tv Squawk Alley CNBC March 2, 2015 11:00am-12:01pm EST
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good monday morning. it is 5:00 p.m. at the mobile world congress in barcelona, 11:00 a.m. here on wall street. "squawk alley" is live. ♪ >> and welcome to 1kw58. joining us this morning, john steinberg, ceo of the daily mail north america. >> and john fort is live at the mobile world congress in barcelona. we're going to hear from john in a moment. we do have to begin with the
markets. dow's up 123. in the last hour after a very long wait, the nasdaq finally hit 5,000 getting back to levels we have not seen since march of 2000. joining us on the phone this morning, bob peck. >> good morning. >> we just had a discussion about the difference between today's nasdaq and the one from 15 years ago. what differences do you see? >> it's funny. even though you're having these highs, you're having certain stocks that are still relatively cheap. so while you have had strong momentum stocks, you do have a good handful that are also relatively cheap too. >> i look at the market, i see averages around kind of average to high where it's been historically. you have some things which are
very over value and some things that have very cheap. how would you assess it overall right now in terms of nasdaq overall being priced? >> i completely agree. we look at a stock by stock basis. you have momentum camp and value camps. numbers starting to look towards '016 now. any of these companies beating the estimates out there are getting the premium valuation. >> some people say this is a psychological level, we might see a pullback in the dnasdaq. others say x we'd be talking about nasdaq 30,000. how much room is there to keep going? >> it's funny. john can remember this too. when you go back to that time period, valuations were based off of eyeballs and clicks. now you're seeing valuations
based off of free cash flow, things have very different time than it was back then. >> last week, median ebitda increased in the last quarter and 2015 street revenue estimates for nine out of 17 companies were down for 2015. to me, this is a multiple expansion story. there are no fundamentals really driving this. what do you think of that? >> for any of these companies are are beating numbers like facebook and even twitter more recently, you're seeing that premium being made. i wouldn't say you're seeing that happening when you look at valuations of yahoo or even google. so i think there's two different camps right now. >> we just had a discussion and argued that the real froth is in venture capital which is an echo of a conversation we've heard for months. do you think that true? his worry is that it's bleeding
over into the ipo market. what's the truth? >> yeah, i rely on our smart bc contacts for that. i think you can't look at vc as a whole. there's a lot of great opportunities. these later growth stages, that is the area starting to get fra frothy. the earlier stages are also pretty reasonable. >> we think of a company like box. and then taking that valuation down quite a bit before the ipo. so art cashen is also saying the real test will be ipos post nasdaq 5,000 and how reasonable they're willing to be with valuation. >> i think one of the things the facebook ipo, obviously didn't go well post the ipl.
want to leave a little more on the table and ultimately you have to worry about the employees and their compensation and make sure the stock they're getting, they're actually getting their true earnings. i think they want to leave a little more on the table. >> i think it's a huge issue right now. you look at these private companies, look at even the ipo down now, these companies should be public. there is influential blog posts over the weekend. all of the growth or a lot of the growth is taken out of these companies by the time they go public. they basically know they can't get these prices in the public markets. i think it's a big issue for nasdaq's next leg up. >> tech m&a is the number two sector and narrowing that gap with health care. >> m&a has been a big theme.
