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tv   Squawk Alley  CNBC  November 11, 2014 11:00am-12:01pm EST

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sales on singles day crossing 9 billion dollars. and jack ma talking on that possible partnership with apple. >> i respect apple. as the great company that changed the world. especially the mobile time. and i like tim cook's vision and execution. perfect. so we had great discussions, and i think both are interested. good things takes time. so we're pretty patient and right now we're working on, teams are discussing not only the payment but other side. because we believe it is a lifestyle. and the apple is a lifestyle. and ali pay. definitely both sides are interesting. >> joining us is yahoo's for columnist. and as always, jon fortt, kayla
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tausche. a lot of comments coming in during david's interview. either split behind what a refreshing voice in global business. and yet talking the talk on metrics. it will take years to know whether he's actually got walking the walk. >> without a doubt. and i do think wall street has given him a lot of this credit up front and we don't know if it all fits. remember the talk at the beginning? the conversation's changed entirely. it was about governance and ownership and now it's about can they different fundamentally on what they priced? >> the thing that struck me most about the interview was what he said about the pressure when he said, let's see, that he isn't happy and if he isn't -- >> -- >> he talked about the pressure involved with the stock price. clearly is used to be an
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underdog. in the past he talked about how chinese people are getting online and buying things. and now they do believe him. i remember when apple went through this transition where they were on the bubble for a long time and having a hard time figuring out. alibaba, it will be key for them. >> and it's never about the day of, once they go public. it is about what's next. and he clearly seems somewhat apprehensive about managing and meeting expectations of the shareholders who have been very vocal. ali pay will be a huge day. there will be a point where we start valuing al bah as a function of the ali pay. and he's saying the company is going to go public. but this will be a function of
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alibaba. >> what kind of grade do you give him as he starts to deal with the pressures of being a public ceo or chairman? >> i've seen jack deal with a lot of the pressure overtime. the interview today really gives a window about how he thinks about the long-term. today was a first glance for many viewers of how he thinks about the strategy of the company and the operations. he really thinks five to ten years but also worried about the day to day. i think that gives a lot of window about how jack things about the business today. >> does the valuation make you nervous. >> if depends on your perspective. next quarter's evaluation is high relative to peers but relative to high growing internet companies and the potential growth rate for them, i think it is probably within the range.
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two or three or four years out i think it's probably undervalued. >> mike what does it say about the broader market? >> it's interesting. i think in general investors who have been around a long time are completely thrown back on their heels by how fast companies are or $300 market caps. this sheds both about the enormous opportunity and all the rest but what does it say about the existing matured businesses that presumably they are going steel that value from. >> what is the answer. >> i don't know. i think it explains why old tech is domestically cheep on oelt fashioned metric. and you have this very select group. >> which corrects? the old school or new school. >> definitely i'm a new school. i've loving the new start-ups.
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e-commerce is huge opportunity. and traditional retail commerce is broken. selection, variety, price. it is broken. e-commerce is where i think you are going to see a tremendous amount of growth. that's why you are seeing the valuation the way it is. >> the jack ma admits there are limits. the logistics system we can't have it explode when he's talking about how big singles day could be in five or ten years when it becomes a phenomena. >> i think they are always investing in the business. i think logistics is probably the part very few see. very difficult, very very hard. but frankly table stakes in terms of the user growth and the metrics and e-commerce growth. if they can't get that right they are not going the get much anything else right. i'm certain they are focus 120% on it to make sure it doesn't break. >> it stounds me like jack ma
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could use more jack mas in china. he is the most visible in china. alibaba is the microsoft of china right now. and microsoft in 15 years ago when it loomed large over the u.s. tech landscape. >> jack is a very unique person. whether u.s. or china. his ethos is blossoming. when we met jack in 2003 we fell in love with the company and jack. 's fantastic. the way he thinks about the business and powers his employs is very unique for china and frankly the u.s. as well. >> the number on singles day. look at black friday, the u.s.
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is essentially exported to the u.s. and canada. do you believe this could be a global phenomenon. >> it is a very unique holiday. i think you can see a lot of similarities between singles and valentine's day. i think you can see it expand internationally. they have to do a little better job in the u.s. explaining how it works. but i think it definitely could be that global phenomenon. >> do we care? in america, do we care? just tell me stuff is on sale and i'll buy. >> we have events you can market around. >> if there is a day merchants mark things 50%, definitely. >> it will work. not to be the killjoy but it just steals spending from somewhere else. some other stretch of days. >> sure. >> but it is interesting. >> he seemed a little lukewarm
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on i thought at least publicly admitting his ambitions. he likes the film industry but couldn't commit to anything specific. is that going to change in the near term? >> i think jack and joe and the team are just looking at the chess board and trying to figure which pieces to acquire first. he's not going to tell you what his strategy is until he implements it. >> down 4.5% by the way. that is its worst day since the ipo. september 22nd it lost 4.2%. mike any idea? >> just after such a run. perfect sell on great news for the short-term traders. i don't think it's anything more. >> thank you. >> thanks guys. >> hany nada.
