not realize they'd been doing it that long. everybody's there, cookie monster, jim carrey is reading stories, rg3, tony hawk. if you've got kids, that's the place to be, although very difficult to get in. it's actually a lottery. a lot of fun and a gorgeous strip of weather along the eastern seaboard today, too. in colorado, buying marijuana just got as easy as buying a candy bar with the convenience of the zazz vending machine legalized marijuana uses can purchase pot in the express checkout. joining us is the maker of zazz.
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stephen, good morning to you, good to have you. >> good morning. thanks for having me. >> we've been doing a lot of segments about legalized marijuana in colorado. you've been in this business since at least '09. how did you see this all coming about? >> well, yes, it's been around, publicly traded for over 12 years. same phone number. we're a technology company. and we looked at the market and realized, you know, the american people had voted, it's legal and as that comes out of the shadows and into the light, that they should have the same efficiencies that you find at a grocery store or home depot or some place else. as long as everything is appropriate and legal, then we should be able to dispense with the efficiencies that provide a better experience for the patron and the business. >> can you put these vending machines in a nondispensary location right now in colorado for instance. >> a dispensary can't put anything to sell outside.
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there are specific laws and regulations. right now, it's a medicinal dispensary in colorado. herbal elements we expect live in three to four weeks. once the regulatory boards have been able to kick it, touch it, feel it and smell it and comfortable with the fact that you've checked in at the door with the card and the second level of security. and if there's any doubt, no cannabis comes out, we send you back to the counter. >> i was going to say, besides the fact that it's in the medical dispensaries, how do you prevent a 10-year-old from coming in and using the vending machine? >> well, i've got a 12-year-old daughter and, you know, the concept -- first of all, let me say that i believe i'm all for the age of majority before you start contemplating use of controlled substance. your brain needs to fully bake before you start frosting it. and we fully support all forms of regulation to ensure it doesn't get into the hands of underage people. we have a technology that allows
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us to do the same thing that somebody at the door of a nightclub would do in terms of looking at your i.d. the same software as if you were buying sudafed. a system integrated into our program so that our machine is able to step by step go through and check and see if you are the person, the same person who owns that i.d., a person standing in front of the machine. and again, if there isn't any doubt, no cannabis comes out. >> why would i want one of these in my store? >> well, you know, at this point, it's very new, it's news, right? we're talking about this and people getting their cards and they're going in, experimenting, maybe they did it in the '60s and '70s, coming back to it, being treated for an ailment and they have a lot of questions and they should have those questions answered and take the time and be educated about it. if you know what you want, you don't want to stand behind somebody who is asking. should i eat it?
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should i dab? should i infuse? should i have a blend? there's a thousand questions they have. somebody might know they love the dispensary. it's temperature controlled, 58 degrees and the thing right behind, they can bypass the whole conversation and be in and out in a few minutes. most dispensary conversations and sales take 15 minutes. people stand in line for 45 minutes. we can speed that up so they can get in and back out. >> i would think also to avoid any stigma or perhaps to have a little privacy when you're going out and buying your marijuana. do you have any idea about the size of this market? >> well, there are 300 million americans. and, you know, 21 states. it's an enormous market. i don't think we've even begun to imagine the opportunities yet because been living in the shadows for so long. we know that it doesn't harm people when used appropriately. so, you know, what we discover medicinally and the fact it's
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legal to recreate this way, i don't think we have any idea how large it could become for the applications. there are topical applications salves, painkillers, not sure who is standing in the way but they need to get out of if way because it is a miracle plant and we're excited to provide the efficiencies to get it in the hands of business owners, you know. this is about supporting the small business person. that's what a dispensary is. they pay high rent, they get taxed pretty heavily. if they can't grow enough, which most of them can't to supply, then they buy somewhere else, they're upsidedown, razor thin margins. we apply our technology, hopefully they can stay in business, we can stay in business and people can get the medicine they want. >> well, a lot of money's following the industry as it's being built from scratch. we'll watch you closely. thanks so much. >> thank you very much. have a great day. >> i like that answer. 300 million americans. there's the market share. . is it game on for google and apple? because according to the "wall street journal," the tech giants
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have been wooing game developers to ensure top-tier game titles arrive first in their respective eco systems. and that brings us to this morning's squawk on the tweet. which game real or fake best represents the silicon battle? apple versus google? tweet us @squawkstreet. coming up on the show, buzzfeed president and c.o.o. jon steinberg is with us. all ahead of a heavy technology earnings week. we'll be right back. i'm type . my golden years will not just be gold plated. i had 3 different 401(k)s. e*trade offers rollover options and a retirement planning calculator. now i know "when" i'm going to retire. not "if."
