tv Squawk Alley CNBC March 9, 2016 11:00am-12:01pm EST
good wednesday morning. welcome to squawk alley for wednesday. kayla is in san francisco for us today with an exclusive tonight. jack dorsey on closing bell as square reports it's first ever earnings as a public company. joining us from san francisco today angel investor, a lot to get to with jason but we'll start with the news alert on apple. loretta lynch testifying on capitol hill. eamon is live with that. >> that testimony still going on. reiterating now the governments position in this apple versus the fbi fight in encryption. here's what she just had to say. >> i support strong encryption. we all have to. we need it to protect our data, personal data, financial data, medical data. the issue here is warrant proof encryption and just as we have security in so many other areas of our lives and still retain the ability to have very, very
focused responses to law enforcement i believe that our technology companies, the greatest companies in the world have the ability to work with us and achieve that. >> interestingly enough we heard from senator diane feinstein. she is at odds with them on this issue and is siding with the government. saying no company here should be above the law and expressing skepticism of the private data companies in silicon valley that can use this data themselves but are refusing to turn it over to the government. she doesn't like that they would use it for profit but not to help out the government. >> thanks for keeping us honest on that story today. next up today disney ceo saying that selling espn direct to consumer is, in fact, on the table. here's what he said at the media conference yesterday. >> by and large rights are not an issue. legacy distribution deals in some cases are. not that they limit us in terms
of our ability to do it but they limit us in terms of how we take it out to the consumer and i don't want to get into any details but it can be done but-issues that we have to face in doing it. pricing is one of them, by the way. >> as of december espn lost about 7 million subs over the last two years. john, he has said before it can be done but his time frame was a little bit longer. this is getting a little bit more specific now. >> the calculus has shifted in this debate over the top. it seems clear that it's not just a cheaper way to get content. in a lot of cases the skinny bundles or over the top content through apps is going to be more expensive. how do you do it in a way that the experience is good enough that they are happy about what they're going to get. the quality of experience isn't quite there. in order to release espn that way. it seems very clear now because espn is the one, just in terms
of monetary value that you would expect to be among the last move. >> it's going to be the last one to fall but it's going to fall and it's a matter of negotiating with the big directvs and the cable companies of the world but we've seen hbo do it and obviously they're filling the sting of 7 million lost subscribers so it's pretty cheerily going to happen and why not people spend $125 a month. let them pick the 10 services at $10 a month they want. >> but he pointed out jason that the sticking point is pricing and as some of the skinny bundles come together there remains a question, what is espn worth especially as they are beginning to spend so much on rights. they're losing subscribers. how do you value a business like
that that has always been number one and where the ground is shifting pretty dramatically underneath them. >> who they have to convince to get money from is the big issue here. now they have to actually go to the consumer and convince the consume tore give them money directly. this will be scary for them but look at hbo, look at netflix, look at amazon. these companies are getting people to pay direct. it will be huge for them when they have a data base of all the customers and they can slice and dice it. they don't have a data base of customers or all of these credit cards on file. they'll get tens of millions of credit cards on file and that will be huge for espn. >> especially for a company that's its been said leverages consumer products probably better than any other entertainment company out there. >> yeah. correct. i mean, they're advertising is going to be huge. their ability to invent products will get better. it's just going to be amazing.