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stocks down about 4.5%. mike is going stick around with us. relatively muted day otherwise. >> the bond markets are the closed because it is veterans day. but right now the dow up 8 points. the nasdaq up 1.5 points. the s&p up 1 point. the majority of all companies having reported earnings so there is very little information to trade on today. shares of zynga rallying up after upgraded to buy at jeffries. growing popularity is leading zynga up 5 and a quarter percent. shares of juniper. the ceo resigned amid issues with his leadership and conduct. >> when we come back, shares of
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alibaba on a tear. up about 70% since ipo. what does jack ma think now? we'll get his reaction later. and apple is going corporate. how the company is teaming with ibm to take on the likes of hp, dell and microsoft. and president obama calling on the sec to preserve the, quote, free and open internet. you, my friend are a master of diversification. who would have thought three cheese lasagna would go with chocolate cake and ceviche? the same guy who thought that small caps and bond funds would go with a merging markets. it's a masterpiece. thanks. clearly you are type e. you made it phil. welcome home. now what's our strategy with the fondue? diversifying your portfolio? e*trade gives you the tools and resources to get it right. are you type e*?
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citi group is one that comes up because they run an ipad app that helps build a book with institutional invest skers the client, the issuer selling the stock can see it built in real time. so banks have been doing this on their own and it seems apple is willing to hand them the tools to do it in an easier fashion. >> sure why not. it feels familiar. and we've heard in the past apple looking to do it.
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but maybe it is a way to institutionalize things like the ipad. >> it has to be a long game. they missed had bulk of the pc refresh. i think this move is actually better news for microsoft from an investment standpoint. when you look at the fact they have now office free across the ipad line. and they have an up sell mechanism from premium. if you are the business you want the features that allow you to secure the information and have share point on the back end. so nearer term. within the next two, three years, probably better for microsoft. but longer term the apple participates in the pc refresh, then it's good for them. >> google taking a 60 year $1.1 billion lease on a nasa airfield. including three hangers, capable of the housing robotics and
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space exploration vehicles. google will pay $200 million to refurbish the areas. even those space travel has taken a hit the last few weeks. >> it seems one of these small bets for google to say we're passionate about certain things. we have projects and let's do it the right way. >> even if it's only 25 20 million a year. there has to be a commercial real estate broker somewhere who has just had the deal of his life come through. a billion. >> sits around 101 there. near mountain view. there are a lot of experimental leaseholders. i was there a couple years ago there was somebody experimenting with the technology to help athletes recover more quickly from exercise. there is a lot you can do on a
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big piece of land there and there aren't a lot of the big pieces the land in silicon valley. >> standing on one leg. google boston boston dynamics for an undisclosed amount late last year. it looks like science fiction. >> and again, sure why not. it shows you all these stories about how the dominant tech guys feel the need and the have the resources to branch out. >> can the robot sweep the leg? >> you got a problem with that? >> is this vanity play or material to earnings sot some point in 2052? >> i don't think they even know. let's just see how it develops. you never know. >> it does serve to tease its competitors. >> underscores that we can and
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we're basically doing stuff to wow you even when you don't expect us. >> and combined with the a.i. fears it is getting worse and worse. >> on the market. record highs today. season seasonals and history coming together. sentiment at the high of the year. is this going to get us through the holidays. >> i don't know. for one thing we're looking for this gain without having had the kind of pain you normally have in the prior period. but i will say on the flipside, every time we've happened an ambiguous period it resolved to the upside.
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the old-timer 66 to 11980 or whatever it was. >> let's get back to david faber. from the interview with jack ma. >> of course it is after midnight here. and so singles day or 11/11 has concluded. $9.39 billion wort of stuff sold over the last 24 hours. up 59% from a year ago when they sold about $5.8 billion.