napes like yelp. some of these larger cap companies have a lot of cash on their balance sheet are probably taking a look at some of these companies right now. >> yeah. even today, hp of course free scale, kayla brought us the ceo this morning. continues the pace. >> we could agree. >> thanks very much. we continue to watch these levels. about eight points below 5,000. next up, nasdaq 5,000 surely moving to the top of the list. john fort. you made it there safely. what are you watching so far? >> well, facebook of course is a big part of that nasdaq 5,000 move. it's going to be a big part of the news today with mark zuckerberg speaking about growth. he has lived half of his life since nasdaq 5,000. he was just 15 years old, his
voice had maybe barely changed at that point. i talked to facebook's head of growth this morning. he talked about monthly active use skpers daily active users clearly still being important metrics. maybe that's a lesson to twitter. take a listen. >> are monthly active users and daily active users still important as a measure of growth? >> absolutely. that's like the two metrics we look from the growth side. how many people use the service in a given month and a given day. it's about 1.4 billion people monthly active. and that's two most important. we of course also look at deeper engagement met rickets. how much time the people spend on facebook. and parties reporting over 20% of the time spent on mobile comes from facebook. >> he wouldn't talk about
twitter directly and specifically, but very clear from him they are not in any camp of looking at monthly and daily actives as being less important than before. they're not paying attention to logged out users. there are some to services like instagram, monthly actives and daily actives still very important drivers for this stock that has grown amazingly since its ipo. >> fascinateing to watch facebook still flirting with $80. just about half a dollar below that. we'll talk to you more this hour. zuckerberg is speaking interest at the top of the hour. more on what we think he's going to stay in the next few moments. finally, the or call of omaha, warren buffett, talking about banks, his succession plan, even the minimum wage. take a listen to this. >> the best thing that could
happen would be if the stock did nothing for five years because they were going to buy in a lot of stock, the cheaper they bought -- >> in that case, you've done even better. >> people have this misconception that when we buy a stock we like it to go up. >> annual letter to shareholders, buffett did offer praise of air bnb to deal with a potential hotel room shortage. the services may be especially helpful to shareholders who expect only to spend a single night in omaha. those people op a tight budget should check the air bnb website. >> or those people with a tight travel schedule. it's not often that people very busy can afford to spend three nights in a place. you wonder how long hotels can continue that practice with
hotel tonight and all these new apps servicing the short-term traveler. you fly in and out of cities for one night all the time. >> the drup ters are going to come in and mix it. to clarify what he said, he said for the great majority of investors however, it's a multi-decade timeline. he talked about how he wants to buy billions of dollars of ibm stock. there's a good note out this morning, she wants to see the strategic imperatives go from 20% of revenues to 40 billion or 40% of revenues. you could see the argument that buffett is making. he wants to be in the stock for a very long period of time. >> he did weigh in on cloud. he said hst not a win or take all business. those expect it to be an industry where one company takes the cake, that's not how it's
going to play out. >> absolutely. not moving the stock much today. still around 160, but it had a pretty good february as you might recall. update on lumber liquidators. we're back at hq. >> shares are still halted right now. they haven't traded in regular session so far. they have come out with a statement and this is the reason for the news halt. shares have not yet been opened for trading. in a statement, goes onto say a number of different things. in light of sunday night's 60 minute episode, their lamb national floors are completely safe to use as intended. they also believe 60 minutes used an improper test method in its reportering. they immediately reached out to the chinese companies, the suppliers included in that story. they also say that these attacks are driven by a small group, quote unquote, of short-selling
investors working together. they go onto say that we standby every single plank of wood and laminate we sell around the country. right now, lumber liquidators says they dispute many points of that 60 minute story. back over to you. >> thanks to much. meantime, before we go, a special congratulations to john steinberg here. if you haven't heard by now, was named to ad age's 40 under 40 list. pretty nice praise. >> thank you very much. they captured my muzzle, my inability to get a close shave. >> pretty stellar list. and the questions they asked you? >> what apps am i addicted to? so of course snap chat.
they also asked me the best piece of advice i've gotten. when something bad happens you wallow in that pity and then you move on. a finite amount of time. i give yourself a few days. if you try to do it too quickly, you don't give yourself indulgence. >> great advice. it's a great clip. i tweeted it earlier this morning. >> thank you, guys. >> when we come back, we just talked a lot about nasdaq 5,000. does early uber investor think we're really in a tech bubble? also at&t now wants to connect your house straight to your car. the president of at&t mobile will break it all down for us. plus, mark zuckerberg set to speak shortly at the mobile world conference in barcelona. we'll take a look at what to expect when "squawk alley" continues. at ally bank no branches equals great rates. it's a fact.
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sunday evening. john? >> thanks, kayla. i'm here with ralph who heads up mobile and business for at&t. wireless has been a huge part of what's driven the nasdaq to 5,000. do you think it's going to drive the next thousand-point move in the nasdaq? >> i think it's going to drive the next efficiency in big moves, john. the way businesses is getting transformed is by taking their stuff and putting it in the cloud. what we see is complete disruption of industries. most industries realize they have to adapt or get overtaken. we're seeing incredible interest in investing in technology to improve the effectiveness of operations. >> want to talk to you about net neutrality. you had tom wheeler at a dinner last night.
