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tv   Squawk Alley  CNBC  September 15, 2015 11:00am-12:01pm EDT

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good morning. it's 8:00 a.m. quarters in palo alto, california. it's 11:00 a.m. on wall street, and "squawk alley" is live. ♪ ♪ welcome to "squawk alley." it's great to have you back. >> thanks. >> john is here. kayla off today on a day when the markets are starting to get
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some legs. dow at 165. these are session highs here. s&p for september. almost positive. 1972 is where we he wanteded august. we're at 1,970 now. almost every component is in the green, except for disney according to cara swisher, the -- it could go on for -- even november. the board is certainly not going to be rushed into this, and then some more twitter news. the company launching a service making it easier for political campaigns to directly step donations through twitter. our julia borstein is in l.a. this morning with that story. hey, julia. >> hey, carl. >> they can donate directly to a candidate through a tweet. that's thanks to partnership called square. candidates can sign up for a square cash account, and once verified, the campaign can tweet a url or cash tag as twiger is
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calling it. when people see the message, they can hit a contribute now button, choose how much to give, and enter their debit card info, which will be saved for future donations. this could encourage campaigns to spend more on ads, and it comes just in time for tomorrow's republican presidential debate. plus, it's synergy between the two companies that currently share the same ceo. jack dorsey. carl. >> julia, that sawing wra is going to keep us busy. you can tell. blake, i wonder from a management standpoint, they sort of have to dot all their i's, right? as frustrating as it is for twitter and investors. >> you're going to take your time and the governance committee, the committee that's putting together the selection process, they're going to do their due diligence. they're going to go through a lot of candidates and spencer stewart, who is the company that engaged, you know, they're very good at this. this is what they do. they're going to take time and
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be right. i think, you know, the notion that jack is the right guy, well, jack is also the ceo of square, and jack is personally hired many people under that company and told them what that company was going to be over the course of the coming years. he is not going to walk away from it, i don't think. >> so given all of that, how much confidence do you have in twitter? i mean, the board hasn't exactly been batting 1,000 over the years. they have said we're want going to hire a ceo unless it's a full-time person, but now it looks like that's the question. why go out and say that if maybe that's not the case? isn't there a reason to be a little bit skeptical about how this turns out? >> i don't know. i believe that a board isn't going to hire a part-time co-. they'll certainly fill the spot with an interim ceo, and if they're filling two different positions, that's fine on an interim basis, but to think if that's going to continue in per pet out, it doesn't make sense.
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we're seeing good synergy between the companies. i think the cash tag is very interesting. i think that's a wonderful outcome of jack being in both places, and the companies collaborating well together. honestly, i don't think two public companies are going to share the same ceo, and the due diligence that board has to go through to insure they have the right person, it's going to take some time. they said three to six months. it would be great if it would happen in three months. unlikely. they gave that range, and they're still well within their range. >> where is the line, though, at which the management issue over hangs all -- anything they could do regarding product or marketing or more awareness, or engagement, right? there is a point at which those things get lost. >> the average consumer doesn't care who the ceo of twitter is. they care if their news is updated or if the people they follow are being active and engaged. this is an engagement platform. clearly, from a consumer or small business perspective, it's doing a swrob as an engage the
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platform. jack has taken some things. you know, he is doing things that the ceo would do because he knows the company so well, and i think he feels obligated to on that, and i think he is doing a good job. >> more time for us to bat it around. heats for sure. stocks having a pretty good day. a fit bit today rallying after pat crest -- has a price target of 47. the analyst says competition from the apple watch overblown at this moment. fit bit up 56% since going public back in june. blake, back then going public looked a lot more inviting than it does now. they managed to get under that
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door. >> they made it under the wire. >> that is for sure. you know, i know that wave seen 2,000 point dow volatility from the day that we launched to its ultimate low which rebounded pretty nicely since, but, you know, we're pretty happy when we went out it was april fool's day, and the joke was on us. it was actually a good day to go. we've seen the stock do well. frankly, if we keep focussing on our customers, we'll be happy. i frankly believe that fit bit is a great product. i believe that they're going to continue to do well. you're wearing an apple watch, and i'm actually wearing a surge. you know, if you use me as an example and encourages other employees, we have an organization called go daddy fit inside the company. if you join go daddy fit, we'll give you a fit bit.