there's no reason that sports fans won't pay 10, 15, $20 a month for espn and they'll be able to do things that no other network can do because of the content. a lot of the content that doesn't make money is going to have to go away and they're going to have to fight for every program. which is how consumers want to eat. they're disgusted by the buffet. they want to go have organic foote food and pick specific programming and once you're doing that and you're eating healthy the buffet looks disgusting. but think about back to february 9th when he said we're not going to let the disrupters disrupt us. we will decide when the time is right. >> good luck with that. >> are they losing control here. >> of course. consumers have no interest in paying $125 a month to cable companies and directv. once you cut the cable and you start picking what you want and there's all of these exceptional pieces of content it's very liberating and freeing. they spend three or four dollars
a day. why not spend that money picking what you want and getting rid of all of this waste. how many channels do we all watch? cnbc plus three others. >> exactly. >> who are these three others? >> no, you make an breasting point but i wonder about the loss of control, isn't part of the narrative here that user generated content has not become the juggernaut we expected. youtube is facing celebrities. a few user generated folks that rose to the level of being marketable and book is going after the nfl. youtube is trying to assign a bone identified celebrities now. the same, a lot of the same people still have control and it's just the distribution methods have changed dramatically. >> bob iger is doing a show here. he's like we're going to lose control but he's going to love this. he's going to love going to direct consumer and everything is is coming together. if you look at the advertising
the pie the internet is roughly a third and advertising tv still half. the internet just went right past outdoor print and radio. we demolished the three categories. those two things are merging into one and when two things merge together and you have the right like bob iger owns everything in the world he is going to crush it. disney is a huge buy. they'll have all the chips and it doesn't matter what pipe they distribute it through they're going to get paid. it's going to be the transition that's going to be hard but he is inside laughing and thrilled with this. >> let's move on here. square tonight reporting after the bell. first earnings report since going public in november. kayla has the exclusive tonight on closing bell and there is a lot to get to kayla. where do you start? >> well, i think carl, the place you start is really with square's own performance. it's the first quarter as a public company.
it's not expected to be a profitable one. the street is expecting a loss of 13 cents a share despite the fact that revenues are expected to grow more than 50%. especially hardware revenues are going to be a big part of this because this transition to wireless chip readers is one thing that square is trying to position itself to win and because of that and other head winds the research and development costs are skyrocketing and that's why they won't be able to post a profit or the street expects they won't be able to post a profit today. that's something that investors will be watching if there's not a profit this quarter. where is that path to profitability? we asked jack dorsey that question when the company went public in november. >> as any entrepreneur would tell you have to invest in your business and you have to grow your business and we don't see this as a loss. we see this as investment in our business. it costs money. so we have an understanding of our business. we have a very clear sense of
the controls of the business. we break even in q-2 this year and that proves that we have a business that can see that but we want to invest in growth. >> the stock actually broke below it's ipo price earlier this year. it's up about 40% from the bottom but investors are searching from some me trick and trend line to be able to value this company. most payments companies are valued against net income because they are profitable in square's case that is obviously not the case. other big picture items is square capital going to be the source of growth? we think it will be. how are they viewing the frenimies in visa and paypal and the big banks that are investors in square but increasingly on their heels. there's a lot to talk about. earnings hit at 4:00 p.m. and jason who is right here with me, the narrative today will hopefully be about square for this company and the long-term
growth they're hoping to talk about. you think it will be hard for them to control the message. >> congratulations on getting the interview. he's not talking to anybody by the way. the narratives can continue to be he's a halftime ceo and the results are not great and twitter is running out of bullets an people are very down on the business and square is a growing business. so it would be one thing if people felt he was 100% focused on either of these businesses that maybe they could come out of the tail spin and in square space get to break even or profitability. he has a lot to prove and the clock is running out. i don't think he has more than two quarters to run both companies. >> i will say one thing that's working in this company's favor is that where dorsey talked about having a team to help him run these companies he does have a very solid team in place at square. there's been fewer questions about the strength of the team at square than at twitter so i would expect that to be a message the company hopes to
drive home. >> cramers question this morning guys was when you hire, john, who do you funnel to twitter and who do you funnel to square and how do you square what he called that conflict of interest? >> that's a tough one. so often when i talk to executives they talk about i want to get the smartest people and figure out where to put them. in this case you got two place where is you need to put them. he needs a clear vision of the difference between the skill set needed in square versus on twitter. i think you can make an argument to that one but it's not clear. square could turn into a sales force.com for small business in terms of the data and the understanding of the data that they need to have in order to make these bets on where they put capital. >> small part of the business right now. >> small part right now but the bigger part get cog mmmoditizedt he has to tell two very complicated stories at the same
time to investors. >> jason, you have pointed out that his challenge is running both companies again and again but how would you handle that hiring question? >> there's no good answer. if you find a great cfo and both companies need it, where would you end one. this will dog him until either both stocks rebound or he picks a company to raund puts somebody in charge of square or twitter. so two things are going on beline the scenes. one is twitter is for sale and somebody is going to try to buy it. that's still going on. maybe they'll say it's not for sale but i think it's for sale at the right price and then with square is there a better person to run that company that has more experience doing payments and listen, jack can work both issues until one sorts itself out. that's going on beline the scenes because no rational set of board of directors would allow somebody with no experience run a public company to run .22 the satwo at the sam.
