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tv   Squawk Alley  CNBC  March 30, 2016 11:00am-12:01pm EDT

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it's 8:00 a.m. at uber headquaters in san francisco and 11:00 a.m. here on wall street. and squawk alley is live. ♪ welcome to squawk alley on this wednesday morning. and welcome good morning. >> also joining us is the new
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york times reporter. welcome to everybody. we have a lot to get to this morning. a strong rally in the market but shares of am in the green after getting upgraded to outperform. it comes as the stock officially exits bear market territory. meantime, now that the government has hacked that iphone without apple's help the company is trying to figure out exactly how to fix the flaw and what comes next. a report says apple could consider forcing the fbi to reveal how it did it as part of an on going case in new york. a lot to work with here but let's start with apple stock. we were watching it to exit bear market territory yesterday. there's the morgan stanley note about iphones a couple of weeks ago. what do you think did it? >> people might have come to their senses. what was it doing below 95 anyway. it's not like that much has changed. they came out with the iphone se is that going to change the overall trajectory of the
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iphone. we're not sure what the gross margins will be on that. people have seen that am continues to have loyalty and continues from all the reports we have seen to gain share over android. samsung's latest phones have a strong debut but not strong enough to change the overall dynamic in the smartphone market so in a way people have come back to the sense that they probably should have had all along about it. it's not back up at 135. don't know when or if it's going to get there. >> it's funny to talk about the upgrade because they had a 125 price target on apple and raised it to 135 where it had been before. what is fair value for apple here? >> the report mentioned a lot about how they would have evolutionary changes to the iphone 7 this year but then revolutionary in the sense of it on all the phones in 2017. that has a lot to do with the upgrade and the price target. i am not as convinced. i think apple is going to
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continue to do quite well. i don't think it's necessarily the answer. yes it helps battery life and yes it's beautiful in terms of curved glass. but i'm not sure it's going to win the day. >> there's the fight between apple and the fbi and a lot of news reports said the stock has been rallying despite this distraction. i don't know if they're talking about legal costs or having to die ve move resources to this fight. is it that apple won in this case or lost because they don't have access to the technology here? >> it's a mixed blessing honestly. the big question before was if the fbi wins this case is it going to set a precedent that will require apple to hand over
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information and hack it's phones in the future. now the fbi is backing down but apple has no idea what they're using to get into the phone. so the question is now does apple have a bigger security flaw or risk on its hands than it did before? and as of right now we don't know what it is. apple doesn't know what it is. >> the big issue is the reputational damage. people haven't talked about it yet. it's very possible that the fbi will come out and say they found information on the phone. whether they found information or not and that unto itself to me would suggest if they were able to come out and say we found another terrorist cell or information that would have lead to an investigation or something then you start to say to yourself the thing was hackable anyway. the government now has the hack. i think it changes the dynamic of the whole conversation. >> i'm on the other side of this one. almost nothing but upside here from am because they don't have this immediate hit of the government continuing to press this case. they get a little time to perhaps try to figure out middle ground in dealing with the government on it. they got the message out that
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even the fbi didn't know how to get into not even a modern iphone, an iphone that's a couple of generations old and if you're apple you're already planning the next upgrade. maybe they're going to encrypt icloud and other things. some reports are saying they had issues with their security personnel. it's the software people, a separate group of security engineers working on that. those people are probably hard at work on it apple is in good shape. if it turns out this is a broad vulnerability it could give them a short-term hit but they'll fix it quickly. >> the top intelligence agencies in the world figured out how to get into an old phone that
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people thought they could do anyway. >> the entire case has brought a huge number of hackers into the open. the company can clearly hack the phone. this has been made out in terms that it's some huge vulnerability to the world had the hack been available. the only way is to physically have the phone. if you think people are going to run around taking everybody's phone, the whole thing is crazy. >> exactly. >> every quarter for apple is a record quarter that's bigger than the last and these security scares we had a bunch of different hacks of large companies. i don't think it's going to be a giant hit in their sales next quarter. i could be wrong but i don't think so. >> morgan stanley says their sales are actually going to be higher than expected but of course we won't get that for a
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few more weeks. next up spotify is about to double it's current financing. the money lets investors change their securities from debt into equity at a later date. when it goes public but by using this method they get funding without having to change it's $8.4 billion valuation but could put pressure on spotify to go public sooner. without getting too into it for our viewers, what does this mean for a company that's basically setting terms against an ipo that's yet to happen because it needs the money now. >> a lot of folks thought spotify was going to ipo sooner than later.