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we got the same device and -- it's pretty darn interesting. >> that's nice, but you were at microsoft, you were atta hue. you know what it means for a company to have its hoemt in the sun and then all of a sudden something comes in and is the next hot thing. does fit bit risk being in that position, being the next blackberry when the iphone is coming out if they don't maybe bets about more capable products down the road? >> i think it's about the pace of innovation. fit bit shows that they are ino vating. they ino vat very well. fit bit is singly focused on this market and on a range of devices that are very low cost, very low cost, up to the surge, which is the bhoes expense e device that they have. they're doing really well. i've had some of the other products, and i like this one because it's purpose filled.
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i doenl need to go to linked in on my watch. i have an iphone. >> they have those purpose-built messaging devices until they work. >> finally, yon mentioned yahoo. rough week for yahoo. on friday the top manager of itself media unit left to. that is the third senior exec to leave yahoo in had the past couple of months. yahoo's plan to spin off that $24 billion stake in alibaba in trouble after the irs said it had series concerns. both yahoo and alibaba -- i think it's managing to hang on to the three handle today, but this morning it did open. $3 for the -- >> it did, indeed. >> you've got different fish to try. when you take a look atta hue's
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position in this increasingly mobile environment what do they need to do? >> yahoo has done a good job producing traditional media app on a mobile device. traditional media apps wronk is where the wroout is going. i don't think it's where most people have them. it's an engagement platform, and i think the folks winning the media battle are the folks that are creating engagement on tom of the media platform. >> yahoo is doing a short news thing. they tried to remake flicker. they have tried to do this messaging app that they came out with a few weeks ago that i haven't seen much of. they try to do messaging. you say it's not working? >> met calf's law is that it
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grows exponentially. you don't have that same affect because yahoo is a media platform. it's not an engagement platform. if i add another user, it's more powerful that i add another user. they've got to do more with engagement. they've got to engage their customers with each other and not just with the content. i think that's one of the things that i would encourage them to -- >> incredibly complex issue to deal with over there. before we go, i think this is fascinating. go daddy has some new information on small businesses -- specifically the number of small firms and don't have a website? we're two decades into the internet being pretty common amongst all of us. we just completed a small business survey with 4,000 -- a little over 4,000 customers,
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eights countries . >> they haven't taken that next step. like us on facebook? >> it's part of the equation. what small businesses want, they want to acquire customers. they want to retain customers, and they want to help doing it. a social platform certainly is it that, but there's another thing they want, and that's to be unique. i have an idea. i want to name it. i want to put a domain name with it. i want my website to look uniquely like me, like i look
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uniquely like me. this is the way i want to appear to my customers. when you have a homogenous ux, these are interface, whether it's on facebook or twitter, and you might be able to customize it with some foetsz and what not, it's not uniquely yours, and the selling platform, the ability to engage and take cash and sell products isn't there as much as it is on your own website where you are in full control. >> next year you'll say i need a mobile website. what do you say to the skeptic who says that? >> the notion that it's really hard to create a website isn't the case anymore. what small businesses will tell you is i'm too small to have my own website. it's too hard. it costs too much money. well, all of those things are
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fallicies from a decade ago. whether it's from go daddy or it's from the other competitors that are out there that do a great job as well, to make it simple for people to have a web presence that's uniquely their own, it's a real need. we continue to have big good growth in our business because we service a real need for this very small business customer and moreover, we have 3,000 people that we put on the phone with those little guys so we can help them through the problems that they have 24-7 around the globe in 37 countries. you know, it's a real need, and we'll talk to you about it. we're not just going to stand you up on our platform and have you look like everybody else. >> i love it when blake sells. >> danica patrick, tell them what time it is? >> blake, thanks again. great to see you. blake irving of go daddy. >> shares of alibaba in the green as the company tries to bounce back from the blistering report over the weekend. one of the company's earliest
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investors will tell us where things stand. plus, bazos has never spoken about the private space company he founded until today. behind his big announcement and this company's new platform has been dubbed a bloomberg messenger killer. the ceo symphony will joan us live. the service officially launching today. dow up 160. "squawk alley" back in a minute. need to hire fast? go to ziprecruiter.com and post your job to over one hundred of the web's leading job boards with a single click. then simply select the best candidates from one easy to review list. and now you can use zip recruiter for free. go to ziprecruiter.com. my name is watson. i'm helping doctors keep people healthy. take ted here.