how do you feel about title 2 getting passed by the fcc? >> we believe in an open internet. we actually supported the existing rules set in 2010 before they got overturned by the court. so we believe in an open internet. title 2 is the mechanism that was going to be -- that is being used to implement it. that legislation came about in 1934. we don't think the laws of 1934 should be used for 21st century networks. especially when they include wireline and wireless. this is full of innovation. we've dramatically changed what wireless does over the last 20 years. huge investments involved, great service to customers and especially one which the u.s. is leading the world. we have four carriers, two of which have already crossed 200 million covered. we have one of the lowest prices
per minute of voice in the world. and today, the u.s. is the undisputed leader when it comes to smartphones. so we think that before you take heavy handed approach to regulation, we should think twice. light handed regulation is fine. we believe in an open internet. >> a controversial issue of course. let's move onto what's next. you're talking about connected life here. we talked to you about your moves in the car. what's the message that you're trying to bring here about what you're going to do to connect the car, the home, the phone. >> what is happening in what we call the internet of things, things that you connect to the internet other than smartphones and tablets, is mushrooming growth. 50 billion things to be connected to the internet by 2020. what i said this morning was we have to make sure those things are connected securely, that they respect the privacy of the customers and done in an
effortless way. today, we announce that we're connecting our home platform with our connected car platform. so we have at&t drive and digital life connected together so that when you approach your home in your car, your car talks to your house, opens the garage door, turns on the light, whatever you want it to do in an effortless way without you having to do it. in addition to that, at&t is investing in security. what i think this is doing, it's positioning at&t to enter and pivot to a whole new wave of growth that the company has not seen before in connected cars, in digital life, in the internet of things and with directv acquisition and the acquisition we're doing in mexico with nextel, i think you're going to see a whole new at&t that's able to bring to customers unified services. >> you think we're going to see the apple watch in an at&t
store? >> we would like to carry it. i think it's going to be a big hit. we're waiting to see what the apple team decides to do with it. we look forward to the future where we can carry iconic devices. that's good for us because we can cross-sell them that product and any other product we have in the store. >> you're selling watches already how is that doing for you? >> we just started on that one. we actually connect all timex watches in the world which highlights the power of the at&t connectivity and the network we have. you don't have to have your smartphone when you have your iron man watch. of course, you want to be out and be active. now you're untethered from the smartphone. >> what's the impact of some of these low cost phones we're seeing now? $150 moving into markets like mexico. of course they're in the u.s. as
well. but markets like mexico where you're looking to spread more data coverage? >> we love low cost smartphones, no matter which plan people are on. it enables more people to access the services we have with little money up front. they buy a low-cost hand phone or get next, we'll take any one of those threes so they can enjoy the benefits of the at&t network worldwide. >> i think this is the last question we have time for. it's android without the google. is that good for the industry? >> i think anything that gives customers choice it's good. if customers like it, we'll sell it to them. >> all right. ceo of at&t mobile and business enterprise. thanks for joining us. guys, back to you. >> thanks so much. we'll get a little bit more from you later on this hour. when we come back, as the nasdaq hits 5,000 for the first time in 15 years, what's next?
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♪ a lot has changed in the market since the nasdaq hit 5,00015 years ago. josh lipton is live in san jose with a closer look at how times have change skbld kayla, this time is different. now, those are some of the most worry some words in any discussion regarding the financial markets of course. but that's what venture investors say about nasdaq 5,000: they'll say this is no bubble. that nasdaq now is build on power house that are changing the very way we work, live, and communicate. in other words, this isn't pets.com. second venture capitalists will
talk about valuation. our colleague over at cnbc.com points out that tech companies that sold shares in 2014 were valued at about six times revenue versus 32 times in 2000. they say the nasdaq will move higher from here. that's because he says investors are underestimating the reach and impact of tech right now, not just the social and cloud revolutions, but what's to come. private companies such as uber and air bnb to revolutionize whole sectors of the american economy. mentioning those kinds of names brings up a separate discussion of whether the private markets are now overheated. you have icon ventures, have voiced concerns about the surge
in money flowing into startups. there might be pockets of froth in the private markets, he says, but these are real company's making real money. carl, back to you. >> the debate on that front continues to rage, josh. let's bring in simon hobs here. >> hey, interesting we just connected europe and the united states on the equity markets. that may have something to do with the fact that the benchmark oil prices have also disconnected. a lot of oil companies are lower in europe as a result. the deflation continues for a third month. you've also had a tenth of 1% taken off the unemployment rate in the euro zone for a third month running. the big focus continues to be the european central bank meeting on thursday. when they're expected to lay out plans finally for solving qe.