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and the speculation is what is spotify going to buy. we have seen them dip their toes into the did owe realm with the release of the short form videos that you can watch on the go so the thing to look at is what deals could they have their eye on in the short-term. that's what i think this large amount of money gives them room for. >> doesn't this create a short fuse in terms of the real time line on the need to go public? they have to pay off the debt if not create liquidity for the investors later. >> i think they're probably within a year, the terms of the deal, they'll get a better discount on the shock if it goes public the longer they wait. it does create a shorter time line. i think they were planning to go public within a year anyway so this is just a larger cushion for them to again do some
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acquisitions in the meantime. how do you read this? pandora's market cap is 2 billion. do you do a real acquisition or save it for working capital? >> we're seeing it more and more as valuations come down to earth. we had uber and draft kings do similar deals. having a billion dollar war chest when you're competing against apple music, google play music it's a very crowded market. to give them the ability to make the acquisition or a meaningful play makes sense preipo. >> we might be covering that spotify ipo fairly soon. >> good for us. good for the viewers that want more insight into how these business models work. >> for the meantime thank you for joining us today. >> thanks for having me. >> more than 80 companies including facebook, apple and
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google writing a letter urging the governor of north carolina to repeal a law they say allows for discrimination against lgbt people. box and it's ceo join us exclusively later this hour. also we want to it and the nasdaq up better than that. also a nice gain after earnings and revenue beat estimates. however it's full year profit forecast was below estimates. also shares in the green this morning and it actually hasn't seen since 2008 kayla. >> all right. coming up, they won't rock your world but that's not the point. that is the headline of the review of the latest iphone and ipad. walt will join us in just a moment. plus from the white house to uber. top uber advisor and president obama's former campaign manager
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will join us in a cnbc exclusive and a rate hike in april would be a surprise according to charles evans. nor from his exclusive interview with steve when squawk alley returns. the pursuit of healthier. it begins from the second we're born. because, healthier doesn't happen all by itself. it needs to be earned every day. using wellness to keep away illness. and believing a single life can be made better by millions of others. as a health services and innovation company
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a new review today he says
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he likes the smaller device but that it won't rock your world. he's the editor at large at recode and executive editor at the verge and joins us now to explain. does that mean i'm not supposed to run out and get it? >> you know, it depends on your preference in the size of phone they looked over their user base and you saw this very well and you saw increases in sales when they finally went in the minority, maybe 20% or so of people are not upgrading and really liked the smaller body and it is in the companies and war ran upgrading.
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so they took that exact same body with a couple of tiny changes and they jammed all of the new necessary technology from the current flagship phone in there. >> can we talk about the ipad for a second? that's the one i would be more inclined to buy. is this going to replace my laptop? i have an air. i have been waiting for them to upgrade the air and i can't figure out if they ultimately want me to use a laptop or think everybody will be moving to some form of ipad? >> they write from the top of the company on down and looked me in the eye and said use the mack and iphone and we'll cannibalize ourselves and it will be fine. the answer is they think the
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ipad and particularly the new ipad pros. this is an impressive tablet. the screen, the speed, you know, the speakers, the whole package, it's really impressive and given that it must be said that microsoft had first and they have a stencil for stylist for those people that want a pencil device. it can roadway place the laptop largely or it's on its way there. i hedged my statement in my column because i'm not totally crazy about the keyboard but other people will come out with the keyboards and i want to see
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app development along the lines of this can replace. >> anybody that works in media has an sd card and wants to input things and want to be able to do fast motion video. there's certain things they have not perfected. even the safari browser isn't able to do some things that the mac can do. i'm interested in their take because this potentially efforts apple's margins. is it just a fantastic value at 400 bucks despite the fact that you don't have the higher quality facing camera. this is one of the things the phone doesn't have if you don't mind the smaller screen size. >> it's a fantastic value at $399. i have no idea what the margin is but they did not have to pay
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for new tooling on the case and that has to cut their costs considerably. i don't know by how much and by the way they already had high volume on the processor and the gpu and other stuff that they took from the 6s. i don't usually get into caring very much about that stuff but it may be the case that it's not bad. >> and i think it's a great upgrade for four inch phone lovers. will they ever get to where you're trying to do something that's so much harder and less efficient than a laptop?
