tv Squawk Alley CNBC February 3, 2016 11:00am-12:01pm EST
good morning, it's 8:00 a.m. at yahoo! headquaters in california. 11:00 a.m. here on wall street where we have a volatile session on our hands. squawk alley is live. ♪ with me as always. off and joining me this morning. former ceo of the daily mail in north carolina. a ton of volatility this morning. dovish comments by new york fed president bill dudly and weeker than expected economic data are moving the markets.
let's bring in steve. >> those dovish comments have not been enough to overcome that weaker economic data. markets are counting on the strength and services to overcome weakness in manufacturing and overseas growth and the oil sector. and all the indicators inside the ism showing growth in services and the u.s. economy but all weaker than they were including new orders and employment. this ignited a furious rally in the ten year yield. it dropped down to 1.8. it was a one year low. we haven't seen that in quite a bit and it also sparked the sell off in the dollar. if you take a look. it was i think a four month high for the euro verses the dollar.
he said financial conditions are tighter than in december and they must take the fighter financial decisions into account. amid all of this we have our first look at the cnbc rapid update tracking gdp for the first quarter after stronger than expected car sales yesterday but we're just tracking a very weak 1.7% after the weak 0.5% with a very wide range. take a look at who was where for the first quarter. the atlanta fed at 1.2 and morgan stanley which was right about the fourth quarter. weak again in it's forecast for the first year, just 0.8%. what the market is not trading on is the adp jobs number showing stronger than expected payroll growth. it predicts job gains of 205 in january. maybe there will be more
strength than expected on friday but as you can see from the market trade the market is focused on the weakness. not the dovish fed comments and not job growth and it's hard to say that the market is wrong here. john. >> yeah, steve i wonder about that adp number not really perking things up much. is that about job growth being seen as a lagging indicator instead of leading? in other words if things are really that bad it won't show up in the jobs number until future months. >> i think that's right. all the indicators are that jobs are at least an indicator and you have that very strong job growth from last year. about 2.6 million jobs created in that payroll and that should work it's way through the economy. i think the market is focused on what it's focused on and a significant part of this and optimistic guidance. if you had optimistic guidance maybe the market would be more inclined to look at the better
economic data but with negative year over year, quarter over quarter comps in earnings and weak economic data that's what the market is focused on. >> but we thought that february was not going to give us that much because you have a draught of meetings. you don't have the boj meeting and fed meeting and the ecb meeting but we're still hearing these very loud voices coming into the market and i'm wondering if you think that we'll continue to. >> not meetings but we do have speeches. you can flag this right now. everybody should mark their calendar. yellen takes to the hill february 10th for the humphrey hawkins testimony and that's going to be very important because comments from dudley, comments from fisher are one thing. comments from the chair will seriously redirect the market and i think it's time to start talking about whether or not yellen doesn't quite pull the plug on rate hikes this year which is where the market is off
the lows. shares down quite a bit after saying it's going to cut 15% of it's work force and explore strategic alternatives. david you talked to a number of turnaround ceos. me meg whitman comes to mind. she's the gold standard. how does marissa do? >> that's a difficult question of course and one that i think a lot of people judging from the stock price and at least evidence that i have received having spoken to a hand full of people in the brief time we have been off air it's not great but it may not be the interview itself. it may simply be the fact that so many people are still trying to understand exactly what is the path here at yahoo! because they're going down the path of
restructuring the company and refocussing in some ways on what their core mission continues to be and how they'll get to revenue growth. at the same time they're focused on the reverse spin of the core business and now we have this additional layer added by the board of directors in which they're going to become more active and actually entertain discussions with potential buyers for the core business. given all of that of course i did ask marissa mayer whether shareholders will have it in her opinion in this complicated new set of plans. >> when i look at the plan i see a focused product portfolio. three platforms and four verticals, news, finance sports and lifestyle and on the advertising side it comes down to yahoo! gemini. >> the key focus has been the
overall value of the company. the plan that they are now pursuing which involves leaving it behind in what would be an investment company. also the yahoo! japan stake. clearly they don't believe it's worth 0. our goal is to show it to the market and be recognized for that value. >> let me ask you a question. do you think that anybody could have revitalized this company? >> i do. >> a take a look at what he has
done over at microsoft. what he sold is a vision more than anything. we had heather on this program a couple of weeks ago and she was right on her case on microsoft on all the details but the valuation expanded on the way he was able to articulate the cloud story and now her language is different. it's very tough. very reluctant to let him off the hook and say it was an impossible job. you have tens of millions of dollars but nobody could have done it. >> let me talk about the facts out of these earnings which chased the case around how bad it has been here. it's supposed to be the growth engine, the new business, the thing competing in native and different things. from 44% growth to 9% growth when only hundreds of millions of dollars in revenue. you look at their native advertising product on their homepage which is the hottest area in advertising.