one of the italian papers suggesting it will be next monday that they officially start buying sovereign debt around europe. you continue to see the yields go lower on the ten-year yields. this is just a week long chart. you kind of see what i mean. michelle cabrera was reporting earlier on that the spanish have let the cat out of the bag. that there's a third bailout in discussion for greece. it's all politics at the moment. i think for a lot of people in the market, the more immediate concern is actually where the greeks have a short-term liquidity problem next month and the month afterwards and who will step into that particular void if that comes up. we'll get more presumably on that from the ecb. the other major theme that we've had on m&a of course has been
telecom within europe over the last year. as they look to consolidate. today, vivendi sold out its remaining stake. but it did it at a price below what people were expecting. they sold out at 40 euros a share on that particular deal. which is why they're stock is in negative territory. altice picking them up. and we have the mobile world congress in barcelona. we went into that with orange in france suggesting maybe they do a deal for what remains of telecom eye tall ya. >> when we come back, it is the question on everyone's mind. after hitting nasdaq 5,000 earlier this morning, are we in another tech bubble. we're going to ask that question to jason call can news when we
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iran to obtain nuclear weapons. iraq's state-run tv reporting the long awaited offensive against isis has begun. they started moving against isis militants around at the credit which fell to isis last summer. carl icon withdrawing his board nominations. icahn owns a 6.6% stake in that country. >> an elderly man accidentally drove his car into a pharmacy over the weekend after mistak g mistakingly hitting the gas instead of a brake. that is your cnbc news update at this hour. let's get back to "squawk alley." thank you, sue. the nasdaq hitting 5,000 about an hour ago. the last time the exchange was this high, bill clinton was the
president. and the ipod did not even exist. is there reason to fear a new tech bubble. by have an angel investor who got in early on uber. and completely free for entrepreneurs. jason, good to have you back. good morning. >> it's great to be here. >> you got us on the right day. we are right at 5,000 even as we speak. you can already hear the disbelievers i guess and to a large degree, they have reason to be suspicious of these levels. are you? >> when you say nasdaq 5,000, i think about that time and i think about companies like the globe or vertical net. and if you look today at the companies we're talking about, facebook, and twitter and google, and apple, i mean, this is a different class of company with a different class of management with a different revenue profile and of much different worlds. back then, we had slow speed
connections and a small number of people using desktop computers for a couple hours a day. now we have everybody with a super computer searessentially their pocket. the mobile revolution is literally like adding three or four internets to the existing internet. i think that's what's driving this change as well as the fact that consumers are completely comfortable with this technology. we now have a generation who can't remember a time before this technology which is completely different than the conversation we were having ten, 15 years ago. >> it seems different to argue with the large cap thesis. facebook didn't exist the last time the nasdaq was here. on the other end of the spectrum, we've seen the number of $1 billion plus valuation startups double in just the last year. is there an issue in that market? >> you know, i play in the angel investing market.
i invest that companies that four, five, six, seven, 8 million valuations. ceos in the valley do not want to go public anymore. they want to figure out the business. they want to hit a level of scale that previously was a level of scale you hit in your fifth or sixth year going public. public market investors coming down looking at what the venture capitalists are doing and saying i'll just do the d or e round. what would have been the ipo has now been previousiz privatized. >> what are the options now for those who don't want to venture capital? do they just have to sit back and watch? >> one is there's a website called angel list where accredited ib vest tors can go invest in private companies.