this is crazy. >> kayla we cannot wait for tonight. kayla's exclusive interview is at 4:30 p.m. eastern time on closing bell. jason always good to talk to you. >> thanks so much. >> the man's facial hair styles change faster than we can get the pictures up. >> let's get a check on the markets. dow up about 20 points. the bull market turns 7. the third longest bull market in history. we can't forget on march 10 the late mark hanes sat at this building and said that the worst was over. take a listen. >> however i'm going to step out on a limb here. >> this is the big -- hold on everyone. >> i think we're at a bottom. >> and this is because, this isn't just your opinion. >> according to my research, the key to me is the 200 day moving average of the do you and we are now at 67% of the 200 day moving average. now it's gotten lower than that.
it's been in the 30s. it got down to 50%. half of the 200 day moving average. but 67% is a real nice place to get a bounce. i think we're going to have a rally. >> there we go. man unafraid to make a call. >> in other words i think today this is for real. >> look at this 187. as far as i'm concerned even if it dies tomorrow mark's call was right because he did get a rally for one day. that's the kind of loyal sidekick i am. >> i think it's going to carry. >> man was he right. people forget just what a limb that was on that day. >> it was such depression around what the market had been doing and he wasn't just right for one day. he was right for seven years arguably and he wasn't just taking a stab in the dark there. he had a reason and you just -- you can't remace that kind of experience, that kind of personality. of course we all miss him here
at cnbc. >> very much. when we come back a major political upset overnight. bernie sanders beating hillary clinton in michigan. what's next on both sides of the aisle. internet advertising could leave tv networks in the cold and samsung's new galaxy s-7 phones are beautiful but there's a catch. walt is going to join us live to explain.
>> the strad argument is big for bernie sanders and that's the argument that donald trump is making too. at the end of the day this is a race about delegates. let's take a look at the counts. first of all, you can see that donald trump has an edge over ted cruz. about 10e 0 delegates. that's a significant lead. not an overwhelming one. he has about a third of the votes needed now. he is going to have to expand some to get to that delegate majority if he wants to this summer. hillary clinton on the democratic side she has got a substantial lead. about 600 delegates over sanders. now that's counting the 400 super delegates. they has about half of the nomination delegates she needs but bernie sanders will have to
have more victories like michigan by bigger margins to overcome that lead. let's look at the bigger prices coming up on march 15th. you have ohio, illinois, florida, missouri. these are are important on the republican side because ohio and florida switch to winner take all. that means that donald trump can get a big hall of delegates if he wins those states alternatively. if john kasich in ohio or marco rubio in florida can stop them they can grab a big chunk that makes it harder to get to a majority. another key factor is that missouri, ohio, illinois, those are open primaries where independents can vote. those scenarios have been kind both to bernie sanders and to donald trump guys. >> thank you, john. it continues to be riveting to watch. coming up, online advertising continues to grow. it could leave some tv companies and networks out in the cold. mark brings us winners and losers when we come back. trade trader offices.