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about his company blue origin until today. jamie wells is live in l.a. with that story. jane. >> john, it's big news. yep, he has another company besides amazon. a privately funded firm called blue origin, which has quietly started winning a lot of business. today he announced a $200 million investment in the florida space coast to build and launch blue origin's shepherd spacecraft named after the first american in space alan shepherd. >> we'll have a 21st century production facility where we'll focus on manufacturing our reusable fleet of orbital launchers and readying them for flight again and again. >> and left swrof. >> blue origin tested the shepherd in west texas a few months ago. it will shoot up over 300,000 feet beyond the edge of the atmosphere, linger there for a
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few minutes before landing as basos says, it will be completely reusable. it's not for cargo. it's for tourism. perhaps cheaper than richard branson's richard galactic, and it may do some research. first trip slated by the end of the decade. blue origin is also building engines. you're looking at the be3, a be4 is in the works to go into the shepherd and into the nation's new heavy lift rocket being built. basos is helping to rejuvenate the long dormant space coast. guys, at the end of florida news conference, officials trying to pitch basos to move amazon to florida too. no state income taxes. there aren't any state income taxes in washington too where amazon already is. >> he is already pretty good at handling the tax situation, jane. thanks so much. sfwlimplgts right now the s&p
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right about at session highs. the dow near session highs too. moving in and out of territory. we'll bring you the european close when we come back. it's more than the cloud. it's security - and flexibility. it's where great ideas and vital data are stored. with centurylink you get advanced technology solutions from a trusted it partner. including cloud and hosting services -
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>> 145. almost every component in the green pept for really disney led by chevron on a day before where a lot of the macrodata misses, and you might think people are thinking the fed won't move tomorrow, but the dollar is actually having a pretty good day too. a bunch of different crossroads as we await the two-day fed meeting which starts tomorrow. meantime, europe is about to close. you mentioned oil is higher. heel vote on lifting the ban on oil exports. not binding, of course, but it's the beginning of a big debate.
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the oils have risen many europe today. a lot of the asian related stocks have also done well despite the fact that china is down. the banks and the insurers are also high. we kicked off the sessions with a w expectations index plunging. it indicates the people in germany are less confident about the future of the german economy. that's about an wiped away by the price action. all higher. a big story of date is the way in which the big utilities and the your wroe zone or france and germany at least. there's a $30 billion -- 30 billion euro black hole of the nuclear operations. those two are off their lows. they were down 7%, 8%. meantime, morgan stanley -- finally, a lot of people in bess, hearts will go out to the new co of bmw. the frankfurt motor show today in the full glare on stage of everybody as you can see actually fade and collapsed and
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had to be assisted off the stage by two aides. his health condition -- he obviously has canceled his engagements there for the rest of date. back to you. >> when we come back, a well known voice in silicon valley. the first dead unicorn is already here. we'll talk about that when angel investor daniel in just a moment. opinions. there's no shortage in this world. who do you trust? whose analysis is accurate? how do you make sense of it all? a simple, unbiased stock score consolidated from the opinions of independent analysts... is that too much to ask? nope. equity summary score, powered by starmine, will help you execute your ideas with speed and conviction. and it's only on fidelity.com.
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i'm sharon eper southernson, and here's your cnbc news update at this hour. two students were killed, and two others and their bus driver were seriously injured after a bus crash in houston this morning. shorts say the bus crashed through the guardrail and then flipped over on its side before landing on the road below. four vehicles were involved. target coming up with instacard to test a home delivery service. they will be able to order perishables and household, pet, and baby products on-line and have them delivered to their home. target says if the test goes well, they are expand the southwest. australia's former communications minister malconturnbold has been sworn in as the country's fourth prime minister in the last two years. this after a surprise bout of his conservative liberal party swore in to replace tony abbott.
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the national park service has decided to ban the use of egreats everywhere that tobacco smoke issing prohibited. that's our r nbc news update for this hour. let's get back to squawk alley. >> thank you very much. we are keeping our eye on the market rally, which is hanging in there. session highs awfully close here. up 154. a lot of the gainers this morning, john, are 2345i78z that you would associate with an environment in which rates do stay low. a lot of the industrials. some of the oil names. as far as tech goes, somewhere d.com. it's up in the air. >> a lot of the lers loves loved names. box up nearly 2.5%. zinga also up nearly 2.5%. dwoept often talk about that one.
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yelp up 2%. 90,000 to 95,000 temporary workers going to be hired for the retail season, which is not far away. >> it's that time. >> yes. >> almost time to play the music. not quite. >> all right. >> coming up, after citi apple, pay pal quietly moving back into on-line gamble. we'll take a look at why, and tomorrow david faber's exclusive interview with hp ceo meg whitman.
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big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets.