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>> andrew, they don't seem to want to put a track pad in the apple made keyboard. but this connector is open to third parties. and they can put a track pad in so you'll have a variety of keyboards for this thing and i'm going to upgrade because i haven't in awhile and just taken purely as a tablet it's a fantastic upgrade but it has the connector and the possibility of doing so much more. >> the one and only, great to see you, sir. thank you. >> and up next, stocks seeing a strong gain after fed chair yellen eased rate hike concerns
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and chicago fed president charles evans echoed yellen's comments. stocks off their highs and we'll bring you more of that conversation but they're still higher, the stocks that is. plus box more than 80 companies urging north carolina to repeal a new law. aaron levie is with us in a cnbc exclusive. don't go away. i'm only in my 60's. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans,
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chicago fed president sharls evans echoing fed chair evans cautious message on rates this morning on squawk box but not ruling out a possible rate hike in june. steve is here with more on that exclusive interview. >> where you were andrew and exclusive cnbc interview but
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suggested the market maybe getting a little bit ahead of itself because inflation data would be the key. >> i would say that the threshold for having confidence that inflation is going to move up toward our 2% inflation target is pretty high. moving in june would be on the basis of the labor market. >> a more dovish fed chair sparking a rally in stocks that continues to this day with comments that suggested fewer rate hikes and further out than wall street had previously forecast. evans said that the fed was still in a rate hiking mode and two rate hikes this year were possible but like yesterday evans emphasized that global economic weakness is a reason for the fed to go slow.
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>> if you see all the different countries that are struggling to get away with low inflation rates we want to make sure that we avoid those circumstances. it's worth a little extra caution. >> evans on the other hand pretty upbeat on growth seeing gdp at 2 to 2.5% this year but down playing the chance of an april rate hike finding himself squarely in the camp of chair yellen. >> thank you so much. it was a fantastic and fascinating interview. thank you for bringing that to us today. >> all right. we have some break news. we have to get to sue back at headquaters. >> thank you, kayla. this concerns general motors. a u.s. jury found general motors liable for a defective ignition switch that prompted the recall of millions of vehicles but the jury declined to award any damages to the two people that said they were injured in the car accident caused by a defect.
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it's the first involving an accident blamed on the switch but the jury, although they found gm liable they did not award damages to the two people that brought the suit. back to you. i'll see you for a news update in a morning. >> general motors shares moving into negative territory on the news. when we come back, an interview with the top uber advisor and former campaign manager for president obama. david plouffe is with us coming up next on squawk alley. [dad] i wear a dozen different hats
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here is your cnbc news update at this hour. indian prime minister modi laying a wreath at the train station attacked by terrorists last week. he will also hold talks with belgian leaders and members of the european parliament. phillip hammond says russia is a threat to everyone because of its disregard for international conduct and norms. he was visiting the soviet state of georgia when he made the comment. the drills between the u.s. and south carolina are driving the korea peninsula to the brink of war and he defended the recent nuclear tests as self-defense against a nuclear threat from the u. s. are you ready for the angry hamburger? starting tomorrow burger king will debut that.