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we'll give you $150. comcast business built for business. netflix marked by the return of ruthless politician frank underwood in the second season of "house of cards." will it be enough for netflix to stave off the competition from amazon and deliver a quarterly earnings hit after the close of trading today? previewing the quarter, jon steinberg, and a cnbc contributor joins us here at post 9:00. >> good to be here. >> what are you going to watch first? >> 2.25 million u.s. subs, 1.6 million need to be added internationally. but it's been out already which is kind of interesting, between the fourth quarter and the first
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quarter, it went up about 3% in terms of minutes per uv watch. we already know from com score people were watching a lot more netflix. the other thing that concerns me is that the guidance for q2. q2 is going to be weak in terms of original programming which tends to drive all the new subs. they are going to have the second season of "orange is the new black." that's not coming out until june. >> i'm curious about competition coming from the likes of amazon because we've certainly seen them ramp up their content acquisitions. any conflict in terms of cost for the content acquisitions? >> there have been rumors costs could go up. more impressive, i think, is experion released a study saying 18% of people who have netflix cut cable television. they still have broadband but cut cable television. that's up from 12.7% three years ago. so the reason why this stock is so expensive and, oh, boy, is it expensive is because there's this vision that it is a tv
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replacement. and we keep seeing data points like this that validate that point that gets us into lofty prices. >> cord cutting is the key consideration for so many in the industry broadly. and that is picking up. i think that same study noted in terms of cord cutting for a percentage overall that keeps growing fairly quickly. they are spending a lot on content. house of cards cost $110 million for two seasons. somewhere in that range. this is not an inexpensive proposition for them to continue to source new shows. it does help on the subscription side, but there are those, jon, that say it doesn't balance out. >> and wall street does this very fuzzy stuff to get to the $500 target. if you look at it overall, it's 2014 eebit to ebitda. the dvd business is in decline and the international business loses money so they value on a sales metric, value the dvd declining business on a very favorable metric. and if you do all of that kind
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of fuzzy, some of the parts math, you can get to a bigger number. but 28 times as a normal company. >> i'm curious about the prospect of international growth and whether the broadband infrastructure is there to see the kind of growth rates that investors would like to see for netflix down the road. you mentioned the stock is very expensive. >> we will look on the call for what they say about comcast. speeds up 60% for netflix subscribers as a result of the deal. and ideally, the costs for that deal should be deminimous. that could be a forward-looking view. >> latin america where infrastructure has been a concern for some. >> right. but wireless, the mobile usage going up for netflix, as well. conceivably they could deliver that. it buffers pretty well, software set up to be able to do that. that's an opportunity in emerging markets, as well. >> they can do it right here. that is sprint bringing it to the home. but that's a story for another day. i would love to get you to weigh
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in, though. i know a company you've been following somewhat closely. the latest round, we knew valuing the company at $10 billion, has been closed, one of the biggest investors, $475 million, $10 billion value. >> right. >> about half that of netflix current value to put it in perspective, equal or above that of some of its competitors such as, i think it's hyatt or wyndham. >> you could say their competitors, they actually have buildings, right? >> right. >> first of all, the 10 billion, not a real 10 billion. that money has preferences. that money comes out one or two times. it has almost like a preferred stock instrument or many cases, almost like a debt instrument. so the $10 million is not the exact valuation. but let's call it what it is, $8 billion. it creates tremendous problems with them going public. we're seeing it with square right now. all the rumors about square needing to sell. how could this company possibly be public at that $5 billion to
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$10 billion range given the losses that it has. >> well, the question of whether these companies are waiting too long. and therefore watching their greatest growth opportunities being the past as opposed to in front of them. so the benefit perhaps accruing to those v.c. investors as opposed to public company investors. although, there's been an interesting trend lately, i'm sure you've seen it. which is a lot of hedge funds are starting a bit of v.c. >> yeah. >> some formally than others. he's usually more aggressive. they've been doing this for quite some time. >> yep. >> but we're see typically public investors take part in either by starting new funds or having side car vehicles in -- >> because they were basically bidding it up to the ipo price and the hedge funds needed a way to get into it. and tiger global was obviously the leader in doing all these things. and the other one -- >> of course, on sand hill road. chase coleman from tiger, another one been aggressive.
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>> people kind of fighting for growth and bidding up the prices, and getting to the public markets and being too expensive, or being, you know, or all the earnings being taken out of -- >> maybe it would benefit more if they came public early. you'd have a lot of public company investors excited about the incredible growth rates and bid them up there. and by the way, the owners are still the owners and control most of the stock. >> yeah. and i think that is the whole goal of the confidential process. and what's funny, when you talk to a lot of the old v.c.s. guys that were around in the '50s and '60s, says a company that did $25 million in revenues it was doing something in high-tech. that would be a public company in the 1960s. and now you think you don't go public unless you're a multibillion dollar company. >> to get to become a public company is much different. l langone has said that home depot wouldn't have gone public today if it was in that environment. >> and i just wanted to mention, the journal had a piece on what
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you said, as venture capitali s capitalists, we've seen it not only in airbnb but dropbox and pinterest, as well. >> if they want to try to get -- by the way, this may all end badly. it doesn't necessarily go to their core competency. >> and the other issue is if the ipo market closes for a period of time. all these v.c.s, these are five-year funds. all that capital is there. airbnb is going to get bid up. >> what do you make of the square losses? >> well, we actually discussed it, actually. and i was saying i think they needed to sell the company to google when we sell the original rumo rumors. not surprising. it's a credit card processing platform. the margins are thin and they are not the primary processor. they have to give away a big portion of it, as well. i do think it creates a situation where they have to be a strategic acquisition for someone that wants to get into payments that hasn't been there before. like an apple, like a google wallet. >> right. >> provide a lot more adjacency
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value. >> although all three of them say the level of interest that's being talked about in the journal is not exactly right. >> right. but what else would they say, right? >> i didn't realize that square had more than already 1 million relationships. >> and everybody wants to get out of the small business space, as well. for google, they've always wanted small, medium business advertisers on the platform. tieing them to something like that for an open table, anyone trying to get into the small business space. yelp, those kind of strategic relationships where they can bring in higher margin ad dollars would make sense, as well. >> all right. >> all right. >> all right, jon, good to see you. jon steinberg. always good, and we'll be watching for the netflix earnings after the bell. for more tech names that are moving right now, let's go over to sheila at the nasdaq for us. nasdaq just turned negative, actually. >> yeah, nasdaq is losing ground here. we started out of the gate with nice gains from last week.
