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tv   Squawk Alley  CNBC  September 1, 2016 11:00am-12:01pm EDT

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good morning. it is 8:00 a.m. at sales force headquaters in san francisco california. 11:00 a.m. here on wall street and squawk alley is live. ♪
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>> good thursday morning here on squawk alley. also this is insider ceo. henry, good morning to you as well. first up we are following the latest out of cape canaveral florida where a spacex rocket fought fire and exploded. no injuries reported and no threat to the public. the rocket was a spacex falcon 9. the fire and explosion resulted in a complete loss of the rocket and it's payload which was an israeli communication satellite. it sent a thick plume of smoke into the air and caused a blast felt several miles away. it was caused by what it is calling an anomaly during a static fire test. henry, how much does this set back the ambitions of spacex? or is this just a natural occurrence for a company trying
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to do something very difficult. >> it's a natural occurrence. elon musk said rockets are tricky. all the space exploration companies they all had these set bac backs. >> it reinforces the idea that when you're working on these engineering problems things can go wrong. look at tesla and the issues it had with auto pilot. you look at this. these are not instagram pinch to zoom type problems. these are big heavy machinery with fuel with moving heavy objects through space. >> this is a privately held company but it's one that elon musk personally backed and poured his personal wealth into it and more depending on how
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much of these situations arise. should we be focussing more on spacex and how much he is committed to that. >> investors are focussing to some degree. just exactly how much he has taken on and his ambitions in multiple different directions that are not happy with the way his finances of his two companies have been combined so this is the private one. this is considered to be kind of the expensive hobby even though it's very serious business. tesla stock down as more attention is on the cash squeeze so i do think it all comes into the conversation about how much we can expect out of this one entrepreneur. >> it's not directly related to the situation in florida. shares of tesla on pace for a 5th straight week of losses. continued headaches for elon musk. the journal had a story about a potential cash crunch loom k. how much time do they have?
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>> this story has been kanging consistently. great story teller, great visionary and promises the big future but now it's a multifaceted solar electric company. it's not just a car company. that was tough enough. but even as just a car company it's a huge capital sink and that's what investors are learning. great we have a stock price now but next year billions more dollars and more dill lugs so it's a difficult situation and we have to figure out what he does. what is his biggest priority. is it a car company? is it not? if so, what's coming and get it financed and sort out anything else. >> is there anybody there to reign him in if he gets overleveraged and i'm not talking financially here but in terms of his focus when you have this many difficult problems to solve and you have this many deadlines based on scientific problems who knows if he'll be able to figure it out.
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and communicating about this. >> and right now we will see it and total political crack saying the decision clearly comes from a points highliticized place an basis in fact or law. >> clearly it's at stake and the rule of law and certainty of law is at stake. >> separately apple plans to appeal the ruling. ireland should appeal it as
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well. related to something entirely different. political fight intensifying. how do you see this ending? >> this situation is just theater of the absurd. apple constructed this incredibly convoluting legal situation in ireland to avoid u.s. taxes and piling up money there through this situation. and u.s. tax policy in a global economy. we have to simplify it and encourage companies to build in the united states whether it's a simple lower tax rate and we have to eliminate the opportunity from the loopholes or this is going to happen. >> when you have a company like apple in this area selling highly profitable items across
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the world, this is going to happen, right? >> and also it's a global tax policy issue at the same time when you have ireland that has the own strikitracking and then get the eu saying we don't like this. >> that sounds like a steve jobs missile. >> how often can it strike the pose of the underdog of the one going up against his arbitrary power? he took the chance every dollar they earn globally you have to pay tax here but all of these loopholes if you hire 50 lawyers to workout things you can escape. >> he is now saying all of that