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a newburger called the angriest wopper with a red hamburger bun and will include jalapenos and spicy angry sauce. it will be available for a limited time only. we'll keep track of that one for you. that's the cnbc news update at this hour. back downtown to kayla and the gang. >> i'm getting heart burn just thinking about that. >> i want one. >> europe closed just seconds ago. let's bring in simon to talk us through what happened there. >> it's a much bigger rally in europe. norway is up almost 3% because of the dollar and expectation of commodity prices. on friday the ecb is going to double down to 80 billion euros a month and therefore you still have a major rally continuing on sovereign debt and the bond market in general which is pushing yields lower and therefore arguably pushing
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people into the stock market. let's just have a look at for example where we are on the ten year german yields and so far this quarter it's had the biggest slide in five years and you can see that since the march 10 ecb meeting when they said they would double down on rates you actually seen them basically half the yields from 30 to where we are at the moment. they are leaving the door open to further moves further down the line. the result of that is a very strong rally in the oils for example because you see crude clearly rallying. so a lot of these oil plays have come back substantially. 4 or 5%. you also see the minors absolutely rocket ahead for the effect that arguably the dollar could have further down the line. angelo american down and that market in general and sector in general rallying but it's a broad rally.
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one stock at the helm of today is metro. the big german retailer announcing that it's going to split into two. on the one side consumer electronics with the satin brand and then the food and wholesale business separately so up from a stock that clearly underperformed. >> thank you. uber is now operating in 70 countries. most recently launching in pakistan where riders are paying in cash. a popular method in several markets in asia. he joins us in an exclusive interview from san francisco with josh lipton. josh. >> thank you, john. david thank you for joining us. >> so you just got back from a trip to egypt and saudi arabia. just walk us through uber's strategy when it comes to the
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middle east. >> so the emphasis that you press a button and get a ride or work works in every part of the world. the fascinating thing about egypt, there was an event where 400 drivers showed up for work. even if they're not going to do it and 80% are women. obviously women are having a difficult time getting around so distinctions in every country but two of my favorite trips i have done because you see the power of the platform in terms of the driver's side and riders side. >> with you growing as fast as you are in the middle east and all around the world the company can burn with through a lot of cash. so $1 billion in china alone. does that mean that uber is expecting and counting on the private capital markets to remain wide open?
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we know there's some evidence suggesting those markets are tightening well, we are in a heavy investment phase in china. he expected us to turn profitable there in 18. obviously in many places around the world. they have been generous and they're confident in our model and you see that it works everywhere. every city large and small there's a lot of people looking to get out and also instantly and we are obviously facing fierce competition in china. doing well up over 30% in terms of market share. it's something we're excited about which is car pooling. so here in san francisco where we are, most people use uber now and their experience isn't getting in the backseat of a prius by themselves.
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they get in with somebody else. i haven't met anybody in the world that's a city planner or government official that doesn't want car pooling on the scale but that's a lot of investment. >> you guys spent a lot of time and energy talking to policy makers about the opportunities from employment around the world that they're creating. at the same time you're working on ia and have a huge and what does that do about the conversation you're having about creating employment? >> first of all, congratulations on billions. >> thank you. >> well, most tech companies, auto makers, everybody is working on autonomous technology whether it's google or apple or auto manufacturers and obviously
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transportation can be emission free and much less inexpensive. it's going to take a long time for the technology to be perfect and be adopted across the world technology is going to effect many parts of our economy. that's a conversation we in the private sector and government are going to need to be ahead of in terms of what that means but our biggest challenge right now, this year, next year, if we want to provide as much opportunity as possible for people behind the wheel. i do think that day will come you get different answers but it will probably be more transsa
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transational in theory. >> there is a difference in the two parties and how they're planning to handle this. take a listen. >> there's going to be a war on uber and the entire sharing economy because she wants to crack down on independent contractor arrangements which is how you're your own boss. >> so i'm wondering, he was talking about hillary clinton clearly there. do you see a distinction in how the two parties plan to regulate and is uber speaking out to either side because of that? >> we are for the most part, we operate in cities and we had a lot of discussions with democrats but also republicans. i don't see a huge distinction. what is starting to happen, one