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>> the internet is continuing to bask in the glow of the advertising spotlight. let's look at the winners and losers. joining me is mark haney. it has seemed for years that it is google and facebook as the 800 pound gorillas and everybody else. is that still true? >> it's largely true. we asked about 2,000 advertisers for 3.5 years every six months how they would rank order all the advertising platforms. google is king. number two is facebook. facebook is the number two roi leading platform and then you have to go down aways before you see the others. most of the add dollars are going to those platforms. >> money that marketers spend on those two platforms can be directly tracked through to a
purchase of some kind, correct? >> exactly. >> what about youtube and twitter? some of the other players selling largely against video. are they actually seeing the fruits of their labor? >> so the survey is incrementally positive and has been for a couple of sessions. every six months we run this. for twitter it was incrementally negative. we started to see a cresting in advertiser interest on twitter at the beginning of last year. we saw for the first time a jump up in the number of advertisers that plan to decrease their spending on twitter. just like their momentum stock buyers they're momentum ad buyers and momentum is move agoway from twitter. >> in favor of whom? >> facebook and google. the biggest positive and we're seeing advertisers 59% of them
in the survey the return on investment on the ad spin on facebook was rising. >> talk more about who is losing whether it's traditional tv players, whether it's print advertising, where is some of this money flowing away from going to google and facebook and others. >> yes, so every time we run the survey we ask marketers about 2,000 of them what's the source of funds for internet advertising? and the single largest source of funds is print. it's about 50%. we have also found what is some what surprising is an increasing percentage of that source of funds is tv budgets. a year and a half ago 25% of respond nts would have singled that out. when we just ran it last month it jumped up to 40%. that's the issue for tv advertising going forward. >> mark i like this line. a record 23% allocate more than half of their budget to the internet. are you able to dive into that and see what kinds of companies
do internet more than anything else? >> oh, yeah. i think at the top of that list is transaction companies, commerce companies, travel companies. i know you had a segment earlier on google and price line and expedia. some of those travel companies are way at the top of the list of internet advertising. what hasn't fully migrated on to the internet is brand advertisers. they work with video formats extremely well on tv and the tipping point for video advertising on the internet came about a year and a half ago. but the tipping point came when auto play video ads came from facebook. you're starting to see this upswing. >> are marketers happier with the way measurement has evolved? tv was able to clearly provide measurement of audiences and it seems like we have seen some evolution from the way that youtube and facebook count a
view. where are we in that? >> it's still very murky. i'm not sure it's that much better than what you get off of tv channels or radio for that matter. the easiest way to track your roi across all ad formats it's a strong statement but i'll stay with it is with google and search advertising. >> is there something in the survey that cropped up? facebook didn't have a mobile business. we think of this as evolving in a big way over the last two years. >> two things in particular and expressing interest in instagram. you bet that's the new revenue stream. it's the new revenue stream for book. but the surprise second one was snapch snapchat. 40% of advertisers are interested in advertising on that platform and none of them would have said that two years ago.
>> we're trying to wrap our heads around snapchat. it will be interesting. we always appreciate your insights on squawk alley. >> thanks, kayla. when we come back -- actually simon hobbs is here. >> slightly higher of course. this is now the eve of the european central bank meeting. a lot of potential for disappointment and a lot of discussion for what they might do. and of course the buying or the qe and where that will be extended. this is also the one year anniversary since qe started within the euro zone and obviously a lot of assets moved in advance of that and a lot has happened during those 12 months but just for the record this is where we stand on the key trades. notably the euro. if there's one instrument where they want to move lower it's the euro. for the last year during qe moved in advance and during qe the euro is actually higher. it's moved in the wrong direction for the ecb. as far as the stock market is
concerned and obviously qe has been great for fixed income. goes without saying. yields absolutely pummeled for the stock market over that year. stoxx 600 down 13%. the banks over the year lost a quarter of the mark cap if you aggregated together. there's a huge discussion about interest rates and negative interest rates. that's the cutting edge of what people worried about and particularly for insurers and pension funds arguably more than the banks. one of the worst performing asset classes in the world is the greek stock market which plunged further down 32% as you can see. today is an important day. the bailout inspectors are back in athens this morning, they're trying to pummel up this surplus and crushed the economy down to pay back their debts and you reached an inflection point for growth there as arguably greece is a holding pen for refugees in
europe as they close off other routes. that's a story for the other day. i want to mention a story getting huge headlines in the uk. this was the front page of the popular newspaper the sun today which suggested that the queen actually backs the u.k. leaving the european union. buckingham's palace complaint that it is inaccurate. the political editor of the sun is standing by this story. it relates to a lunch in 2011 where she had a heated argument and then the deputy prime minister about britain's membership of the european union. the political editor says there are two different sources who believe this is accurate though the conversation may be whether she had concerns about remaining in the eu rather than actually advocating an exit. that could move opinion polls. back to you. >> i see john collins tweeted in favor of it but this would be something else entirely.