it's very high risk. i'd tell my mom to keep it to one, two, 3% of your net worth and invest in 30, 40, 50 companies and be okay with it being a complete wash. the second thing is we're going to see if the sec is going to allow individuals just nonaccredited investors to invest in private companies. kickstarter is speaking today. this is the third version of the watch. $10 million in two days. why can't that be equity? why can't an average consumer put $500 into that kick starter and get equity. i don't know why. you can go to vegas and put 500 on black, but you couldn't put 500 on facebook or linkedin? i don't understand it. it's completely unfair. the people in this country that are poor or middle class, they
deseven the opportunity to pick a winner like facebook because they got to it early. i really think the sec should get on this. >> at least today everyday investors can try to pick these winners, they just have to pay a management fee for it. you have bonds in their much funds. do you think it's becoming at least a little bit easier for the retail investor to seek those out and put their money in some of these closed in funds? >> i'm not super familiar with those. i get the sense that, you know, the retail investor when you have a lack of information like this, you know, at the poker table, if you don't know who the worst player is, it's you. i think the retail investor in that equation has the at least information and is definitely the least sophisticated. i would be very careful. >> we've had a lot of conversations lately that the billion-dollar startup, the yunny corns of the world are
being funded simply because vcs want to have it. isn't that a dangerous signal? >> you know, i think there are some investors coming to the party late. and they want to buy a couple logos to put on their website. if you look at somebody like john door or melner, they looked really stupid when they bought into facebook at 10 billion and cash on cash, they made billions and billions of dollars. so who looks stupid at what period in time is very much dependent on the arc of the company. betting on twitter at a couple billion dollars, a lot of people looked really stupid. i looked very stupid investing in uber when it was $5 million and people told me it wouldn't work. whatlearned in this game, you have to be patient and willing to take a risk in which
seven or eight of your investments fail. that's not the type of risk profile of a retail investor. don't worry about us. because we know what we're doing and we know we're coming into the game and going to lose eight of nine bets. we're hoping that one out of a hundred or 200 equals uber, twitter or facebook. >> good guidance today obviously for a specific audience. it's great having you. >> my pleasure. have a great day. >> coming up, in a few minutes from now, facebook's mark zuckerberg will speak at the mobile world congress in barcelona. we'll get back there to tell you what he's expected to say. plus, it's a big day for the markets. the nasdaq hitting that 5,000 mark. right now, it is right at that markup by about 3/4 of a percent.
first, rick santelli, what are you watching today? >> of course, i'm going to be paying very close attention to how the european markets a s as behaving. we're going to break down some of the moves in the yeuro and also talk about some of the issues involving, yes, you heard it here, that wonderful investor from omaha and some of the comments warren buffett made today that we should learn from. after the break. why do we do it? why do we spend every waking moment, thinking about people?
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coming up, nasdaq 5,000 then and now. two well-known analysts on the front lines back then are with us today and a ceo who actually turned down buying google for $750,000. amazing story. plus, speaking of good stories, lumber liquidators shares plunging after a 60 minutes report last night. plans for the trade now and the company's response. and mark zuckerberg speaking moments from now. we'll bring you the headlines at noon. >> in the meantime, nasdaq 5,000 has been the big story of the morning. the dow has followed up with new all-time highs of their own. let's get over to the cme group. rick santelli and the santelli exchange. >> good morning, carl. as i look up at the ten-year today, we're at 207. basically this is going to be
about the 17th session. so a day more than three weeks. what we see in the marketplace is a real consolidation of closing yields. it isn't as tightly packed as some of the consolidated moves we had in the fourth quarter last year. so it has been compact. and especially when you consider that latter close just shy of 214 in deference to stacking up to the 217 settlement of last year. came right up to the water line, but never had a close above it. there's a couple of charts knowing that consolidation in treasuries i want you to look at that we're going to be welcoming that euro style qe in the eurozone really quickly. we're going to have the meeting thursday and get more specific details. this is since the last meeting on the 22nd. you see on the rate side it's been compact just like in
treasuries. it's interesting, as we get closer, we're getting real close to the top of that range. same time period for the currency, we're definitely at the bottom of that tightly packed range. the point is, many traders on this floor thought the exact opposite would be true. that the closer you get to the qe trigger pulling, not necessarily just forming the program, that you would see the currency weak, but rates lower as well. so we want to pay attention to this. this morning, we had the definitive investor of the last 50 years known affectionately as the oracle of home omaha. he always halz wonderful advice. all the things you need to know to have your equity positions and retire profitably. he said if you think about it, population grows 1% and you have
real growth of 2%. that's 20% in a generation. i agree. and it sounds pretty good except for recent trebds in growth and productivity are on the light side. another way to state this is that it's about 15% less than we need to be growing at. where's that difference going to come from? when you think demographics and entitleme entitlement, we are coming to a point where we need more growth. there's no apiecement when it comes to growth. back to you. >> as you know by now, the nasdaq crossed 5,000 this morning. joining us on the phone to discuss is dan niles. good to talk to you as always. >> good to be on. >> we love big round numbers obviously. what does this mean to you if anything? >> it really doesn't mean a whole lot to us. obviously you have 14 years and big round numbers are nice and it gets people to focus on