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money is earmarked for returning to the u.s. so this is the first time that i really heard apple. >> is he going to do it at 40%. >> playing for a nice deal which is what it's all about. everyone waits ten years until there's a one time holiday and they bring all the money back. and in situations they'll discuss. are you surprised at how hard a line the u.s. has taken on a situation and u. s. companies and profits through them doesn't that come back to the u.s.? isn't that incentivized to come through the u.s.? >> the u.s. is going to be furious. there's a huge pile of money that it is effectively owed that apple has been piling up. just dove in and grabbed the
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pile. and it stems from the refusal to do anything about a ludicrous tax policy. >> lots of countries in asia are watching as well. if the race is on to grab pieces of apple's cash and other u.s. company cash i will be the last. >> we do have breaking news. >> weaker than expected decline of 5%. the expectation from edmonds was for a decline of 2.7%. this makes at least by my county, 5 of the major auto makers that have reported weaker than expected sales for the month of august. all of them down. now we know that it was a tough comparison compared with august of last year but there is no doubt that we are seeing the auto makers not goosing the market as much in terms of incentives and the consumer pulling back just a little bit. too early to call it a slow down but one thing getting a lot of attention today look at what's happening with sedan sales, car
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sales, ford down 27%. nissan down 25%. honda down 11%. those are just car sales. it is clear because of cheap gas people have moved over to suvs cross overs, pick up trucks, the sedan maybe lower than 40% of total sales. that would be the first in the united states. >> shares of sales force this morning. the company beating estimates on the top and bottom lines and the outlook disappointed investors. we spoke with jim cramer on mad money last night. >> you saw the m&a activity. that waited on our numbers and we are delivering these great quarterly numbers. number 2, we did have the foreign exchange situation we just talked about and number 3 we did see a bit of softness in
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the united states at the very end of the second quarter and these three things together really are kind of what is giving us i would say an appropriate conservative view for the third and fourth quarter. >> that was the sales force on mad money last night. and we thought we were that. >> and there's a lot of implications not just for companies for the election coming up. >> he laid it at the foot of sales force. this isn't a macro issue at all. and he implied we're not going to get it done for a couple of quarters. it's the sort of thing that we tend to hear from ceos when they have hit a bump in the road and they're not sure what they hit. >> it's like you look in the rear-view mirror like what is
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that? sounds like there's damage to the car. let me pull over and check this out. of course you want to hear from other cloud companies. we heard from work day a couple of days ago. they had a great quarter so i don't know. >> if what he is referring to is a sales force organization and they change pricing or what have you in a company like this where it's big lumpy enterprise sales it often takes 6 to 12 months for changes and fixes to work through the system. >> big is the keyword here. this company is now $55 billion market cap. it's no longer in that effortless very fast growth stage. maybe that's all it is. just a pause. >> no, in stepping back the stock is doing great. down 6%. that's okay. look at the overall performance still growing 20 or 25%. >> it's a company buying to grow. 7 m&a deals. is one of those the bump in the road? >> i don't think so.
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>> they also have a great quarter. is this a time when consolidation is important because those that grew in the early diefs the cloud are finding it harder to grow. especially with a stock. >> great to see you. >> thanks for joining us today. meanwhile alibaba executive chairman speaking this morning to eunice that interviewed him and joins us now. >> well, jack ma has a message for g-20 leaders and that is the world needs more globalization and less antitrade sentiment. the founder of alibaba is chairing plenty of discussion with hundreds of pizs around the
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g-20 summit expected to address the doubts about the benefits of free global trade. many of the companies you're speaking with are international and there has been growing concern among the international business community here about the rise of protectionism or the perception of a rise of protectionism as well as nationalism within china. especially among tech firms and that's the key reasons why we have seen china becoming a political punching bag within the u.s. presidential he election. he wasn't so concerned about the campaign rhetoric. this is what he had to say. >> i'm 52 years old now. i have seen a lot of american presidential elections and every time before the elections they are always anti-china. many years ago anti-soviet union and now anti-china. we understand. it's election, right? and i think after election people calm down. trade is a trade.