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also, the composite. this action really echoes what traders have been telling me all morning. some mark newton said don't make too much of last week. if you look at the technicals, we are still in a down trend. and the overall rally, he says we only gained about a third of what we lost in april. it's not a huge bounceback here. a lot of questions being answered when it comes to the tech heavy index. and you are seeing some of that caution right now in the trade. as for what could move the nasdaq higher or potentially lower, it is all about earnings here, apple and also facebook are a little bit higher ahead of their big earnings on wednesday. of course, today, all eyes on netflix. that stock down by about a percent ahead of the bells. a lot of concerns about whether they can continue to add those subscribers and also rising costs with comcast. take a look at monster beverages, one of the biggest losers here. announced it was entering into a
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settlement agreement. the stock is losing ground after the announcement. also, yahoo and google are lower after those earnings last week. a lot of mixed reactions to the earnings. certainly investors this morning not liking them so much. as for what is working, let's talk about internet stocks like twitter, linkedin, yelp and pandora. all of the names are higher. and interestingly, take a look at the russian telecom that trades here on the nasdaq. that stock is one of the biggest winners here. some interesting trading action currently given what's been happening in ukraine with the situation. but overall, nasdaq is losing ground, all about earnings and whether we can see a bounceback in the results. >> thank you so much. let's get to dominic and get a market flash. >> absolutely, carl. this is one that's working, right? shares of micron are among the best performers on the s&p 500 after bullish comments from analysts. this firm believes that micron remains a buy-rated stock and boosted their price target to
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$50 a share from $30 a share. citing better prices for dynamic random access memory or dram as tech guys know it. as well as better profit margins. mu shares certainly one of the better performers in today's trade. >> yep. all right. keeping an eye on that. thanks very much. meanwhile, pfizer, on the move after an unconfirmed report of possible deal talks that would come with a price tag of over $100 billion. we're going to look at the pharma pipeline and potential for deals as we watch these stocks coming up. [ female announcer ] who are we?
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and we're here to help start yours. the marathon is underway this patriots day in boston. pretty different tone to the event this year. our senior correspondent scott cohen is in boston with this race and the ongoing efforts to heal from last year. i know, scott, you're there close to the finish line. >> reporter: yeah. we're about 3/4 mile from the finish line.
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and the efforts to heal have begun. we now have a winner in the wheelchair division. so this marathon is well underway. and if things are going according to schedule now, the second wave of sort of the regular folks runners are going. we've had the elite men, the elite women, and the wheelchairs and so on. and so this is getting going with a record field as far as the last almost 20 years, 36,000 runners, partly because they wanted to let people who weren't able to finish last year finish this year. about 1 million people along the marathon route. and some of the security is visible. we saw that as we looked around the finish line area yesterday. but some of it is not. a huge undercover force. boston's police commissioner tells us so far so good. >> no intelligence. that being said, we're taking everything serious that we're not letting down our guard.
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>> last year's attack still fresh in everybody's mind here, and as we said, this year's marathon in effort as the mayor told us to take the race back and take the city back. there's also a financial component to that as has been the case in so many tragedies. the claims fund, the so-called one fund boston is being administered by ken feinberg. he's been doing things going back to agent orange. saying his effort in boston has been helped in part by the fact there's been a huge outpouring of support. >> in 60 days, 100,000 donors from around the nation contributed $61 million. now, in newtown, connecticut, across the massachusetts border, $7.8 million. aurora, colorado, the movie shootings, $5 million. virginia tech in blacksburg, virginia, the deranged student
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gunman, $7 million. >> reporter: so as a result of that outpouring, they were actually able to expand the eligibility criteria. but feinberg told us after meeting with victims, it's clear money only goes so far. >> i said, mr. jones, i'm here, you're going to receive tax-free $1 million for the loss of your limb. he looks at me and says, is that right? mr. feinberg, i have a better idea. you keep the money, give me my leg back. how's that? >> that gives you a little bit of sense, though, of the spirit here, the need to bounce back. and this race today is a part of it. as we said, well underway now. and as we said, so far, so good. back to you. >> interesting to hear the anecdotes from ken feinberg. what a job he has. thanks very much. we'll continue to check back in with you a little later on the
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show. also throughout the day on cnbc from boston. and the owner of the boston celtics and managing director of bain capital will be on "squawk on the street" later in the show. also henry blodget with us for the next hour. squares future, netflix earnings. no short of topics to discuss with henry. who do you work for? your boss? yourself? your parents? your family? at baird, what matters most to you... matters most to us. as an employee owned firm, our financial advisors have the freedom and resources to realize a plan to fit your family's unique needs. we'll listen. we'll talk. we'll plan. baird. all stations come over to mithis is for real this time. step seven point two one two.
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see your authorized dealer for exceptional offers that corporate trial by fire when every slacker gets his due. and yet, there's someone around the office who hasn't had a performance review in a while. someone whose poor performance is slowing down the entire organization. i'm looking at you phone company dsl. go to comcastbusiness.com/ checkyourspeed.
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if we can't offer faster speeds or save you money we'll give you $150. comcast business built for business. unconfirmed reports out this weekend saying pfizer approacedd for a 1$100 billion takeover. astrazeneca and pfizer are both up. i know it's unconfirmed speculation and unconfirmed reporting. does a deal like this make sense? >> that's a good question. the biggest acquisition in
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phar pharmaever, $100 billion. pfizer has about $170 billion in cash it might put to work and not bring to the u.s. astrazeneca has drugs to fight cancer and pfizer looking potentially to beef up in that area and this acquisition could help it do so. >> what about the likelihood? have you talked to analysts and reports for those that follow this if they would go through with this gigantic deal. >> the talks occurred a few months ago and fizzled. and people don't think it's as crazy as first blush. an analyst did a survey of its investor clients. more than half, 51% said the
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deal doesn't make sense from pfizer's privilege and 53% are bearish on the pipeline and 49% think the price of $80 a share is fair and 41% think it's too high and 53% are bearish on astra den astrazeneca's pipeline. >> how does it fit in? >> they did two other mega mergers with pharmaseia and warner. they account for $218 billion spent on acquisitions. that's bigger than pfizer's market cap at $193 billion. they're not afraid of mega mergers clearly. at the same time with the market cap lower than what they've
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spent on acquisitions, you have to question whether this is good for pfizer. >> meg, great privilege. interesting to see you on that potential use of cash from overseas. meantime the decision from the state department to delay the keystone pipeline has some regions nervous how fossil fuels will be transported as the north american energy boom surges. >> that's exactly right. today, you have environmentalists rejoicing and some of the supporters that are placing blame and pointing fingers right now. the state department is going to issue this decision in conjunction with president obama on the keystone pipeline. they're saying they will do it after the mid-term elections. a lot of people are wondering what is behind this. there are two sides to the coin, two parts to the argument. opponents like billionaire environmentalist tom stire saying the pipeline will
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significantly increase carbon pollution and those saying the proposed pipe is critical to transporting oil as north american supplies are booming, demand out there and would create countless numbers of jobs in the united states and reduce danger from shipping and barges. washington state particularly nervous right now seeing millions of gallons of crudes from north dakota and alberta's move on a barge and right in its borders. with accidents on the rise, it's greater than ever. there's lots to consider when we talk about the keystone pipeline. you have some democrats saying this delay may make the decision indefinite, an indefinite delay. a lot of people watching this closely. the analysts tell me the crude will get where it needs to go, even if it is via means
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potentially dangerous like barge, it will happen that way. back to you. >> thanks for the update. it is tweet time according to the "wall street journal." apple and google have been wooing game developers to make sure it arrives first in their system. what game real or fake best represents the silicon valley battle, apple versus google. tweet us at squawk street. we'll read some of your answers next on the show. ] we're now in the approach phase, everything looking good. ♪ velocity 1,200 feet per second. bag bag ♪ 2,000 feet. ♪ still looking very good. 1,400 feet. [ male announcer ] a funny thing happens when you shoot for the moon. ahh, that's affirmative. [ male announcer ] you get there. you're a go for landing, over. [ male announcer ] the all new cadillac cts, the 2014 motor trend car of the year.