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a significant increase. above the increase they noted if for last quarterly numbers. there has been slow down in the last couple weeks in sales as people get ready to do the big buying, which they in fact did. when we spoke to jack he said good pretty good for the sixth year running. >> this is number six. and on the ten year verse right of way double eleven day, i wish would be a global shopping day for states, for europe, for anywhere in the world. so i really cannot imagine how big that will be because i want more people involved. more companies involved, more offline shops involved. it is going to be big. i don't know. this day. the number today i'm happy by that. >> what he is concerned about is the 279 million packages -- wrap
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your head around that number -- that need to be delivered. a year ago about 156 million packages. in terms of problems is a big one. ma talking about hey i just hope all the millions of the trucks and vehicles that everybody gets there safely. and talking about the fact that the weather seemed to be pretty good. but that is certainly at least where he is focussing his concerns. not on the big number of sales but actually fulfilling all the sales. they have certainly turned this into if nothing else a big domestic story here in china. although i know the stock is actually down today. something it has not done in quite some time. >> buy the lead up. sell the news. fantastic stuff as always. when we come back. speaking of the ja ck ma, coulda
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partnership between he and apple really happen? discussion on that topic coming up later on in the show. and president obama coming out in favor of an open internet. a major win for activists everywhere. we'll talk about what this means later on this hour.
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quick news alert. kate kelly joins us on the phone. >> caller: activist in chicago made a broader push for a merger at intercontinental hotels group. stock up about 3% amid news a short time ago of a better from mercado eurging them to conside a merger. apparently they rebuffed the
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merger tripe eay earlier this y. the bottom line they say in a letter just released to other ihg shareholders the opportunities created by today's favorable market conditions may not be available in the future carl. interesting move from a hedge fund that's owned about 4% of the stock since march. . simon hobbs has the latest on what we should be watching in europe. >> a relatively mixed market. a lot of oil and commodity stocks are downogen today.
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earnings news, very much in the focus in europe today. voter phone had a great session today. . henkel also came through with good earnings today. on the downside, i mention many of the commodity stocks are down. citi cut forecast for iron ore dramatically. lowe 50s.
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with that and ihg, quite a bit happening. >> thanks for the update simon. this week's tech crowd is a battle between two start-ups creating very different ways of cruising through the neighborhood. you get to choose which you would put your money behind. >> anura is a low cost pocket sized drone. users can fly, take pictures and stream live video all via smart cell phone. auto takeoff, and follow users and has a one click return home feature. the goal, $100,000. so far it's raised more 130,000. leif is an electric snowboard that lets riders use.
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the travel up to 20 miles per hour. the campaign's goal --. who should be this week's leader. >> when we come back in a boit after surprise. the president calling on the sec to treat the internet as a public utility as essentially as water, phone service and electricity. one of the commissioners will join us in a moment. and jack ma says he didn't start alibaba to get rich. >> it is a pain. especially forbes or -- which magazine said i'm the richest guy in china. that is great pain. >> he'll tell us why he did start the company in our exclusive interview next. but what if you could see more of what you wanted to know?
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white house making waves this week taking a the stand on net neutrality. president obama speaking out. and former time warner and chairman ceo telling squawk box this morning he's not sure the administration quite understands just what changes will happen.
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>> i don't think that the administration has fully or a lot of the people who are behind this so called net neutrality or open access initiative sort of understand exactly how the capital markets work. and how capitalism works. they want free internet. but it costs money to provide these services. it costs money to have broad band infrastructure put in and made yubiquitous and higher and higher performing and if invest ears don't get a return they are not going to invest. >> joining us is fcc commissioner ajit pai. good to see you. that is the input, that if you take away the company's ability to profit from the internet they won't be able to reinvest to
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innovate further. what do eosay? >> that's one of the concerns i've heard across the country. consumers everywhere want greater competition. but that competition can't happen with f we don't have a regulatory framework that incentivizes innovation. and high speed networks, it takes lot of capital invested to connect miles per hours to digital opportunities. so that is a concern. >> and yet the president yesterday coming out and saying he believes the internet should be regulated under title 2 making it a utility like phone service or running water. chairman, wheeler of the fcc called it an important and welcome addition to the conversation. be what but what influence does that view ultimately have? >> terrific question. the fcc is not an executive branch agency like department of justice or defense. we're an an independent agency and we make our decisions based
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on not on political considerations but on the facts in the record and on the laws as set forth by congress. and that is really important decision we have to make and we should make it independently. >> although there have been leaders of the public interest groups quoted this morning saying one said i don't think the president would make this statementing thinking that wheeler, the chairman would follow through. does this mean they are going follow the president's suggestions. >> it's unclear. i can't speculate on what he propose and depending on what he proposes what my or our response would be. i certainly think my focus in this proceeding will be and i dare say the fcc's focus should be on what will best promote broad band investment and invasii innovati innovation. that's what at the end of the day will benefit the consumer.