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what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern. >> coming up on the halftime show, will they or won't sne the fed decision with the best way to react no matter the wrout come. speaking of rates, could a hike derail the housing trade? we'll get a reality check from our own guru diana ohlich, and our call of the day. the one firm that calls today best of class. we'll find out in about a half hour or so. >> all right. can't wait. i will wait. i will wait. we'll finish the show. shares of alibaba gaining nearly 3% this morning. that once high-flying stock still down 40% year-to-date. this coming on the heels of a
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barrons piece over the weekend that said the stock could fall another 50%. joining us from singapore, hans, managing partner with ggv capital, which is one of the early wrest u.s. backers of alibaba. hans, when you saw this piece, i assume you have seen it by now there was any merit to it? >> it is not as well researched as i had thought. when i was thinking about what where it missed, alibaba is pretty quick with their point by point rebuttal as you said, and i went through that piece as well, and i thought it was very well reasoned from albibaba's perspective.
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>> it had been so much high earnings and the question that's in a way being debated here is should it go lower? >> the new economy is disrupting -- unfortunately, all the up and coming stocks had been over valued sense last june, and there's a major krukz going on now. >> everybody is getting a huge ton of discounts fwrsh you look where it is trading, visa vi other chinese companies, it's
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very reasonable. you look at where it is trading versus ebay. still, also very reasonable. unfortunately, everybody feared with china at this oint. in our opinion, since we have invest through china, we think this is opening the next six months. it will be a great buying opportunity, which is waiting on the frontline to take advantage of it. >> hans, this friday is the one-year anniversary of the pricing of the ipo. of course, we know what's happened at the stocks since then. i'm thinking back to when they first came to market the discussion was not just about their growth in china, but their aspirations overseas, their as pir aces in north america. have any of those been tempered by the fact that the mark has gotten tighter? >> good question. i think aliexpress is growing very fast. there's a competitor called wish that's also growing very fast. both the products from china and selling itself to consumers and as well as in the -- and that we
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see great roles for both these businesses. unfortunately, for aliexpress, it's still relatively small compared to the overall size of alibaba. it didn'ted show up much next. you look at where ali is this past quarter. it's shaking investor confidence. you look at the retail factor, the number one shopping mall. ali's numbers are not as bad as i saw of china. >> back on singles day of last year, our own david faber visited china, sat down with jack mahi and asked them to describe the culture of aliba, and here's what he said. >> trust.
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transparent. we are working with my company, the team. you have a 30,000 smart people. if you work with smart people, you have to be transparent. you have to make sure they trust you, and you trust them, and making sure that everybody has the same vision. i don't care. trust me, don't trust me. i don't care. my team trusts me, and my customers trust us. that's -- if you can do that, whether the shareholder trust me or not, not important. they know if they have the risk -- they trust the good result. >> so is that at risk at all, or is it a matter of execution and showing results and that the investor trust goes back to alibaba, do you think? >> i think more on execution. i think despite the volatility coming out of china, the market or consumer confidence, the fact that ali can still post growth
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is -- i think that -- like i said, this is one of those points that investors who are greedy are now -- >> all right. hans, ggb capital. thanks so much for staying up late with us over there in singapore. the wait for twitter is next ceo may still be several weeks away. that's according to our partners over at read that said it could be as late as november before the decision is made. angel investor jason, the founder and ceo of inside.com. jason, it's good to have you back. >> it's great to be back. thanks for having me. >> not unreasonable ash, is november too long? >> yeah. i mean, if they pick the right person, we're all going to forget about this, like, uncomfortable couple of months when they looked for that awesome person to lead the company fwrsh they pick somebody and it's a year later and they
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have to replace them, you know, then this is going to really look bad for the company, but it seems that the stock has found the floor, and the product is still great. it's still being used. i think if they have to take couple of weeks or modz it's not the end of the world. had them finish the year while they looked for somebody to transition. it could have been done better. >> just give them the board seat, okay? >> it would certainly ramp down the entertainment on twitter, though. do you have any sense just from what you are hearing directly or indirectly on whether they are taking so long because they are doing such a good job in this search? >> well, i mean, you have peter who is, you know, the outside independent board director who doesn't own a lot of shares in twitter who is doing, like, you know, massive due diligence from