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of the reasons we made such progress is they're starting to see what comes from this. it's a lot of work for a lot of people. it's a lot of work for people in economic need. it's a lot of transportation for people that had a tough time getting around. it's a way for low income people to save a little bit of time and money. these have all been key things of policy makers but we continue to be in dialogue but at the end of the day if we turn into a nation of freelancers ten years from now and i doubt we will, that's going to raise questions about the way we do benefits for instance. it's more of a question for policy makers but right now this is a huge value add. most of our drivers in the u.s. are not doing this in a full time capacity. they're doing it to augment income. it's one of the central economic challenges in the country. you people making $45,000 a year in cincinnati ohio so those are
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the discussions we're having but i don't think you'll see this be a big issue in the presidential election at all. >> you did weigh in specifically on the election and wrote i believe hillary clinton has zero chance of not being the democratic nominee but your comments come as we're getting news about a former staffer of hers getting i immunity on the e-mail investigation. the washington post is reporting that the fbi has dozens of agents working on that specific case and i'm wondering what smoke signals you're getting that that investigation will not result in charges. >> well i'm not getting information. so there's an investigation going on my view is there's nothing that comes from that. she has a massive delegate lead. bernie sanders ran a strong campaign and he'll win a bunch of states but obviously the
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republican race is one of the crazier ones we have seen and donald trump is going to end this process as the vote leader and the delegate leader so it comes down to at the convention, do republican establishment to the extent there is one these days think they can deny him that nomination. >> and just turning back to the business of uber so here in san francisco i take uber all the time. >> thank you. >> you're welcome. i sometimes hear drivers complain the price of the ride has dropped but it's good news for passengers. how do you reconcile that tension? >> it's counter intuitive. you drop prices but at the end of the day we're trying to create more demand for the drivers so if you were doing three trips an hour and now it's four as a driver you're going to make more money.
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so it's an alternative to owning a car and for the cars that have more people in them. you get that low enough so it's something you can use more frequently and it's available to every income spectrum but that's the balance. that's one of the reasons so many people like driving for uber but our goal is to have every minute as possible and you turn on that app for work and you have someone in the backseat. so when you increase demand that's the fly wheel effect we see. >> moment of truth, jimmy kimmel and ashton kucher will going to compare customer ratings on uber. >> i looked about 60 days ago
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and i was about a 4.9. how about you. >> you are doing much better than me. i must have had an incident. i'm only at a 4.5. >> 4.5. you have to drop your routine in the back of the car. >> thank you for joining us. thank you to josh and andrew we have to work on your backseat manners i suppose. >> i don't know what happened. >> i'm think you're supposed to say to the guy five stars but i think that's almost sin car length. >> have you tried that? >> i haven't. >> that's probably why you got the 4.5. >> up next, jane wells goes one-on-one with future hall of fame inductee kobe bryant. plus box is one of more than 80 companies urging north carolina to repeal a law that allows for
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discrimination against the lgbt community. aaron levie will join us in an exclusive. squawk alley will be right back. . with extraordinary offers on the stylish, all-new rx... and the dynamic nx. ♪ this is the pursuit of perfection.
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apple just got upgraded as well. we'll speak live to the analyst that made the call.
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we'll take you inside a $300,000 luxury tank. we'll see you in about 15. >> that qualifies as can't miss, scott. looking forward to it. meanwhile the government dropping it's case against apple but the battle is far from over. aaron is the founder and co-ceo of box. good to see you. i remember that your cfo is also a founder. >> yes. >> let's talk about the enkrimgs issue. where is it going next? i if remember last month you announced that you're going to start encrypting the data that you have in the cloud. up to this point on the consumer level, apple and google have been generally helping the government get access today at a in the cloud but if they follow your lead and start giving the
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key to the customer they won't be able to do that. >> we always encrypted our customer data in our service. the new innovation that you're referring to is called box key safe where we let customers take control of the encryption key so any time we juan to encrypt or decrypt data we're taking our data and reencrypting it with the key they prefer and the government has to go to them if they have a request around the data. we are going to see over time more and more hardening of our systems and our services to ensure that customers have as much control of their encryption and security as possible but the second major issue that this entire ordeal introduced is how big of a fracture there is between the legacy laws and