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>> there is a mob of people who say they want free and open internet. i'm not sure they fully understand, some of them, exactly what they are arguing for. we're not talking about the broad band investment in some of the local barriers there are to other companies coming in and offering fiber to the home. how do you get the debate back to what in this my opinion this should be about, which is competition at the local level where people have lots of choice for broad band access? >> important issue, and i would argue the critical issue. one of the impediments to broad band deployment isn't net neutrality rules but regulation on the local level. google fiber invest manager the kansas city. one reason they picked it is the streamlining of the regulations that allowed them to deploy fiber across the area without the roadblocks we typically see.
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those are the regulatory roadblocks we should focus on, as opposed to the broader industrywide, nationwide rules that i've called a solution in serge of a problem. >> commissioner ajit, thank you. a final tally on alibaba on inning singles day. >> it's a lot of responsibility. you got to deliver all these packages in the next, you know, three, five days. and i think it means a lot in the domestic demand of china is huge and internet can really change china young people. and i feel excited but i feel worried now. i wish there would be no snow, no rain next three to five days. >> with sales like this maic
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spoke on the competition they face in the u.s. and likes of amazon as well. >> people challenge. can alibaba be bigger than amazon? bigger than ebay? trust the young people's innovation. they are making things change every day. and they want new things, they want cheap things. they want good things. unique things. if ke with create these kind of things for consumer, they will come. >> microsoft counting on a classic name to boost video game sales this holiday season. and a new way to pay for groceries. all you need is a wristband and a heartbeat. we'll explain later on. ♪ music
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coming up we're going discuss whether the stock has topped out. and tiger cub tells us what he thinks. and we're joined by phil mccongressky. here going to talk to him and conditional jack jacobs on making the transition. a new halo coming out today.
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what we can expect this holiday video game season. >> game on. when 40% of software sales are made. and the pressure is on for franchises to leap to the new conso consoles. microsoft celebrating the launch of halo. the new digital series halo night fall. microsoft is looking to work on old content. >> two other flag ship franchises hit stores thursday. act vision world of war craft. and ubi soft's assassin's creed.
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ultimately he says activision blizzard will win the season because it has the most proven franchises. >> they already have sky landers which tends to sell between 4 and $500 million of product in holiday and call of duty which has sold a billion of product at holiday each of the last three for our years. >> digital downloads will grow close to 20% of game sales. >> thanks julia in l.a. when we come back, forget paying if your phone, our next guest has it way you will be able to pay with your heart. do solemnly swear that i will support and defend the constitution of the united states
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i'm just looking over the company bills.up? is that what we pay for internet? yup. dsl is about 90 bucks a month. that's funny, for that price with comcast business, i think you get like 50 megabits. wow that's fast. personally, i prefer a slow internet. there is something about the sweet meditative glow of a loading website. don't listen to the naysayer. switch to comcast business today and get 50 megabits per second for $89.95.
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comcast business. built for business. as alibaba wraps up a record-setting 24 hours on 11/11, otherwise known as singles day. 9.$9.33 billion in sales. david faber just wrapping up his exclusive interview with jack ma. he asked about alipay and how important transparence in the financial services space is to that company. >> we are in a business very
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related to finance. and i want this company last long. i want this company to be audited by everyone who involved. it is not the money we want to get. it is the transparency we want to get it. it is the corporate governance we want to get. the most support and understanding and trust from the people. i think we definitely will. >> in the meantime forget traditional payments or even your phone. this new wearable is letting you wear your hard and credit card on your leave. heart beat payment technology that allows users to tap their wrist to pay. here is the ceo and co-founder carl martin from toronto. >> hi. >> a wearable device that provides persistent idea on the
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users heart. >> the heart rhythm is unique to everyone. so it knows who you are. and authenticates your identity. and once it knows who you are, you can use it for things like unlocking devices and bypassing passwords and pin, including making payments. >> how is my heart beat unique if i have a resting heart rate of 61, but so does my brother. >> it is not actually the heart rate. it is the electrocardiogram, is unique to everybody because you have a unique shape to your heart, unique physiology that surrounds the heart. the signal has a lot of information and it is like a fingerprint. we can tell the difference between you, your brother or anybody else. >> carl, why is this better than a fingerprint? it requires another device besides my phone which i probably have with me anyway? i'm wondering, you know, if i'm overweight or have other issues,