direct response advertising right now. tumblr. growing in sales. how they can't sell 100 million dollar of ads this year is baffling to me. they should be able to compete with the hottest properties out there. buzz feed. vice, with a product like tumbler and less than 100 million? come on. >> the fact that something like medium has been able to grow the way it has and capture the audience that i think at one point tumbler was going after is surprising. but obviously we had starboard in there and other activists over the course of the years. does this look like a company that has an activist shareholder lighting a fire underneath it or a company whose board is coming around to the idea that the properties they invested in just aren't working? >> it's a great question. you have a ceo focused on trying to revitalize the company after being there for 3.5 years and
squarely focused on the operational challenges of trying to do that but a board that seems to be listening more closely to activist investors such as mr. smith although it's unclear if he believes how much they're listening to him and the window for nominations has yet to open but it's certainly far from clear that he's not going to mount a challenge to keep the pressure on and try to get a few board seats. the board is moving on with the strategic alternatives plan and my understanding of it is that they are going to now be engaging in discussions they didn't previously have. they were not engaging with them in anyway and now they're going to start to do that. you don't have the ceo involved in that. >> can you redecorate your house while renovating it and also try to sell it? >> it's also having somebody else trying to sell your house
while you're renovating and then she says to you i'm not involved in the sale process. >> she made it clear it's being run by the board. >> so she's not on board with that. >> i didn't ask that direct question. i'm sorry i didn't but i didn't. but it is an interesting situation. it's not one you typically see although it's something that can happen but the board is dealing with the shareholders to a large extent here. >> great interview. >> thank you. >> thanks for joining us on squawk alley. let's see. what do we have coming up next? >> a mixed bag for tech this year. google and facebook looking strong but amazon and yahoo! still struggling. a top fund manager will tell us where he is looking for growth going forward. plus shares of mondelez falling after reporting a loss in the fourth quarter. ceo will join us in a cnbc
over here today and a lot of the names that have been the momentum names and facebook and google both hit all time highs this week. they are leading the decline and are the biggest drag down here. the fang today not having much of a bite in terms of helping this market to the upside. some of the worst performers today are earnings losers. of course we know the story on yahoo! but take a look at interactive and match. match of course spun out from interactive. that's the parent company of tinder. okay cupid. match.com. really numbers in terms of revenue per users seems to be decelerating. the company today hitting a new low below it's ipo price from last november. interactive corp. also hitting a new low. seeing losses mostly on their publishing side. the losses over at match in addition to their dating cites. they also have tudoring cites
and that's where they saw losses. interesting story in the new york post that barry diller and interactive corp. may make another run at angie's list. they're looking to do more acquisition. finally take a look at some of the stocks today that are defying the plunge. one of them being autodesk and giving a lift to cloud players. auto desk does design software and compete with adobe. they say that they are going to restructure. they are actually going to be cutting 10% of jobs. very similar to what we heard from yahoo! but the street seems to be much more interested in what they have to say. they say they're going to transition over to the cloud and as you can see the cloud players for the most part today trading to the upside. back to you. >> thanks so much. bertha at the nasdaq. how do you play these names? joining us now price portfolio manager ken allen. he runs the firm science and tech fund. it's great to have you.
>> thank you for having me. >> we're trying to sort through a sector that in one week alone has had companies like google, facebook, microsoft, play themselves as the top four out of five companies in the global economy and on the other hand you have companies like yahoo! and twitter who are having to cut their way to growth. how do you sort through that. >> it is a tough start to the year for the overall stock markets and in particular and buy and hold for at least the next couple of years and we're seeing intriguing opportunities among the more premiere growth company with amazon at the top of the list as one that i think is a really compelling buy right here. >> how do you wrap your head around valuation? even though that might be a secular trend that could continue some managers say it's too expensive at this level. what's your take.