things. in that way, it's good in that people get to think about the differences between now and back 15 years ago. >> you point out global gdp two and a halftimes what it was then, a lot more dividends at play as well? >> i think that's the big difference. there's no question multiples have expanded over the last six years. if you think about the world today versus back then, global gdp back in 1999 was 32 trillion. 2014 it was 78 trillion. so up two and a halftimes. if you look at the u.s., it was around 10 trillion. today, closer to 17.5. so the world's a lot bigger place, there's a lot more profits out there. you look at the valuations today, they may not be cheap or inexpensive, but they're nowhere near the levels they were back then. you can look at some of the individual stocks here today versus back then and come up
with the same conclusion. >> amazon back then trading at about 14 times trailing revenue. people are saying that there are still some companies that could be getting overheated, some of the smaller ones that don't have as much revenue. i'm wondering at what point you think we would have cause for concern. >> i think the problem here, and this goes back to all of you remember alan greenspan's irration irration irration irration irration irrational exuberance speech. multiples that are crazy can get even more crazy. people buying the stocks know how nutty some of them are. i think what it takes in some cases is a big picture event that happens and then people go, oh, those four projections that i have going out 30 years and
going from eyeballs to real revenues, those don't make a lot of sense. that's when multiples start to collapse. maybe that's the fed raising rates later this year or banks in texas going under because of the the oil industry collapse. whatever it is, i think -- you're right, i'm trying to move away from a lot of the smaller names and get into some of the big every caps. it's going to happen. trying to time it is very difficult obviously. all you can do is buy quality and then hope to survive it on the other side. >> yet perhaps hindsight was fairly premature with those comments. similarly, dan, can you draw a comparison to where janet yellen came out last july, she said some bioteches and social networks. do you think that will ring true? >> there's no question it's going to ring true. you've seen it in some of the
stocks already in the internet. some of the advertising-related names blow up. one of them reported recently. tech related stuff gets mashed. you've got a lot of competition in the market. the person you had on before talked about how growth has grown from a demographic basis. you saw that with hue let packard the other day. ibm not that long before that. there's no question the growth is slowing. you're getting more and more money jammed into fewer and fewer names. you talked before about how much apple contributed to this rally just by itself. >> yeah. we doe talk about the thinning leadership all the time. that's true. dan, thanks so much. >> take care. bye-bye. >> when we come back, mark zuckerberg set to speak in a few moments at the mobile world
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here after setting an all time high this morning. and the nasdaq just a had below 5 k. in the meantime, twitter faces more threats from people who claim to be part of isis threats. twitter is investigating. hey, julia. >> hey, carl, that's right. they are calling for the death of twitter employees because of the service blocking their accounts. the threat on an anonymous site sunday showed a picture of dorsey in cross hairs warning quote, we always come back. this refers to the fact that twitter deletes posts and suspends accounts that share isis videos. they bar any user from using twitter to further illegal activities. issuing a statement, we are investigating the voracity of these threats with law enforcement officials. this comes after the ceo revealed this past fall that
employees have been threatened with assassination by isis prompting the company to step up security. the fbi and national security council and homeland security have all given no comment. we'll see if there are any updates at the white house briefing coming up in about half an hour. >> thanks so much. well, in just a few minutes, facebook ceo mark zuckerberg will speak. john holt still live on the scene to tell us. last year he talked about bringing internet to some of the emerging markets. what do you think he'll say this year? >> you're right. last year he talked about that. he wanted to trial free facebook. they want to expand that plan this year. i talked to the vp of growth earlier today. he talked about that and said that the consumers who use that in the emerging markets, they
saw 40% uptake in those consumers buying data plans after having tried them. also expect maybe a victory lap on facebook messenger. facebook now very clearly saying that was the right call. it hit 500 million monthly active users and is still growing. you might hear more detail on that. so messaging, emerging markets growth. they want to work with more carriers to give them a bigger footprint. >> john fort in barcelona at the mobile world congress. a lot more from john in the course of the week. before we sign off, we should touch on lumber liquidators one more time. they believe this report did use an improper test method in its reporting. that the attacks are being
driven by a small group of short selling investors. their suppliers could not verify the identity of the individuals who appeared on 60 last night. >> that stock still down 21%. >> let's get back to headquarters. scott wapner and the half. ♪ >> welcome to the halftime show. let's meet our starting lineup for today. jim is the president of lay benefit thal asset management. josh brown, the ceo of rid holts wealth management and co-founder of option monster. also steve from the floor of the new york stock exchange. our game plan today looks like this, to the wed shood shares of lumber liquidators getting pumpbled. zuckerberg