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if i'm excited will it get confused? >> the key thing is this concept of persistent trust. the idea that, you know, if you are paying with your phone you are still having to do something to prove who you are. by wearing something it can persistently know who you are. and interactions like payments or unlocking your devices become completely seemless. so it is really this concept of persistence and the tech noelg louse douse that. >>. what tells you as an executive that the consumer is willing to wear multiple bands on their wrist? at this point, there are so many products out there that consumers can choose from. why would they choose your or yours in addition? >> we call this competition for body real estate. we only have so much wrist space and we recognize that. down the road we do expect all
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of these things would converge over time. and our device over long-term is capable of fitness tracking as well. but it is still very early in wearables. and nobody has said whether they want specifically this kind or that kind of device. so it is early with the pilot where we're seeing what kind of things people interact with and the market will evolve. >> more reliable than fingerprint? >> yeah it is about equal accuracy as the fingerprint but on top because you are wearing it we can have this added level of trust of something you pes. and we're actually other factors where we achieve a high electrophile of confidence. the ekg, the cardiac rhythm is only one aspect in the system. >> thanks carl. >> thank you. >> when we come back the ceo of spotify pushing back after
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alibaba as you know wrapping up a record setting 24 hours on singles day. more than $9.3 billion in sales after expectationings were for about $8.2 billion. here you see founder jack ma moments ago as the clock struck midnight. the stock is taking a hit this morning, off lows of the day but it was on track to have its worst day since the september ipo. here is jack ma talking about whether the stock price weighs on his mind. >> i don't dare watch. because this is the other people think who you are. when people think you are good you have to be sure that whether you are really that good. when people think you are bad you have to be clear whether we are really that bad. >> you don't watch it? >> i do not watch it. i think well let the market take
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care of themselves. we should watch and take care of the business. >> the stock is up about 70% since ipo. but faber asked about a potential partnership with apple. here is what ma haed to say. >> everything is possible. i respect apple. a great company that changed the world. especially the mobile. and i like tim cook's vision and execution. we had great discussions and i think both are interested. good things takes time. so we're patient and right now the teams are discussing not only on payment and other side. because we believe -- is a lifestyle. and apple is a lifestyle. and both sides are interested. >> keeping interested minds wondering what a potential apple alibaba partnership would look
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like. but not ruling it out. >> could be trickier than payment stuff. apple wants 25 stores in china. tablau is a store in china. so how much control of the presence does tim cook want to give away. >> we'll see. >> free streaming saying the company has paid labels publishers and the collecting societies millions. here is what eck had to stay. on track to exceed 6 million a year. and that is only growing. we expect that number to double again in a year. interesting though taylor swift and others saying our problem is with giving free access to all the tunes to people without
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regard for whether they listen to them all in a row. they can have an enormous amount of control. that devalues the music. for them it is not just about spotify versus piracy. >> 12 million dollars a week in sales of 1989. so even if she were on track to make 6 million from spot fie this year. that wouldn't be likely to hold a candle to what she would be making selling these on her own. >> yeah. and someone who came into the newspaper industry right as the popular wisdom was put all the stories online for free. that didn't really work out. i have some sympathy. >> meanwhile you can get swift on ghost tunes. which launched today. gather brooks's music platform. >> first taylor swift. now jason aldean. he pulled his new album from spotify. his record label had no comment but what a week it's been in
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music distribution. somebody wrote this morning -- actually i did, that music distribution has jumped the shark because usher's new song is now available only on -- is it honey nut cheerios in walmart? >> i did not know. >> i actually got an e-mail earlier this week from united continental from their frequent flyer program asking me to come and buy music on their site by frequent flyer miles. >> remarkable what's happened in a short period of time. >> i think that's what taylor swift and others want to avoid. >> we're paying more than we ever would have and it's going to double during the next year. but apparently not enough for the mega stars in the music business. >> twitter below today. dick costolo trying to answer
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some criticism about flip-flops in strategies. and turned around in upper management. no real news though they see. >> and intercontinental hotels. we brought you about news about the hedge fund activist pushing the company to consider a merger with another company. we're just getting word that company's responded to the hedge fund saying that that board maintains active dialogue with the shareholders and has considered and regularly considered all options for value but it mans attain it is the best interest to be a stand alone company. >> be ware that oil is lower again today. four year lows and that has been more of a an anchor around equity's heels. today stocks have managed to buck that troendend to a large degree. gnat gas is the one exception
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because of all the cold weather. >> high of 16 in hometown of denver wednesday? >> i saw 10. and i think it's going minus 10 to minus 0 in some parts of the country. that's it for us. over to wapner and the fast money halftime. welcome to the halftime show. let's meet the starting line u. pete najarian, john josh brown, steven weiss, and mike murphy. in honor of veterans day we're also joined by navy veteran and super bowl champion phil mcconkey. we do kick of our show with stocks hitting new highs yet again. the dow the


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