it's still expensive on near term multiples so we think about the long-term earnings power of the business and cash flow generation that it can achieve and when i think about it's e-commerce business amazon web services both of those can be among the bigger businesses in their industries long-term and that will accrue very favorable margins versus the very low margins they have now as they invest in entry and their future growth so i they taking into the account the five plus year cash flows that amazon i think will generate, the stock is actually quite undervalued even though as you suggest the near term multiples are quite high still. >> when you say you're looking for long-term growth does that mean you are chasing winners like a google, a facebook, even an amazon which is still up quite a bit over 12 months? what about names like go pro, fitbit, etsy.
recent ipos but slammed over the past three months is it bargain basement time for those or would you stay away? >> it's very stock specific of course. where some opportunities are arising is some of the darlings of recent years in the cloud computing trend, i mention amazon but also for instance in the software as a service trend, they have both come down very sharply from the highs they reached only a few months ago and i think that's a very enduring trend and there's a few companies within that trend as i mentioned toward the top of the list that i think are well positioned not to just grow for the next year or so but to grow as i eluded to with amazon for the very long-term and my confidence in the growth of those businesses as i mentioned is why i think that we can pay
near term multiples or one that look quite high and based on the durable and high growth of those businesses. >> what gives you that confidence though? we throw around secular terms like software as a service or cloud computing and we know the world is moving in that direction and that those technologies have been popularized but it's hard to think this won't be a winner take most market and why you think those are companies that will win. >> so the key things are the size of the market and what's the competitive position within those. >> it's a $5 billion market cap but it's disrupting the $20 billion software market. and doing $5 billion of revenue 10 years from now. when i look at the advantages it has from having built cloud software and competing against incumbent players that have all
that share that have not done a good job in that area i feel like the share growth run way is very long and in the huge market that makes a big difference for what kind of size that company can get to over time and what kind of margins it can generate when it gets to that scale. i know you don't want to describe what they should do but we're trying to discuss the outcome of yahoo!. it could either be price line and survive this or it could be the likes of ebay and see a surge of growth but then come back down to earth when that growth disappears. what's the outcome for yahoo! here? >> so, there are obviously a lot of different dynamics going on will and yahoo! is a good idea here because i think the value of its own business plus it's investment stakes in other businesses, and most notably of
course alibaba which is one of the internet companies is much valuable than the stock prices currently and they're also looking at strategic alternatives while also separating the stake. they have in alibaba and that joint path has the potential to unlock the value that i see in the sum of the parts of the business. >> marissa mayer agrees that it's worth more than the street is giving it credit for. we'll see how it plays out. we appreciate your time this morning. >> thank you. >> and coming up, shares of mondelez tumbling about 7.5% after reporting a loss in the fourth quarter. the ceo is going to join us in a cnbc exclusive in just a moment. and still keeping an eye on the markets, the dow down just about 25 or 26 points well off the lows of the session. the s&p down about .5%. the nasdaq doing the worse down 1%. the next thing to watch of course the close over in europe. we'll bring that to you when you
>> on the floor with more. >> john, the stock is getting hit after posting earnings that missed the street and retail and she's the ce of and chairman of mondelez. good to talk to you again irene. >> good to see you sarah. >> are you surprised that the stock is hit so hard. >> i understand that the earnings release is some what complicated because there's currency impacts and the deconsolidation of venezuela and it's important to understand that our business fundamentals are quite sound. as you mention we have significant margin expansion in
2015. we're up about 150 basis points. we forecast it to be up in 2016 and we have given guidance as we look out to 17 and 18 to be up again in the 17 to 18 ra range which would be about a 700 basis point expansion from over a five year period so significant improvements in margins. solid improvement in our top line growth funded by investment in marketing and foundational investments and factories as well as markets and we delivered solid double digit eps growth up about 19% in-turns of constant. as well as strong cash flow. >> well, clearly venezuela is a headache and analysts were expecting that and there was a problem there. but generally the macro environment, you guys had almost 80% of your business outside of the united states. you have been doing this awhile.
selling american products abroad. how bad is it right now? the macro economic environment? >> i've seen some challenging trends in the macro environment and we have reflected that in the revenue guidance. we continue to see challenges in markets like brazil and russia: we're also continuing to watch the evolution of the macro conditions in china and we're being skittish consumers even in our developed market. we believe we have been prudent in giving our guidance for 2016 of revenue growth of at least 2%. that reflects an underlying revenue growth over 3% which is in line with our categories. >> cramer brought this up on twitter that at least 2% organic revenue forecasts for the year sounded conservative. >> can you talk more about why you came up with that number.