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what i understand and really running a process. the truth is between evan williams and jack and adam bain, i think those individuals have to make the decision here that jack and eb have found the authority very important for the company and very important for all the people who work there. wron how jack runs two companies. chris thinks that's possible. i would love to see evan williams and medium go back and put medium and twitter together. i think that seems like a more natural match. maybe square and twitter together and that solves the jack has two jobs problem. i don't think that's going to happen. i think jack and adam, ceo and president, sounds great. adam bain, ceo, jack, you know, chairperson or whatever, that's fine too. i think that they're going to do well with either of those individuals. >> we'll see. obviously, the process continues. also, jason, this opinion piece by tech entrepreneur josh dixon claims there could already be a
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walking dead unicorn among us. >> unicorns die a slow death. i think you said on this program that it wouldn't surprise you to see 25% of start-ups gone in a year as capital starts to tighten. >> yeah. >> has that process already begun on the big guys? >>. >> i've been preaching. we've all been saying, hey, take it easy on the burn rate, everybody. let's try to get these companies to profitability. >> everybody is going to try to figure out, hey, how do we get all these companies to profitability? it's great for the start-up ecosystem. in the case of evernote, this is a great company that has
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probably over a million paid subscribers, and it's still growing. the piece is a hater piece kicking the company when it's down. evernote has massive challenges because apple's note taking product and microsoft's note-taking product are free, and they're pretty good. >> if you look at aol, it took them a decade to unwind that subscriber base. >> they're still making a lot of money off of those subscribers. are you sure the punch bowl has been pulled, or was that just temporary? was that just a pause in the party? you know, on the record player. >> no. >> okay. >> this is the pear is over. mom and dad are home, and everybody is grounded because it's very leer that, you know, the free money and the valuations only going up is going to be -- is going to switch to, hey, justify this valuati
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valuation, and hoe me the trajectory to -- i'm having an emergency situation with ten of my investments just on, hey, if the war -- if china really goes crazy, and the stock market 20%, 30%, can we get the ten companies over the finish line. >> that point has been made a few times. tim cook making the surprise visit to the new york apple store on fifth' in advance of appearing on colberth tonight. that piece makes clear it's very much a surprise visit. a good amount of attention paid to selfies that cook took.
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the first is hey siri. you can say hey siri. he said hopefully people will look at our stance on privacy in general and know that we're not trying to operate outside of a fairly distinct line that we're drawing. i hope that people trust us to do the right thing here. then on 3d touch. i personally think it's a game changer. i find that my efficiency is way up with 3d touch because i can go through so many emails, so quickly, and it really does cut out a number of navigation steps to get where you are going. i know, john bullish on it. >> haven't used the touch wrelt. it's essentially adding the right mouse key. the right button key on the mouse, which can make you tremendously more efficient where i think the ipad pro will be a winner for corporate accounts, and i think the ibm dl, apple getting into corporate
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environments -- bringing their own device, so apple is going to be great in the enterprise, and i thought it was a particularly strong keynote this year. even though the watch is a little bit of underwhelming, i do think that their product pace is doing well. the music product was slightly disappointing, but the whole business -- everybody is going to really lot of the iphone 6. >> they're really gun are fog google in a competitive way. they have ed blocking technology that people haven't been talking about and that's going to be really a game changer. on your phone when you open safari, you're not going to see ads if you don't want to anymore, and ads on mobile suck. they're a pain in the ass when you get the big blocking ads, and you have to hit the x, and you are trying to hit it with your tiny finger. pain in the neck. tim cooks we're going to protect your privacy. that is a trekt attack on
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google, and if the iphone becomes more affordable, you know, this is really -- they've got google in their crosshairs. i think it's a credible threat to google. honestly. the ad networks are going to have a hard time because apple has no interest in ads, and they have 100% interest in protecting our privacy. that's a really good message in the age of ashley madison, the frappening and sony leaks. 2016 will be the year of privacy, and tim cook gets it. he is really coming into his own as ceo. >> for a twist on a company that gets criticized, john, for not taking privacy seriously. >> they've had some problems, but overall they've got a great time. jason, thanks for joining us. all right. coming up, it's been dubbed a bloomberg messenger kimmer by some. its backers include big names like goldman sachs, bank of america, and somewhere p morgan. it is ceo of symphony tells us how it works coming up next on squawk alley.
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i'm a customer relationship i'm roy gmanager.ith pg&e. anderson valley brewing company is definitely a leader in the adoption of energy efficiency.