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business is a business. i don't worry about it. i think after election, people go back to their sense and they will start to do it. >> however he was concerned if globalization were to go into reverse that would be a disaster. now i also spoke to him about the future of alibaba. he has taken a step back from the day-to-day running of the company but he still does the strategic vision. he sees the company moving further away from the core business of e-commerce here in china and more into new areas such as cloud computing. this is what he had to say. >> we are infrastructure of commerce in china. we are not -- we already have gone from e-commerce to commerce. so every small business can buy and sell. this is our e-commerce. so the second is e-financing.
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we are giving loans and giving financial support to everybody in china. we have more than a half million people and any business in the future you want a cheap and efficient logistics system. >> that diverse fireworks kags is really reflected in the way the company is now reporting it's numbers and he made those changes in order to try to better communicate with u.s. investors about the finances of the company as well as his future direction. over to you. >> when we come back it's silicon valley versus donald trump. how one firm is trying to change the conversation and then wells fargo and amazon calling it quits over a student loan partnership just as quickly as it began and later the uber ceo
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breaking his silence after a rough couple of weeks for the $66 billion start up. more squawk alley up next. ♪ [cheering] ♪ the highly advanced audi a4. ♪ (smash!) like an administrativeyou don't assistant.dustrial strength- your 3 o'clock is here. but there's one thing you do. it's called predix from ge.
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is the future filled with autonomous cars under the
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ubermonicer. the start up that went from 0 to $70 billion. her story is the issue of the economist. >> good morning. >> good morning. thank you for having me. >> in your conversations with uber was there anything that is what we have seen happen in china with uber taking a different strategy and getting together with maybe the closer competition with google that appears to be emerging with them expanding this in the u.s.? a lot of different things to balance these days. >> one of the things that came out in my reporting and talking to some of the other executives is that uber has been willing to change throughout it's life so, you know, it's launched six years ago as a black limo
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company. there's a lot of descent about whether they should launch the service. and with throwing the towel in in china it was an incredibly smart move ultimately although it was portrayed as defeat in china and america. they're now able to continue to have exposure to the chinese ride hailing market which is an enormous opportunity without ever needing to spend a dime in the future so creative decision making is something that uber prides itself on. >> how important is the move into moving stuff versus just people right now. i know as a customer i have experienced these different phases uber has gone through right now. they have been in shape and
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quality of the cars and other areas whether it's moving food, moving packages, we have to think of it three years from now. >> it's a private company today. what they're selling people on is the potential and the dream. and part of that is to go there before other people do so there's not an uber for the logistics business. part of that is also attracting talent. >> part of that and a lot of that is talent so we're bringing on board the team that's previously from google that
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started this tracking company and then the smarts to create an autonomous future which is where their main focus is going to be. rather than moving things around and trying to uberize ups and fed ex's business they'll try to launch autonomous vehicles that might approximate able to put packages in the back but the goal is to move people around. >> they'll begin building their own vehicles and houses they have started to do with trucks and the company they have acquired but how far do their ambitions go in production? >> so the travis the ceo told all he had to do was walk on to a manufacturing floor in detroit to know this is something they aren't going to do. i'm sure there will be others but what they're going to want to do is focus on a software
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side of autonomous vehicles. the real question though is are auto makers like gm going to push into uber space and that's why they feel so much urgency and if someone else is able to have them they'll be able to undercut uber on price and destroy their business. >> it's going to be especially exciting to watch as they're betting so much on autonomous driving for a company that has done so much battle with regulators. next week's issue of the economist kicks newsstands tomorrow. when we come back, after just a few weeks together wells fargo and amazon are scrapping their student loan partnership. why next.