>> as we look at the macro factors we estimate that the global growth will be 3 to 4% begin the recoveries in the u.s. and europe. the weak demand in emerging markets as i said especially in brazil and russia, slowing growth in china and the fact that the emerging currencies are still under a lot of pressure. in addition as we exited the year and as they're observing in the first half, the first quarter of this year we're seeing that there's continued challenged in those emerging markets. within that context we believe that the guidance that we're giving of an underlying growth of over 3% consistent with the market growth is prudent and allows us to continue the very aggressive margin expansion that we have continued. >> europe was some what of a surprise to investors. it's your biggest market and saw falling sales. what's the plan to turn around the european business? >> well, actually europe is impacted by some of the
strategic actions we took to improve our overall revenue mix. we're seeing the recovery in those markets in terms of our chocolate business. it's about 40% of our chocolate revenue. our largest chocolate business in the world and we're seeing healthy recovery in those markets but it is masked some what by some of the actions that we took to improve the overall revenue mix in that geography. >> the u.s. and north america has been a bright spot in terms of profits and sales. there's a lot of talk about the economic weakness in this country. the markets are brutal to start the year. there's talk of recession. are you seeing that with the u.s. consumer? >> i think the u.s. consumer remains fragile but we have been executing well. we continue to deleverage our direct store delivery system. it's giving us very strong presence in store and allowed us to generate almost 3% revenue growth in the 4th quarter on our
biscuit business and gives us great optimism as we look forward in 2016. >> thank you for calling in. a re irene is the chairman and ceo of mondelez. hoping to talk to you further on about the long-term story of mondelez. >> let's bring in simon hobbs. europes close lead by the banks today instead of oil. >> it's all about the banks in europe. you can sthee the national indices are looking poorly but notice as you go to the south of europe where you have the weaker banks in italy and spain that's where you see the greatest losses. i'm not even going to talk about greece. they're somewhere else. you're in an environment where the data is weak in europe. retail sales are higher but falling at an annualized pace in the fourth quarter. if you look within the pmis in europe today you have price cuts coming through again and again and in an environment where the ecb is more likely to act and push rates further into negative
territory, presumably on march 10th and in this country dudly and the services data is indicating that the fed is going to be less aggressive, how do the banks make money moving forward if rates are going down and down and down. there's a major rally obviously. we had a pause on monday and now the yields are plowing further and further into the red. the result of this. this is a year to date chart. the european market is down 10%. the banks in europe have lost a fifth of their value and continue to fall. it's the weaker bank at the helm of that. take a look at where we are on the italian banking city. today you had citi layering a high risk over the recommendations it had for neutrals and one buy. on the basis they should have been more negative when they went neutral in november. not just because of the fundamentals of the business but what they describe and i am quoting citi, as a loss of
confidence. you see those italian banks have fallen again. the spanish banks followed the italian banks down during the course of the session. some of these are big. down almost 4% and then you pull back to some of the bigger banks around europe and they too are in negative territory. deutsche bank is down today. they cut the rating to underperform and the convertible bonds of deutsche bank at a record low. bmp. hsbc holdings on the upside is actually leading the fight for china. the chinese state controlled company that is buying syngenta so that's a turn around for their m&a partners. it's one of the top gainers in europe today. >> thank you. up next, yahoo! shares continuing to fall. now down still sharply as they have been all morning but our next guest is still optimistic. squawk alley, we'll have that when we return.
good morning, everyone. here is your cnbc news update at this hour. investigators believe a bomb caused the explosion aboard a plane forced to return to the somali capital for an emergency landing yesterday. two sources telling them that one person was killed in the blast that blew a hole. bill cosby arriving at court for
day 2 of his bid to get the sexual assault case against him thrown out. he emerged slowly from his suv. some people cheered and cosby waved back and gave a thumbs up. the first cvs pharmacy inside a target store opens today. it's all part of the $1.9 billion acquisition of the pharmacy business. when complete more than 1600 target pharmacies in 47 states will be rebranded. and the tokyo police arresting him on suspicion of drug possession. the most home runs in japanese baseball history. you are up today. that's the news update at this hour. back downtown. >> let's send it to seema. >> shares of buffalo wild wings are under pressure in wake of a
restaurant closure due to food born illness last week. there's no link that the restaurant was the cause of the illness and it took action by closing the day for voluntary clearing and opened the next day by consulting with the health department. an investigation is on going but there's currently no confirmed cases of noro virus associated with buffalo wild wings. results from the testing facility are expected the next few days and the company is set to report earnings after today's closing bell. shares down better than 6%. >> thanks seema. take a look at shares of yahoo! right now. down about 7% and tech stocks are feeling the pressure broadly today. the nasdaq is the worst performing index. not only today but also year to date. he has a $41 price target and out perform rating on yahoo!. you must think there's more value in this company than the street is giving it credit for. where is it?