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because when people talk, great things happen. let's get the "squawk on the street". wooing game developers to make sure games arrive first on their respecti respective systems. what game best represents the silicon valley of apple versus google. >> battlefield versus call of duty writes one. hungry hippos. and tick-tack-toe, they'll trade first moves in a battle of stalemates. >> we know europe is closed for
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the holiday. it's beginning to feel a little bit like the u.s. is closed but we know it's not. >> the dow is still higher, up nine points. nasdaq is negative, s&p flat overnight. europe was closed. hong kong was closed as well. we are directing higher. cash ends telling us ubs, it will be earnings and focused on the outlooks to see if they can take us higher. we will know a lot more by midweek. good pulse of the global economy. >> we have a base to work with gotten almost 10% correction in the nasdaq. if you're just joining us this morning, here's what you missed. welcome to "squawk on the street." here's what's happened so far. >> i actually think the earnings over the next week or two will be really quite strong and we'll affirm the momentum in the market. >> you want to be in cash?
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want to be in stocks? want to be in bonds? it keeps coming back, i want to be in stocks. >> if this technology were on the plane at that time and not street connected because we had intelligent rules for that kind of issue you would have known every second exactly where that plane was. >> i don't think it's really that material. i don't want to see, but i think they realize they're better making shoes. with nike for one thing, when they can't be the best, they don't play. >> good monday morning, 11:00 a.m. on the east coast, 8:00 a.m. on the west. facebook not shy about ads anymore. the social network about to dive headfirst with mobile leading the way. does the increased ad performance make the stock a scre screaming buy. google.
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they're interested in buying square, the mobile payment company started by the twitter co-founder. >> wearable tech may be the future. find out why the fuel band may be running out of gas. >> does the future look a lot like netflix? the answer is yes. that company will explain how later on this hour. >> co-founder and ceo in chief, congratulations on your new hq. >> thank you. >> facebook making a big bet on the mobile ad game. the social network will unveil plans for a mobile ad network in san francisco at the end of the month. facebook will pitch ads to publishers and developers leveling its massive database of user information for mobile ad targeting. we heard pretty nice information how price iing shapes up. what does this add for that story >> this is what the facebook has
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completely nailed, mobile advertising. stock has been driven by the incredible growth of mobile. what nobody knows how penetrated that is. this may be opening another huge market for them if they can get out in other people's apps in addition to facebook. >> you say they nailed it compared to rivals who have gotten it almost right? also nailed it? >> facebook absolutely nailed mobile advertising. other people have tried to find things. search works well, display, but facebook found a product perfectly mobile. already six quarters astounding growth. >> mark durizuckerberg talking t how facebook products unbundling is the future. eventually all their products will be offered. to what extent is facebook getting at figuring out its own ad platform on its own varying apps and how can they translate
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that? >> so far they have not done much with instagram or what's p up. instagram is a huge advertising opportunity. all visual. we love pictures, beautiful advertising. they have to be careful to get it right. people love the service and much bigger than twitter and don't want to ruin it by shoving it full of ads people hate. >> and google had ads last week relatively seen as a disappointment. >> google's search busy is maturing slowly. they still own it, still the best advertising product in the history of man kind. it will mature slowly and may be getting there and why a lot of google's initiatives important on the mobile side of te street play. >> how long do you think facebook will need to know whether this new platform is successful or not? >> i think what drives facebook's stock is the mobile
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advertising. where are they in the rollout? if they're only 20% penetrated and nobody knows, if they're only 20% in the cycle, my concern is they may have rolled out most opportunity in mobile ads and need the network to continue to grow and you can see a lot of slowdown. >> you say that explains why we're hearing things in general about drones and balloons trying to increase the piece of the pie? >> facebook is using its cash, using its forward-looking nature of trying to experiment. that's great. so great they're doing that. so many companies hunker down and do the one thing they do. facebook is experimenting. where are we in this mobile rollout. it is not a cheap stock. people say, it's the thing, you have to buy, the future. it's trading at 100 times earnings. we've seen what happens to stocks when the market's mood changes a little bit, you can get clocked. the continued growth of that
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business is important >> for a company that goes from zero percent to 2 1/2 in two years, you can't fault somebody for putting their money there. >> a classic cycle. same thing happened to the iphone and ipad. comes in and you have an initial burst of explosive growth some investors extrapolate forever and come to the end of the product cycle, why did we slow down? there isn't an infinite market for anything. according to square officials, they did talk about a sale to companies including google this year and cash may be the problem. they reported a loss of $100 million last year and went through half of 140 malaysian it raised since '09. square did deny it in a statement to cnbc. we are not and never have been in acquisition talks with google and while we appreciate square may be an attractive target for some companies we've never been
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in any talks to do so. you know the story, the credit facility the week before the last we talked about at the time something in their pocket in case they need it down the road. >> and it's becoming clear they could have liquidity problems. these companies are so focused on innovation and research and development. the fact you have giant companies and visa, mastercard, banks trying to operate into this space, they almost need and infinite amount of cash to keep building products. the razor thin margins make you think how profitable can these businesses really be? >> it was a nice bucket of water in then face one of the hottest companies in silicon valley has an issue, they don't have an infinite amount of 0 cash, not making money yet. they're dealing with $550 million of revenue and most goes out the door to the payment processors, they have a lot of room to work with and presumably they're investing very
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aggressively in marketing trying to get new deals like starbucks, a money losing move. to say they're in trouble would be overstated. certainly, they have to start considering, do we raise more cash? take the opportunity to sell the company while things are going great? i don't think they're in a crisis situation. >> can they spend the money to build the infrastructure of other companies. google has google wallet. apple does not really have payments or e dom me-commerce p besides itunes. and walk us through paypal if there were fire where there's smoke on one of these situati situations, which is the best deal, >> google wallet has done nothing. nothing happened there. apple has zillions of credit card, huge ability to do that. something they can do with the fingerprint sensor or pay with your iphone. nothing there.