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>> walmart employees 1.5 million people in the u.s. it's the largest employee and it's up about half of 1%. elsewhere, that was quick. amazon and wells fargo abruptly ending their student loan partnership. it came six weeks ago. the arrangement that was supposed to give wells fargo a leg up in the private student loan market where it's been trying to grow and is seeing an influx of leaders. they were offering to shave half a per cent off the interest rate for applicants that are members of prime students so people using it to find textbook and alike it shows you silicon valley and wall street partnerships might appear to be a great thing but they're harder
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than meets the eye. >> much harder. very established market. lots of government regulations. >> do you think it had to do with the quality of the potential lenders where it's not worth the investment we're looking to make here? >> it's unclear. neither got back to me regarding comment on this story. about exactly what was behind it but one thing that tripped up these partnerships in the past is data sharing and whether amazon was willing to provide, you know, any purchasing information or sort of consumer data about their consumer and their customer to the bank so that they can underwrite but we'll see. we're still awaiting more details on that. we're counting down to the close in europe in about 30 seconds. seema has that at headquaters. >> european markets mostly lower. shrugging off the better than expected manufacturing data as
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well as china ahead of the u.s. jobs report widely watched by global investors. expectations in the meantime has resulted in the dollar strengthening against a basket of currencies including the euro however in today's trade the euro slightly reversing course there at 111 against the u.s. dollar. health care part of the discussion today. a change amid heightening competition in the u.s. he is stepping down as the ceo after 16 years on the job and slightly lower in today's trade. 8% in the month of august. the greek banks are in focus. two of the largest lenders turning profitable in the first half of the year. very impressive improvement for
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the battered down banks that suffered during the debt crisis. it's important to know that as a whole stocks in europe are down about 6% year to date vastly underperforming in the u.s. there are a number of events to keep an eye on over the next two months in europe. mark your calendars where there's mixed opinions over whether he will unveil the extension of qe given the unemployment numbers out of the
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euro zone yesterday. back over to you. >> a lot to watch in europe and the wall street journal showing it. a recall at one of america's favorite bakeries. why you might want to think twice before buying the next box and donald trump doubling down last night. how one vc in the valley wants to change the conversation. that's next.
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>> august was the deadliest month for chicago in 20 years with 90 fatal shootings. the windy city already experienced more homicide this year than los angeles and new york city combined hundreds of supporters of the brazilian president smashed office windows last night. the protest started peacefully but turned violent after the new president addressed the nation. >> some varieties of little bite snacks are being recalled because they macon tan pieces of plastic. the recall includes five pack little bites fudge brownies and
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the 5 and 10 packs of chocolate chip muffins and the 20 pack variety one. one injury is reported. >> he made the ambitious proposal in a message to mark the church's world day of prayer for the care of creation. that's our cnbc news update at this hour. let's get back to squawk alley. >> thank you so much. >> donald trump doubling down. here's what he had to say on the infamous wall. >> mexico will pay for the wall. they don't know it yet but they're going to pay for the wall. >> those are comments at a speech in phoenix after visiting with mexico's president in mexico city and meanwhile they have redesigned the website to
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take a stance opposing donald trump on immigration. they want to change the rhetoric and the first step will be covering cost for investment founders tell us why you decided to go out on a limb and make such a vocal stand on this issue? >> we decided to do this particularly because we were getting concerned about the values that were being spread about immigrants. not about the immigration procedures or processes. we agree they should be around legal versus illegal immigration. that's got nothing to do with what we're suggesting. 15% of the country are immigrants but 28% of entrepreneurs are immigrants and we believe these people should
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be welcomed here so we want these people here to crave us gdp and that's where our message came from. >> if you want the message to be a more respectful and elevated dialogue then why make your homepage trump the gop nominee and someone that represented politics of places in this country besides silicon valley, new york city and boston? >> that's a good question and people have asked us that they put up letters from individuals and groups asking for the respect and no one seems to have paid attention including mr. trump so we decided we needed to do something more drastic to get attention. >> i want a quote from donald trump's speech last night because he seems to be targeting
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a group of immigrants different from the workers you're talking about. trump says while there are many illegal immigrants in our country that are good people, it doesn't change the fact that most illegal immigrants are he lower skilled workers with less education that compete directly fwens vulnerable american workers and they draw much more out from the system than they can ever possibly pay back. >> they are coming from countries donald trump doesn't talk about as much when he talks about immigration. why take this fight to trump? >> the reason we are is because we're highly concerned about creating a cultural valued around hate and fear and 50% of the teams that backed our immigrants and a significant portion of them have been on the