>> we do and we're not getting that much value. only $5 per share. however we still think there's an opportunity. if you look at alibaba, the asia assets, we think that should be at least 2-thirds of the value at yahoo!. on the low end you get to a price of the low 30s. it's unlikely using an untax scenario. you can get a price of $40 easily on yahoo! shares. >> it doesn't seem that easy given what they have gone through. they will seek to lay off 15% of their work force. marissa said the best way to realize value is to separate that alba stake and figure out how to monetize core assets. is it obvious that that plan can be carried out and there might be a buyer for the core
business. >> we're not putting much value. it gives you about $5 per share. we do think separating alibaba shares is the best way to create value in the near term. investors have become impatient with that but if they can't effort that over the next 9 to 12 months that will unlock some value. >> if you have a buy on yahoo!. alibaba isn't going to go any lower. that's trading at $62 right now. if alibaba continues to go lower does that adjust your thinking about yahoo!? >> so as we said, a large part of our price target is based on alibaba shares. at current prices in the low 60s we get to a low 30s price for yahoo!. but if you look at alibaba shares as well, they're currently trading around 20 times 2016 earnings. cash around 15 times earnings on 2016. we even got relatively
attractive for a company growing 20% plus like alibaba is. some concerns around china but most risks on alibaba shares at this point. >> how much of a risk do you have to factor in when you consider not sure how the tax stuff is going to workout or how long it's going to take for yahoo! to consider finishing any offers that come in and not sure where they're going to be? >> we have a 50% chance that yahoo! can expect a tax free send spend in our price target. in alibaba shares we put a 10% discount to our current price target to be conservative there to get to our $41 price target. >> we saw the company announce that one of the directors of the board would be stepping down because of time commitments. do you think there needs to be
more people on the board with different expertise or any other part of the chart reworked? that can help. they need fresh blood in there. they talked about making changes for awhile. they talked about greater focus for the last couple of years. we need to see more product innovation out of yahoo! and we haven't seen that. the hope is by focussing on less products we'll see more product innovation. that's what we're going to look forward to for the next couple of years here. >> we appreciate your time this morning. >> meanwhile, check out the dow making its way back into positive territory by 29 points and it has come a long way after being down triple digits. and we have the first ipos. these first bio tech companies going public today. beigene and editas medicine. both of those up by 17%. >> but first, rick santelli, what are you watching today.
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miller. we'll ask rich ranked number six on the list of the country's top 100 financial advisors whether he agrees. plus s&p cuts the the ratings on ten big oil company with three names now in junk. we're going to talk to the man behind the downgrades to see if even more are coming. and as we countdown to the big game, nfl and super bowl legend jerry rice joins us live. kayla we'll see you in about 15. >> he knows his way around the bay area. that's for sure. >> sure does. >> let's get over to the cme group. >> well, thank you very much kayla. let's start out with a few charts. let's look at ten year japanese government bonds. you can see they're getting closer and closer to zero. david faber had just an absolute a plus plus interview. he brought up some interesting things but we have talked about them before. you're around 2.5 with regard to debt to gdp.
2.5 times the economy in debt. rates are going down because of course they're doing more. if you look at one year of a two year european note you'll see it's minus 50 basis points. if you look at the 10 year you can see what's going on with their yields. they're hovering above 30 basis points. by the way, intra day at one point traded under 5 basis points. look at the shanghai composite. enlightening statistics there that we talked about since the crisis we know that close to 58 trillion dollars of debt has been added. much of that in china as china is 3.5 debt to gdp. 350%. does debt matter? listen i have talked about recalibration and the notion was was that things like the service sector in the u.s. were holding up better. we understand manufacturing is affected by global issues but that the recalibration probably wouldn't be too messy and it almost wasn't. we tighten in mid december.
markets were pretty orderly. now think about how things have changed. my assessment is because the bank of japan wants to do more, because the ecb wants to do more. because the chinese are doing more but nobody knows exactly what, we now have turned the corner. doing more show cases less and less and less confidence. i ghif the fed an a. i have rarely given the fed an a. normalization in mid december is better than never. they are on the right path. by other major economies or developing economies going the other way doubling down what that has done is it has show cased the reasoning. and the reasoning is things are getting worse. and when i look at washing machines being effected in terms of the service sector, listen, if you want to get a washing machine fixed do you care what the exchange rate is? no but if your confidence is
negatively effected by the global economy as a consumer you're most likely going to show up in those statistics because the service sector is growing but at the weakest pace in 23 months. john, back to you. >> important to keep an eye on. thank you, rick. coming up, oil prices spiking this morning above $30 barrel. now up over 5% even. we're back in just a moment.