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a huge opportunity. square has found a real opportunity in payments. it has enabled small merchants to take credit card implement pas. that is a real business. google and apple have tons of cash. >> paypal? >> paypal, absolutely. >> if you're dorsey at this point, you would be what, hesitant to sell? you'd want to see what's around the next couple of corners? >> i think so. if you're dorsey, you want to raise enough cash to have flexibility to experiment. they're talking about doing other things, you and i sending each other money. they don't want to be a payments company, a commerce company. you have to make sure your war chest is big enough you can get through a period you are incinerating cash they are doing right now. nike moving away from wearable tech. according to cnet the company fired the majority of the team involved with its fuel band fitness tracker.
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they will still sell it in stores but a new release has been cancelled. as a fast paced global business we continually align resources with business priorities. there will be a small number of layoffs, we do not comment on individual matters. and we've been talking about apple and nike, looking for a real wearable. >> tim cook is on the board. they will know whatever apple's plans are with the i watch. sounds like apple wants to focus on software versus hardware, very difficult. maybe it will look like the fuelbands and maybe nike makes an app for it. >> what do you have for the software powering what was the fuelband is a viable enough product nike is making a good decision to stay in that? >> a huge question.
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huge hype around wearables, the next thing, i-watch. nobody has developed a killer application or hardware gadget. you have a lot of adoption. people get excited and get bored with the fitness gadgets very quickly, do they do that much more than smartphones. there is no clear proof there is a market for this. that's what apple has to worry about, everyone counting on the iwatch to save them. really? it's possible, but what will they charge it and super luxury they're talking about. >> have you tried fuel bits or fuelband? >> no. i'm not interested in knowing how unhealthy my lifestyle is. >> i did. i tried it, lost interest again. >> people get it, wow, it's tracking my steps. th then -- some are using it. >> if you're training for a marathon or triathlon they are
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great and keep you on pace and what you need to do. for the everyday lifestyle. >> and you can do it with a pho phone. this idea we need a watch that communicates a phone we're already carrying, the jury is still out as well. >> is it game on with google and apple, wooing game developers to make sure top tier game titles arrive first on devices powered by their operating systems. what game real or fake best represents their battle in silicon valley? tweet us. make accepts sense to you? they're competitive in every sense. >> the hardware is getting come not sized. both sides are doing what they can to be more valuable. they're not paying for games yet, just placement. the next thing is money.
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both companies have a huge amount of money. if there is a game coming along so powerful that might make you switch platforms there will soon be money in trades. >> like fast-food and toys. >> yes. you have the platform and content is starting to be king in a tiny way. >> a lot battle for sure between these two companies. henry, thank you. we'll have you later on talking about the tech industry. talking about stocks on the street, the dow and s&p are coming off their best week of the year. is all the correction talk over for the time being? we have some answers coming up next. ♪
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markets hanging on to a 28 gain on the dow. winners back up to 1668. dominic is here. >> health care and utilities and tech the best performing sector. the stocks helping things stay afloat are names like halliburton, the oil fuel services company the best performer in the sector after a bullish report card. fellow oil services companies like baker hughes,schlumberger, and phillips 66 and tesoro.
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and energy stocks trying to do their part to keep markets positive. markets turning positive. up from the highs. not bad for a relatively quiet week. with us, jim, senior vice president of investments. thanks for joining us. >> thanks for having me. >> what does it mean after such a week of volatility, the dow and s&p could see such numbers, the best all year. >> i think they have to be careful. you had a lot that got clobbered prior to last week. energy stocks, biotech, mid-cap stocks, what happened last week we sold off all the way to technical support, the 200 day moving average for the nasdaq and saw a sharp bounce back. that's a one week bounce back. investors have to be careful for
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three reasons, first, we're in earnings season so far earnings season has not really been that good. revenue beat rates running less than 50%. stocks that miss are getting hammered. we have that to worry about. we have seasonality to worry about, getting close to this made in november time frame that isn't that good for the market. we have a midterm election going on. historically we corrected every mid-election year with an average of 20%. i think this bull market still has room to go. over the next three or four, five months we will see a lot of volatility >> normally in those mid-term elections there are outlying factors. when you look at the economic backdrop, what we saw this spring as activities started to thaw. what signs do you look for to determine which way the market will go? >> i'm glad you brought that up.