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receiving end of hate and fear. of hateful comments from peel on the street hateful comments of people in public. they have fear of being in public and being scared of looking different than the average american and we are concerned about that. it's not about people that have skills aztec nolg entrepreneurs so we're more concerned about that than the separation of these employment skills. >> we're going to be learning a lot more t in the next 70 or so days from both can days on their immigration plans. for now george zachary, our thanks to you. >> up next, another opening in the fight between apple and samsung. we'll take a closer look and
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we'll get to rick san tetelli, after this short break. that's almost $9,000 a year now judy doesn't think that she'll be able to retire until her mortgage is fully paid off. this is mike. mike is also 65 years old. his monthly mortgage payment was $728 a month. now mike thought he would have to work for another 12 years until his mortgage was paid off. and then mike heard that a reverse mortgage may help him. he called one reverse mortgage to get the details. mike retired immediately after getting his one reverse mortgage loan. maybe you too can benefit from a reverse mortgage. call one reverse mortgage now and find out if you qualify. they'll send you an information guide that includes all the details and the stories of mike and others. a reverse mortgage... is a mortgage with no required monthly payments. it was created for
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>> twitter take over talk. a top analyst is here with us. dramatic moves in the options market this hour. we'll put the pieces together for you. something happened that may have a big impact on whether the fed moved this month. financials are moving on the news as well and if you listen to the money manager the last time she was on the halftime report you would have made big money. she is back with us today at noon with new picks.
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we'll see you in about 15. >> sounds good, scott. shares of samsung falling overnight on news the company is delaying shipments and because of overheating and the company unveils the latest smart watch the cellular technology and it's also quite large. not sure if a lot of women that like smaller watches would want to wear it. they go for the fitness bands. the apple watch needs an iphone still for a lot of its cellular features but we'll see if that gets an update next week. let's get to the cme group. rick has the santelli exchange. >> i'd like to welcome my special guest. thank you for taking the time today. >> thank you rick. always a pleasure to be here. >> the last time you were on one of the things you brought up is
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that to normalize to bring things back to the way banking used to be that they should reduce the size of their 4.5 trillion balance sheet. do you still believe that's a good idea mark? >> i still believe it's a good idea but janet yellen and others changed the table but the minutes in the last meeting and also in jackson hole where they said the old tools don't work anymore so they're talking about a new mix of tools and that will presume a much larger balance sheet. so i'm not sure that it is the same as a few months ago. >> let's take things further shall we? money market reform. you look at the money market funds. a whole bunch of financing that goes on and the federal reserves balance sheet are now the new
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deposits it's not about securities anymore and the money market issues making it more expensive and may be here to stay. your thoughts. >> i think so too but i also think then you add to that the payment of interest on excess reserves and that's going to be the most important tool going forward. >> they're a major funding source for the institutions so you're right. taking all of that into consideration is there any hope to stem the tied of all of the policy contagion. negative rates from japan and europe and of course stan fisher in an interview saying i don't know that negative rates are are so bad. is he just leaving a crack in the door to go down that nasty
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road? >> i don't think so. i think quite the opposite. it's so there's a better alternative for the lenders to put money in and not put the money out and that's one way they can avoid the liquidity trap and negative interest rates. >> no, you bring up a great point. in your opinion the structural change of reserves could be a bit of a mogul against negative rates. your final thoughts. deeper into that topic. >> let me put it more broadly. moving us off the monetary aggregates and focused on interest rates. what we heard from janet yellen they're taking a fundamental new look at the implementation of monetary policy and that had
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have ripples throughout but they'll still do whatever they can to avoid a negative interest rate environment. >> mark, thank you for your wisdom. much appreciated. job fort back to you. >> thank you as well. and coming up may the force be with all of you who have disposable income. we have a live look at new star wars wearable tech the company is hoping will be a big hit this holiday season. it lets you use the force, literally. okay maybe not literally but as close as you're going to get. we try it out, after the break. ge is an industrial company that actually builds world-changing machines. machines that can also communicate digitally. like robots. did you build that robot? that's not a robot, that's my coworker earl. he buis jet engines with his human hands. what about that robot? that is a vending machine, ricky. john, give him a dollar.