this hour. three police officers and one civilian were killed outside of a police academy in somalia. no one claimed responsibility but it does bear the hall marks of alabama shabab. leader says he has country has miniature atomic bombs to be placed on missiles. dozens of students blocking access to a high school to propose labor reforms by the french government. the french president is looking to change the 35 hour work week to create new jobs. the amazon founder announcing plans for his space company blue origin to begin passenger flights within two years and he said groups of up to six tourists at a time would be taken on trips to experience weightlessness. the first test lights are expected to begin next year with thousands of people reportedly interested in taking the paid flights. not me, however.
that's our cnbc news update this hour. back down to carl and the gang at squawk alley. >> thanks. we like you right here on earth. >> absolutely. i want my feet planted firmly on the ground. >> a smartphone almost as beautifully designed as a smartphone. that's the take on the samsung s7 phone but walt writes that the phone still has its issues. he is re/code's editor at large and joins us now with more. have to tell you. i think that the s7 edge is better looking than the iphone. and i know beauty when i see it. why do you think it's almost as good as an iphone. >> i don't think i said that. i didn't say almost.
i think they're beautiful, beautiful phones. that's the headline on my column. >> is it the most beautiful phone, walt? >> it's the most beautiful phone. and what they have done is to curve the glass down in such a way that i said in my review and it melts into the aluminum and the result is they have the same size screen as the iphone 6s plus but they're able to put it in a smaller body because they have such tiny nonexistent bezels around it and that's a terrific hardware engineering feat and the cameras are also really good. i think the problem is what is often samsung's problem which is software. they duplicate a lot of the
basic android software. they cut back on that to their credit but they haven't gotten rid of it so you still have two messaging apps and two maps things and on and on and on right out of the box which is confusing to people and although the phones are encrypted they don't have an encrypted messaging service like apple does with imessage and really annoying, each carrier gets to put a bunch of what i consider to be bloat ware on the phone. it's the most aggressive and that's the one i tested and it's just all over the place. >> you say also you had issues getting the finger prprint sens to work. is that supposed to be the enabler for payments and unlocking and taking photos. >> it would be for me and again
i want to stress these are beautifully done phones. and maybe it's just me but you kept telling me when i would put my thumb on the button which reads your fingerprint it kept saying wipe the button and try again. and you really didn't have to. everything was perfectly dry. so i held it there. and it would eventually open up. it's annoying because the iphone opens up almost instantly and i are used that same thumb on the iphone, on the next and the nexus and on all the other ones with a fingerprint reader so that was an issue. >> i notice you put encryption as part of your review. you say you tonight normally do that. encryption is the next big bell and whistle for phones. how much does it matter now? >> well, i mean it depends if
you're the head of the fbi or a normal user or how your feelings about it are, but for me it's very important and if the phone is a physical object it can be lost. it can be stolen. each company has various ways to locate the phone. you know about all that. encryption gives you i think piece of mind that nobody is going to be able to get into your stuff. and remember this is not just a communication device anymore. all of your stuff is on there. and with the design despite the software flaws a lot of android phones have them. has samsung boxed out it's
competitors trying to gain market share and android. are they going to continue to rule the roost in the premium tier for android? they're not using qualcomm outside of the us. they have their own competing processor than in other countries. but qualcomm primarily in the u. s. but in terms of samsung as the principle dominant android phone and the premium space john to use all of the qualifications i think that's absolutely right and if i were at apple i would worry about this phone. >> i'm sure they are. i'm sure they are. always great to have your perspective. thank you so much. and up next, apple co-founder on the fight between apple and the fbi. what he told our julia. but first, rick what are you watching today? >> well of course i'm continuing
to watch this morning's numbers from wholesale trade and inventories and sales. it is very unique information there even though it's january. so we're going to have the national association of manufacturers discuss that data. do you know what the big number today is? 81. you'll hear what that is when i talk to chad after the break.