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it's not a run away economy, to me. a run away bride economy. we get some promise in the economy and everybody is optimistic. at the end of the year, we're at 2 1/2% gdp growth rate. look what's happening in the economy. food prices are going up, gasoline prices are going up and consumers' wages, after inflation, are not going up. consumers are still going to be pretty quiet in here. i think that will impact the market as well. i don't want to sound too negative. i think the market goes higher by the end of the year. over the next several months we have a lot to work with economically and the internals of the market. these corporate earnings tell us a lot. we have 550 companies that report. we will learn a lot about the health of corporate america this week. >> you mentioned the risie iniie notdity costs and rate rising.
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and people say that's why cap ex accelerates, and if we're going to invest we better do it now before it's prohibitively expensive. >> look what commodities that are increasing and not increasing. talking about commodities increasing, not seeing strength in base metals or copper and things economically sensitive start to move. you're seeing things that could weigh down on consumer spending start to move, the food and energy prices. now that we're talking about energy, too, i want to point out that the leadership that we're seeing, and dominic just talked about it, was in energy and utilities and health care. that's not really an aggressive posture for the market. usually you have a market in a bullish mode you have a broader array of industries leading the market. we're not seeing that yet. i think it will happen but don't think the market is ready for that yet and think we have more
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reason for volatility in front of us. >> you say you think the markets will still end the year higher but will be volatility in between. i'm wondering what specific thorns for investors watching at home you think they should be watching out for to potentially pull back and keep a bigger percentage of their portfolio in cash versus equities at this point zmnkts > >> that's a great question. we're in no man's market and where we get our clues. here's what i mean. last weaker, the leadership all started rebounding once the nasdaq hit technical support at 200 day moving average. we saw support and the market recovering. we need to see broader arrays of leadership and technology names come back. we need to see drills do better and if we see that leadership group start to broaden out we can be a little more confident.
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in the meantime, the market will bounce a little bit. if we undercut that 200 day average on the nasdaq and others start to follow suit, i think investors need to be a little more cautious, maybe not necessarily get entirely out of the market because every investor is different but be cautious about being too aggressive. >> we'll have a lot of companies reporting. thanks for joining us with your thoughts on the market. >> thanks for having me. >> jim lacamp at ubs. plenty of excitement at alibaba expected to file for the ipo this week. what do you think of this commerce giant, $250 billion? answers when we come back. back.
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welcome back to "squawk on the street." i have breaking news from the u.s. supreme court. the court just heard about an hour of arguments of argentina versus mml capital a wholly owned subsidiary of the powerful health fund, elliott management. argentina is refusing to pay elliott and certain other parties on bonds it defaulted on in 2001. elliott is seeking full repayment and argentina has refused to pay. the question is whether the foreign sovereignty immunities act should allow mmi to look for argentine assets overseas and seize them down the road. argentina, their lawyers saying this is a complete overreach. elliott or mml saying it's perfectly appropriate and in fact argentina signed a waiver on their rights to employ this
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law when they sold the bonds in the first place. justices, tough questioning on both sides of the case but seemed sympathetic to the arguments put forward by elliott management. there was laughter that erupted in court when justice scalia said there was no friendly filing made by any other company sharing argentina's concerns maybe because argentina owes them money as well he joked to the laughter of some sitting in the court. very interesting proceeding today. we won't know the justice's frame of mind until a month or two from now. powerful arguments. >> kudos to justice scalia. >> it was quite a one-liner. >> kate kelly in washington for us today. fascinating case. thank you so much. chinese e-commerce company alibaba expected to file for an ipo. what do we need to know about these guys before that happens?
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josh lipton is live. >> e-commerce in china isn't just online shopping, it's a lifestyle, how the founder and executive described the opportunity. his company is exploding as it becomes and e-commerce powerhouse. the company often compared to amazon but the two companies have different business models. unlike amazon, it's a middleman operating websites consumers buy and sell goods from each other. alibaba makes money from advertising that accounts for the bulk of its revenue. wall street keeps ratcheting up alibaba and fitzgerald pegs it at $184 billion. dominating the chinese e-commerce market accounts for almost half of all parcel deliveries in china, almost 5 billion packages per year. there are more than 6,000
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transactions every second on its website. business is drawing fast. in 2013, the final quarter they generated a 66.6 jump year-over-year. they are not free of criticism. complaints of counter fit products. the company is contributing resources to that issue. why are investors excited about the alibaba ipo, a way to get exposure to the chinese market. by 2020 that market will be bigger than the u.s., britain, germany, france combined. back to you. >> fascinating metrics. like a game, some of these valuation estimates on the street. how much bigger can they put a number on it, do you think? >> let's see what the number is and talk about it intelligently. right now we're seeing snapshots
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and see where they can go and future opportunity. >> reuters reported we could see an s 1 as soon as today aftermarket closed. you would think they wouldn't want yahoo!'s numbers to be lingering too long before they answered that and we should know very soon. >> that would be very exciting. >> yahoo! numbers, 66% growth, even though it's a re-acceleration. >> re-acceleration and everybody freaked-out and then slowed down. >> would you say you're optimistic about their fortunes? >> from a company privilege seems like a wonderful position. from ipo privilege, sounds like facebook all again. super hype for a year, people trying to reposition themselves in front of it. as much stock as anybody would want will be sold. not a supply and demand issue. you will get it if you want it. that sets itself up for bad news going forward. >> you don't think there's any
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way to engineer this to perform well either offering a finny float? >> if they intentionally underprice it, absolutely. then the company is giving away money. facebook was smart where they priced the deal. everyone has forgotten about facebook's ipo. >> except you just mentioned it. >> from investor privilege, facebook is a sure thing, got to be there, get stock however you can. that's setting you up for disaster. the company wants to raise as close to the market they can to have a decent performance. if you want a big pop, the company is giving a huge amount of money away for nothing. >> we are still talking about momentum stocks. netflix is on a great run lately, up over 100% in the last year. with the new season of orange is the new black a few weeks away, can original content power the stock higher? stocks on a major sell-off from a couple weeks ago, do you know the average stock is more expensive than the peak of the
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dotcom bubble and one reason why henry thinks stocks will have lousy returns for the next get this 10 years. making his case for that when "squawk on the street" comes back. back.for experien ce for what reality teaches you... firsthand. in the face of danger, and under the most demanding circumstances. experience builds character. experience builds confidence. and experience... has built this. the 2014 glk. the engineering, and the experience, of mercedes-benz. see your authorized dealer for exceptional offers through mercedes-benz financial services. with all the opinions about stocks out there, how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments.