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policies that we are using for national security and safety and how they're intersecting or contradicting with how the digital world is going to work. so what we have is the government taking laws and expectations about how we used to secure information in the physical world and they're trying to take the same approaches and apply them in the digital world and the digital world is going to very different. in a world of our electrical grid being on the internet and being able to communicate and collaborate we're getting a different security model in that world and our laws are going to have to fundamentally be updated. we're going to be having this conversation for a years to come. we're in a security arms race but it's going to be incredibly. >> a critic might say what if somebody is running a criminal enterprise on box? . it could happen. your customer base is getting bigger and bigger and the government with a court order
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wants access to the files that these people have stored there. if you are giving that option that the encryption key reside with the customer they have to get the cooperation of the criminal to get access. might that be a bridge too far? >> well a couple of points to clarify. because we have a managed service we do an extreme amount of vetting of any customer that we give this technology to. so the businesses that will use this technology are some of the world's largest and known most organization. so think about fortune 500 companies as opposed to anybody online that might sign up for it. that's the distinction between our industry that we're going after versus a consumer internet company but the most important point is that we have to step back and look at the macro picture of do we want technology companies to be building more
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secure technology that will protect consumers, businesses and governments or write back doors into their technology which is might lead to vulnerabilities that can be exploited by attackers and other individuals. we haven't had that conversation at a policy or strategy level. >> speaking of policy, we have to ask you about the new law in north carolina and you are one of 80 companies that signed this petition against the governor asking to repeal a law already signed this week. in situations like indiana and georgia and companies are lobbying against these laws or in the case of georgia a bill that hadn't been signed yet. they're threatening to move business out of the state and i'm wondering how much business box and those companies collectively have in north carolina to threaten against the state if, in fact, that is the weight you're going to throw behind this?
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>> well, in our case, we're obviously a bit smaller. some of the largest technology brands are saying we will not stand for any form of discrimination in the states that we do business in and if that means we go as far as we're not going to hold events in the state or do further hiring in the state or pull out of offices in the state that's a lever that companies with a conscious have and that's what you'll start to see in these situations and i thii think it's moving the needle as you look at the bills being vetoed right at the desk or ultimately repealed and that's an important stand that companies are taking. >> we thank you for joining us on that. i do note that jimmy from ibm which is huge in research triangle, apple's tim cook also in there and now data senor in north carolina. so they have quite a few employees. >> who told kobe bryant he
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couldn't play basketball? and why he decided not to listen. we catch up with the basketball great next. ♪ before a movie star unwittingly gave you a global product endorsement. and millions of women everywhere decided, "i love that shoe." and the company's data center handled the spike in traffic without any drama. before all of this.
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i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. the vr madness continues. the ncaa announced this weekend's final 4 and national championship games will be live streamed in virtual reality.
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fans who own a samsung gear vr will be able to watch the game with a courtside perspective for free and you probably remember when we had the syracuse coach on our show talking about how he was investing in vr because he thought it was the future of sports. >> i'm not totally convinced on this one. some sports it's better to just have the camera focus you but you never know. >> this is awesome. i think if you had a choice you might actually take this. >> my team is playing this weekend and i wanted anything to be in houston. >> dow is still up 94 points and squawk alley is back in a minute.
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andrew only two more weeks with only one team but last night kobe bryant teamed up in a special deal for card members and they were also there but later when i asked i got an answer i did not expect.
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>> how did you make it? i put all my eggs in ones a bekt. and about ten years old. i said what do you want to be? i think you should be something else and i thought if this is so hard to accomplish, how in the world am i going to accomplish it? if i don't focus 100% on this i'm never going to get there so basketball for me was an obsession. >> who is that guidance counselor? what is he doing now? >> hopefully he's not guiding any other kids. >> although sometimes negative -- i always get motivated by people that tell me no. were you that kind of person?
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>> i they ever understood it. i actually feel bad for them. >> man, who would want to be that guy right now? more from kobe bryant. more answers. >> he is a legend. we'll be watching for that. andrew thanks for joining us. see you tomorrow. john forte the 4.87 uber rating. let's send it to halftime. >> thanks. welcome to the halftime report. our top trade this hour, did janet yellen give the green light to keep buying stocks? today joining us, jim, josh brown, pete and steve lease man and kevin o'leary. chairman and halftime residence debit sharp. the mayor avrnls at the highest level of the year. spurred on by the speech from the fed chair and more dovish comments today from

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