>> we got some of our traders fired up too and smoke them if you got them. phillip morris in our call of the day. you'll hear from her live. we'll see you in about 15 minutes. >> sounds good. thank you so much. steve wozniak is speaking out in support of apple and it's battle with the fbi. he talked to julia. >> well, steve is no longer involved with apple but he absolutely stands by apple's decision to not cooperate with the fbi in unlocking an iphone owned by one of the hackers. he says privacy is absolutely important. we all have a right to it and it's crucial not just for individuals but also for businesses. >> what if the chinese government came and said apple you have to get us a back door so that we can know what's in
any iphone including your own government representatives. we want to be able to inspect them any time we feel like it. no, privacy has to come first. we get into this mode where we want to fight my team right or wrong. my country right or wrong. all of that kind of stuff. well, you know what, let's make america great. hasn't apple been a huge part of that? listen to apple. >> while wozniak is listening to apple he's actually been talking to amazon. >> i'm excited right now about the amazon echo oddly enough. it's become such a wonderful part of our life not having to lift anything up and speak to things and just speak to it anywhere across a room. that's a luxury and freedom. i think it's the next big platform for the near future if i'm right. >> wozniak is also excited about the mass market potential for virtual reality. he says that apple should launch it's own head set and it is very likely already experimenting in that area.
virtual reality which is a big hot topic of course will be one of the topics on display. there will be a lot of different ways to test it out. the upcoming silicon valley comicon which he is working on. >> now on to rick santelli in chicago. >> well, thanks, john forte. i'd like to welcome my wednesday fwes. he happens to be the chief economist at the national association of manufacturing and not only welcome chad but you're going to give us breaking news, the first look at your economic outlook survey for q-1. take it away chad. >> thanks, rick. we continued to see manufacturing struggle even as we have seen other sectors pick up and in last survey 56.6% of our members are positive about their outlook. that's the fifth consecutive quarter that we've seen the overall outlook decelerate. and hiring capital spending and
it's clear that manufacturers are anxious right now and they're pulling back on activity and i think that i continue to hear that when i talk to a lot of manufacturing leaders as well. >> all right. now this morning, we have the january read on post sale inventories and sales and what i downtown is the motion that inventories are moving higher but the actual sales are moving lower. a lot lower. and my big number today was 9 to the second power 81. it's been 82 months since april of '09 that we've seen an inventory of sales ratio higher than we have which is 1.35. can you give us insight into that? >> we ask about sale expectations. that number fell down to 0.4% over the last year. that certainly speaks to the demand really pulling back in a strong way and on the export side, exports are expected to
decline 0.6% over the next 12 months. and keep in mind that manufacture goods exports fell 6.1% last year. so really it suggests to he me that overall demand right now at least we're starting off this year on a really bad note. hopefully we see a pick up moving forward. but at least for right now we have seen much softer demand than we would like to see at this point. >> when i look at manufacturing and i see the weakness we can't necessarily draw the line across the bigger part of the economy, the service sector but on the last nonmanufacturing number we had we still had the lowest level in two years, 24 months even though it is still above 50: i think the rate of change is a little scary and this is the second longest bull run in equities. if we're in for a recession why do the leaders and the central bankers try to stop it? won't it be therapeutic for
manufacturing? your final come mement. >> hopefully they look at manufacturing and consider that broad base growth we would expect to see. in the ism number yes we had negative numbers for manufacturing for five straight months. there was of optimism there for new orders and production. as our survey suggests, we've continued to see really soft overall demand. and again, many of the manufacturing leaders that i talk to are cutting back on costs right now and really nervous about this year. certainly when they're looking around the globe and seeing what's happening in china and brazil. >> we all know the biggest cross in any business's balance sheet. it goes up and down the elevators every day, that's the personnel. >> thanks, rick. coming up, donald trump's products in the spotlight today. that story is next. won't keep you up at night. know you have insights from professional investment strategists to help set your mind at ease.