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we are keeping our eye on netflix. the streaming giant expected to release the anticipated second season of orange is the new black. shares are up a staggering 100%
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over the last year. will the company's success in original programming sustain that momentum. analy analyst, will, joins us. good to see you again. >> good to be here. >> we're a long way from 458 the high on march 6th. has it come in enough to take a gamble tonight? >> we like the high on the stock. we're a little more cautious based on recent survey results? f. we expect solid growth and like the medium long term opportunities >> looking for net ads of $650,000? >> as we go to q2, that's right. for the u.s. side, the first quarter closer to 26 on the u.s. side and see a seasonally softer q2 and qe-3 and heading to the softer next couple of quarters. >> anything "house of cards"
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debuted on valentine's day did to the quarter? >> i think it will help. it's been a huge original for them. original is the n original -- orange is the new black and help offset "arrested development". the more big numbers will help numbers. >> my experience, stocks like this, growing as rapidly as netflix is can trade at almost any valuation. the moment the subscriber growth really starts to slow down as they penetrate the market eventually gets revalued and eventually trades at 15, 20 times the earnings. they're at 33 malaysiillion now. we have 133,000 households. how big is the opportunity? >> they can get 30 to 50/%
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subscribers. the biggest opportunity is international. they're intent on plowing back much of the u.s. profit into international growth opportunity and we expect that to pay off the next couple of years. >> one of the big headlines this quarter was the deal it struck with comcast and we expected it to reach other similar deals with cable providers and it didn't and where do you think the comcast deal is material and the others as they try to enforce streaming speeds they have for other customers. >> that's a good question and will be a big topic. our expectation is they will sign deals with other big broadband providers, at&t, verizon, et cetera and we will be pushing for more details. to date, they've indicated they haven't changed their guidance and will be a focus for investors. >> you mentioned you were
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incrementally more cautious because of these surveys and ask people if they currently subscribe and most recent surveys show that down a tick or two. what do you think is going on there? it might be a noisy number. are people migrating to amazon or cutting the cord completely? >> i think it's the seasonal impact. you benefit from the proliferation of all the new consumer electronics, devices, x bog box, and those that come with the programming and it makes it difficult in subsequent months. we are looking at flightish numbers and we expect to see it pick up and makes us a bit more cautious as a trade into the quarter. >> you maintain the outperform all the way down in the recent bloodbath in growth names? >> we have. largely due to the fact more to the pressure momentum stocks
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have been under opposed to anything fundamental or changed in our view with respect to netflix long term. while the u.s. growth will decelerate and if they can launch germany and france and extend to other european markets we think there's still nice growth opportunity ahead of them. >> it will be a heck of a report and call. thanks for the guidance. >> thank you. markets trying to make a lukewarm recovery after two weeks of volatility. henry blodgett points out the average stock is more expensive now than the peak of the dotcom in 2000 and says stocks are poised to have a decade or more of lousy returns on his cautionary report a month ago you are confident of a big down turn in equities. >> yes. that's possible. i'm getting a startling reminder
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when you're negative everybody yells at you and so much easier to be positive f. i hope i'm wrong and the market triples from here. i own tons of stock and haven't sold a share. i have one client, me. i think it's set up for ball valuation. stocks are extremely ov overindividual. in the past we've gotten to these levels we had crappy performance. we are not as high as 2000 but just about every other market peak in the last 100 years. secondly, profit margins incredibly high. they have a tendency to violently revert to the mean and the fed has started tightening. yes, incredibly loose. and they have changed the direction in policy and in the past that triggered sell-offs. >> the fed said they will grow
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until 2016. do you think they will pull back for 10 years while the economy is growing? >> the fed has no idea what is happening. what warren buffet has pointed out, the economy and the stock market are not always linked. sometimes they are and a lot of times they are out of sync. buffet's big analogy 1986 to 1992, the economy was up 5 x and the stock market was flat. of you have a decoupling. if we have profit margins revert that's easily what you could see. >> there's still long term bulls who argue the flow of money in fixed income has to revert to equities in the long term and people won't tolerate those terms over time. the volume will spike and market spike. are those inherently wrong? >> crappy returns from fixed income and zero returns from cash has driven all the money in
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the stock market that has driven prices where we are. we saw a couple weeks ago, you get a few sharp down days and people start to get worried and think maybe i don't need that return as much as i thought and go to capital preservation mode and zero interest on cash starts to look a little better. >> henry, i suggest you tend to your in box. >> you're on twitter. >> if the market crashed 50% tomorrow, i would be out here pounding the table saying finally we have a great opportunity. >> we appreciate you sticking your neck out, henry. people running the boston marathon and thousands on the streets to celebrate patriots d day. and remember the tragedy one year ago. the co-owner of the boston celtics will join us live. [ female announcer ] who are we?