>> used to insure the devices used by visa, amazon and best buy and the u.s. department of defense. he is the president and cto of tanium and co-founder by the way too. thank you for joining us. >> it's a pleasure. thank you. >> a little over five years ago, a previous company that you also found sold to ibm. had a lot of potential and we didn't hear a lot about it again. are you determined to take them the full distance and not sell to a bigger enterprise company? >> we absolutely are and we have been telling our employees and our customers this from ground zero. we really want to turn this into a change in the enterprise security market. we have seen a lot of companies that have sold out early. the big companies don't know what to do with them and our customers are frustrated because they know this is a problem and they need help with it and we want to be there for them. >> so given that. i think the reports were you got
something like $40 million from that transaction. so we're up about 200% this year, year over year. we're able to do a cash flow positive which is very rare in our industry and i think it is definitely difficult to raise money compared to where we were six months ago but the reality is i think the businesses that can stand the test of time and the ones that build profitable real enterprises with customers that are happy that keep renewing and the number that i'm most proud of is we have a 99% rate. our customers like what we do and there is very sustainable businesses here.
the ones losing a lot of money are probably going to disappear and that's the natural cycle in the valley. we've seen it a few times now. >> we have a couple of these companies as proxies in the public market that actually saw pretty weak quarterly results because we din have any high profile hacks and there's this proverse correlation between when you see a high profile hack take place and having other companies feel like they need software to protect themselves. are you seeing that play out in what you do? >> so we have a little bit of a different perspective on this market. we look at security as a hygiene issue and what a lot of our customers realize is the reason that they're getting breached and this has been proven out by verizon reports and a lot of studies is that they're not actually doing good hygiene in their environment. so take a step back. many of our customers before we got there had no idea how many computers they had and where
their data was. was they have that data, they can get it out of solving the problems as well as getting more secure. so they're not seeing any in our business and there's a lot of security companies that are. >> the hackers are still hard at work and i suppose that's job security. thank you for joining us. >> it was a pleasure. thank you. >> coming up, we're watching the spike in crude up 5.5%. 31.58 barrel. we'll take you behind the scenes in the oil market when squawk alley comes back. i think it landed last tuesday. one second it's there. then, woosh, it's gone. i swear i saw it swallow seven people. seven. i just wish one of those people could have been mrs. johnson. [dog bark] trust me, we're dealing with a higher intelligence here.
welcome back to squawk alley. reporting after big builds in crude oil and gasoline reported by the department of energy. earlier this morning we did see crude wash out briefly turn negative but staging a big come back here. traders telling me there's a few reasons for this. once you bug into that report you saw that imports were up. also production was down slightly for the second week in a row. that's encouraging at this point some people questioning whether
this is the tipping point but i will say still over 9.2 million barrels a day. a weak dollar today certainly one of the reasons that crude is bouncing higher and also the headlines from the wall street journal that ecuador is requesting an emergency opec meeting so remember those kind of headlines last week gave us a lift in crude oil. traders also pointing out to me today to look at the disconnect between what we're seeing in equities and what we're seeing in crude. something john worth noting. back to you. >> thank you jackie. it's not just oil. apple is back on top now. the world's largest company again. just barely. apple and google neck and neck. that's going to happen for awhile. we're getting familiar with those sitting up at the top. we're going to get familiar with co-proafter the bell. stocks down 81% in the last year. >> it's absolutely staggering. we'll have to see what they're doing about the inventories. the sell through has gotten better on the cameras.
if they're still looking at hardware sales. >> finally let's look at comcast that is seeing some strong this morning. it's our parent company but it's up 4%. company beat on revenue and missed on the bottom line just about a penny but added $10 billion to their buy back. let's send it over to noon, scott and the half. >> let's meet the starting line-up for today. cnbc senior economics reporter steve liesman and the ceo of hightower treasury partners linked among the top ten advisors with $8 billion under management. our game plan today looks like this. call of the day, one analyst says chiptole shares are a buy but does our desk