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this might just be the droid your looking for. to control it unveiling it's new force bed, a wearable that will let you control the star wars robot with a wave of a hand. here to tell us how it works is adam wilson. you can control the droid from the wrist? >> yeah, i control the droid directly from my wrist. >> can we get a close up of that? that is pretty high tech right there. >> yeah. it's our force band and what it is it's like a magical force device, it's wearable. you put it on your arm and it gives you the ability to control our droid with magical force powers. >> as you move your wrist around i see his head moving around here on the table. i don't know if the viewers can see that. we're looking at the droid rolling around on the floor as
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well. how many different types -- do it again. now we have the picture up. there we go. it's got personality. how many different types of things can you control when it's sitting in there just the head moves but when it's on the floor you can control back to back and side to side. >> you have a force push and a force control and you steer by pointing your hand where you want the robot to go. >> how much is this gonna set you back? >> the droid will set you back 199 with the band but if you have our droid from the past you can get just the force band for $79.99. >> not bad. >> at what distance does it operate? >> the cool part is we built both of these so it works up to about 100 feet. >> what other applications can you see for that technology or do you think it's specified to this guy right here. >> it's cool to drive things
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around with the force band but we realize there's mowdes in here. i have a light saber on. it's making noise with my wrist band. >> you mentioned "star wars" specific type technologies for that not necessarily a remote-controlled car or drone. >> for this force band it's all "star wars" all the time but we can make wearables that can control anything in the world. >> are you looking to put a camera in it? that would be cool if you could control it and record. >> there's all kinds of things we're going to try with the next droid. >> very exciting. $199 to control your own droid using your wrist. adam wilson, thanks for joining us. next we'll look at the market which have turned to the down side after a weak read on
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there's not a milan lil who doesn't know the world of trade. >> not all employees were sold. >> they had thoughts and feelings about this space. >> i'm sure there's people who mom's and dad . >> there were a lot of reactions from people. your parents are weighing in on where you work. >> that was a clip from the new documentary ground zero rising. it debuts tonight. since the 9/11 terror attacks manhattan has gone through a major transformation.
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cortn cortney is there live. >> reporter: new york has seen a resurgence since the tragedy of 9/1115 years ago and retail has been a big part of that story. according to the downtown alliance of new york lower manhattan has added 2 million of retail space in the last two years and by 2019 the retail square footage is expected to hit a five year growth rate of 67%. the rent has gone up 78% in downtown manhattan over the last decade and ground floor retail rent is up 39% in the last year according to the real estate board of new york. the west field trade center opened two years ago. it's fully leased including an apple store. not every store is opened yet.
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brookfield place is higher end. there are stores there like gucchi and sacks and the sea port district will reopen sometime next year and that will have a more market feel with smaller and lesser known brands and foot traffic is very very important to this area. westfield estimates that 15 million tourists will come through this neighborhood next year plus there's the 13 subway and train lines that shuttle 300,000 commuters every day. the alliance for downtown new york estimates that the spending power in lower manhattan specifically is at about $6.5 billi $6.5 billion annually. back to you guys. >> thank you. it is now a busting part of our city. it's hard to believe nearly 15
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years have past. >> i worked at what they're calling brookfield place many years ago and it's completely revamped. >> the shopping space is impressive as well. >> it's ma jaestic to see. let's send it over to the halftime report. thanks so much. welcome to the "halftime report." a twitter take out shares up 18% over the past month, up 30% since the start of the summer and shooting higher today on continued speculation about that company's future and word now that activists investors may be circling. with us is steven wise, josh brown and carey firestone.


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