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[ male announcer ] prilosec otc is the number one doctor recommended frequent heartburn medicine for 8 straight years. one pill each morning. 24 hours. zero heartburn. coming up at the top of the hour, is old school the way to go? blackrock to talk about it. energy stocks have been on a tear. investor ron sloane is here to reveal his favorite names in space. all straight a hehead on ""fast money" "halftime report"." kayla. >> thanks. today is the 18008th running of
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the boston marathon with 30,000 runners taking part on patriot's day. how has boston overcome this tragedy. joining us is boston celtics ceo. thank you for being here. 92 great to be here. >> you were here a year ago, the bain capital around the corner, how have you prepared for today's event? >> it's been amazing. the whole city has come together. the governor formed the one fund and for the victims, totally $1 million. that's fantastic. you see the memorial for the victims and it's a somber day and the city has come something to support the runners. >> we quoted 36,000 runners in
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today's race. 9,000 more than in previous years. what does that tell you about the resolve of the athletic community in boston to come back and show their support again? >> the whole community has really gotten behind the victims and first responders and come together on this. 36,000 people. we have a celtics team running and raised over $115,000 for charities and many raised money for the one fund, all sorts of causes out of respect for what happened last year. boston has really come together. as we talked haas year, when the bombs went off, people ran towards the tragedy and took people out of there. the response has been overwhelming and hasn't stopped. people are starting to recover and a great day for boston. >> i have to imagine you think the future of the marathon has never been more secure. kayla mentions the increased participation this year. i wouldn't be surprised to see that continue for years, maybe
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decades to come. >> this has always been the world class marathon for years and years and years. it's always been a great event for boston. the tragedy brought it into focus for the world and people are seeing what a great town this is, what great people, how friendly they are. you see behind me, probably a million people outlining the course and 36,000 runners, quite a sight to see and in support of the tragedy. running together, everybody's come together. >> steve, one beacon from the tragedy last year was the reporting of the "boston globe" which painstakingly chronicled every single term in the hunt for the boston bombers. months after the tragedy it was sold to a sports mogul in boston. i'm wondering if you can comment on the rolling of local media during a situation like this and future for investors to step into a space like that.
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>> i think local media did a great job covering the events and certainly did a great job covering the response to the tragedy and that helped us raise a lot of money. the role of media is important to get the information out there and talk about all the great things that have happened and how boston has been so resilient. we appreciate that. in terms of media, sports is merging with media. john henry, who bought the globe is doing a great job reviving that property and i think you will see more offerings on the internet and e spanding pages. we're excited about that >> they haven't made heartbreak hypothetic hill any flatter. your legs will be exhausted when you get to the top of that thing. >> i haven't ever ran 26.2 miles. it's amazing what these people can endure. i am about to go see the
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finishers. >> watching some sof the rebuilding efforts in boston, does it make you wish you were on the inside as part of that? >> no. i don't think anybody can do a better job than the mayor has done with the one fund and getting all the state and boston behind this. i love being an investor and part of this from an investor's privilege. my firm, bain capital was one of the first funds to donate a million dollars to the one fund. we were right on top of that tragedy and everyone stepped up as did the whole business community. it's been great to see the healing and what happened in such a short year. >> steve, enjoy the day. congratulations on such a successful round of fund-raising. enjoy it. that's really all you can say today. >> thank you. it's a great day for boston and we remember all the folks in that tragedy and hopefully have a good ending of the race here and get out there and cheer them
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on. >> all right, steve. if you don't have the time, squawk comes in delivering books in pieces you can handle on your morning commute. we'll show you how it works when squawk on this street comes back. (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online we remember all the folks in squawk on this street comes
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here's a question, does the future of books look a lot like netflix.
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sold by sub description and priceded by the month. readers buy bite-sized pieces to read. jenny is co-founder of rooster. you've always loved reading, written books for the "new york times" as a reporter. why this? >> we basically believe the way people read now on their smartphone is different from the way you read print books. we want to design a system to help people read more with their lifestyles today. giving them segments of 15 minutes on schedule. >> is this aimed at a person who starts a book and then says, i'm not into it and want something else? >> aimed at people who want to read and can't do it either because they can't find a book they want to read or find a book too intimidating. someone who would feel satisfied reading one or two books a
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month, they've done something good. >> that's more than myself included given busy schedules. does this start from the beginning if i get aed by-sized chunk or right in the middle? >> it starts from the beginning. it starts when you want, if you want it wednesday friday, it's delivered to you on a schedule you set. the phone is actually a really great place to read because we have it with us always. you just have to design great reading to fit that kind of screen and delivery service. >> one thing netflix shown people binge and watch all the sopranos in the weekend, why not give somebody the book instead of 15 minute chunk? >> because if someone told you you would sit down and watch 15 episodes of "house of cards" which i did one weekend, but you can read 15 minutes, get to the
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end and read another segment. i found myself reading more segments even though you just started with 15 minutes. >> you can read through the whole book? >> yes. that's fantastic. and a classic and contemporary title and they're paired. >> how do you create the library? >> my co-founder is a managing editor and pick the books each month and tell you why we love the books. this is a great book, this is why it is a great book. >> this is like digital staff favorites? >> totally. a little bit like the front of the bookstore we used to have when there were more bookstores but in a digital form on your smartphone. >> are publishers clamoring to get on that list? >> publishers like the idea we're building a large audience for their books. in an age there is publishing of
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various quality floating out there we can highlight things time-tested. >> if you weren't busy enough airing this you have a film airing at tribeca film festival. called the search for -- >> for general tao. >> though how much you like food, not a surprise. >> thank you and come back. >> it is tweet time according to the "wall street journal." apple and google have been trying to make sure games arrive first for them. what best represents the silicon battle apple versus google. tweet us at "squawk on the street." some of your answers next. ♪
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squawk on the tweet today. tech giants apple and google have been wooing game developers to make sure their game titles arrived first in their ecosystem. what game on the street represents the best battle. apple and google like the classic spy versus spy and
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chesches chesches chess, they both have the same pieces but still at it. >> back to basics at chess. >> we'll see what the earnings week brings. it could change. are you expecting earnings to be good in terms of color and tone? >> exciting, especially apple. >> henry, thanks for joining us this week. back to headquarters, brian sullivan on the "fast money" halftime. hey, brian. >> thanks very much. appreciate it. welcome, everybody, to the "halftime report." here is your favorite for the day. go home or go old. a top fund manager at blackrock says maybe your best bet is the unsexy names. movie blues, netflix, hot earnings report tonight, should you be betting on the stock after a 20% drop. stealth winner and energy

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