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pg&e is a strong supporter of solar energy. we focus on helping our customers understand it and be able to apply it in the best way possible. not only is it good for the environment, it's good for the businesses' bottom line. these are our neighbors. these are the people that we work with. that matters to me. i have three children that are going to grow up here and i want them to be able to enjoy all the things that i was able to enjoy. together, we're building a better california. >> let's get to the che and rick santelli. hey, rick. stwloo hi, carl. you know, i had peter on earlier, and i asked him a very simple question, and by the way, the reason i asked it is the r word has been creeping into my strategists' writings and many research papers from some of the big -- too big to fail banks. i asked peter in the next 20 months what are the chances of a globaling recession, and he
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thought above auto 50%. we all know the story of how difficult it is to call recessions, but i do bring it up for a reason. first of all, let's just consider the chronology of the situation. kind of put that in 209-month timeline. let's see what the markets are thinking at this point about the fed. of course, let's look at a two-year note yield intraday. >> it clearly shows we haven't -- we haven't had -- since 2011. even though there's been plenty of intraday violations. i can remember one in august. i think it's the fifth. now, let's look at the other end of the kufsh. let's look at what's going on with the 30-year bond. we've traded up. we've traded up over 3%.
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on the market side of the fixed income yields based on the fed's two-day meeting starting tomorrow, but maybe it's all about commodities. looks at the 20-year chart of the crb index. this really speaks volumes. consider that commodities or the building blocks and the global economy. it has implications, and on the way down it has many implications that many are choosing to ignore. back to the 14 or 15 months before the election, cleanse to refresh. i think alan greenspan started us on the path that central banking and monetary policy could kind of mitigate if not crush or flatten out recessions. what's happened is the cleansing to refresh is now missing from the system. should we get a global recession? what's the encore performance. if you looked at the balance sheet, what are we going to do? look further in the negative
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territory? these are the questions that we should have been asking last year. >> let's see what happens. rick santelli in chicago. when we come back, the new messaging system that some are calling the bloomberg messenger killer. the ceo of symphony will join us live after the break.
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>> this next company is backed by goldman sachs. jp morgan, you name it. symphony, which some call the bloomberg messenger killer. it's launching today. the company did come under some scrutiny over record-keeping -- the department of financial officerses striking a deal with the four major banks over the new chad platform. joining us on the newsline today is the ceo of symphony david. it's good to have you. welcome. >> the recent developments of it and the deal that's been signed is great news for us. it proves that we -- it's a
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secure messaging solution against any type of cyber attacks. >> is this the extent of your ambition? $15 per user per month with more than 50 users, i believe right now free for individuals. it's a narrow market? are you going to build on top of this and do more? >> absolutely. you know, we had to start somewhere, and i think starting in financial services is a great place because messaging is their nervous system in the financial industries.
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>> the passport to take our solution to many other markets, and, you know, financial services has seven million people. that's still going to be a great fight here. >> i just wonder in their view was there a sense that bloomberg had too much that this was a monopoly that was begging to be busted up. >> what they were trying to achieve is figure out the solution that we were for everybody in the organization. bloomberg serves a small group of users on the front office. they're looking for productivity solution that will go across all the desks, and they can -- they
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can collaborate within and outside of their rendition, and that's in a way that is way better than the alternative today, and the alternative is very much e-mail. that's been the basis of symphony zoosh well see how you change the game. congratulations, david. please come back soon. >> in the past few days pay pal quietly re-entered the world of on-line gambling in the u.s. it hasn't had much to say about it. our own eric is here to tell us about that and the reason behind the secrecy. eric. >> yeah, that's right. people had just started processing payments for four u.s. on-line gambling sites, but they have been very quiet about it. at first issuing no press release. even going so far as to tell gaming insiders it specifically doesn't want any pr.
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pay pay did acknowledge that and saying it's now able to fully ply comply with the involving laws around on-line gambling. it's downplaying the move because on-line gambling is not legal in all 50 states. it doesn't want to jeopardize its status in those states where gaming is ellegal. people have been in the industry leader until 2003 when it exiting the business. the reasons mixed between the ebay merger and increased regulation. it never exited the business internationally, so this schank only refers to u.s. processing. the company's new partners include ceasar's on-line properties, including the world series of poker site wsop.com and a horse race betting saturday-up called derby games. john. >> all right. interesting move. it will be interesting to see how much of their business becomes this given you've had folks like zinga interested in getting into some gaming, gambling, and then backing away.
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>> let's get to whop ner. hq at the half. ♪ >> thanks. welcome to the halftime show. let's meet our starting line-up. joe teranova, along with stephanie, josh, and pete joining us from the new york stock exchange. steve liesman, and also with us on stet is jim glassman. the senior economist at jp morgan. our game plan looks like this. best in class, a department store stock at the top of one firm shopping list now our experts do a price check of their own.

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