man: could it happen to us? woman: no. we're okay. man: we are? woman: yeah, we brought in some new guys. man: what do they know that we don't? woman: that you can't run a country with pens and paper. it's not just security. it's defense. bae systems. donald trump making a big show of his products last night to illustrate his success as a businessman. our robert frank is back at headquarters with a closer look at the unique presser. >> donald trump took to the stage to tout his products and defend his business record. some of those products, well, they no longer exist or weren't as advertised. he started with his water. >> we sell water, and we have water, and it's a very successful -- you know, it's a private little water company and they provide the water for all my places, and it's good. it's very good. >> trump spring water is only
distributed at his resorts. and it's not really his company. he actually puts his label on a water bottled by a company called village spring in connecticut. the water brand he launched in 2005 actually folded. the trump steaks he displayed last night aren't actually trump steaks. he did sell steaks through sharper image in 2007 but those folded shortly after the launch. the steaks he showed last night are sold by a company called bush brothers. trump magazine folded in 2005. the magazine he held up is called the jewels palm beach, basically a sales brochure for mar-a-lago, his palm beach resort. trump may not even own it. the fine print on his website says, "trump winery is not owned, managed, or affiliated with donald trump j. trump or the trump organization. it is a registered trademark of
eric trump," trump's son. not saying event a great businessman but a little more sizzle than steak last night on a lot of these products. guys, back tho you. >> robert, thanks. a new apple parody from sasha bar on cohen. the dow is up 70 points. we'll be right back. the future . and to help you accelerate, we've created a new company... one totally focused on what's next for your business. the true partnership where people,technology and ideas push everyone forward. accelerating innovation. accelerating transformation. accelerating next. hewlett packard enterprise.
sascha baron cohen taking a page from apple's playbook to promote his new movie, his new movie showing him looking like an apple executive. >> we've built from the ground up a character with 12% more likability than even the borat and made him 50% more idiotic than the ali g. >> actually the sit-down part, he actually sounds like jon jonny ive. >> the movie comes out tomorrow. he was all over the "today" show this morning, handcuffing matt lauer.
meanwhile, jack dorsey's interview tonight on "the closing bell." we've walked through some of the questions that will probably be asked. certainly a nice pop off of the bottom after cracking that $9 ipo price. >> it has, square and twitter having difficulty today, square down about 1.5%, twitter down more than 3% today. if you're jack dorsey, which one do you look at? you have to look at both. square is report today, you have to think about that one. he's got quite the challenge. consumer names in general having trouble today. groupon gown abodown about 9%. yelled down about 5. zillow group and twitter, as i mentioned. >> chipotle continues to be weak throughout the course of the day, down 4.5% today on reports they've had to close this restaurant in boston because of concerns about employees get sick, not necessarily reports of customers getting sick.
cramer this morning satisfies -- says chipotle is through the worst of it. let's go to scott wapner in the "half." welcome to the "half time report." i'm scott wapner. the bull market officially turns seven for i day. steve weiss and jon and pete najarian. mark haines declared the worst was over. since then all three major averages have surged, making this the third longest bull market on record. our question today, is that raging bull down or just hibernating? that debate begins right now. dr. j., is the bull market over or not? >> no. not with interest rate damn near zero across the globe. not wi r